Position Size and Money Management I've been wanting to post about money management for a while - because I believe that this is the second most important aspect of getting your trading right. (1. Psychology 2. Money management 3. Trading system) ...

Shortcuts to becoming a profitable trader

I think it's all been covered but the reason why binary options are bad are as follows: 1. With standard CFD trades - you only need to care about the price. ie, I believe EURUSD will go up by 50 pips before it goes down 50 pips. With binaries you ...

What do you think about binary options?

Okay Cluing, Being trigger happy is natural. No one wants to miss out on trades that will add to their p&l. It is best that you take a step back, and focus on your process without your psychology messing you up. Go back to demo. Don't worry about ...

Shortcuts to becoming a profitable trader

Hey Cluing, thanks for the honest comment. I've got a ton of paperwork I need to get out the door today so I'll write a propper reply with some thoughts this evening. I'll tie this in with my next topic which will be trade size and money management. ...

Shortcuts to becoming a profitable trader

I could never get on a desk at Goldman but I would say that I think they would only take on a trader with the correct psychology. Using your car driving example - Many people learn how to drive in practical lessons but when it comes to a driving ...

Shortcuts to becoming a profitable trader

Good afternoon everyone - I've just been enjoying the weather in the UK. It's rare that we get some summer sun - so taking full advantage atm! Anyway, I'm going to crack on with my next discussion point which was Trading Systems. I'm going to define ...

Shortcuts to becoming a profitable trader

Well, Bernanke smashed my system test's P&L last night! For live trading - here is what I'm looking at for today image Since we were so busy last night - I doubt we'd see much volume today. Equity markets will probably be lifted throughout the ...

Shortcuts to becoming a profitable trader

Well there lies the issue - In your example, the trader is shown a proven and profitable system. How many retail hopefuls have access to someone (credible) who can show them a proven and profitable system that they can see working in real time? ...

Shortcuts to becoming a profitable trader

To illustrate image

Shortcuts to becoming a profitable trader

My short bias was because of the strong downtrend on the 4h. Also the pivots were lined up as follows: daily below weekly, weekly below monthly. Just shows we've got a strong downtrend and I look to trade price action at levels where we would expect ...

Shortcuts to becoming a profitable trader

Exactly. You can think you've got a trading method nailed and your killing it on the demo account - then when you start seeing live trades go against you and you start cutting early or moving target points - then doubling up on the next trade to ...

Shortcuts to becoming a profitable trader

Today I'll be at my desk all day - So I'm going to watch for a trade on EURUSD. Personally I like to use Floor Pivots when trading Euro. I've got a short bias - so if I'm taking a short trade, I'd expect probability to be higher and I'll risk more. ...

Shortcuts to becoming a profitable trader

I do agree - Great point Card and Danny. I think that one of the reasons I didn't take a position as a prop trader when I was fresh out of University was that I was a current struggling self taught trader. So much trash gets stuck in your brain - as ...

Shortcuts to becoming a profitable trader

Okay next post Managing Expectations This one may be met with some criticism because I'm not going to type what people will want to hear. It is nice to think that with enough effort and determination - you can be good at anything. Personally I don't ...

Shortcuts to becoming a profitable trader

Just been for a run.... it's weirdly hot in the UK today. Everyone has their BBQ out. I'm going to do the same with the family this evening so I'll write my post, finish some paperwork for tomorrow then enjoy the rest of my Sunday. Right I'm going ...

Shortcuts to becoming a profitable trader

Thanks for the reply Fred, and yes you are right - Personally I can't trade off an M1 chart. I will cover this in a bit more detail in my next post, but my experience on M1 is as follows: 1. Transaction costs will kill you. I'm from the UK, so ...

Shortcuts to becoming a profitable trader

Yeah I've pretty much left FF for the same reasons - It's too much of a witch hunt. If you want to offer anything to the community then you will get called out as a scam or whatever. Lots of negativity, but then I guess that is what happens when you ...

14 Year Old Forex Trader's Lessons

With 200k, anything over 1:100 is a bit excessive I think. If you are managing risk defensively, which you can with 200k and still make good money - 1:100 is more than you'll ever need. If you really have MS, it is highly likely you will be better ...

200k Account Question