Focus on the Process of Trading

A common mistake made by novice and aspiring traders is to get starry eyed about the huge profits they are going to make, this often leads to disaster because it distracts them from focussing properly on the actual process of trading.

The more pressure you put on yourself to make money trading, the more likely it is that you will make poor trading decisions and make less or lose money.

Experience in the live markets has taught me that by focussing on the actual process of trading regardless of ‘potential’ profits, one’s trading can improve significantly and as a result so does one’s profitability.

So how does one do that? Continue reading

Do You Have a Trading Plan?

At a recent Forex workshop I was teaching at, the topic of Trading Plans was raised and I delved into one of my folders and retrieved my personal Trading Plan.  It was written several years ago and suffices to this day. It covers: Continue reading

New Year’s Resolution into Reality

So Christmas is over and the New Year has started and you’ve made your New Year’s Resolution:

‘I’m going to learn how to trade Forex!’

Then what? If, like many others, you are psyched up and raring to go but don’t know where and how to make that resolution become a reality, then stick with me and read on:

Firstly, you might want to tweak your resolution and add ‘and be consistently profitable’ on to the end, because you no doubt are doing this to make money.

Around 90% of people fail in their attempt to become consistently profitable Forex traders for a myriad of reasons, please don’t let that be you!  Also, you will probably need to temper your expectations regarding time scales to achieve your goal, as it may take anything from a year to as many as 3 years or so, to really make the grade.  One way to fast track your Forex Training is to get yourself a good Forex Mentor, someone who is a successful Forex trader and also an honest straight talking teacher and mentor, they do exist! This will cost, but it will be money well spent, plus you will get to see what they are trading too.

The key elements to learning how to become a consistently profitable Forex trader are: Continue reading