Free Forex Trading Strategy Training Webinar
Filed under: General, Trading Strategy, trading as a business, trading psychology
Just a final reminder that the 3 “Forex Smart Start Profit Strategies” online trainings kick off TODAY, Wednesday, March 3rd…
-where you’ll learn the top 4 tweaks you can make today to grow & protect your Forex portfolio forever…
The first session starts at 12:00pm Eastern (New York Time). And then they’re going to do it again at 4pm and also at 9pm to make sure you can attend, depending on your schedule.
The rooms are all almost full, but there still may be time to get in here:
http://smartforextraining.com/y/?i=369216&u=1&l=f87
Cheers
Brian
“The Trading Turnaround Coach”
Those Clever Yahoos Know Exactly What Could Happen
Those clever yahoos at the CFTC know full well what the ramifications are for the latest proposal - and it looks like they are going ahead anyway.
Now the questions and all the fuss suggest that they are UNAWARE of the consequences of their actions - that this would completely destroy the Forex trading here in the U.S.
But there is just NO WAY that the DON’T know.
So this begs the REAL QUESTION: Who will benefit and how?
Here’s the BIG problem:
“Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.”
Here’s where you can read the press release about it.
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
Most importantly, here is how to make your opinions known.
You may submit comments, identified by RIN3038-AC61, by any of the following methods:
1) Federal eRulemaking Portal: http//www.regulations.gov/search/ index.jsp Follow instructions for submitting comments.
2) Email : secretary@cftc. gov. Include “Regulation of Retail Forex” in the subject line of the message.
3) Fax (202)418-5521
4) Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street,. N.W., Washington, DC 20581
Cheers
Brian
P.S. Let’s hope and pray that they really are so blindly ignorant that they didn’t realize what this would do and that receiving truckloads of emails will get them to do the right thing.
P.P.S. Here’s a thread discussing this in more detail
Day Trading Forex Currency - Are You Protecting Yourself From THESE Risks?
With every trade you have the risk of the trade, but there are a number of other risks that can be extremely costly if you are not prepared to deal with them.
I’ve got a couple of real-life true stories that just happened to share with you, then we’ll bring this into YOUR trading and what you need to do to protect yourself.
Over the weekend I had two reminders of the importance of being prepared for the unintended. I say “unintended” because we don’t ever plan on having accidents or events beyond our direct control happening.
But we can foresee them and take action.
1. The Power Outage that shut me down
On Friday July 3rd, my webhost got shut down due to a power outage from a fire 300 miles away from their home office. When I got on the phone with them about it, they said that I was one of over 6,000,000 customers of theirs that was shut down.
When I asked with a customer base like that, why didn’t they have some redundancy in the system? A power outage is definitely foreseeable. They answered that it was too expensive. Let’s see how expensive it is when they lose a million customers.
I have already begun the process of moving my websites and email to another host - one that has taken action to ensure uptime in the event of something as predictable as loss of power.
2. The Fireworks ‘accident’ that could have been life threatening
The second reminder I got was when we were lighting the fireworks for the show our neighborhood was putting on. Now South Carolina is a huge fire hazard. Pine trees everywhere and pine straw everywhere. It’s a giant pre-built fire waiting to be lit.
To light the fireworks, the guy in charge decided to use the patch of land under the power lines, away from the houses, and in a cleared spot where the grass had been mowed down.
But 100 feet away, the tall (and very dry) grass stood.
As I walked up to help him unpack the mortars and fun stuff, I knew immediately that we needed to have something at hand in case some of the sparks hit the ground as they inevitably would.
I sent my son Max back to our house to get a fire extinguisher and a 5 gallon bucket to fill with water.
We only got about 10 minutes into the show when one of the smaller (thankfully) mortar bundles fell over and shot right over into the grassy area. I immediately grabbed the bucket and Max grabbed the fire extinguisher.
In the few seconds that it took us to get to the fires, there were about 20 and they were spreading through that dry grass like it was a field of gasoline.
We got all but 2 of the fires out very quickly, but we had run out of water and the fire extinguisher was spent.
Fortunately, those last two were right behind a house where the people had been sitting to watch the show. They had grabbed their garden hose and started spraying out the last two.
That whole thing was really a close call, because with nothing to put out what we did, that fire would have spread down the power lines both ways, including back to where we had the fireworks all laid out - and these were BIG mortars we had.
Now there are pine trees and straw all over our neighborhood, and I have little doubt that this little ‘accident’ could have turned into a life-threatening fire in a matter of minutes.
Fortunately, I had the notion to be prepared.
We wound up having a great 4th of July, one that we’ll all remember forever.
Your Trading Business and Preparedness
In your trading, you rely on several things all of which are subject to unintended events, but there are some that you can foresee and take action to ensure that the impact on you is minimal.
1. Power outage. Do you have a backup plan for the possibility of being without power for a few hours? How about a few days? What would the risk be if you were cut off from the markets in the middle of the trading day (or week)?
There are things you can do, such as having a UPS (uninterrupted power supply) for your computer for the short outages, having a location you can go to which has wi-fi access so that you could hop in your car with your laptop and get there fairly quickly if need be.
2. Fire. Do you have a remote data backup? They are readily available and many are free, at least for a certain amount of data storage. Keep your vital stuff compressed and encrypted safe.
3. Hard-drive crash. Do you backup your computer regularly to somewhere other than only your hard-drive? You can use jump drive or external hard drive and they are not expensive.
4. Dramatic changes in the markets. This is one that many traders get nailed with, just like last fall. There were thousands of traders left in a really bad situation: the markets went crazy and their system no longer was working. Many had their accounts wiped out and didn’t know what to do.
The best contingency plan for this to be able to adapt to changing market conditions - without having to play the guessing game and using trial-and-error with real money.
How can you do this, quickly, easily and with zero risk?
When you are forced to make changes to your system (or you simply choose to) the fastest and safest way to do it is by using the Trading Performance Analyzer. It shows you what works and what doesn’t with ZERO RISK - in objective numbers based on real market data.
You can try it risk-free by clicking here.
Those that already had the Analyzer before last fall weren’t worried at all. They were prepared and didn’t lose any sleep. As a matter of fact, they were having fun profiting from the crazy market while everyone else was losing their minds (and their money).
Don’t leave your trading business at risk to unintended events.
Take action right now, protect yourself and avoid the regret of 20/20 hindsight.
Cheers
Brian
P.S. I don’t have to tell you that contingency planning and taking action are the smart thing to do for yourself. You’ll only have yourself to kick if they happen and you did nothing.
Try the Analyzer risk-free and sleep well by clicking here.
Day Trading Forex Currency - The Number 1 Question To Ask
Filed under: Day Trading Forex Currency, forex, stock trading, trader training, trading as a business
What is the #1 question you should be asking yourself, right now?
If you are serious about actually realizing the rewards of becoming a consistently profitable trader, then there is one question you should be asking every day…
…and NO it isn’t “how can I make a lot of money?”
That one is probably one that has run through your head plenty of times, but is it serving you well? Is it getting you there? Probably not because it is too vague.
The one question that you SHOULD be asking is,
“Where am I truly at right now and what is the ONE thing I need to focus on to have the BIGGEST impact on my trading, right now?
They don’t focus enough and not on the right things.
And then when the profits don’t come that you want you are left wondering “what happened?”
Without proper focus, little to no progress is realized. (Notice the word *proper*)
What I see way too many traders do is spend 99% of their time chasing magic-pill trading systems and robots. And they never actually stop to create a business, let alone a solid business that they love and fits their lifestyle.
So what their life ends up being is…
Regularly changing systems and / or markets and / or time frames, buying the latest and greatest “we just cracked the code” holy grail system, or just playing around with different indicators, hoping to find that combination that works in forecasting what the markets will do.
Or even worse, they just keep throwing their money at the markets with what they call a system but really isn’t one, hoping that somehow someday, and without doing anything different, they will suddenly start making those consistent profits that set them free.
That ain’t gonna happen and if you want different results you have take action, specifically these three steps.
2. Prioritize that list.
3. Focus on the #1 item on that list until you’ve fully incorporated it into your trading and made it a regular part of your operation.
Recognizing where you are now is the first step because you are more than simply someone who trades.
When you decided to become a trader, you started a business - your own trading business - with the dream of reliable consistent profits that will provide the lifestyle and security you desire.
How can you expect your business to be reliable and consistent if it is NOT organized, if it lacks direction, or if there is no plan for your business?
How can you expect to realize your freedom and wealth without taking the proper steps get from where you are now to where you want to be?
Its the principle of FOCUS that we’re talking about.
You need to look at where ‘here’ is and identify your most important step to be taking right now.
For most traders the first step is very simply to get their trading business properly organized.
You see, 99% of the problems that most traders face is lacking direction, organization and a plan.
The result is tons of wasted weeks, months and often years and thousands in lost trading capital.
When you are organized, you have clear direction and a plan, only then can you avoid the information overload, the dozens or sometimes hundreds of distractions. It is only then that you can focus and make real progress.
For your business to grow and thrive, your primary focus for the owner / manager must be to devote a prudent portion of your time to working ON your business, not just IN it.
So what does working on your business mean?
It means clarifying where you are now and focusing your energy and resources on the most important item.
- If you find that you seem to spinning your wheels and wondering around in circles going from one thing to the next because you haven’t yet gotten organized, then your focus is on clarifying direction, organizing your business, and assembling a business plan. For help on this click here.
- If your business is organized and you have a business plan, but don’t currently have a system that works, then your focus is on getting ONE system that works. To do this quickly, take these three steps:
1. List out your criteria for your system
2. Begin the research for your system within methods that fit your criteria
3. Take the FIRST system that meets your criteria, run the metrics on it through backtesting and forward testing in a demo account to verify that it works.
For help on this click here.
4. Master that ONE system
- If you have a business plan and a working system, but are still find yourself making the same mistakes over and over again, then your focus is on identifying the triggers that are causing the emotional bad decisions.
For help on this click here.
Remember, the question to be asking is “what should I be doing right now to have the biggest impact on my trading?”
Follow the steps above and FOCUS on that ONE thing.
Make real progress and stop wasting time.
Cheers
Brian
An Engineer’s Thought Process of Going from Scratch to Trading System
Filed under: Day Trading Forex Currency, forex, trader training, trading as a business
Going from square one to having a complete, clear, and working trading system can be quite a challenge.
In this video, you’ll discover an Engineer’s thought process of the best way to get from A to B.
Yes, I am a degreed Mechanical Engineer and my focus is always on keeping things simple and what works.
Today is the last day to sign up for the “Proven Method Mentoring”, so if this video makes sense to you and you are serious about having a consistent, reliable trading business, then get signed up right now!
Cheers!
Brian