Daily Affirmations to Improve Your Trading

Some great information to keep you in a trading mindset and get you started on the right foot each trading day – Rick

Daily Affirmations Will Improve Your Trading by Nial Fuller

Anything you want to achieve in this world can be attracted to you by following the core principles in this article. For those reading this who have the goal to become a better trader – please take this knowledge, practice it and harness it’s power to improve your trading and your life.

An affirmation is defined as: “The assertion that something exists or is true”. Daily affirmations are a widely practiced method for attaining success and accelerating your ability to achieve goals.

Napoleon Hill is one of my favorite authors, and in my opinion he was the best motivational coach of all-time. He became famous by interviewing many of the most successful people of his time like Andrew Carnegie, Thomas Edison, Henry Ford and others, and the one thing that they all seemed to have in common was that they “acted as if” what they desired most already existed before they had it. Indeed, this is the core philosophy of Hill’s work and is the main reason why daily affirmations are so important to long-term success in any field, including trading. Here’s my favorite quote from his work:

“What the mind of man can conceive and believe, it can achieve” –Napoleon Hill

This is perhaps the most famous motivational quote of all time, I have it on the wall in my trading office and I read it out loud to myself every day, I strongly suggest you do the same. After reading this article you can check out Napoleon Hills Videos here to learn more about his amazing work on personal development and attaining success.

Here is a list of 17 daily trading affirmations that you can incorporate into your trading plan and that you should read out loud to yourself every day. Doing this will work to keep you motivated to practice proper trading habits and generally stay on the path to Forex trading success:

1. “What the mind of man can conceive and believe, it can achieve” – Napoleon Hill

This is the most important motivational quote of all time, which is why I have it listed again. If you haven’t read Napoleon Hill’s Think and Grow Rich Book, I suggest you do so in the near future, it’s the single best piece of motivational literature ever written in my opinion, and it will likely have transformative effects on your trading and your personal life.

2. “I am a successful trader”

If you repeat to yourself everyday that you are a successful trader, it will make you a lot more likely to do the things that are necessary to become one. If you do not believe you are a successful trader, you will never become one, as with anything else in life, you have to believe in your cause or goal before you can make it a reality.

3. “I am consistently following my trading plan”

You need to approach Forex trading as a business and be strategic and logical in following your trading plan; don’t deviate. If you’ve taken the time to formulate a comprehensive trading plan based on your trading strategy, your trading will be the most effective when you follow your plan, since you were objective and clear-minded when creating it.

4. “I have a Forex trading journal and I use it”

If you have a Forex trading journal and you actually use it, you will be far ahead of most traders. It’s critical to keep a running track record of your trading performance so that you have a tangible piece of evidence that reflects your trading ability or lack thereof. A trading journal will also give you something to stay accountable too and help you remain disciplined and organized.

5. “I practice proper risk management”

It’s important to remember that trading success is defined over a large series of trades, not over one or two. This means that you should not give too much significance to any one trade, and the way to do this is by never risking more than you are comfortable with losing per trade. By that I mean, never risk an amount that keeps you up at night thinking about or watching your trades. Remember to take small losses and that you are going to have losing trades; it’s just part of doing business in the Forex market.

6. “I trade according to what the market IS doing, not what I think it ‘should’ be doing”

We want to trade what we actually see on our Forex price charts, not what we “think” should happen or what we “want” to happen. At the end of the day, it doesn’t matter what you want the market to do; it’s going to do what it wants, so your job is to learn how to read its price action and take advantage of it, not fight against it.

7. “I will only take trades that give me a reward which clearly outweighs my risk”

The goal of any trader or investor is to make sure that the prospective reward of a trade clearly outweighs the risk involved. You need to gauge the market structure prior to entering a trade and make sure there is a logical reason for expecting that the risk reward on the trade is at least 1:1.5 or 1:2 or better.

8. “I will find other things to do besides watching my trades after they are live”

There’s nothing wrong with checking in on the market every 4 or 8 hours, but if you are sitting there addicted to your charts like a junkie, you are going to self-sabotage your own trades and probably end up losing a lot of money in the process. We have to learn to let the market “do the work” and just forget about our trades for a while after they are live. The set and forget forex trading strategy is something that I stand by and that I implement in my own personal trading, because meddling in your trades after they are live is an emotional decision and thus it’s usually the wrong thing to do. Find anything to do except watch your charts after you enter a trade.

9. “I am not emotionally affected by my profits or losses”

Both losses and profits have the ability to induce emotional reactions in us. A loss can cause us to want to take ‘revenge’ on the market and try and ‘make back’ the money we just lost. A profit can cause us to become overly-confident or even euphoric, which can cause us to deviate from our trading plan and take a trade that is lower probability than what we normally would take. Either way, you have to always be on guard against making an emotional trade immediately after a trade closes out, whether it was a winner or a loser. The best thing to do is to simply remove yourself from the markets for 12 to 24 hours after any trade.

10. “I try to trade with the dominant daily trend as much as possible”

I know you’ve heard this before, and I know it’s very cliché, but it’s also very true; the trend is your friend. I am often amazed at how many emails I get from traders telling me they are losing money in the markets and simultaneously asking me to comment on the chart they’ve attached to the email that shows a counter-trend trade on the intra-day charts. The easiest way to make money in any financial market is and has always been trading with the dominant trend. There are times when trading counter-trend is warranted, but until you’ve mastered trend-trading you should forget about counter-trend trading. Remember, don’t fight the dominant daily chart trend, instead, capitalize on it and ride the momentum until it ends.

11. “Instead of over-trading, I will be patient and let trading opportunities present themselves to me”

Don’t trade just because you feel like you have to or you want to…make sure there’s a real reason to do so and never trade when your pre-defined trading edge is not present. The downfall of most traders is over-trading, because most traders simply don’t have enough patience to trade forex like a sniper and not a machine gunner.

12. “I’m a professional trader and thus I will not engage in gambling my money in the markets”

Gamblers make random bets in casinos or elsewhere, and traders who don’t have trading plans or who don’t follow their trading edge are also gamblers. It’s really easy to click your mouse and put a trade on and hope to get lucky, kind of like pulling the arm of the slot machine at a casino. The difference is that you can actually develop and implement a high-probability trading edge like price action strategies when trading the markets. So, it’s up to you if you want to be a gambler or a trader.

13. “I will not interfere with my trades without just cause”

This one is similar to number 8, but it’s so important I wanted to touch on it again. Interfering with trades is usually an emotional reaction born out of risking too much or over-trading, both of which cause you to become overly attached to any one trade, which in turn causes you to over-analyze your trades and meddle with them once they are live. There are times when there’s just cause to interfere with your trades, such as a giant pin bar reversal that forms counter to your position, or some other opposing price action. However these instances are rare and it takes time and effort to develop your discretionary trading sense to the point where you can “effectively interfere” in your trades.

14. “News and fundamentals will not influence my trading decisions”

Traders who fall into the temptation to over-analyze the thousands of Forex news variables that occur each day, usually end up losing their trading accounts pretty quickly. All market variables are reflected via the natural price movement of the market, so by analyzing and trying to “figure out” what’s going to happen by reading economic news or watching CNBC you’re simply adding unnecessary and confusing variables to your trading approach.

15. “I am happy to take a profit and I will not be greedy”

Take your profits when your targets get hit, don’t change targets in an effort to try and get “just a little bit more” profit…These attempts to get a “little more profit” are usually in vain, and they usually lead to you letting a winning trade turn into a losing trade. Traders with smaller accounts especially need to take logical profits as they come, in order to build their accounts up and their confidence. If you get a 1 to 1.5 or 1 to 2 risk reward, there’s nothing wrong with taking the money off the table. Don’t fall into the trap of hoping that every trade you take goes on a parabolic run in your favor, the markets ebb and flow, meaning they don’t go in straight lines for very long.

16. “I invest in my trading education & myself”

Investing in your own education is paramount to success in any field. Forex trading is no different; whether it’s a book on trading psychology or the knowledge of an experienced Forex trading coach, learning something each day to make yourself a better trader will only improve your edge in the markets.

17. “I believe in my trading strategy completely and whole heartedly”

It’s critical to your trading success that you learn and trade with a strategy that’s proven and that you personally enjoy trading with. You have to follow it without deviation by remembering the fact that one loss does not negate the whole trading strategy. Don’t jump from one strategy or system to the next just because you stumble upon a few losing trades; losing trades are a natural part of any trading method. The key lies in losing trades properly and making sure you are trading with a strategy that is both simple and effective, like price action.

I trust that you’ve learned something from today’s article and I hope you write down or print out the above daily affirmations and read them out loud to yourself every day before analyzing the markets. Eventually, they will become cemented into your thinking and will thus turn into a habitual part of your trading routine. At that point, you will have transformed yourself from a losing trader to a successful and confident one.

Tendencies

Tendencies – typical behaviors or the way something is likely to react. We can use tendencies in the market to enhance our edge and take advantage of repeatable occurrences. The more time you spend in front of your charts, the more you will notice tendencies in the Forex market. These are several I have observed and picked up over the last 9 years. Remember, nothing in trading is absolute, but additional knowledge can increase our profitability and consistency.

Here are just a few:

1. The EUR/USD tends to reverse or create structure around the 20’s and 80’s. For example 1.3320 and 1.3380.

2. The GBP/USD tends to reverse or create structure at the 50’s and even handles. For example 1.5550 and 1.5600.

3. The USD and JPY tends to move in the same direction approximately 80% of the time.

4. If during the London and New York overlap there is a large sell off or rally (100+ pips), the afternoon of New York and often into the Asian session, the market tends retrace from the overlapping volatility and price action. I call this “drift” as the low volume and low volatility during these off-peak periods may take several candles. The move tends to be typically very slow but very deliberate. These can be low stress and high profit trades.

5. The market tends to be the most bearish or bullish before a trend reversal. A large impulse or “last gasp” often occurs just before a trend reversal. This is what creates a “hammer” or inverted hammer candle pattern.

6. A Fib retracement to .382 level of the AB leg tends to terminate at the 1.618 expansion of the AB leg.

7. A Fib retracement to the .618 or .786 level of the AB leg tends to terminate at the 1.272 Fib expansion of the AB leg.

8. A Fib retracement to the .50 level of the AB leg tends to terminate at the 1.414 Fib expansion of the AB leg.

9. The market tends to sell off faster than it rallies.

10. Structure leaves clues. The market tends retest previous levels of strong support and resistance.

11. Trading is 10% psychology and 90% strategy until you trade live with real money. It then tends to become 10% strategy and 90% psychology.

12. You can not develop a viable trading strategy based on fundamentals. Fundamentals tend to not be consistent, repeatable or reliable and therefore have no quantifiable or measurable metrics that can be incorporated into a profitable trading system.

13. The market tends to trend only 30% of the time.

The more you incorporate these tendencies into your trading sessions, you’ll be less anxious and more in control.

Please comment on other tendencies you have observed or use in your trading.

These are the nuances professional traders use to sharpen their skills and a focus on the best opportunities.
Rick

It’s What You Believe. . . and Act Upon

I saw this posted in an FF thread and thought I would comment. The poster referenced the book  RSI: The Completed Guide by John Hayden.  My comments are below each “lie.”

The 10 RSI Lies that Traders Believe:

1. A bearish divergence is an indication that an uptrend is about to end.

Bearish divergence on any oscillator is simply an indication that the current momentum is weakening, not the trend.

2. A bullish divergence is an indication that a downtrend is about to end.

Bullish divergence on any oscillator is simply an indication that the current momentum is weakening, not the trend.

3. The RSI will generally “Top Out”  somewhere around the 70 level. At this point we want to start thinking of getting short or at the very least exiting long trades.

The 70 level is an alert that momentum is beginning to reach an extreme range and the market might be overbought. We know that price can continue to move higher, but the 70 level signals us to look at other factors (S&R, Harmonics) for possible set-ups and potential retraces. These levels are nothing more than a cue to look further.

4. The RSI will generally “Bottom Out”  somewhere around the 30 level. At this point we want to start thinking of getting long or at the very least exiting short trades.

The 30 level is an alert that momentum is beginning to reach an extreme range and the market might be oversold. We know that price can continue to move lower, but the 30 level signals us to look at other factors (S&R, Harmonics) for possible set-ups and potential retraces. These levels are nothing more than a cue to look further.

5.  Whenever RSI is above 50, it is a bullish indications. If not long, find an excuse to get long.

Above the 50 level is commonly thought of as bullish bias, not a definitive indication of bullish momentum as the RSI can be above the 50 and flat which would indicate neutral bias. The fact that traders may act upon this observation can validate the inference that bullish bias exists. There is never any reason to “find an excuse to get long.” Acting on an excuse is trading suicide.

6. Whenever the RSI is below the 50, it is a bearish indication. If not short, find an excuse to get short.

Below the 50 level is commonly thought of as bearish bias, not a definitive indication of bearish momentum as the RSI can be below the 50 and flat which would indicate neutral bias. The fact that traders may act upon this observation can validate the inference that bearish bias exists. There is never any reason to “find an excuse to get short.” Acting on an excuse is trading suicide.

7. A failure swing is a significant event.

This is makes no sense to me at all.  A “failure” swing in price action still inevitably creates a swing high or low. 

8. The RSI is unable to indicate trend direction because it is only a momentum indicator.

Clearly when the RSI exhibits steep angles of ascent or descent, we can infer that current momentum and trend strength/direction will correlate.

9. The RSI is unable to indicate trend reversals because it is only a momentum indicator.

When the RSI resides in the extreme ranges,  we can infer that current momentum and trend strength tend to exhibit extreme limits and might weaken. Nothing is certain. Again, these observations are clues to look further, nothing more.

10. It is not possible to use the RSI to set price objectives.

Is might be possible, but why would you? You certainly could choose to use it, and with back testing, decide if using the RSI provides a positive expectancy along with other rules. There are many other better options, so using RSI would not be at the top of my list.

For most of us, RSI (among other oscillators), is just a tool to supplement other conditions incorporated into our rule set. The above list makes statements I find to be inaccurate. Speaking in absolutes always makes me want to play Devil’s Advocate. Posting this kind of list as if it were sacrosanct is not helpful and does not compel traders to want to read the book. Furthermore, the poster thinks he is helping the thread participants, but gives no context or connection to the system outlined in the thread. Just another blurb added to a clutter of confusing and irrelevant information.

RSI is typically  just one component of other trading rules and tools and this list implies over-reliance and overstated importance of the RSI. I didn’t write an entire book specifically about RSI and don’t claim to be an RSI expert, but I am an expert trader and use the RSI with great success as part of my trading arsenal albeit in many of the ways the author claims I should believe are lies. Acting on those beliefs (lies) has done well for me – so I guess I’ll keep the faith.

Rick 

 

 

 

 

 

 

 

 

 

I Give Up!

Traders,

I CAN’T TAKE IT ANYMORE!  Do you see why I spent the first 10 minutes to my workshop explaining why you can’t learn to trade of Forex Factory and why “sharing” is a lost cause?

Is it any wonder people are failing miserably?

These are some of the posts this week within 2-3 pages of the same thread in FF. These are direct quotes . . . I can’t make this stuff up!

And here they are . . . (My comments in italics)

I am teaching myself on making the big picture. Here is my try. Please guide me on it. (You just keep teaching yourself and I’ll just keep paying myself with your money. I do a WTDA free very week and you’re still on a thread?)

For planning the big picture in the monthly chart how much back should we go? Is it same for all the pairs? (Is this really an attempt to formulate a plan? – asking someone else the most basic questions about what YOU should do?  I say go back at least  5 years – why not 10 years? Who knows, it might effect price today! Jeez!)

I plan to use the weekly and the monthly pivot points so that can swing trade accordingly. I use the pivot points provided in the indicator autopivotindicator_ver5.   (Great . . . another strategy and indicators that have absolutely nothing to do with the thread.)

Can you please post that support and resistance indicator?  (A support and resistance indicator? The most basic concept in trading now needs an indicator? Seriously? No danger here of getting rich.)

Guys what is ADR? Where can I get it?  (He doesn’t even know what it is, but has to have it? Unbelievable!)

Is it possible to forecast the direction of breakout?  (If it was, don’t you think we’d all be rich?)

Today I saw a thread that I think is a good sample for those are searching to realize the meaning of Supp/Res and also Channeling better.  (Thanks for sharing. That’s what we need, another clueless trader sharing another thread after asking the most basic beginner questions.)

Let’s start a chat room – I’m 21 years old, started trading 8 months ago, have now quit my job with my main income coming from trading, I’m not as good as others though. (Hmmm . . . I’d like to know what your monthly expenses are that you have been trading 8 months and are now making a living, but are not as consistent and other traders on a FF thread. Good luck with your chat room. I’ll just keep doing what I’m doing.)

And here are the experts trying to get these guys on track . . .

Did you learn everything on http://www.babypips.com/school? That’s really well explained and a complete teaching program. There’s probably a good explanation about s/r levels too.

Just figure out what works for YOU and stop confusing yourself asking so many questions and trying too many things.

I suggest you don’t not add anything and forget about using any pivots on your H4 charts until you have a deep understanding of this trading method.

Isn’t this almost verbatim what I described the workshop? This all happened in just a few hours! Did I nail this crap or what?

I am losing my mind! Needless to say, I have tried and tried, but can’t get through. I will do my best to no longer go to FF for anything other than news because it is just too painful. It would actually be humorous if it wasn’t so tragic.

The good news is that these folks are paying me to give them a real world trading education by learning the hard way. I will gladly continue to take their money as long as they are willing to just hand it over to me and other pros. Believe me, there is plenty to go around.

I hate to act like such a jerk, but I have lost my patience with the whole damn thing. I am resolved that I can’t help those that can’t help themselves and this model to help beginning and struggling traders isn’t working for me anymore. It’s just too damn much work!

Let’s look at it from a purely business perspective . . . There are about 20,000 traders on Forex Factory, If only 10% are making money, say 2,000, that means there are 18,000 traders losing money.  Let’s say they lose an average of just $10 per week. That’s $180,000.00 per week. I am more than happy to take home $3,000.00 to $5,000.00 a week if they are willing to hand it over so effortlessly. Do you see how easy it is to become financially independent in this business if you have a clue? And that’s just the losing traders on FF! There are thousands more globally!

I am going to focus on a very private client group of traders and investors that want to make real money and rise above the bottom of the trading food chain.

I’ll keep those interested posted as things progress.

Sorry for the rant, but this is f**king ridiculous and I’m not getting any younger!

Rick

Join Us LIVE!

Don’t Forget we’ll be LIVE this Saturday July 12th with more on Chart Analysis, Trade Set-ups and answering all of your questions.

We’ll get started at 7:00 am CDT U.S.

Tell your friends and fellow traders it’s FREE and to join us!

Here’s the link: http://tradingeducation.omnovia.com/ptnetwork

See you Saturday!

RIck

FREE Live Session – Chart Analysis 6.28.14

Hello Traders,

This Saturday, June 28, 2014 at 7:00 am CDT in the U.S., I’ll be hosting a FREE Live Session where we’ll spend a couple of hours doing some intense chart analysis.

Make sure you tell you friends and fellow traders to attend.

Here’s the link: http://tradingeducation.omnovia.com/ptnetwork

There is no password requried.

See you on Saturday!

Rick

Right Place, Wrong Direction

I wanted to share a recent string of emails I received and responded to beginning on May 7th and concluding on May 24th. I shared these with the traders in the first PTN Excel Course Live Session as well. These emails are really not that unique. What is unusual is that they are all from the same trader. My goal in sharing is to make you further aware of the state of the trading product industry and the general mindset of the majority of traders – the 90-95%. Those of you that know me are keenly aware that I first try to empathize as I have had many similar let downs and break downs early in my trading journey. However, I was much more humble and did not try to telegraph my impatience as is quite common in many of the emails I receive. I think this trader is somewhat askew in his/her perceptions and expectations, but I’ll let you be the judges. See if you can identify with this trader’s situation/apprehension and my impatience and please let me know what you think. This is not to criticize or disparage anyone, but more to emphasize that I make this information readily available for FREE for those willing to take a few minutes to explore the blog and review the workshop and course preview material. I would be very interested in your comments/feedback on topics that may be unclear or where I can improve. Thanks – Rick

My responses are in Bold, my commentary in Italics.

Rick – Can I please get straight to the point?
– do you tell me your entry, stop and profit rules?
– do you discuss your technical analysis?

Your impatience tells me you are not interested in learning the skill of trading. I don’t give away rules. That won’t help you trade.
Good luck.

I’m certainly not impatient however nothing in the videos is new to me. This information is not new to me. I’m more interested in understanding your set up etc.
What exactly is in the excel course?

(The material in the videos is not new to him/her? Then why are they not trading successfully? Furthermore, clearly this trader has not listened much to what I have said or presented. This question comes after he/she has watched the first 3 Workshop Videos and has not figured out that there is an entire course preview and trade system preview.)

Watch the preview. There is a link at the bottom of the Workshop videos.

Thanks Rick. This will be my last email. I promise.
Please specify whether you discuss trading strategies such as entry, stop and taking profit?
After listening to your videos, I feel it’s more of background information about fx trading which is great but I’m not looking for this.
Please correct me if I’m wrong.

The course includes two trading systems where you must still perform the back testing. They have entry signals and stops, but you have determine profits. It also includes advanced pattern trading.

Ok thank you very much.

( . . . a few days later . . . )

What is the best price you can sell the excel course for?

I have priced this course ridiculously affordably and the content is worth 100 times the cost, so the best price is the current price.

Sorry to keep asking these questions. Please understand that I have spent a lot of money on systems in the past.
Can I please confirm that once I study these strategies that I would be able to start making money? What is the win/loss ratio, rate of return?
Will there be any other systems after that which I would need to purchase?
Again sorry to be repetitive and I’m not trying to be disrespectful. I just sick if paying for systems that don’t perform.
Thanks

(I can totally empathize with this.)

I cannot guarantee anything. You want certainty and that does not exist.
You have seen my blog, you have seen my workshop and you have gotten a preview of the course.
If that’s not enough for you to make a decision, let me help you – don’t get the course.
I have hundreds of traders emailing me every week telling me how much my blog and course materials have transformed their trading.
What I do is open their eyes to what it takes to be successful; they are the ones doing the hard work and getting the results.
It’s about your commitment and willingness to make the necessary changes to be successful.
My course can help, but it will not make you a winner if you are looking for someone else to be responsible for your success,.
It’s all up to you.
Good Luck.

Thanks Rick. I am willing to put all effort and back testing. I have been doing this for the past 10 years. But what I won’t be able to do is create my own system.
Will you be giving this to us? That is the set up entry and what to look out for?

(This said it all to me – doing this for over ten years and displaying this state of mind? This was not a good sign.)

Yes

Also, will there be unlimited use to the excel course or is it restricted after certain time.
Is there anyone in Australia who has used this?

Yes and yes

Last question, I promise. How long does it usually take to master the strategy?
Also is there a forum available to ask questions if I get stuck with any terminology.
I am really interested in purchasing the program.

I don’t know how long it will take. It varies per individual. My best clients/students are up and running independently in 60 days, some take 90-120 days and some never do anything.
I do 4 live sessions for Q&A.
As you know, I can always be reached by email.

There was a question in your FAQ
“What are your rules for entry, stops and targets? The blog is designed for you to learn what professional traders do for consistency and profitability through analysis and execution along with the psychology required. It is not similar to a chat room or forum where indicators and trading systems are given away. My rules and trade plan are designed for my trading personality and experience level. You must formulate your own rules and trade plan, do your own back testing and practice diligently so you can execute YOUR trade plan efficiently. Knowing my rules and plan will not improve your trading.”
What do you mean by: you must develop your own rules and trade plan?
How is the different to giving me your entry, stop and exit level?

(Here is where I simply lost it. After all of the information on the blog, in the workshop and in the course preview materials, this person can’t seem to understand my message – processes are the key to individualizing your own trading system and trading personality. This is the only way to establish your independence.)

No two traders trade the same. You will impose your own biases on any trading system, no matter what I tell you. You do not have the experience or discipline to trade the way I do, so it is a waste of time to tell you how I trade. Seems to me like you need to subscribe to a trade signal service. They can give you entries, stops and targets. Just Google it.
I teach people the skill of trading, not just how to trade. I show how pros trade and how to develop a system that best fits the individual by sharing two trading systems.
It’s all been explained and laid out. I am not interested in spending time convincing anyone. My work and results are documented.
This will be my last response. I have too many other traders that are decisive and committed that need my attention.
Good luck

( . . . after some thought a few minutes later . . . )

Also, please do not buy the course. I fear that working with you would be too frustrating and time consuming for me. I do not engage with traders that indicate they will be too high maintenance.
I don’t have the time or the interest.
Thank you.

I wasn’t asking you questions to convince me Rick. You weren’t very clear in your emails compared to what you have stated online. I wanted to simply clarify whether you teach trade signals rather than what fx is all about.I have spent years learning various topics including pivot highs and lows, money management, how to trade daily, weekly and intraday etc but what I was looking for is simply trade signals (entry, stop loss, profit targets etc). You obviously don’t do this or interested in sharing this information with me so I will not bother you again.

High maintenance!!!! Wow how arrogant. People are plain stupid to even give you the time of the day. How negative. I wouldn’t like to be associated with someone like you anyway.

Again . . . I would be interested in your comments.

Thanks again!

Thanks again to all of you that participated in the Forex Traders Workshop and purchased the PTN Excel Course.

Lots of positive feedback and very encouraging progress from so many of you in such a very short time!

I am leaving access to the Forex Traders Workshop and Excel Course on the blog indefinitely, so if you know any traders that might benefit from the information, please let them know it will be here for them.

The link to access the workshop and course are in the “Excel Course” tab in the middle of the blog home page.

Good luck to all and stay focused!

Rick

Guest Post . . . Akil the Awesome!

Traders,

It is a great privilege to have Akil Lateef, an awesome trader and a good friend, share some of his thoughts and insights with us here at the Pro Trader Network. Akil is a true success story and worked very hard to achieve that success. Here is his post . . .

“One Trade At A Time”

Before I start, I wanted say that I appreciate Rick and The Pro Trader Network for allowing me to share my thoughts. I’m a blogger/educator myself and I have recently fell in love with this site. I think that the posts are very thoughtful and discuss the topics that truly make you a better trader, which is psychology. Having a strong trading psyche was the key to turning my trading around and it all started with a single word.

Kaizen: Japanese for continuous improvement and the change for better. This philosophy was implicated by many Japanese businesses after the Second World War. “By improving standardized activities and processes, kaizen aims to eliminate waste” by improving efficiency. To put it in short, the Kaizen philosophy believes that they key to achieving your ultimate goals is to improve little by little, rather than trying to go for the whole thing at once.

When I was first introduced to the Forex market (like many traders) I spent the majority of my time surfing the web looking for any and every bit of information I could find on trading. purchased DVD sets, hundreds of YouTube videos, read many books and articles, joined trading forums, etc. Since technical analysis was new to me, I believed every bit of information that I saw and thought that each new technique I learned was my holy grail to success. Fast forward two years and the main item that stuck with me has been a singles word; Kaizen. I’ve learned a lot throughout my first few years of trading and currently I’m at the point where I can attack the market using numerous strategies and tactics However, despite having all of the knowledge in the world the Kaizen philosophy is what allowed me to get to the position I’m at now.

It was not even two years ago when I began trading full time. A lot of hard work, disappointment, kicking, screaming, and even depression happened before that point in time, but I’ll save those stories for another time. Anyway, after an incredible education through a Pro Trader Course, I felt as if I was more than prepared to trade the markets live and begin my path to becoming a professional trader. I had a trade plan written out, completed back testing, I even a client that trusted me to trade his money. In my mind I was all set and ready to make millions. I vividly remember taking the train home from New York City (after meeting with my client) and having a quarter million dollar check in my pocket saying “this is it Akil, this is way to do it.” By “do it” I meant become a millionaire by the time I turn 30 which was one of my goals from when I was in middle school. Long story short, after having a profitable first two months of trading I ended up having a psychological meltdown which resulted in me almost blowing my full account along with over $50,000 of my clients money. After cutting ties with the client do to disparate viewpoints on trading, I took long look at myself in the mirror and told myself “something has to change.”

This change began and ended with me when I realized that if I wanted to become a successful trader, and a millionaire, it wasn’t going to happen overnight. It was going to take hard, consistent work over a period of time. This is when I first began adapting the Kaizen philosophy to my trading. I knew that I was still rather inexperienced in the field and that I was still going to make rookie trader mistakes so my goal wasn’t to become a perfect trader overnight. Rather, it was to become a little bit better each day, week and month. Just as the Kaizen philosophy says,, small, continuous improvements. In order to do this I began taking detailed notes (and pictures of the charts) every time I made a trading mistake. Whether it was something as little as trailing stops too soon or something more major like missing a trade entirely. I would force myself to remember each “dumb move” as I called it and try not to make the same mistake again. This was rough at first as I constantly made mistake after mistake after mistake, but over time I found myself making less and less. After a few months of sticking with this approach I could feel myself slowly improving and becoming a more efficient trader. Yes, I was learning more about the market and was able to understand it better strictly due to the time I spend watching it. But as I went back through my month to month results, I noticed that the amount of mistakes I was making was significantly decreasing and this had a direct affect on my winning percentage and the profit I was taking in.

Today I hold the position of Live Room Moderator with the same group that originally educated me on the market. It’s such an honor to feel that the company entrusts me with the responsibility of working with a room full of traders looking to learn or turn their trading around as well. I still don’t like to call it a success story yet because I personally feel that I am very far away from my ceiling and overall trading goals, but I do recognize that I made it over the first hurdle. Do I owe it to a magical system, a secret money management strategy, or simply being a better trader than others out there? No. I owe it to one thing, and that’s the will and desire to get better. Having the mindset that trying to become a little bit better each day in the market will eventually allow me to achieve my long term goals as a trader has helped a lot and I recommend that you give it a try whether it be in trading or another aspect of your life. I’ll end this article with a quote from the first page of my trading plan. “…I believe that people only fail because they give up before they have the chance to succeed.”

Thank you for taking the time to read this, and big thanks to the Pro Trader Network for allowing me to share my thoughts.

Thank you Akil! We all benefit from your valuable insight – Rick

 

LIVE Training Room FREE Trial – IMPORTANT UPDATE

Hello Traders,

I’ve scheduled a FREE Live Training Room this week to work with you during the London Market.

IMPORTANT UPDATE: DUE TO BRITISH SUMMER TIME GOING INTO EFFECT THIS WEEKEND, WE WILL BEGIN AT 1:00 AM CDT U.S. on APRIL 1st.  –   NOT 2:00 AM

I’ll show you:

– A solid pre-trade routine to choose best currency pairs to scalp each day.

– Market Analysis for Swing Trade set-ups.

– Information on the Trade Copier I’ve been working on.

. . . and lots more.

Come and spend the week with me starting on April 1, 2014 at 1:00am Central Time U.S. for 3 days in a row of training and trading during the London Market.

Here’s the link to sign up:

http://protradernetwork.kajabi.com/sq/37608-live-training-room

All are welcome so spread the world and invite all of your fellow traders to join us!

I’ll see you Live during London!

Rick