Forex Trading London – Helping You to Profitability – Learn High Probability Forex Trading Techniques at our London Workshops & Seminars & via our online Personal Coaching & Mentorship Programme for Beginners to the more Advanced Trader
Have you ever given any thought to how you behave and react when in front of your Trading Platform screen?
Perhaps you are hesitant to commit to trades - to actually be able to pull the trigger at the right time. Or perhaps you are trigger happy and a bit impetuous, when it comes to taking trades, seeing opportunities everywhere and having multiple trades open at the same time. How big are your position sizes, how many positions per trade and what % of your trading account do you risk on each trade and what % do you risk in open trades, which are not yet at Break Even or better?
Most traders are either driven by Fear or Greed, which camp do you feel you fall into?
Following on from my previous Blog Post: ‘Typical Stages of Trader Development’, the next natural topic would be ‘How do you actually pass a Prop Firm Evaluation?’ Here are some trading tips which might be of some use.
Firstly you have to find a Prop Firm that matches your style of trading. Are you a Position Trader, a Swing Trader or an Intraday Trader?
Do you need to have the ability to keep your trades open over weekends and for several weeks or even months? Some firms will accommodate this and others won’t.
Typical Stages of Trader Development - For some time now I have been acutely aware of the unrealistic expectations of people who come into trading, thinking that they are going to be able to pick it up quickly and make a rapid fortune! The reality is vastly different. Here are my thoughts on what that reality is.
I’m often asked ‘What is Swing Trading and why do it, rather than Intra-Day trading? This post is an attempt at answering that question and also to highlight my view on the Pros and Cons of Swing Trading. Continue reading →
The Traders Forum is a ‘Mastermind’ group formed with the aim of raising the bar from the usual so-called Trading Events, free Seminars and low-cost workshops. It is aimed at both active and aspiring traders with some trading knowledge. Plus it is also designed to be a sociable inter-active occasion for net working with like-minded people and for seeking knowledge from seasoned traders without the usual attempts at a hard up sell at the end.
The next London Traders Forum is on Saturday the 6th of October 2018, a one day seminar/mastermind/forum with Q&A interaction and discussion. Speakers and topics so far include:Continue reading →
You may be thinking, ‘what has this blog post title got to do with trading?’. Well, if you do some research you will find that the greatest volume of trades in the Forex markets are actually SPECULATIVE.
If so, then perhaps you need to think like a speculator. Speculators are always on the look out for the next big idea, trend or thing and want to get in early in order to maximise their returns. Continue reading →
For several years now I’ve helped Paul Wallace run the London Traders Forum – a once-a-year all-day event for Traders to come together, learn and socialise with each other.
This year’s London Traders Forum will be on Saturday 6th October 2018 in Central London. Please put the date in your diary and keep your eyes peeled for details and early-bird opportunities.
In the meantime the next event will be the Q3 Online Traders Forum on Saturday 7th July.
This is a new initiative from traders, for traders. The idea is for it to be a short, intensive 3 hour online seminar that covers various aspects of the 4M’s of Trading: Markets, Method, Money and Myself. The idea is for you to be able to learn some new trading ideas, whilst in the comfort of your own home, and without sacrificing your entire weekend.
The plan is for there to be one Online London Traders Forum the first Saturday of Q1, Q2 & Q3 with the London Traders Forum at the start of Q4, the main all day event.
For the Q3 Event running from 09:00 AM to 12:30 PM BST, we’ll have the following speakers:
Paul Wallace from FXTraderPaul.com and founder of The London Traders Network will deliver the market analysis section focusing on FX, Indices, Commodities (and perhaps some Crypto) and look at where to focus for possible Q3 Trading Opportunities.
Martin Walker of ForexTradingLondon.com will take a deeper look at Price Action, what are it’s constituent parts, and how to identify and read it on your charts. He will show you how to use this knowledge in your trading. Understanding and being able to read Price Action is key to identifying Trends, Breakouts and False Breakouts, Market Turns and much more.
From Dublin, Ian McFadden from the Symmetry Trading FB page will talk about his way of intra-day trading Oil using the CL Futures contract. Ian has traded using Fibs for over 10 years and he will explain how he uses them to analyse Oil and find intra-day trade set-ups.
There is a charge for £20 to attend. Why? Because we’re not selling anything. Its proper educational content rather than a slick pitch in the hope to up-sell you something. Furthermore the sessions will be recorded, and as an attendee you’ll have access to them afterwards.
It promises to be an enjoyable session that will help you grasp the opportunities that Q3 2018 will present. For further information, timings and tickets etc just go here:
Today (27th March 2018) the pan-European financial regulator ESMA released its final proposals to govern leveraged trading, which remain unchanged from its original proposals.
Apart from banning Binary Options, essentially it boils down to the following Leverage limits which the FCA is expected to follow in due course:
1. Leverage limits on the opening of a position by a retail client from 30:1 to 2:1, which vary according to the volatility of the underlying:
· 30:1 for major currency pairs;
· 20:1 for non-major currency pairs, gold and major indices;
· 10:1 for commodities other than gold and non-major equity indices;
· 5:1 for individual equities and other reference values;
· 2:1 for cryptocurrencies;
2. A margin close out rule on a per account basis. This will standardise the percentage of margin (at 50% of minimum required margin) at which providers are required to close out one or more retail client’s open CFDs;
3. Negative balance protection on a per account basis. This will provide an overall guaranteed limit on retail client losses;
4. A restriction on the incentives offered to trade CFDs; and
5. A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts.
So what impact will this have on retail traders? Well you will need sufficient trading capital, but more importantly if you employ robust Risk and Money Management in your trading then these new Leverage limits should not impact your trading of Major and Minor Currencies, Major Indices and Gold. Only those foolish enough to trade without using strict Risk and Money Management rules will be significantly affected. If you trade Individual Equities and Crypto CFDs then there may be an impact.
Using lower Leverage has always been a great way of stopping oneself from ‘Over Trading’, because your trading platform will alert you to the fact you have insufficient funds to open any further trades. So this fact makes a trader be selective about which trades they take and to manage their position size(s) commensurate with their amount of trading capital and the size of their stop loss.
Lastly, if you don’t understand the terms Leverage and Margin then check them out before you take another Live trade.
Top Trading Tip: Always use Robust Risk and Money Management when trading and employ lower leverage to prevent ‘Over Trading’ and exposing oneself to too much Risk.
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 Msand 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 →
