Firstly my very best wishes to you at this Christmas time and thank you for reading my Blog posts and for following our 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
When it comes to trading, TIME is something that is a key factor for several reasons:
- When learning to trade you need to put in the TIME to gain experience in the markets for which there is no substitute.
- When looking for trades you need to put in the TIME in terms of the planning and preparation in order to prevent poor performance.
- Each candlestick is measured in a period of TIME.
- Trading Platform Charts have different TIME frames available
When looking at Trading as a whole, one can whittle everything down to a few key essentials that must be acheived or adhered to, in order to ensure a chance of success. A broader view can be found at this previous post on the Key Steps To Trading Success. However, the aim if this post is to really focus in on some specific things.
To start with you need a Plan, most successful people have got to the top because they have had and have then implemented a plan. In this case an overarching Trading Plan covering all apsects of the ‘Why, What, When and How plus others’ is needed. See my previous Blog article on Trading Plans. Then for each trade we take, we need a specific Trade Plan, because Prior Preparation Prevents Poor Performance (5Ps). If you have a Plan then at least it can be modified, if needed, but without a plan you are onto a loser from the start. Continue reading
Today we launched the first module of our Forex Trading Success Formula and each week, in addition to our 2 e-guides on trading, subscribers will receive a new module to help them in their quest to become consistently profitable traders. It doesn’t matter when you subscribe you’ll still receive each lesson or module in the right order at weekly intervals.
Module 1 – Expectations – addresses initial expectations; taking responsibility for your trading actions; accountability as a useful tool to keep on the straight and narrow plus lots more.
So just enter your details in the box below and we’ll see you on the inside.
The 3Ms is widely used in trading circles to describe the 3 key things a trader needs to consider when looking at their trading as a whole. Namely:
- Method – Your trading rules and strategies etc
- Money – Money and Risk Management
- Mind – Your Mindset when trading or Trading Psychology
You could also argue that there is also a 4th M Continue reading
At the last Traders Forum in October, the size of peoples’ Trading Account Capital was raised and I was a little shocked and surprised to learn that the average Spread Betting Account Capital was between £200 to £500. Why was I a little shocked and surprised? Continue reading
A Happy and Prosperous New Year to all our readers!
Last January I wrote a Blog article on how to turn your ‘New Year’s Resolution (to learn how to trade Forex) into Reality’. I have just re-read it and it is still very relevant and can be used as a good tick off list for any aspiring Forex trader. It covers most if not all of Continue reading
Whilst helping my former forex trading mentor at a recent World Money Show (London) ‘Divergence’ Trading Workshop, the issue of trading around a Day Job came up. Not surprisingly, most people learning to trade have a day job. Some wish to generate additional income on top of their annual salary and others want to eventually replace their current income with an income from trading the financial markets. We always recommend that aspiring traders in the latter category should NOT give up their day job until they have an extended track record of profitability and sufficient trading capital to be able to generate a decent income, equal to or better than their current salary. So how does one trade and still maintain a day job? Continue reading
The saying “The trend is your friend …until it is at an end” is a bit hackneyed or a cliche in the trading world and can encourage newbies to be ‘lambs to the slaughter’. However, if you could tell if a trend had recently started, whether you were midway in a trend or if it was close to the end or had indeed ended, then you might be able to take advantage of a trend properly in a risk controlled manner and profit from it. So the trend really can be your friend provided that you know what you are doing and are prepared to plan your trades in advance, then exercise patience waiting for the most advantageous moment to join it and finally have the discipline to follow through and execute your Trade Plan without emotion controlling your actions. So how does one do just that? Continue reading