I thought I’d promote my book again as I’ve restarted trading the Foreign Exchange markets after moving house and as I make a little income from it, I thought you would like to too!
It is a collection of a lot of my own experiences as a trader and simply sums the individual experiences in snapshots of ‘Do I do this or Don’t I do this’ when placing trades.
Some of the sections in the book are obvious, some not, but as I always say, are you doing them? (or not doing them).
If you were to follow even a few of the ideas in this book, It would improve your results no end. A lot of amateur traders make very basic mistakes and you just need to focus a little bit more on those mistakes – this is what this book will do for you.
There, that’s it, I’ll stop going on about it now!
click the link or the picture above to see more: FOREX dos and donts
Sometimes, I suffer from not trading enough – ie. not putting on enough trades!
You can be too cautious and end up waiting too long for the best trades. Unfortunately, these are ocurring about once per week, rather than the once per day – a trading frequency that I would really like.
I should push myself to put on more trades that score a 7 or 8 out of ten on my scoring system, rather than waiting for the 9 and 10 out of ten trades.
I know that I will lose some of these trades, but if I take all the opportunities that come up, I should gain more than I lose, which after all, is a positive strategy.
Now I’ve admitted this to myself, how about admitting it to yourself?
Today I found myself reading one of those thin ‘Personal Development’ paperbacks (Which I managed to read in a day or so – quite fast for me!) and one of the ‘exercises’ was the ‘wheel of life’ which is a common theme in these sort of books.
Pick eight facets of your life eg. health; wealth; money; relationship; friendship etc. and score them 0 to 10. I thought this would be a good exercise for a trader, to list eight trading related facets and see where any improvements could be made.
The idea is that you will like to improve the ones which already have a high score, but you should concentrate more on those that have lower scores, for an all-round ‘healthy’ life as a trader.
Some of the areas I thought of were: record keeping/Admin; entry/exit strategies, trading plan, goals, routine etc. To be a good trader, you need to be good in all areas of trading, so this exercise can only be tremendously useful – give it a go!
This has always been my passion – To be able to travel from city to city and spend a few days in each (or until you feel like a change!) – and supplement your travelling by trading the currency markets.
I’ve just been away on a long holiday over the summer period for my two months per year break and actually appreciated ‘not trading’ for a while.
I was still eager to get back into it when I got back though. It seems like the ultimate freedom, as all you need is a laptop with an internet connection!
The only thing you would need to be careful of is what time zone you are in and so what would be the best currency pairs to trade. You might need to get up early, or stay up late to catch the best, most liquid trading.
I haven’t yet made the first move of taking the laptop on holiday with me, although it could easily be done!
I thought I’d promote my book again as I’ve restarted trading the Foreign Exchange markets after moving house and as I make a little income from it, I thought you would like to too!