Pro Trading Concepts With Peter Bain: forex trading

Showing posts with label forex trading. Show all posts

Monday, July 30, 2012

Currency Trading Basics - Top Dog Currency Trading Basics

Currency Trading Basics - Top Dog Currency Trading Basics from Cam T on Vimeo. Join at http://www.topdogtrading.com The Top Dog Trading method is a robust method that adapts to anytime frame (swing trading or day trading) or market (forex, futures, stocks, commodities) you may be trading. Join at http://www.topdogtrading.com

Saturday, December 10, 2011

Stranded But Profitable by Peter Bain

If you were lost and alone on a desert island, with only a satellite connection to monitor price action and place your trades, you would probably trade more profitably. What about the feel of the markets provided by the media? What about friends to show off to when you win? In the end, most people would be better off if they were alone on a desert island. Why? As much as humans are social beings, other people usually get in the way. When we are trying to trade "in the zone" with a calm and focused mindset, social issues often distract us: caring what others think, listening to the opinion of others, comparing ourselves to others. If you could trade on your own terms and at your own pace, you would trade at the top of your game.

Social processes are more powerful than we care to admit. If you ever traded in a room full of traders, you know what I mean. If a young trader is on a good run, making a bunch of winning trades, and you are in a slump, you feel as if you should be doing better. You start thinking, "This is a little embarrassing. I better step up my efforts, and try to make more winning trades." Suddenly, you may start trading impulsively. You may start putting a little pressure on yourself so you won't be so far behind. Social pressure can be strong at times, and force you to trade impulsively. Think about what is happening. You are taking unnecessary risks, and for what? To make a few winning trades, and when you do, temporarily think you are "just as good" as the guy on the roll? Is it worth it? It isn't. You may end up losing money and feeling worse. If you looked at matters logically, you would think, "Who cares what anyone else is doing but me. I'm going to go my own way. I'm going to methodically and carefully follow my method, the method that I know earns profits."

Most people look for direction from the crowd when they trade. They mindlessly try to look for confirmation, and feel safe when they follow what everyone else is doing. They try to make it easy, but you can't make many profits by trying to trade the easy way. You have to do a little more thinking. Rather than follow the crowd, it's necessary to trade like an individualist.

It's essential to go your own way when you trade. Don't look toward others for advice. Don't worry what other people think. Don't try to impress others. If you acknowledge the power of these issues and prepare for how they might impact you, you can beat them. Get ready to put up a defense. Repeat over and over, "I'm not going to care what anyone else is doing or worry about what anyone thinks. I am going to think independently and do things my way, no matter what. It's only about me and no one else." You might pretend you are alone on a desert island. Imagine you are by yourself, alone, and loving it. If you can devote all your psychological resources to your immediate experience, you will enter the zone. Don't be distracted by other people. Just do things your own way, and in the long run, you'll trade like a master.

Peter Bain is the Internet's #1 Forex coach and mentor. He is famous for his unique ability to uncover new and innovative ways to harness the power of the Forex. Peter has long been known for his passion for commodity and currency trading. Peter learned trading in the early days of his career from some of the top traders in trading houses. Over the years, he has developed his instincts for a simple yet powerful trading system based on his Pivot Program, which has been continuously refined over the years. His system is the same system used by many trading houses today. For more information, please visit http://www.forexmentor.com

Article Source: http://EzineArticles.com/?expert=Peter_Bain
http://EzineArticles.com/?Stranded-But-Profitable&id=570259

Living To Trade Another Day by Peter Bain

Mastering the markets takes time, and it is in your best interest to survive to trade another day. Many novice and seasoned traders blew their first trading account. It's almost like you have to, but hopefully with a small amount of capital that you can afford to lose. Survival is the key when trading the forex market and every trader must face his or her long-term prospects. The difference between winning traders and those who end up leaving this profession altogether has to do with how they approach this eventuality. The winning trader is aware and prudent when it comes to long-term goals. The trader who blows out, in contrast, is in a state of denial, afraid to assess his or her current financial situation and take precautions to survive.

The winning trader is aware in that he or she admits that trading is risky, and that profits are not assured. When a trader is afraid to face the odds of losing, unexpressed fear of possibly blowing out bites at him or her. These unexpressed feelings of impending doom can frustrate your efforts at the worst moment. When fear lurks in the back of your mind, you may act impatiently and impulsively. You may tend to think, "I'm tired of looking for profitable setups. I can't wait for the ideal market conditions any longer. I'm just going to execute a few trades and hope for the best." Taking such attitude toward trading doesn't work in the long run. If you want to master the markets, you must prudently plan ahead. What kind of plans do you make? Do you acknowledge how much you win and lose or do you dread facing how well you are doing and feed your account each month? It's all right to lose and it is all right to feed your account, but it is vital that you are fully aware of your actions.

The reality of trading is - it takes money to make money. It is necessary to make sure that you are well capitalized. In addition to carefully accounting for how much money you have to trade, it is necessary to always look at your risk-to-reward ratio before executing a trade. Make sure that you have a reasonable chance of making a profit. Some trades may be too risky for you to take. They may be sound and have a high probability of success, but unless you have adequate capital, they may not be right for you. And if you execute them, you may not survive the worst case scenario. It may be better to find a trade that you can afford to take based on your available capital, rather than risk money you can't afford to lose. By looking at your financial situation realistically, you can take steps (such as standing aside or getting a better job to build up adequate capital) to make sure you survive the learning curve and master the markets.

Article Source: http://EzineArticles.com/?expert=Peter_Bain
http://EzineArticles.com/?Living-To-Trade-Another-Day&id=539640