One of the key elements to being a successful discretionary swing trader is ‘Preparation’. I’ve written about this to some extent before and covered the 5 or 6Ps. The best trades I have had, have all been pre-planned. Thorough preparation before taking any trade, particularly swing trades, tends to pay off handsomely. This entails the following: Continue reading
In previous posts on my Blog I have written about the the 4 Ms and the 5 or 6 Ps. I thought it about time I added the 4 Cs! The 4 Cs came about through Swing Trading. When I am looking for Swing Trades I use Multi-Time Frame Analysis (MTFA) in my trade planning. People have asked me in the past why I ‘laboriously’ look at all the different time frame charts when looking for and planning a trade, rather than stick to a single time frame. Here is why.. Continue reading
At the recent, very well attended and organised, Round-The-Clock-Trader – Live event in London on the 5th November I was asked by the Broker – ActivTrades, an event sponsor, to give a presentation to a large group of aspiring and actual traders. The title of the talk was ‘Learn High Probability Trading Techniques’. I had thought long and hard about what exactly I wanted to say. I know from my own experience that most aspiring traders are very focussed on acquiring a successful strategy or strategies, which I now know to be only a small part of the ‘successful trader’ equation. Indeed some would say that the method or strategy is only about 20% of the whole, with Risk & Money Management coming in at around 50% and Trading Psychology and Well Being making up the remaining 30%. So instead of focussing on teaching a strategy I thought it would be better and more in the interest of the audience to talk about Strategy Generic Trading Essentials in order to provide a better trading education foundation, from which they could move forward, and topics which would hold them in good stead over time. The points I chose to talk about were as follows: Continue reading
As the Brexit Referendum looms, it seems an apt moment to write something about Risk and Risk Management.
The UK Brexit Referendum is clearly a High Risk news event and probably far to close to call at the moment, whatever your view. Other High Risk news events include General Elections, the monthly Non-Farm Payroll (normally the first Friday of every month) and also other events such as the minutes from the Federal Open Market Committee and BOE Minutes and Interest Rate Decisons by Central Banks various.
As a trader you need to be aware of such High Risk events and conduct your trading accordingly. The last thing you need to do is expose your trading account to too much risk in the run up to such often highly volatile events. Better to scale back or not trade than to essentially toss a coin and become in effect a gambler.
There are many ways you can control your risk when trading: Continue reading
(With apologies to William Shakespeare in this 500th anniversary year!)
To Trade or NOT to Trade, that is the question;
Whether ‘tis nobler in the mind to suffer
The drawdown and losses of unplanned impetuous trades,
Or to wait with patience for higher probability setups,
And then to plan and trade them with discipline and calm,
Whilst managing your Risk and being focussed on the process,
And as a consequence, reap fine rewards for one’s labours!
When learning how to trade Forex or any financial market, one of the key things you need to gain is Market Experience. With Market Experience you are able to interpret what you see and then if applicable, formulate a Trade Plan, and then execute that plan to a profitable end. Gaining hands on Market Experience takes time, a lot of time! But what if you could speed up that process? Continue reading
One of the common myths of trading is that if you are short of time then you should trade on the lower time frame charts such as the 1 minute/5 minute and even 15 minute time frames. Most novice or aspiring traders have a job or other such priority in their life, which takes up most of their time. So when short of time, and at first glance, trading on the lower time frames would seem a perfectly reasonable choice and action to take.
However, there are several things going against that assumption as the smart thing to do: Continue reading
Whilst doing some Housekeeping in my email account, I came across and was reminded of an email I had sent as a reply to a prospective student, who unfortunately could not afford our Personal Mentorship Programme (PMP) lessons. In my reply I wanted to be helpful, so I tried to summarise the Key areas that he should work on until he was in such a position to be able to take advantage of our PMP. Here is the main body of the email, with a few additional tweeks, containing what I suggested:
‘No problem, the key things you need to concentrate on are: Continue reading
One of the first problems an aspiring trader comes across is that there are so many Forex Brokers, all vying for your business, that it is hard to distinguish between them and actually choose a Forex Broker that fits your specific wants and needs.
To overcome this problem we have compiled a list of at least 16 things that we think are important for you to consider, when choosing your Forex Broker. Here is the full article:
Firstly our very best wishes to you and your familes at this Christmas time and thank you for reading our Blog posts and for following our Forex Trading Success Formula, which has plenty more to come in the New Year. As the trading year draws to a close, it is a good time to take stock and analyse how you have done, what you have achieved and what could be improved upon in the coming year. If you can spend some time reflecting on your trading year you should be able to: Continue reading