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.
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
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
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
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
When you are trading the ‘Hard Right Edge’ of the chart on whatever timeframe, you must always try to ‘Manage Uncertainty’. What do I mean and how do you do you that?
When you enter a trade, from that point onwards you do not know for sure what the market will do next and so all you can do is to try and manage that uncertainty by doing the following: Continue reading
When you plan and take your next trade, please ask yourself this question:
‘Do I know the Context of this trade?’
Knowing the Context of a trade is an important part of planning any trade. Knowing the Context means:
- Is this a Counter-Trend or Trend Trade and on which Time Frame?
- Is it a short term or longer term trade?
- How many reasons are there to take the trade?
- Is this a Lower Time Frame entry into a Higher Time Frame Setup?
- If so has the Higher Time Frame setup triggered yet?
Knowing the Context for your trade can give you a Bias and therefore an edge, but how do you do this in practice?
Have you got what it takes to SURVIVE in the markets whilst learning to trade Forex? Will you survive to trade another day? Or will you just become another of the 80 to 90% that fail? How practised are you in your Forex Trading Survival skills?
Whilst learning to trade Forex or any other financial market there are certain things that you must do and that need to be in place, if you are to stand a chance of surviving to trade another day. What are they?
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.
Or you may have been trading for a while but are struggling to become consistently profitable, well the following may also apply to you too …
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 aim of ‘Learning to trade’ is laudable but encompasses a myriad of things so the best approach is to be able to break it down into Bite Size chunks that can be tackled bit by bit.
The key elements to learning how to become a consistently profitable Forex trader are: Continue reading