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?
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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
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
Generally there are 2 camps when it comes to trading Forex, those that undertake purely Technical Analysis on their charts and those that keep tabs of and develop a Fundamental (Economic) view of the markets and trade accordingly, but is there a 3rd way? 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
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?
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
