How many times have you hit a big winning trade or a series of winners and shortly thereafter given all the profits back and probably even more? I don’t know about you, but this scenario was one I found myself in more than once early on in my trading... Continue Reading
This is an article inspired by a member and close friend of mine. He is someone who has been trading for over a decade and who has struggled with the ups and downs of trading, like so many other traders. Here’s a little background on him: He is a family... Continue Reading
I hate to open with a cliché, but it's an important one: The reality of trading is that over 90% of retail traders who start trading a live account will ultimately fail; losing money and suffering emotionally all in a short space of time. The typical... Continue Reading
The hard, cold reality of trading is that every trade has an uncertain outcome.
– Mark Douglas
I want you to re-read the above quote by the (unfortunately) recently passed Mark Douglas, who was one of the greatest trading psychology educators ever, if... Continue Reading
Long before I began mentoring and coaching other traders, I was stuck in the same ‘one step forward, two steps back’ cycle of boom and bust that you are likely suffering through right now. Unfortunately, I’ve noticed that most traders never get past... Continue Reading
I’m sure you’ve wondered what professional traders do to succeed over the long-run. It’s easy to hit a few winners, but how do you parlay that into more consistent, longer-term trading success that you can turn into a full-time income? What are... Continue Reading
A lot of people want to learn what to do to make money in the market and I’ve written a plethora of articles on that topic. From trading strategies to money management, to how to perfect your entry into the market, I've written extensively about the various... Continue Reading
The most frustrating part of trading is losing money when you know you didn’t have to. It's not the normal statistical loss that hurts, it's the ones you could have totally prevented; entirely your fault. These are the losses that are the result of trading... Continue Reading
I speak with many students and traders, and one thing I have noticed is that many of them are looking for trades, almost as if they are addicted to the 'hunt' (because they are). Being over-eager to move on to the next trade is something that can and will... Continue Reading
Have you ever noticed that after a solid winning trade you often lose money on the next one? Well, it may be something you can prevent, at least sometimes. You see, after a winner, there is emotion that can cause traders to want to jump back into the market... Continue Reading
One of the most common questions that I receive on the email support line from beginning traders is “How long does it take to become a profitable trader?” Whilst this is a very normal and obvious question to ask at the beginning stages of your trading... Continue Reading
After completing our courses and tutorials, most traders have no problem reading the charts, and they can typically find good trades quite easily. However, there seems to be a big gap between being able to find good trades and being able to pull the trigger... Continue Reading
How do you plan your trades? What is your daily routine for analyzing the market, setting up and executing your trades? What do you do after that? How do you manage your trades once they are live? What is your plan?
I thought you would like a quick... Continue Reading
I’ve written a few articles on the topic of money management and the main idea I try to convey is that it’s arbitrary for someone to trade a percentage of their account. There are many factors affecting how any one trader should manage his or her money in... Continue Reading
The 3 M’s of trading: Mind, Money and Method, maybe you have heard of them, maybe not. Either way, in today’s lesson you are going to learn what they mean and why successful trading requires them.
Note: The 3 M’s was not my idea, rather it came from... Continue Reading
Trading is quite different from other businesses, but it is still a business and you need to run it like one and think of it as one. Most traders start out on the wrong path right out of the gate by treating their trading like a trip to the casino rather than... Continue Reading
We all need a little inspiration and guidance from time to time, and as traders, who better to get it from than some of the biggest trading legends of our time? After all, learning from those who have already achieved what you are trying to achieve is the... Continue Reading
The market can indeed be beaten. I know because I have beat it many, many times, including in a recent trading competition I won, which you can read about here.
The point of today’s lesson is not to convince you that the market can be beaten, because if... Continue Reading
If you are currently stuck in a trading ‘rut’ and aren’t sure how to pull yourself out, today’s lesson is meant for you.
As a beginning trader, you are bound to slip into a bad patch where you start developing some bad trading habits and find... Continue Reading
Mark Douglas, one of the greatest authors of trading psychology literature of our time, sadly passed away earlier this year. I wanted to write a lesson dedicated to him that discusses some of his most important teachings on the all-important mental aspect of... Continue Reading
I know it sounds cliché, but losing truly is part of winning, especially in trading. If you want to become a complete trader who truly knows how to trade properly, you must learn how to lose properly in addition to actually learning how to trade.
I know... Continue Reading
Any professional trader, whether they realize it or not, shares many traits and behaviors with the ‘King of the jungle’. A lion in the wild provides us with an excellent metaphor to help us understand how to behave in the market.
Lions are known as the... Continue Reading
Trading is a lot like riding a roller coaster. Although it obviously is fun and exciting, there will be times when you feel scared, nervous or even powerless. When these bad times come, it's important to not panic or give up. One excellent thing to do during... Continue Reading
Everyone knows the main reward of becoming a successful trader is money. But you will be rewarded with a lot more than just money if you become a successful trader, in fact, money is arguably the least valuable reward you will receive from achieving... Continue Reading
After many years of mentoring and coaching traders, I’ve realized that most beginning traders have the completely wrong mindset throughout the entire lifespan of a trade. From the beginning, middle and after the end of a trade, most people have their mind... Continue Reading
There are many similarities between the poker and trading worlds, and as traders, we can learn a lot from some of the top poker players.
As Brandon Adams, a professor of behavioural finance at Harvard University’s Department of Economics said, “Some of... Continue Reading
As 2015 draws to a close and we all get ready to carry out our respective holiday traditions, it’s a good idea to take some time and review your trading performance for 2015 and take an honest look at what you did right, what you did wrong and most... Continue Reading
Does this sound familiar: You see what you believe at first is a perfectly good trade setup, however, as you continue to analyse and study it you begin to feel less and less sure about the trade, yet you aren’t totally sure why?
This is a common problem... Continue Reading
You may feel as if you’re at a disadvantage starting your trading career with a relatively small trading account. But, as we will discuss in today’s lesson, that feeling is simply an illusion that stems from focusing on the wrong things.
One of the... Continue Reading
If your current trading routine consists of things like habitually checking your smartphone to see where your current trade is at whilst you down a coffee with 2 shots of espresso in it to ‘compensate’ for the 5 hours of sleep you got last night, this... Continue Reading
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