TRADING TIPS AND THOUGHTS Ĺ Confirm your possible trade entries well in advance. A spontaneous decision to enter a trade will increase your risk of failure unless you initiate confirmations. If you make spontaneous trade entries without multiple confirmations, you may achieve some success for a while, but it takes a well-planned confirmation process to achieve 50, 100, or 200+ trades in a row without sustaining a loss. Achieving ongoing trading success takes patience. Spend time in the market observing failures and successes. Make every effort to re-create the positives. Avoid failures like the plague. Ĺ Plan your trade and trade your plan. This is the best approach for trading. Brokers don’t like scalpers! Ĺ Have a bird-dog system. Using trading software alerts or eavesdropping on other professional live traders to see what they are doing in the market (especially if they are really good traders) may help increase your odds of success if you are a beginner or intermediate trader. I am not saying that you should trade someone else’s potential trade; instead, I am suggesting you use that person as a bird dog to point out potential trades; then it is up to each individual trader (that means you) to use confirmations to make your final determination to enter the market—or not. Becoming proficient with your tools
will aid in your interpretation and will help you to be more aware
of potential trades. Once you’ve been alerted and made personal confirmations, then you can decide whether to enter the trade. A bird-dog spotting system—whether it is through another trader, a group of traders, or alert-type software—is especially good if you cannot look at 15 different currencies at one time. I certainly am not able to watch all currencies at once; therefore, I have become an expert at utilizing a smart-type charting service with alert signals to my advantage. Ĺ Treat trading just as you would a regular job. Have a work schedule and stick to it. Work on being positive, and avoid all negative issues. Take responsibility for your actions in the market, and learn from your losses as well as your successes. Ĺ Avoid getting caught in what I call the Skype or chat room traps. I have seen and interviewed formerly successful traders. When we analyzed when they stopped making profits, it always led back to association and meetings with unsuccessful traders. They had spent time talking to other traders (who sounded successful but weren’t) at conventions, at trade shows, or in chat rooms. Traders sometimes compare their ratios of progress or success with other traders, and they become depressed because they have not succeeded. I have witnessed too many incidents like this. In the beginning of my own trading career, I also compared my personal skill development to the progress of others, and I began to have the same failure results. To stop this path of associated failure, I had to start associating with successful traders and reading positive, success-oriented books. If you’re looking for advice, you might find it in the Bible, in Galatians 6:4, which basically states that one should not compare oneself to others and that each person must be responsible for his or her own burdens. This may suggest that one is responsible for all decisions and actions taken in the market as well as the results that may occur.