Archives of “February 2019” month

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Are You A Professional Trader?

  
  Education
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Going Pro, means leaving the amateur life behind. It means showing up on time and doing the work. No excuses. No calling in sick. No blue flu.

In fact, Pressfield has a list of 20 things that a professional life entails. Here they are…

  1. The professional shows up every day
  2. The professional stays on the job all day
  3. The professional is committed over the long haul
  4. For the professional, the stakes are high and real
  5. The professional is patient
  6. The professional seeks order
  7. The professional demystifies
  8. The professional acts in the face of fear
  9. The professional accepts no excuses
  10. The professional plays it as it lays
  11. The professional is prepared
  12. The professional does not show off
  13. The professional dedicates himself to mastering technique
  14. The professional does not hesitate to ask for help
  15. The professional does not take failure or success personally
  16. The professional does not identify with his or her instrument
  17. The professional endures adversity
  18. The professional self-validates
  19. The professional reinvents herself
  20. The professional is recognized by other professionals (more…)

A Trader’s 5 Best Teachers

  
  Education
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Trading Losses: There are two types of losses, one loss is caused by the market simply not being conducive for the profitability of your system. The other loss is due to your lack of discipline causing your system not to work. If you followed your trading plan and had a loss that is to be expected. If you are trading a proven and tested method then you have simply learned that taking a loss is simply part of trading. However if your breach of discipline caused your loss, whether not taking a stop, over riding your plan, not taking an entry, trading too big, etc. then it is time to learn why you had the loss. Ego? Fear? Greed? Overconfidence? Laziness? and many other things cause losses. It is crucial that you learn why you broke your trading plan so you do not repeat the mistake again.

Charts: Studying the past price action of charts is very educational. It will show you how prices have reacted at  support/resistance levels in the past along with moving averages and any other indicators that you may choose. It is important that you understand how your market has historically traded whether it is currencies, commodities, stocks, or bonds. It is crucial that you learn how to identify a trend, a swing trade, and a range bound market. (more…)

FOUR STEPS TO TRADING PROGRESS

  
  Education
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HEAR

To HEAR you have to listen and listen intentionally. You will not HEAR properly if you are focused on other things. This situation is especially true on a webinar or during the trading day when the markets are open. It is essential to set distractions aside and HEAR what is being stated.

RECEIVE

To RECEIVE something you have to HEAR it and come into agreement with it.  To RECEIVE is to take it unto yourself and personally grab hold of what you have heard and make it your own.

BELIEVE

To be successful you have to believe that what you HEAR and RECEIVE can add value to your current situation. You have to BELIEVE that a specific strategy repeated and correctly  executed, regards of any specific outcome, will provide successful results over time. You will act on what you believe In all areas of life.  Please make sure you really do BELIEVE it and are not allowing any contradictory mindset to compete with your belief because it is possible to hold two opposing beliefs at once. This is being double minded and leads to instability.  Being firm and unswayed in what you BELIEVE can lead to becoming a successful trader. (more…)

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