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:
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?
Continue reading
So Christmas is over and the New Year has started and you’ve made your New Year’s Resolution:
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
Merry Christmas & Happy New Year!
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 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.
Thanks.
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:
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
