As we come to the end of year you’re all hopefully spending some time to review the prior year and plan the upcoming year. Maybe you’ll even make some New Years trading resolutions! The following five steps will assist in making better plans and resolutions; hopefully allowing you to stick to them beyond the 2nd…
Trading stopped for me yesterday (22nd December) and will not recommence till the first Tuesday in the new year. Yes, markets are open during this period, but with many professional and institutional participants on holidays, volumes will be lighter and any opportunity will be lower probability. I prefer to take a break rather than…
A common assumption is that a trader needs to be operating with a calm mind and relaxed body in order to trade with maximum focus and ensure peak performance. Generally, I agree with this idea. Relaxation and positive affirmations have been some of the main tools I’ve recommended when asked for assistance with mindset and…
The most reliable price swings are those following the point of realization of a trap. My trading strategy aims to have me trading as one of the trappers, rather than one of the trapped. Does yours?
The following is some recent email Q&A regarding the management of part-two of a trade (all-in scale-out), following the exit of part-one at it’s target. EMAIL: Hi, I just started demo-trading and I’ve found out that I have absolutely no idea how to manage target two. I trade GBPUSD 30min/3min/30sec. I like the idea of…
Last weeks newsletter article (“The Most Important Question You Can Ask”) generated quite possibly the second largest email workload ever (behind the 4-day backlog generated by “6.18 Reasons Why Fibonacci is an Illusion”). The feedback was all incredibly positive and supportive of my efforts with the YTC site. Thanks to all who responded. It’s greatly appreciated….
As a discretionary trader, the MOST IMPORTANT question you can ask during analysis and trade management is: Where are the orders? I had an email chat this week with a trader, Bruce, who is progressing well in identifying potential sources of orderflow for trade entry. Bruce took a limit order buy entry at point B…
There is a period of time required in implementing a new discretionary trading strategy, in which the trader must make the strategy their own. This goes far beyond just learning the rules of the strategy. A trader must take the time to understand the principles underlying the strategy, to confirm these principles are compatible with…
I watch a LOT of trading videos and webinars. Whenever possible, rather than watching them live or streaming them, I prefer to download the video which then allows more active control over the playback speed. I personally find that playback at 1.4 times the normal speed still allows the presenter to be clearly understood, while…
Wednesday’s price action (3 Nov 2010) in the GBP/USD provided a good reminder of the importance of being aware of the key market structure and timeframe influences that exist in our markets. In forex, one of the most obvious features is the typically narrow range Asian Session. (See here for a related article on the…
