A Plan for Profit, How to Reward Yourself for Growth as a Trader.
by Michael "Robinhood" Storm.
Occasionally we are contacted here at winners edge by folks
that are having a hard time making consistent gains as traders. Some
are really troubled with their performance and concerned because of
Losses slowly eating up their precious capital. Often Casey and I have
heard similar stories of losses, followed by questions like this: "If
I place X amount of money in the market, can I make it... Continue reading ...
Psychology Governing Abilities to trade with Forex
It is often said that no body can anticipate the high or low of the market accurately. This market may be either the share market or the forex trading . However everybody who enters in the trading hopes to win but at heart to heart, there is a fear factor. Traders who have been in this business feel and often confess that performance of traders on the trading floor depends heavily on their mental make up and the psychological games playe... Continue reading ...
Before you trade, have you made sure that you are not just making an emotional decision? When traders are running a business trading stocks, futures, options, or currencies they should know specific information. Trading is a business that requires planning and preparation. Trading is not gambling, unless you are just making decisions blindly without a plan. Every time you trade you should already know your target price, the risk level, and the strategy you are using. ... Continue reading ...
Today was a news day for trading the currency market. Many pairs dropped dramatically during this mornings New York session. The Asian session was wild as well, with wide, long and quick price swings. My point is this on a wild day like today you can get killed and put out of the market unless you practice discipline and use proper stop losses.
I ended up benefiting from these wild fluctuations but I was just lucky, very lucky indeed. I could have been on the other side of these wild moves jus... Continue reading ...
Today in my trading I was reminded of a valuable lesson and it was by one of the traders in my room. I sometimes get ahead of myself when entering trades because of anticipation. One of the first things I was taught as a trader is not to act before you get your entry signal. Today, I was entering trades based on what I "felt" was going to happen rather than a signal given. Then one of the traders in the room asked me why did you enter there, because there was no signal?
This is a video instruction on using price action to identify buy and sell setups. One key point is that it is important to first identify the current trend and then look for the entry points going with the direction of the trend. Trading using price action is a great tool that can be used to find accurate trading positions.
I have things that I want and goals to achieve just like you do I am sure. I want to be a great trader and I want all the tools to make me a great trader. In trading and in life it is important that you set goals so that you are able to measure your progress. I have always set goals in my life and it has helped me achieve many plans and I now set goals for everything. However I just learned about the concept of rewarding myself for achieving those goals from my friend Michael Storm.
Is leaving money on the table something to worry about in your trading? To answer that question simply the answer is Yes, but you have to let it go and not dwell on it. I know that all the Forex Trading pros say let your winners run and cut your losers short and they are right. But, and this is a very big but, any trade is a good trade as long as you are positive. I was having a discussion with a trader last week and he was upset because he said he lost $1,200.00 on a trade. I would be ups... Continue reading ...
Often I ask traders this question and the responses I get are varied from winning strategy, or the right charting system. Sometimes sharp traders will answer by saying money management or discipline. I have even been told by one expert that said experience is the most important for a successful trader. All of those things are an important part in a traders journey to profitablity and becoming a professional trader but they are not the most importan... Continue reading ...
I know that no one wants to do what the title suggests however, new traders do exactly that everyday. So if you as new trader wants to blow your account go ahead and just do what I speak about in this article. If you don't want to blow your account then make sure that you have enough capital invested when you start trading.
When deciding to open a new brokerage account it is important that you have enough money to trade with and not be under capitalized. I rec... Continue reading ...
This is an article posted by one of my contacts from my newsletter. This is so good I had to share it to help other traders. Please welcome Michael and leave a comment I recommend following him on Twitter as well. He did a good job with his first article.
The Greatest trading lessons I have learned by Michael Storm aka Robinhood. Twitter ID: neo761
#1.) Price has MEMORY.
Where there is a pivot or a turning point on any given chart and then a subsequent rise or downdraft, it takes TIME to ... Continue reading ...
I am married to a wonderful woman Deanna we have 5 children. I am a christian serving, The Lord Jesus with all my heart. I am involved in my church and take mission trips every year.
I have been trading since I was 18 when my dad taught me. I have traded stocks, options and forex. When I found forex I knew that I would never want to trade any of the others again.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Winners Edge Trading. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
This Guy Just Lost His Account :(
I am married to a wonderful woman Deanna we have 5 children. I am a christian serving, The Lord Jesus with all my heart. I am involved in my church and take mission trips every year.
I have been trading since I was 18 when my dad taught me. I have traded stocks, options and forex. When I found forex I knew that I would never want to trade any of the others again.
