London Traders Forum Q4 – 2019 Summary & Take Aways

I thought I would highlight some of the Take Aways from the London Traders Forum which met on Saturday.  The feedback was very positive and all the presentations were well received with great interaction and debate with the attendees, in a packed room, plus a great social afterwards.

Refreshments and light breakfast on arrival available to all. Teas/coffees/snacks etc available throughout the day.

Firstly we had a market roundup and strategic view from Kevin Barry (Traders & Investors Club|), where we learnt where to go to find excellent economic indicators and how to read them and what leading indicators highlight if an economy is going into recession or not and how to act on that in trading terms.  We were given his strategic view of the markets and current correlations and where the money is flowing and the impact of that in Trading terms.

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Uncertainty – Doubt – Fear – Loss

Most traders fall into 2 main categories of emotional bias when trading, either FEAR or GREED. In this post I want to focus in on FEAR. When trading the Hard Right Edge without any plan or structure around your trading endeavours inevitably leads to losses and then FEAR of losing more money, otherwise known as ‘Recency’, where your trading decisions are affected by your recent past track record.

A past client of mine contacted me recently for help because despite having a track record of profitability he had started to experience a losing streak and was watching his hard earned Capital slowly ebb away towards his initial investment amount. This is a precis of some of the things I messaged to him on Skype……

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How Complete Is Your House of Trading?

Learning ‘How To Trade’ can be analogous to building a house, it isn’t until it is complete, that Consistent Profitability can be realistically achieved. The foundations cover such things as:

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Do You Hope & Pray?

When learning to trade it is easy to get seduced into making impulsive unplanned trades with no Trade Plan or trying to force the markets into giving you some profit when the market isn’t ready to give it to you. Plus, of course, there is the issue of FOMO (Fear Of Missing Out) and Revenge Trading or trading with so much open Risk that you are near to blowing up your trading account! On top of all that is the likelihood that you are not using a Stop Loss All the above can lead you to being in a losing position and starting to stress, worry, sweat, swear and ‘Hoping’ and ‘Praying’ that the market will turn around and get you back to a Break Even or better position.

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The 3 or 4 Ms and Trading Psychology

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

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