Taking Profit
There are several approaches to taking profit. For example some traders will put on several lots on a trade then when the market reaches a predetermined level they will close a small portion of the trade. They leave on the remainder lots so they can continue to be in the market and gain [...]
March 22nd, 2010Journaling Made Simple
We hope your trading is going well, along with your journal keeping. We have talked about this a lot in the trading courses and blog posts. If you haven’t started keeping a trade journal, we highly recommend that you do.
Keeping a journal is the best way for you to be honest [...]
Correcting A Misguided Thought Process 7 of 7
We have gone over some guidelines to help keep our thoughts about trading clear and on track. We have talked about:
Having a trading system and a set of rules.
Using trading capital that will not have an impact if it is lost.
Develop a win-loss ratio
Good money management
When we lose it can trigger negative emotions. You can [...]
Meta Trader 4 Platform Quiz
Do you know what these terms mean?
Waiting for Update
Trade Context is Busy
Bid – Ask
MT4 charts are bid charts
Margin
Waiting for Update
“Waiting for Update” is a common message with a new account or when switching between a mini
and a standard accounts. There is an easy solution. Go to the Market Watch window, left click
and hold down the [...]
Is It The Market OR Are You The Problem?
Do you find yourself hesitating to pull the trigger on trades, and when you look back you say,
I could have made a lot of pips on that one if I had only.
Do you still leave trades on hoping they will come back. You know the “blowout trades”
that take all of the money you just made, [...]
Money Management 5 of 7
One of the basic laws to be used with the win-loss ratio is good money management. A win-loss ratio can
be improved with good money management.
The first rule is to trade money you don’t need. If you don’t need the money then you can be more in
control of your emotions and your trading. Make sure that [...]
Win-Loss Ratio 4 of 7
How do you establish a win-loss ratio? How many trades do you need to do? The more trades the better
but you will need at least 100. We like to break in down in to groups of 20 trades and see what the
ratio is on this small group of trades. If your ratio gets better after [...]
How To Become A Smart Loser 3 of 7
If you have learned a good trading system and know the mechanics of entering and exiting trades and you
can make money on a demo account, this does not meant you have the temperament to trade successfully.
Most people can learn the mechanics of trading and talk the talk but they cannot walk the walk because
they do [...]
Why People Fail At Trading
Having worked with thousands of traders over the last 5 years… one thing is obvious…
Most traders have a good enough trading system to make money and the reason they DON’T is
that they lack solid trading discipline. The traders that succeed in trading do the following;
they follow the trading strategy, they keep a journal, they track [...]
A Hole New World; Moving From Demo To Live Trading 2 of 7
Trading is not a natural endeavor for us. We have no basic skills or understanding of how it works when
we first start out. We have to learn from scratch. Everyone has to start somewhere. Some new traders
have the all or nothing attitude with little or no training and soon lose some of their trades. Once [...]
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