Tim Bourquin has an article at TradingMarkets in which he discusses what he calls 5 Uncommon Rules of Wealthy Traders. The rules were commented upon by zentrader.ca in his 5 Unique Rules of Trading post, and I thought I’d toss in my own two bits to the discussion. Here are the rules as Tim outlined them.
1. They plan every [...]
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The idea of the seven deadly sins of trading was tossed my way last week. After giving it a bit of thought, I came up with what I think is a pretty good group. The list below is the seven which came to mind as the ones most likely to do real damage to a trader.
1) Thinking [...]
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For those who may not have heard, Brett Steenbarger has called a halt to his blogging. Brett, who is one of the contributors to the trading FAQs book I’ve put together (and author of The Psychology of Trading, Enhancing Trader Performance, and The Daily Trading Coach) has been enlisted by a hedge fund to help them [...]
The Essentials of Trading - Information and resources for those looking to learn about trading and the marketscontinue reading...
I have encountered a lot of confusion over just exactly what counts as sytem chasing.
The most important symptom to look for when deciding whether you are system chasing or merely trading a perfectly legitimate alternative method is a lack of profitability. If you are profitable in your current trading and can approach the market with...
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This week I was speaking to a friend of mine that is also learning how to trade, and we were having a discussion about various fundamental factors influencing the market right now, and also where we see the markets heading in the near future.
We came to the conclusion that certain currencies should start to show...
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This week has been a little taxing from a psychological point of view.
As a professional trader I still get all the urges to system chase and break the rules as much as anyone, but the key is learning how to control those urges.
This week has seen some fantastic set ups in the market, and I...
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When you first decided to take a look at Forex trading as a possible avenue for income, What were you expecting to get from it? How were you expecting it all to work? How long were you expecting it to take you to reach all of your goals? Many traders come into Forex expecting a...
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A student of mine asked me today if he should continue with his exit strategy because he wasn’t feeling comfortable using it and felt that he was starting to struggle with his consistency as a result.
My answer was that he should absolutely stop using it if he was starting to feel like that. The problem...
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Today I had an experience that reinforced the principle of becoming an independent thinker in the Forex.
I had analysed my charts for the day just before the London open, and decided that I had found a really nice high probability set up on the GBP/USD, so I placed my buy order in with the broker...
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By independent I mean simply trusting your own instincts and finding a way of trading that completely suits you and your preferences. This is done by learning the correct principles of trading but applying them in a way that you are totally comfortable with, For example you may decide to follow the “safe trade” system...
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