When Oprah Stops You Trading

2008-08-19T11:56:00.000-07:00

Hi all,

It's been a while, I was kept away from the markets for a while, then after that deliberately hid away. Trading can be a taxing endeavour (in both senses of the word), the market is a real moody beast, and any guy that is married will know, pay attention to those that are moody! It was because of this I had to step back, stop writing here, halt the alerts for a while, stop updating beginnertrader.com unless someone else contributed and just take stock, I wasn't paying attention.

One of my weaknesses is over-exuberance, not really outwardly if you meet me in person, quite a calm fellow really, but inside my head many an idea will spawn. Sometimes it take a smack over this same head to realise when I am doing too much, in this case, a couple of weeks of poor trading (not losing weeks .. just but poor trading weeks) did the trick. My entries were early, my exits were late, my decisions rushed and my big toe hurt to buggery thanks to another over-exuberant teammate on the soccer field.

So I took some time off .. stepped away from the markets, did some reading and got back to the basics. I didn't even bother trading demo accounts or paper trading, instead I got outside, played some sport, spent some time with the better half and mini me, and just got away from it all. The result? ... a +450 pip week this week and a much clearer mind. Everything is about balance, good old Newton told us that way back when, so you would think we would have got it by now.

"Screen time" as it is called around the web (i.e. staring at charts for extended periods), is beneficial, don't get me wrong, getting the repeatable patterns into the subconsience can help, but once screen time becomes, mindless staring, it is probably time to shut the trading platform and take an extended break.

For me I knew I had reached that point when my trading behaviour became very sloppy, for others it could be when you start visiting the Oprah website, or start thinking Porn sites are educational, and you go there only for the articles. Whatever the sign is, drag your tired, bloodshot eyes from the screen and get some sunshine, it is a wonder what the outside world contains, and believe me you'll trade better for it.

Do you have what it takes to become a successful Forex Trader?

2008-08-19T11:44:00.000-07:00

Forex trading, or any trading for that matter, is an occupation that requires experience and the accumulation of proficiency not unlike any other highly skilled profession. Whether you are a leading executive at a major publically traded company, a professional golfer or trading from your kitchen table, there are 5 key ingredients that one must possess in order to become successful.

1. You must be Passionate about what you do.

As Forex traders we all face one unique set of circumstances that does not exist in any other profession. We get rewarded for when we succeed and equally punished when we don’t! Could you image a corporate worker one quarter receiving a significant accomplishment bonus and the next quarter actually getting money taken from their paycheck for missing performance targets? Not on your life!

We do as Forex traders and that is why passion for what you do will carry you through the tough times that are part of your trading business. Asked yourself why you trade currencies and would you still do it if Forex were not potentially lucrative? Your answers will be quite revealing. You’ve got to feel your passion for trading!

2. You have to Apply Yourself and work hard at it.

I talk to so many people that enter into Forex trading with the aspiration of getting rich quick. Without putting the time and energy into really getting good at trading I see them jump from strategy to strategy looking for the goose that will lay the golden egg and eventually quitting while blaming everything else, except the true cause.

I got news for you – you are the goose and your Forex education is the golden egg. The magic has always resided with the magician and not some strategy. Work hard at trading and the rewards will eventually come your way. Remember what Tiger Woods said, “Funny, the harder I work the luckier I get.” Apply yourself as a trader and it will be no accident when your account begins to blossom.

3. You must Focus to really get good at what you do.

Now here is the hurdle most Forex traders struggle to get over. You have the passion and you are applying yourself to your trade, now focus and really get good at just at what you are doing. Be the expert to the experts at just that one thing. Become the master of a strategy or risk management methodologies. Really focus on getting good at it.

Stop jumping around or getting pulled from the last “latest and greatest” into the next “latest and greatest” and focus on one aspect of Forex trading and know it inside out. Know it strengths and weakness. Set your sights on becoming expert on just one aspect of trading and watch it spill over in all other aspects for your currency trading. This is the time to fail forward fast, use every setback as a learning opportunity that will propel you 3-steps ahead!

4. You must Push Yourself beyond the point everyone else might have quite.

In Forex Trading this is simple. Assume there is someone on the other side of your trade that is pushing themselves and sharpening their edge. To be successful you must you must do the same thing. Now is the time to examine your mental edge. Do you know the single most critical factor in any currency trade? It is you, the trader! Sharpening you mental edge is the most difficult aspect of trading, but also the most rewarding.

Start with your Forex education and gain the self-awareness necessary to maximize your strengths and suppress your weaknesses. Any expert will tell you that trading is 80% mental. It’s time to sharpen your trading to the razor’s edge and you do this through Forex education. A constant and never ending process that will become the cornerstone of your Forex experience.

5. You must, without wavering, be Determined and Persist to your objective.

You will fail. I can state that emphatically. However, you will not be defeated unless you allow your failures to control your trading. It is the old adage; failure is not falling of your horse, failure is refusing to get back on. Your success depends on your ability to dismiss the criticism, rejection, self-doubt and pressures associated with Forex trading.

Defining what is a winning trade, losing trade and bad trade will go a long way into developing you as a successful trader. Without the determination and persistence in all aspects of your trading life, obstacle will definitely appear closer and larger than they actually are.

Take a moment and assess yourself and your trading. Do you have the key elements to succeed? Which areas are presents development opportunities? When conducting a self-evaluation it is critical to be totally upfront and honest with yourself. After all, you will only be dishonest with yourself. One of the most interesting observations you can make is that all key success factors are interwoven. One factor supports the other. This is why your Forex education is a continuous journey of forex strategy, money management and self-mastery. Set these factors as your Forex education goals and take your currency trading to new heights.

Happy Trading!!

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When Oprah Stops You Trading

Do you have what it takes to become a successful Forex Trader?