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Now, as you may well already know, exiting trades can be one of the most difficult aspects of the whole process. But, just as a poker player knows when to fold his hand and when to hold it, you will need to know when to take a loss and when to hold a trade and keep ‘playing’.
Luckily, for us traders, whether to fold or hold is a little easier because we can simply set and forget our trades as I typically do. The reason we can do this is because we already know what our trading edge is and we already have our risk predefined, so when our trading edge forms in the market, we simply set the trade up and then ‘forget’ about it.
Now, when I say ‘forget about it’, I am exaggerating a little bit; I don’t mean you never check on your trade or re-evaluate the market conditions as the trade progresses. What ‘set and forget’ trading is really all about, is a mindset or an attitude about how you will manage your trades. The idea is that your default approach to managing your trades should be to let the market do its ‘thing’ without your interference. Markets ebb and flow, this is normal, and you can’t try to intervene in your trades at every turn against your position, nor should you get excited and add to them every time they surge in your favour.
The true skill in trade management, lies in being able to read the price action and identify any signs of a significant change in market dynamics or conditions, which might adversely affect your trade. IF you identify such a scenario, then you could consider closing your trade before it hits your stop loss or your profit target; a manual exit. However, in my experience, these instances are the exception, not the rule, and most of the time it’s best to predetermine what you will do after a trade is live and then stick to that plan until your trade either hits your stop loss or your profit target.
In poker, managing your chip stack is a huge part of the strategy of the game. You don’t want to go betting all your chips on a weak hand, as any poker pro knows. You also don’t want to go too light on a strong hand; you’ve got to know when to push when you have the edge, but also how not to go bust.
A professional trader knows that when a low-risk opportunity is revealed, the trade must be placed, just as when a poker pro gets pocket aces with an ace on the flop, he must keep playing and betting. Conversely, when a poker player is outmatched, or was dealt a weak hand, he will fold quickly in order to preserve his chips for a better hand later on.
One big difference between poker and trading, is that in any poker tournament there is a start and a finish. However, in trading, we decide when the ‘game’ is over; we decide to continue trading or stop. This can become a big problem for traders because it causes them to trade too much which obviously results in losing money, essentially it is one way that trading can turn into gambling if we let it.
You’ve got to know when your edge is present and when it’s not, and if it’s not present, you need to walk away from the charts. If you sit there trying desperately to ‘find a trade’, you are probably going to take a low-probability trade which means you’re risking your money on a very low chance of winning.
The goal in trading as in poker, is to manage your capital / trading chips so that you don’t lose too much from emotion or weak hands, so that when the strong hands and high-probability trades come along, you can get as much money as you can out of them. Obviously, poker has ‘bluffing’ which is another aspect to the strategy of it, whereas trading does not, and in my opinion, this actually makes trading easier since you’re really just playing against yourself.
Emotional stability – remaining calm
Any professional poker player will tell you that in order to win a tournament you need the ability to process information quickly and make an immediate decision with little self-doubt. Trading is the same way; you cannot doubt yourself or your trading method, when a trade is present that meets your trading plan criteria, you need to act decisively and without hesitation or doubt.
A person who shows too much emotion in poker, or how doesn’t really understand the game, will lose their poker chips quickly. In trading, the trader who makes decisions based on emotion will quickly lose a lot or even all the cash in his or her trading account.
In conclusion, there is a multitude of lessons you can learn from professional poker players. Trading and poker both involve similar characteristics of risk taking, probabilities and mental discipline. Some of the world’s most successful money managers were once professional card players. Of the more famous, Bill Gross of PIMCO (the world’s largest bond fund) says that in order to be a successful investor, “one has to be part card player, and apart analyst.”
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Ethnic newspapers and television ‘infomercials’ are sometimes used to attract Russian, Chinese and Indian minorities. Sometimes these ads offer so-called ‘job opportunities for account executives to trade foreign currencies’, whereby the recruited ‘account executive’ is expected to use his own money to trade currencies and would often times be encouraged to recruit members like their friends and family to do the same.
Seek Out The Company’s Background
Most investors who trade Forex stocks use a broker. A broker is an individual or a company, who buys and sells stocks according to the investor’s wishes. Brokers earn money by collecting commissions or fees for their services.
You should check that a broker is registered as a Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) as protection against fraud or abusive trade practices. A Forex broker also needs to be associated with a financial institution, such as a bank in order to provide funds for margin trading. Picking the right Forex broker for you will take some work on your part. There are brokers who charge a flat fee and some that charge commission. It may be a good idea to talk with friends and business associates about their brokers. You may get some good leads, and you’re certain to hear who to stay away from. There is nothing like word of mouth advertising.
If you are thinking of investing online, you could choose several online brokers and contact their help desks. Seeing how quickly they respond to your questions could be key in how they will respond to their customers needs. If you don’t get a speedy reply and a satisfactory answer to your question you certainly wouldn’t want to trust them with your business. Just be aware that as in other types of businesses, pre sales service might be better than after sales service.
Before you choose an online broker get a copy of their online demo account. What features are included? Is the software reliable? Does it offer automatic trading? Are there extra software features that cost more?
Before setting up an account with a Forex broker you will need to do further investigation. How quickly will these brokers execute your buy/sell orders? What is their policy on slippage? What are the transaction fees? What is the spread, fixed or variable? What are the margin requirements and how are they calculated? Does the margin change with currency traded? Is it the same for mini accounts and standard accounts?
Don’t forget to ask about minimum account balances and interest payments on account balances. Make sure that your funds will be insured.
Check any information you receive to be sure that the company is who they claim to be. If at all possible, try and get the background of the people operating the company. Do not rely solely on oral statements and promises made by the company’s employees.
If You Are In Doubt, It Is Not Worth Risking Your Money
As 2015 draws to a close and we all get ready to carry out our respective holiday traditions, it’s a good idea to take some time and review your trading performance for 2015 and take an honest look at what you did right, what you did wrong and most importantly, how you can improve as a trader.
The most frustrating part of trading is not having a losing trade or missing out on a good one, it is the feeling of knowing you did something wrong that you knew was wrong at the time you did it, but you did it anyways. This consistent inability to fix trading mistakes that you know how to fix, is usually the biggest reason most traders struggle and fail to make money. So, as we close out 2015 and begin the new year, it’s time to take stock of things you can control in your trading, things you can’t control and tweak your trading plan to get and stay on track for the new trading year ahead.
Don’t trade over the holidays
It’s wise to take some time off from trading around holiday’s like Christmas and New Year’s. Markets are usually very quiet anyways around these times and liquidity is low, so there can be a lot of gapping or ‘strange’ / erratic price action. I always steer-clear of the markets a couple days before Christmas and right before New Year’s as well.
If you’ve had a rough trading year, taking a couple of weeks off at the end of the year is usually the best ‘medicine’ for coming back recharged and clear-headed in the new year. The only way to put an end to a bad run of losses in the market that were caused by emotional trading, is to simply stop trading for a while, and the end of the year around this time is a great opportunity to do that.
It’s also a good time to reflect on your 2015 trading performance and develop a plan to improve in 2016, which the following exercises should help you with…
Take stock of what you did right this year
I’m sure 2015 wasn’t all bad for you in the market. Take note of the things you did well in your trading this year, don’t forget what they were and how you did them.
Make notes of what you did right and pat yourself on the back for those things. Staying disciplined in your trading over the course of a full year is very difficult, and it’s a big reason why it seems so hard to make consistent money in the market. So, if you did stay disciplined, even with only certain aspects of your trading approach / plan, make sure you acknowledge that and continue to do it in the new year.
I would suggest putting a check market or a star next to those parts of your trading plan that you feel confident in and that you stayed true to all year in 2015.
Take stock of what you did wrong
Now, here’s the key; what did you do wrong in your trading over the course of the last year that you can try to fix in 2016?
A wise old professional trader once told me, “Focus little on your losers and even less on your winners”. It wasn’t until some years later that I began to understand what he actually meant. What he meant, was that because each moment in the market is unique and no two trades are ever ‘exactly’ the same, it makes no sense to think about winning trades or get excited about them, because the next time you see that same setup, the result might be different.
With losses, the same thing stands; the next trade may not be a loss, so don’t focus excessively on the ‘loss’, but you may be able to learn something from a loss if it was one that you could have avoided. Read this article to learn the difference between losses you can avoid and those you can’t.
So, the point is, the things that you did wrong in your trading over the course of 2015 probably led to losses that you could have avoided. That should be your goal for 2016; correcting emotion-induced trading errors that lead to losses which you could have avoided through proper trading practices.
Traders don’t fail from sticking to their trading strategy if they are using a sound trading strategy (like price action), they usually fail from making the same mistakes over and over and not learning from them. I know you know what I’m talking about here, so you have to decide to make the change for the new year. A lot of getting on the right track with trading, is about just making a decision to change; to stop trading based on emotional impulses like greed and fear and stick to that decision over a long period of time.
Formulate a plan to improve
You need to always be moving forward and progressing, not moving backward. Commit to ending those repetitive trading errors that you know you can fix; errors like trading with no signal present, risking more than you know you should, adding to positions just because they are in profit (being greedy), etc. It’s these errors of human desire that typically cause traders to fail.
You desire to make money fast, with little effort, yet that simply isn’t how the world works, and that includes the markets. The only way to make money trading is by having a trading strategy like my price action method, making a trading plan from it and having the discipline and mental strength to stick to it over a long enough period of time to let your winning trades offset your losers.
However, if you don’t stick to your trading plan and you know you’ve faltered, now (the end of the year) is the best time to take stock of what you did right, wrong and figure out how you can improve, because whatever you do, you don’t want to be sitting there in the same position a year from now; wondering where your trading went wrong and why you didn’t make any money this year.http://theforexlibracode.com/
If after trying to solicit information and at the end of it all, you are still in doubt about the credentials of a particular company, my suggestion is to start looking elsewhere.
You may find further information by contacting government ‘watchdogs’ because they keep up to date with trends and reports regarding scams and other fraudulent activities. Please check the resource section of this site for the information of organizations that regulate the securities industry, sorted by country. There is also a list of brokers that you may want to look at.
This is an excerpt, modified from the book: The Part-Time Currency Trader.
Here’s 7 more motivations to exchange : Access to foreign exchange (forex), the most extensive market on the planet, is generally through an intermediary known as a forex broker. Similar to a stock broker, these agents can also provide advice on forex trading strategies. This advice to clients often extends to technical analysis and research approaches designed to improve client forex trading performance.
Financial institutions are generally the most influential in the forex market through high-volume, large-value forex currency transactions. Historically, banks enjoyed monopolistic access to the forex markets, but through the Internet, any forex speculator can also enjoy 24 hour access to the market via a forex broker.
Secure web connections today allow many forex traders to work from home, where ready access to news and other technical advice informs decisions on what forex positions to take. Similar moves are being made by stock brokers, who are also moving out of banks and other traditional institutions.
Your needs in the market will influence your choice of forex broker. Online forex brokerage firms, known as houses, provide those new to the forex market with detailed research, advice and simulators to learn how to use their forex trading tools. The experienced online forex trader is catered to by other broking houses, with in-depth advice, but less focus on forex trading instruction based on the assumption that you are familiar with the forex market. To make an informed choice, it is advisable to trial several differing online forex broking houses and their trading tools to find the best fit for your needs.
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1. It never closes. It’s open all day and all night, around the world. Exchanging positions open at Monday 7am, New Zealand time and close 5pm New York time on Friday. Amid this time, you can enter or leave the business sector at whatever point you like. It’s a nonstop electronic coin trade. This is extraordinary in light of the fact that you can exchange at whatever point you have save time.
2. Influence. Standard $100 000 coin parcels can be exchanged with as meager as $1000. This is for the most part on account of the straightforwardness with which you can purchase and offer, a few merchants will influence up to 200 times, so with $100 you can control a 200 000 unit coin position. It’s the best utilization of exchanging capital around, even banks loaning on property ventures don’t approach.
3. Precisely anticipate the results. Money costs for the most part rehash themselves in unsurprising cycles so you can see what the patterns are. ‘Specialized Analysis’ sees these patterns and benefit from them.
4. Low Transaction Cost. At the end of the day, you botches won’t cost you a fortune. Great dealers won’ charge commissions to exchange or keep up a record regardless of the possibility that you have a smaller than normal record and exchange little volumes.
5. Boundless Earning Potential. has a day by day exchanging volume of more than 1.5 trillion, the biggest money related business sector on the planet. It predominates the values market (50 billion every day) and the fates market (30 billion).
6. You can profit in any economic situations. Every business sector is one cash against another, so when you purchase in one, you’re offering in another so there’s no biase towards either coin climbing or down. This implies it’s dependent upon you to pick which cash to purchase or offer with. Yu can profit going up or down.
7. Market straightforwardness. This is leverage in any business or exchanging environment. It implies you can oversee chance and execute orders inside seconds. It’s profoundly productive and permits you to stay away from startling ‘amazements’.
I trust you’re presently persuaded that is the best venture and salary opportunity around.
My motivation for composing this article is to exhibit to you the benefits of exchanging on the Forex market. In any case, there is one myth that I need to scatter before I go further. The myth is that there is a contrast amongst exchanging and contributing. To scatter that myth I cite from Al Thomas, President of Williamsburg Investment Company, who composed “On the off chance that It Doesn’t Go Up, Don’t Buy It”. He said “Everybody who contributes is a merchant, just the day and age is distinctive.” It is a lesson that I considered important in the wake of getting destroyed in the share trading system in 2000.
So now, we should contrast components of coin exchanging with those of stock and ware exchanging.
In this lesson, I am going to give you my insight into some of the key things that helped me start making money in the forex market. It may not be exactly what you want to hear, because it’s not necessarily going to be ‘fun’ or ‘entertaining’, but if you actually put in the effort and start implementing some of these ideas, I am certain you will notice major changes in both your trading mindset and your trading decisions. Sadly 80% of people who start reading an article never finish it, so for your own sake please make sure you’re one of the 20% who finish articles they start reading , this one is important 🙂
You have to do what you need to do to make money trading, not what you want to do, and these are often two very different things. Keep your mind on the end-goal and make sure you continue seeing the ‘forest for the trees’ so that you don’t get off-track and fall back into the same trading traps that have caused you to lose money.
What follows are the key things that I did or changed which allowed me to move from losing to winning in the market…
Use wider stop losses
You might be ‘choking’ your trades to death by using a stop loss that is too tight and sits inside the daily range of the market. You have to give your trades room to breathe; don’t suffocate them. Most novice traders place stops inside the markets daily range and that is the equivalent of giving your money away. Check out my article on how to use the average true range as well as this article on how to place stop losses; they will give you some ideas on how to place your stop losses strategically whilst still giving your trades room to breathe.
Of course, there is a ‘catch’ here, if you want to call it that. It’s that with wider stop losses, comes the fact that you need to reduce your position sizes. But, this shouldn’t be thought of as a ‘bad’ thing. On the contrary, placing your stop loss properly, means that you are trading properly and respecting the market; it means you are behaving logically, not emotionally. If you trade this way for long enough, you will make money and you will build a track record that reflects that. Traders with respectable live account track records over a one-year period, don’t have trouble finding funding or getting more funds to trade.
Don’t fall into the trap of thinking that you can trade lower time frames and get a tighter stop. Sure, as you get better you can catch trades on the 4 hour or 1 hour charts that don’t require as wide of a stop, but you won’t be able to do this successfully over a long period of time if you don’t already know how to trade the daily chart profitably and understand proper stop loss placement on that time frame.
Don’t view wider stops as a handicap, instead, view a properly placed (probably wider than what you might like) stop loss as part of proper trading and proper trading habits that will ultimately lead to you becoming a consistently profitable trader much faster than if you place your stops emotionally, based on greed.
Take fewer trades and hold them longer
Holding fewer trades for longer can result in much more profit, much faster than ducking in out of the market all the time and entering many trades. Big money is made in the market by catching big moves and holding them, trading this way is also a lot easier than high frequency trading and it also means you don’t need a high winning percentage to be profitable, because one big winner can pay for many losers.
The more often you trade, the more spreads or commissions you pay to your broker. Over the course of a year, these fees add up, eating into any profit you may have had. When you take fewer trades but hold them longer; you are not paying nearly as many of these broker fees and you’re still giving yourself the chance to take advantage of strong market moves.
Trading less means less emotional trading mistakes like over-trading / over-leveraging your account. One big reason why so many traders end the year unprofitable, is because they gave back all their profits after a nice winning streak. You have to protect your trading capital and be very picky about which trades you take if you want to make big money; thus take fewer trades and hold them longer.
Holding trades longer gives you the opportunity to catch big moves in the market and that means you’re riding the market and taking advantage of its power. Granted, big directional moves and strong trends don’t happen all the time, but they happen enough and if you know how to trade them they can make you a lot of money with very little involvement on your part.
One way to take advantage of these big moves and to really pull a lot of money out of them, is by pyramiding your positions. This is essentially where you scale into a trend as it moves in your favour, building a bigger position size whilst trailing your stop loss as the trade becomes more and more profitable. To learn more, check out my article on pyramiding for profits here.
At the end of the day, just remember that one good trade per month or even every two months, that you hold for weeks or months, can make you more money and result in a much higher % return, with far less work and stress than ducking in and out of the market all month.
People seem to think they need to be involved with the market a lot to make money. But they do this because it’s ‘fun’ for them and gives them a thrill (or they’re addicted to it), not because it’s profitable.
If you want to make money trading, you should basically be ‘bored’ with your trades, because you shouldn’t be trading in such a manner that you’re experiencing a lot of huge ups followed by huge downs in your account value. Don’t confuse me saying ‘be bored with your trades’ to mean that you should think trading is ‘boring’. I am simply saying that your ‘thrill’ or excitement from trading should not be from doing it wrong, it should be from doing it right. Meaning, you should be excited about the longer-term payoff of trading properly, which means using proper stop losses (wider if necessary), being more selective in your trades (trading like a sniper) and holding them for longer.
To get started learning how to trade properly with my simple yet highly effective price action strategies, check out my forex trading course for more information.
Liquidity — The Forex business sector is the most fluid monetary business sector on the planet around 1.9 trillion dollars exchanged ordinary. The wares market exchanges around 440 billion dollars a day, and the US securities exchange exchanges around 200 billion dollars a day. This guarantees better exchange execution and counteracts market control. It likewise guarantees effectively executable exchanging.http://forexlibracodes.com/
Exchanging Times — The Forex business sector is open 24 hours a day (with the exception of weekends) which implies that in the US it opens at 3:00 pm Sunday (EST) and closes Friday at 5:00 (EST), permitting dynamic brokers to pick the times they need to exchange. Products exchanging hours are everywhere relying upon which item you are exchanging. Counting augmented exchanging times US stocks can be exchanged from 8:30 am to 6:30 pm (ET) on weekdays.
Influence — Depending on your Forex account estimate, your influence might be 100:1, in spite of the fact that there are Forex handles that offer influence of up to 400:1 (not that I could ever suggest that sort of influence). Influence in money markets can be as high as 4:1, and in the items market, influence fluctuates with the ware exchanged however it can be entirely high. Since the item markets are not as fluid as the Forex market, its influence is characteristically less secure. In spite of the fact that I was never closed out of an item exchange by as far as possible, the apprehension was dependably in the back of my brain.
Exchanging costs — Transaction costs in the Forex business sector is the contrast between the purchase and offer cost of every money pair. There are no business expenses. For both the stock and the product markets, there are exchange expenses and business charges. Notwithstanding when you utilize rebate facilitates, those expenses include.