How to get your Trading DoneTrading is the easiest hardest way to become financially free.
You need to follow a simple approach and then have the discipline to do it again and again for the rest of your life.
It can at first be a daunting task because you have to implement an element of risk.
But before you know it, you’ll be free from your financial shackles and struggle.
Here are five tips to help you get your financial trading done efficiently and effectively.
Step #1: Always have your cheat sheet with you.
A cheat sheet is a list of rules that you have set for yourself when trading.
These rules are from how to spot trading signals, getting your trading setup ready, to implementing the maximum amount of money you’re willing to risk on a trade to the indicators you look for when deciding on a trade.
Always make sure you have your cheat sheet with you to have a clear set of rules to follow. This way you’ll avoid making impulsive decisions.
Step #2: Look for the right trading setups with high probability trades.
Before you enter a trade, it’s essential to look for the right trading setup.
A trading setup is a specific combination of conditions that must be met before you enter a trade.
For example, you may look for a bullish continuation or reversal price breakout strategy, combined with a moving average crossover and RSI divergence indicator.
Once you have identified the right trading setup, you can then look for high probability trades within that setup.
Step #3: Execute your trades or just take the trade.
Once you have identified a high probability trade, it’s time to execute the trade.
When executing a trade, it’s important to remember that the market can be unpredictable.
You may have done everything right and still end up losing money on a trade.
Therefore, it’s essential to take the trade, execute your plan, and move on to the next opportunity.
Step #4: Journal your trades
It’s essential to keep a record of all your trades, including the reasons why you entered and exited the trade.
This can help you identify patterns in your trading and make adjustments to your strategy as needed.
This way you can record, monitor and also identify areas where you can improve and re-evaluate your trading plan accordingly.
Step #5: Rinse and repeat the process.
Finally, once you have executed a trade, recorded it in your journal, and made any necessary adjustments to your trading plan, it’s time to rinse and repeat the process.
Trading is a continuous process.
There will always be new opportunities to explore and it’s ALWAYS the right time to start or continue.
If you follow the above steps, you’ll increase your chances of success and make the most of your trading endeavours.
Tradingmindset
Revenge Trading is Catastrophic - Here's why!Do you feel it in your bones.
Where do you want to:
Take trades to make up for losses?
Take trades for the sake of trading?
Take trades out of emotions and gut (gat feel)?
Take trades to make a quick buck?
If so, you have felt the power and dangers of Revenge Trading.
TO put it blunt.
Revenge trading is detrimental, dangerous and just plain stupid for any traders to succumb to.
I feel like I can finish the article already as I have said what I needed to.
Not just yet! You need to understand why Revenge Trading is to your downfall.
Let’s start with these:
#1: Impulsive decisions are dangerous
In the heat of the moment, you just want to take an impulsive trade.
This can lead to disastrous outcomes.
Revenge trading happens when you want to try recoup losses quickly.
And so traders abandon their strategies, systems and rules.
And they take on unwarranted risks.
This will stop you from making good, calculated, logical and well-informed decisions based on sound reasoning and market research.
Don’t do it!
#2: Trading on emotions is deadly
Emotions such as fear, greed, and frustration have no place in trading.
Revenge trading is fueled by these emotions.
And this causes traders to deviate and steer way from their plans by instead acting irrationally.
What then? Bigger losses, unnecessary risks to the portfolio and skewed results on your trackrecord.
Your hard earned and timely worked on journal!
Is it worth it?
I think not.
Cut out your emotions and work at being calm and take on the more logical approach, devoid of emotional interference.
#3: Violating trading rules is damaging
Every trader should have a set of well-defined trading rules in place.
Not just rules but also a list of criteria.
Revenge trading typically involves disregarding these rules and just going against everything you should do.
Basically, what the average dumb retail trader does which results in 98% of traders losing in this financial endeavour.
Violate your rules and there will be severe consequences.
Loss of confidence.
Bigger losses
More losses
Erratic wins (which make you want to do it again and again and again)
Not worth it.
Don’t do it.
#4: Too much unnecessary risk
You know you’re using your hard earned cash to trade and build a portfolio right?
So why are you burning it and cutting it up like it’s nothing?
This reckless behavior can lead to bigger drawdowns and can even wipe out trading accounts entirely.
Don’t do it!
#5: Creates an ongoing cycle of doing it again
Great! Once you have violated your rules, gone against your strategy and pretty much gone ape or rogue on trading – it takes a lot to gain ones integrity and discipline back.
One of the most dangerous aspects of revenge trading is its cyclical nature.
Break the rule, you’ll break it again.
Cheat, you’ll cheat again.
Enter a gambling mentality and you’re beeped.
Bank a winning rogue trade and you’ll succumb to the trading world of discretionary action.
However, if these subsequent trades result in further losses, the cycle repeats, trapping traders in a never-ending loop of revenge trading.
Breaking free from this destructive pattern will then need a ton of discipline, self-awareness, and a commitment to sticking to one’s trading plan.
So please be careful.
4 Ways to STOP Impulse TradingHow do I STOP Impulse Trading?
Just a reminder.
An impulse trader is one who makes quick, irrational decisions to take a trade (long or short) for some form of immediate satisfaction it may bring in the short run.
Impulse trading might occasionally work.
But it's risky and can damage your trading confidence and psychology in the long run. That’s because when you win, you’ll take more impulse trades that go against your strategy.
But then the winning streak will end and the losing streak will come. And that’s where you’ll blow your portfolio eventually.
So, to help you overcome impulse trading, I suggest these three solutions:
Solution #1: Take a break
When you feel the urge to make an impulsive trade, step away from your computer for an hour.
Use the time to go cook a meal, go for a walk, or do something else that helps you relax.
Then when you’re feeling more relaxed and in tune, you can come back to trade the markets with a refreshed, rational mindset to see what has or is lining up.
Solution #2: Reflect on your trading history
Review your trading track record.
It is your game plan. It shows you the potential of what is to come.
And it allows you to look at your past data and trend of your portfolio.
Consider the gains and losses you've experienced and remind yourself of why it is super important to stick to your trading strategy.
This alone should help you resist impulsive trades.
Solution #3: Set specific conditions for impulse trading
If you still struggle to control your impulsive trading instincts, then this might be the best idea.
Open a separate trading account with disposable funds.
This way, you can indulge and take your impulse trades without jeopardizing your primary trading strategy and account.
Maybe it’s a R10,000 or even a R50,000 account.
Or if you just want to trade for trading sake it, it might be a R5,000 account.
Whatever it is.
When you feel impulsive, trade using your impulse trading account.
And then when it comes to your main account, you’ll be able to follow your specific trading strategy according to your track record.
Remember, trading should be approached and seen like running a business, not like playing a slot machine.
Keep this in mind, and this should help save your portfolio.
BIG TIP OF THE DAY - Ride Winners and Cut losers BIG TIP OF THE DAY:
If you want to ride up winners, lock in profits and reduce losers here is what to do.
1. Place your Entry Stop loss and Take profit
(But have a TP 2 and TP 3 in place).
2. When the price approaches TP 1
(Close half of your position and move your stop loss to Breakeven)
3. When the price hits TP 2
(Close half of your position and move your stop loss half-way)
4. When the price hits TP 3
(Close your entire position).
This is how to ride your profits and winners.
Why we MAKE Excuses as tradersIt is an innate habit to make excuses in life.
We make excuses because it is the easy way out.
And let me tell you.
With trading, there is no EASY way.
As I like to say trading is the easiest hard way to make money.
It starts with NOT making stupid excuses such as:
Excuse #1: “I don’t know enough about the markets – so I won’t trade yet”
People don’t trade because of one thing.
Ignorance.
People may make this excuse because they have not put in the time and effort to research and understand the stock or market they are trading in.
They make this excuse that they believe the market is a difficult, advanced and complex world to financially grow.
If you passed school, or university – you can definitely learn how trading charts work and how the market operates.
Besides, it’s just demand, supply and volume and the rest is micro and macro economics (which you don’t even need). I know some 20 year olds who dropped out of school to learn to trade the markets and they are doing fine (for now).
Excuse #2: “I’m scared of losing money – so I’m not going to trade”.
Sure you’re worried about financial loss and that you can blow your account.
Besides 98% of traders fail, because of this.
But you do know you can start with a demo (paper) account in the mean time. Once you see consistent paper returns and that you have a solid and adept strategy, you can start depositing little by little.
Money is no excuse when you can learn to trade – for free!
Excuse #3: “I won’t be able to stick to the strategy”
Most people make this excuse because either:
They do not have a proven and profitable strategy.
They do have a strategy but do not have the confidence to trade it.
They do NOT have the faith to actually take the discipline to take a trade when the system lines up according to the strat.
They don’t think they’ll be able to focus on trading because, they are distracted by other things in their lives.
This is a mind game, so work on yourself before you trade for yourself.
Excuse #4: “I can’t stand the fact of losing”
Back to ego, pride and integrity.
Let me try and help you with this one.
When you buy yourself clothes, cars or other material stuff.
You do know you’re spending your hard earned money – poof – gone.
With business, you have monthly costs fixed and variable.
With life you have expenses and unexpected doctor appointments.
All of these come with an opportunity cost. I lose this to get that.
Trading shouldn’t be any different. You lose a bit of capital off one trade, to bank a higher return the next time.
Rinse and repeat and your losses will start to feel like costs of the business. Your winners will feel like the money to pay for some of the costs next month.
Cut your ego out because every week and month you spend and waste money – it’s called maturity.
Excuse #5: “I’m waiting for better conditions”
When the market Is not that favourable, how do you know when it will turn back?
You just need one day, one week or one month – and your portfolio could head to all time highs.
It’s not our jobs to trade when markets are favourable or not. It’s our job to follow the proven strategy because we know it will yield a consistent return over time.
Also… When you do eventually get into trading – then what?
Are you going to stop trading again because the market isn’t feeling right for your strategy? I should hope not. You’ll be entering into a discretion and subjective form of trading which eventually ends up to be a losing strategy.
I hope this helps and makes you realise that excuses are nothing more than going back into a comfort zone of no change and progress…
When later in life you’ll realise.
Your comfort zone, was uncomfortable to begin with.
MC DONALD'S TRADING LESSONSStory time…
One of the greatest success stories of all time, is with the company which is based on the glorious golden arches we still see today.
Mc Donalds…
It all started in 1940 where, two brothers, Maurice and Richard “Dick” Mc Donald’s made a small fortune selling hamburgers in San Bernardino, California…
They took a product and an idea and turned it into a fast, convenient and consistently profitable business.
Once they mastered their strategy and system then they introduced Ray Croc (a shrewd American businessman) into an agreement to build more Mc Donalds…
However, he barely made enough profits to sustain, find more franchisees and even pay off his expenses…
That’s when Harry Sonneborn came about where he made Ray Croc realise, he was in the land business rather than the restaurant business…
Ray Kroc explained…
“Pretty simple, really. Franchisee finds a piece of land he likes, gets a lease, usually 20 years, takes out a construction loan, throws up a building, and off he goes.”
Sonneborne then said:
“You don’t seem to realize what business you’re in. You’re not in the burger business. You’re in the real estate business.”
This conversation lead to the global expansion of McDonald’s, turning it into the most successful fast food corporation in the world.
In this article, I’m not going to talk about Ray Kroc, but instead how the brother’s starting concept applies to trading.
Here are three lessons I learnt from Mc Donald’s Success
#1: Less is more…
The brothers were geniuses from the start…
When something didn’t work, they threw it out… When something showed to work, they harnessed it, optimised it and improved it…
They did this with data.
The brothers took sales data to compare which products were making more money.
They found that 80% of their sales in the last 3 years came from simple burgers.
Each burger was made with precise ingredients.
Any deviation and this caused sales to drop.
The rest of the 20% were drinks and barbeque.
So the brothers made their life easy and got rid of the barbeque pit completely.
They also cut their menu down from 25 items to just 11 items.
It mainly had
Burgers
Fries
Milkshakes and
Soft drinks
They said let’s do less of what’s not helping sales and focus on what is making the most revenue.
Once they got rid of the barbeque pit the brothers later on systematised the burger making process.
So how does this relate to trading…
Less is more is one of my most powerful quotes when it comes to trading…
You need to cut out a LOT of data to maximise your returns…
Find one or two systems that suit you.
Minimise the number of markets, time frames and charts to look at.
Cut out unnecessary indicators that conflict with the systems signals and frequency.
Choose a certain time that works best for your system.
Stick to 1 or two financial instruments to trade.
Only have 1 or 2 or max 3 trading accounts with reason.
It will take time and effort on your side to cut out what needs to be cut, but you won’t regret it in the long run…
As Mc Donald’s did… Take a product improve it drastically then sell it to the masses.
#2: Find a system to repeat over and over
With Mc Donald’s did you know…
They took a tennis court and drew out the compartments of making a burger.
They then orchestrated it with their employees until the flow and speed was at the most optimised level.
Once they found a winning system, reduced the time to make a burger and optimise the process – they were able to even drop the price to appeal more demand…
At the time, they could drop the burger to 15 cents…
With trading, you know this…
You’ll need to find, adopt, follow and repeat your turn-key system.
It doesn’t matter whether it takes you 2 months, 2 years or even 7 years to get right.
Once you have it, you’ll be able to generate consistent results year in and year out.
Just like the cycle of burgers, you’ll have your very own consistent cycle of success through trading…
Also, with your one system you’ll be able to optimise it and improve it when conditions change…
This brings us to the third lesson…
#3: “We love to see you smile”
This was one of Mc Donald’s campaign they used from 2000-2003, which has stuck…
Not only does Mc Donald’s keep to their winning formula, systems, products and manner – but they also adapt to change…
They continue to offer new items on the menu’s as time’s change…
From Happy Meals, Toys, Lollipops, Café’s, Ice creams, food cultural adaptions to even Vegan food… They think of everything to adapt to change…
BUT! They don’t stop offering their winning products that bring in revenue.
With trading you need to also evolve as a trader and adapt to change.
Sure, your system will remain consistent.
Sure, your risk management won’t change…
But there are certain elements that require change such as…
New markets:
You might want to incorporate your system with new markets i.e. AI, Electric Vehicles, Metaverse, Cannabis, Energy alternatives, Crypto, NFTs. AI (with ChatGPT, DALLEE, BING) and so on…
New instruments:
Also, we might need to evolve from the current financial instruments we’re trading… Once day, CFDs and Spread Betting might be a thing of the past. I personally have evolved from shares, warrants, futures to ETFs. You never know what will be next…
New automations:
We might soon have robots and AI to use out system to find trades and execute them.
You get the point…
If you want to be successful with trading you have to understand the power of systems to repeat…
This way the system will do the job for you…
Next time you’re at Mc Donald’s, you’ll see what I mean.
EXPLAINED: Runaway GapLESSON OF THE DAY
Runaway Gap
A Runaway Gap is a continuation move where the price gaps in the middle of a trend e..g Up or Down.
The gap is a void (where no prices overlap between two candles)
And then the price follows the previous trend.
I like to think of a Runaway Gap as a horse that goes from trotting to galloping.
The trend then starts to accelerate and continue in the direction.
Specifics for this example:
· Previous price moves in a downtrend.
· Price then gaps.
· Price then follows the continuous downtrend.
Please react so I know to provide more daily lessons...
5 DONT'S TO be a Better TraderWe know what we need to do to be a top trader.
On the method side – we need the right markets, to trade the right strategy by following proven rules and criteria.
On the mind side – we know we need to adopt a strong will, with discipline, passion and pure integration.
But what about the DONT’S?
What mustn’t we do during the process of becoming a successful trader?
That’s the question we’ll address today.
#1: DON’T fear losing
Losing is part of the process.
The trick is to lose (risk) little and make up for it during the conducive times.
All trading strategies are not 100% market proof. This means, every strategy will reach a difficult period where the market environment does not gel well with your system.
I lose 37.5% of my trades. I’ve been losing this percentage of trades for the last two decades…
And you know what… I love it. I love the fact, how there’s a balance with my system which leads to a level headed and content approach to trading.
Don’t fear losing – embrace it and OWN it.
You only fail when you quit.
#2: DON’T dwell on past failures
Whatever trading process you’ve endured i.e.
You blew a couple of accounts.
You keep losing to bad strategies.
You keep going against your strategy which hurts your account.
This was and is your journey, time line and experiences that will turn into wisdom which will help you to excel with your trading…
Just like we learn in life not to regret and not to carry our heavy weighted past on our shoulders, so to mustn’t you do with trading.
Don’t dwell on your failures – because it’s those experiences that will help you flourish
#3: DON’T expect fast riches
With high reward comes higher risk.
We are not in the risky business.
And I sure as hope you don’t want to stress, worry and live on a high adrenaline knowing you can lose everything – trying to get rich quick fast… Right?
Instead, you must want a get rich slowly BUT surely method.
#4: DON’T compare yourself to others
Big one…
Sure, there are a few (not many) but a couple of traders who are doing extremely well for themselves.
They probably don’t have it in their DNA to commit hours a day to helping others achieve the same – which is fine…
But they all took the necessary steps, time, blood, sweat and fears to get to where they are.
Just like you are going through your trading endeavours.
Don’t worry about what others are making. Don’t worry about how many winners he took or how little losers she took.
Don’t stress over his 70% win rate system or her “hasn’t taken a single loss in 2 months” system.
You should have everything you need right in front of you.
A computer
An internet connection
A broker (with a charting and trading platform)
A proven and tested trading system
Time
Keep to your time line and don’t worry about what others are doing…
When you compare, you lose track and focus on what you need to achieve your goals…
#5: DON’T give up
You are closer today than you were yesterday.
And tomorrow you’ll be even closer (despite having a good or bad trading day).
Money, you can always make back.
Wisdom is something you only learn through experience.
It’s nothing you can teach someone, but something you can keep them aware of – for when they go through it…
So keep grinding, and keep at it…
Perseverance my friend… That’s the key.
Enough for today…
Let’s sum up with the 5 DON’TS to become a better trader…
#1: DON’T fear losing…
#2: DON’T dwell on the past failures
#3: Don’t expect fast riches
#4: DON’T compare yourself to others
#5: DON’T give up
What would happen if Russia pegged the Chinese yuan to gold?If Putin goes ahead with pegging the Chinese Yuan to gold instead of the US Dollar a number of things can happen.
Factor #1: US Dollar will be challenged
This will for the first time, challenge the US dollar's status as the world's dominant reserve currency. People may look to invest elsewhere, which could cause instability.
Factor #2: Domino effect
There could be an effect where other countries may follow suit and start pegging not only YUAN but maybe even their currencies to gold as well.
Factor #3: Yuan could be the next reserve currency
This move could be the start of Chinese yuan’s step to power and control. It could get to the stage where the value of the yuan would be determined by the price of gold, rather than the value of the US dollar.
Factor #4: Demand will pick up and other countries will hold gold
This move could result in countries increasing their gold reserves, which could lead to a further increase in the demand for gold. The demand for gold would increase, which could drive up the price of gold in the short term.
Factor #5: Bad for the US dollar
The US dollar would likely depreciate against other major currencies, such as the euro and yen, as investors shift their focus away from the dollar. The US would face increased competition in international trade, as other countries begin to use the yuan as a reserve currency instead of the dollar.
Factor #6: More power for China
China's economic power would increase, as it becomes more closely tied to the global gold market.
Factor #7: Strong partnership between Russia and China
Not only will Putin and Xi be making more crepes together, they will also be making more gold. The move would also strengthen Russia's position in the global financial system, as it becomes a key player in the gold market.
Factor #8: The shift of the New World Order
The stability of the global financial system would be threatened, as it adjusts to a new world order with a different reserve currency. Also the move could lead to increased geopolitical tensions, as countries jostle for position in a new world order dominated by gold instead of the US dollar.
Have I missed anything?
T.G.I.M - Thank God It's Monday Traders! As a trader, Monday is probably the most exciting day of the week to trade...
But before I tell you why let me remind you....
We live in a world where…
Most people hate Mondays…
Not only that…
They wait 5 days to finally enjoy and live two measly days.
They live for the weekend ONLY.
That’s sad…
But let’s try to conceptualise how lucky you actually are…
Every action that your great, great, great, X 1,000 grandparents did, is the very reason you get to enjoy consciousness and existence in this blip of time.
If just one of them got up to get a glass of water instead, you wouldn’t be around…
Then let’s talk about that one day…
Out of the millions of swimmers in one occasion on one day, you were the winner.
YOU WON THE GIFT OF LIFE.
That is a reason alone to celebrate every passing minute of your life.
You won the cosmic lottery…
Then, as life progresses you learn what you like, how to live and who to live with.
You adapt to your idiosyncrasies, tastes, habits and interests…
That’s what makes life a little easier to get through…
And… Technology continues to outperform each year.
We now have ways to communicate online, build our own empires and make an income through different career choices.
Whether you enjoy investing, horse racing, online gambling or my favourite (financial markets trading), you have a multitude of options to choose and benefit from…
And because you’re reading this today, tells me one thing…
You have that passion, determination and discipline to try out the trading thing…
Am I right?
So what does this have to do with T.G.I.M?
You need to stop saying “I hate Mondays” and start saying…
“Thank God It’s Monday”
Each Monday you start a new journey of life experiences to take you on the path of success, financial freedom and happiness…
Mondays and the rest of the week days, are the days when you have the opportunity to grow your financial position.
NEW OPPORTUNITIES TO:
Learn about new markets with trading.
Refine your trading risk management skills
Take on new high probability trades to build your portfolio
Educate yourself on new financial markets terminology, concepts, strategies and systems
Go one step closer to achieving your financial goals
Each day you learn, adapt and grow your portfolio, is another day closer to achieving your freedom.
Also, you can ONLY get better.
Find a reason to love Mondays.
Next week wake up and say with confidence. T.G.I.M.
Write it down somewhere BIG and read it out loud each week before you take a trade.
6 Rules of Successful TradersI’ll tell you this.
The money you desire, is not going to just fall into your lap.
If you want to be a successful trader, you need to write down the ground rules to get your as$$into gear.
I can’t profess for every professional trader, but I can share with you my rules I’ve been following for the last 2 decades.
Feel free to write them down for your trading.
RULE 1: Always have a trading plan
This is a must.
The financial markets are dangerous. Once you enter them, you are playing with the big boys.
If you go in blindly or naked (without risk levels in place), prepare to be caught with your pants down.
You need your game plan in front of you at all times.
There needs to be criteria you’ll follow from when you switch on your computer to when you close it.
RULE 2: Don’t procrastinate
Trading is like waiting for the next train.
Wait too long and you’ll miss your train. You’ll then have to wait an unnecessary extended period of time for the next one.
When your trading plan fires a signal – FIRE.
When your trading plan fires an adjustment move – FIRE.
You are only fooling yourself, if you don’t act when you need to.
RULE 3: Be patient
There are two important factors to patience.
First, never rush into getting into a trade for the thrill, excitement or revenge!
Second, never rush at getting out of a trade if it has not hit one of your trading levels.
Patience is where you will grow your portfolio.
Say that out loud…
Patience is where you will grow your portfolio.
RULE 4: Take the trade
If I made a T-Shirt I think I would have one just saying.
“Just take the trade” Repeat after me!
If all is lined up and ready to go. It doesn’t matter what fundamental factor or news event is going on. It doesn’t matter how you’re feeling or that you have a headache.
Just take the trade when your plan tells you to.
It will take you 30 seconds.
Then close your laptop and go rest.
RULE 5: Keep learning
With technology advancing, financial instruments changing, market dynamics shifting and with the world evolving…
You need to keep learning and updating your knowledge base.
You never know if the new developments, will lead to a higher win and success rate. You never know if your system and trading will be optimised and maximised to a better performance,
The onus is on you to keep up with learning…
RULE 6: Don’t give up
We all have our own time lines with trading. We are all on our own journeys, challenges and struggles.
You only lose when you quit.
So please, I beg you, don’t give up and you will thank me later…
Let’s sum up the 6 rules quickly for you…
1. Always have a trading plan
2. Don’t procrastinate
3. Be patient
4. Take the trade
5. Keep learning
6. Don’t give up
Why Trading Should be like Watching Paint DryIt has to be said.
If you want excitement, take $10,000 and go to Las Vegas for a day.
Trading should not bring about the same level of excitement.
I’m not saying, the entire process should be boring.
In life and with the careers you choose, you have to love what you do.
You have to keep the reward and vison in your mind, to drive you each morning.
And you need to have the discipline and integration to follow your plan each day.
So, should trading be boring? Um, yes and no.
Let’s start with where trading should be exciting and fun.
When Trading is a Thrill
This is where most people stay. They don’t take the necessary steps to open a trading account, fund it and grow their portfolios.
Instead, they stay in a feel safe and in control of their non-growing finances.
I still have members who’ve followed me for 10 years, and haven’t taken ONE single trade.
You need to jump out and take action.
The thrill of trading should be before the execution takes place.
This includes:
Analysing the markets
Optimising your strategies
Searching for high probability trades
Reading up on new trading developments and fundamentals
Monitoring your results and working on your statistics
Finding new markets and instruments to trade and add to your strategy
This part is an absolute blast. And requires no risk and no waiting.
But then, when you do find your trade line up and put in your trading levels and click buy / sell… Then…
Trading needs to be like watching paint dry or grass grow
Once you have taken your trade, set your entry, stop loss and take profit levels – you’ve done your job.
You now need to let it go and let the market to take over.
Don’t interfere…
Don’t get excited when it’s in the money.
Don’t fear when it’s going against you.
Don’t watch every tick.
It will drive you insane.
Just leave it alone.
It should be boring to even see what your trade is doing, because it’s out of your control.
If it hits your stop loss – cool… You’ve got your risk management in play.
If it hits your take profit – cool… You’ve got your reward management in play.
If you have rules to adjust your stop loss, when the market is moving in your favour – cool… You’ve got your reward management in play.
Rather focus on the next trade idea or the other bullets I mentioned in the beginning.
Keep control with what you can control and leave what you can’t control to the “stars”.
ROADMAP from COMFORT to GROWTHMost people take the easy road of being in a Comfort Zone.
For this reason, they keep getting the same results and remain in their ‘uncomfortable’ position in life.
Think about it…
Those that don’t understand new things, never adapt to something that could change their life for the better.
Those that keep earning the same old salary, never grow their retirement kitty to the level they wish.
Those that never throw things away, end up cluttering their life with the old.
Trading is no different.
It requires you to step out of your comfort zone in the beginning, to create something that can change your life.
Besides, great things never came from being in a comfort zone.
Let’s talk about the stages required to become a Growth Trader.
ZONE 1: COMFORT
This is where most people stay. They don’t take the necessary steps to open a trading account, fund it and grow their portfolios.
Instead, they stay in a feel safe and in control of their non-growing finances.
I still have people who’ve followed me for 15 years, and haven’t taken ONE single trade.
You need to jump out and take action.
ZONE 2: FEAR
When you have finally decided to take a leap of trading faith, a whole bunch of new fear with encompass your mind.
Will I lose money?
Will trading work for me?
Will I be able to follow a strategy each day?
Will I be on time to trade the markets?
What if the market environment is not conducive when I start?
Harness this fear, because it means one thing…
CHANGE IS COMING…
ZONE 3: LEARNING
Every loss, gain, rule is a lesson and adaption to entering a NEW zone.
Every challenge you face, is one less challenge you’ll need to deal with in the future.
Every difficulty you experience is a skill that you’ll acquire for trading.
The more you learn about the technical and fundamentals of the financial markets, the higher the level of experience and wisdom you’ll gain as a trader.
The learning phase is imperative to achieving success in any field…
ZONE 4: GROWTH
The accumulated lessons, experience, wisdom, actions and tribulations of repetitive actions – are the foundations to entering into a new comfort zone of GROWTH.
The difference is… You would have taken the necessary steps to succeed and accomplish your trading goals.
It will eventually reach the point, where the above zones will help you enter into a conditional and automatic process into your life where trading is nothing more than a continuous habit.
Once the fear, thrill and uncertainty are removed – only then you’ll realise that the initial comfort zone of inactivity was the uncomfortable phase that took you nowhere…
Life begins at the end of your comfort zone.
Read that last sentence again.
5 Choices you Make as a Trader - THIS Or THATFrom the second you turn on your computer, to the time you press buttons commit your funds into your trades and close your computer.
You are making your own choices.
Do you choose this?
Do you follow that?
Do you go against this?
Do you type that?
So technically, your financial future success lies all in your fingers.
In this TradingView piece, you need to ask and answer what choices are you prepared to make – to turn your life around as a trader.
CHOICE #1:
Sleep until noon – Wake up early
If you’re a position trader (trade once per week or so) like me, then you’ll know profitable opportunities knock VERY slowly.
You can wake up late, open your trading platform and see a missed trading opportunity just like that.
Or you can set your alarm, wake up to check the markets to confirm if there is a trade lined up or not.
DON’T MISS YOUR TRADING OPPORTUNITIES!
CHOICE #2:
Only trade your starting portfolio size – Deposit money each month
Let me be frank.
R5,000 isn’t going to turn you into a millionaire.
R20,000 isn’t going to turn you into a millionaire.
I’m sorry but it has to be said.
You need to find a way to keep depositing a bit of money into your trading account each month.
Whether it’s 5% or 10% of savings, the more you deposit each month – the faster your portfolio will grow as you have more to make money from money.
CHOICE #3:
Go against your strategy – Follow your strategy
I know it’s tempting to want to go against your strategy.
You want to move your take profit, stop loss, you want to buy more. You want to take some money off the table.
The problem is – make this choice and you’ll set a dangerous precedent.
It will be the start of going against your strategy the next time and eventually, you’ll only be trading with discretionary (self) which I need to remind you is…
A COMPLETE LOSING STRATEGY!
The stock market doesn’t work on emotions. It doesn’t think and it doesn’t feel. So why should you?
Keep to your proven and profitable trading strategy, and the profits will yield as your system has shown you time and time again.
CHOICE #4:
Learn and then drop the E – Try to earn and drop the $
Trading is a forever learning business.
You need to learn how the markets work. You need to learn how the trading environments operate and when they are favourable or unfavourable to your strategy.
You need to learn WHICH are the best instruments to trade.
Which are the most reliable and secured brokers.
Which trading platforms are up to date with technology.
What NEW markets there are to utilise and profit from.
The list continues.
Please follow your own learning time line as a trader and then you’ll find it will all be worth it.
CHOICE #5:
LATER – NOW!
I still get people who send me messages like…
“Timon I’ve been following you for 15 years and haven’t started trading yet, what do you suggest?”
Simple! Get out of your comfort zone, stop being lazy and take the necessary steps to start your trading journey.
15 years!
You could have had all the experience you needed by now. You could have gained important lessons to build your portfolio.
It’s all on you.
The best time to start is NOW!
There is no past (as it already happened).
There is no present (as it automatically becomes the past).
There is no future (as it’s still to come).
So all you have is an infinitesimal photo shot of time called NOW!
Got it?
Make your choices and materialize your trading into the reality you’ve desired.
Tips to be a Healthy Trader - Wisdom Yields HealthI came up with a corny slogan in 2013.
“Wisdom Yields Wealth”.
Well, today I came up with another corny slogan but relevant to today and this year.
“Wisdom Yields Health”.
As you know, health is the greatest wealth of all when it comes to your:
Physical appearance
Mental cognitive thoughts
Important decision making
Longevity
In 2023, health is everything as the world continues to linger in a very stressed phase. (Especially, what’s going on in South Africa with Eishkom, water issues and tax month having kicked off).
If you want to be a good trader, you need to focus on not only your money and mind but also your health.
Health will help you optimise your trading performance.
So, this is a short but important article to remind you to try be a little bit healthier.
HEALTH TIP #1:
Sleep Even Hours
It’s an old wife’s tale that you need 7 hours of sleep.
It’s proven that the sleep cycle works on EVEN hours, NOT odd.
So if you sleep 7 hours, you’ll deprive yourself of the last 1 hour you need to complete your cycle.
When you decide to go to sleep, set an alarm for 6 hours or 8 hours to get the right amount you need.
Also, if you wake up before the alarm and you feel fresh – stay awake, don’t go back to bed. Listen to your body more and it will reward you better.
You need to be clear headed when you wake up in order to take on the markets with a fresh mindset.
HEALTH TIP #2:
Drink COLD Water
Listen… You’re made up of over 73% water.
So you might as well fuel yourself up and stay hydrated.
First glass in the morning and another glass every two hours. Or just have a 2 litre bottle next to you. When it’s finished, refill it.
Ok you’ve heard that a million times. Here’s where it gets interesting.
Did you know that if you drink ice cold water, it will help you to keep awake, will fire your neurons and will boost your thinking capabilities.
That’s the big tip with drinking water as a trader. Ice, Ice baby!
HEALTH TIP #3:
Eat less ‘high energy to consume’ foods in the day
You know what puts us off work, trading and life?
Having a bloated and painful stomach, because of the stuff we ate.
I’m talking breads, pastas, sweets, crisps and fried food.
When you eat this stuff, you won’t feel in the mood to trade, think or work. It’s also probably affecting in the bedroom too!
Eat these in moderation and NOT when you trade or a few hours before you trade.
Anyway, I’m not giving advice, just some tips that’s helped me to trade better over the years.
HEALTH TIP #4:
Keep Walking
Gyms might be inaccessible right now. And exercise is just too difficult to keep motivated to follow.
So instead, take your trade for the day and go for a walk around your complex, park or anywhere just to burn those calories and keep you fit and healthy.
I’m in Greece right now and nothing beats a good walk around the Ancient historical sites in Monastiraki such as the Agora, Acropolis and even the amphitheatres.
Or a walk around the Marina – Flisvos harbour to take in the cool breeze and breathtaking view of the sea.
Find your piece of heaven (where ever it is) to walk around and burn those calories at least twice or three times a week.
I can go on about health tips, but four is more than enough to start with.
Please look after yourself, your body and your mind.
How to Earn Self-Respect as a TraderIntegrity…
It’s what gives you certainty, confidence and trust for yourself.
It’s what tells you, you can do it.
It’s what makes you leap forward in life.
And it’s what earns you self respect.
With trading, you need to achieve self respect, to help feel more assertive with the trading decisions you make.
In this short letter, I’ll give you some actions to help you earn the self respect as a trader.
Action #1:
Do the hard things
Anything that requires risking your hard earned money is tough.
I get it.
You didn’t make money just to lose it right?
Well, you need to understand that in life there are no HIGH rewards without taking some element of risk.
So, force yourself to sit down, deposit money into your account, wait for the proven trading setup to line up and TAKE THE TRADE.
Next hard thing to do is, wait for the trade to hit your stop loss or take profit and don’t interfere with the process.
And the last hard thing, is having tunnel vision and not listening to anyone about your trading decisions.
Don’t listen to the news, your friends, strangers or even your family.
You have your plan and system, follow it and you’ll feel in control and you’ll gain more self respect.
Action #2:
Don’t think it – DO IT
Coming up with ideas are easy. Writing down goals and gluing your vision board with mansions and cars – are easy.
What’s hard is actually taking the action.
There is never the right time because it’s always the right time.
So buckle up and take action with what you need to do to achieve trading success.
Action #3:
Take control and learn from your losses
Losses are parts of the ying and yang of trading. You need a bit of good and a bit of bad to balance and build.
Remember, the markets move in a zig – zag shape and so will your trading account. So when you realise this you’ll be able to acknowledge, own, take control and learn from your trading losses.
But most importantly. The losses must only come from your proven plan. Don’t move a stop loss to make you risk more.
Don’t remove a stop loss because you believe the market will turn.
Take small losses so that the big winners make up and drive your portfolio up.
Action #4:
Don’t quit when it gets hard
You only fail when you quit something.
Read that again.
When you quit, you lose. When you quit, you give up. When you quit due to premature excuses you lose self respect.
Too many traders quit because they think the market is out to get them. This is either because they are taking a few losses or because they are trying to OUTBEAT the market through emotions.
Listen if you have a few rules to manage your money like:
~ Risk 2% per trade.
~ Never allow your portfolio to be in -20% drawdown.
~ Never hold more than 7 to 8 trades at a time. You’ll be able to control your risk and boost your portfolio.
Let’s sum these 4 actions up to trading self respect.
Action #1: Do the hard things
Action #2: Don’t think it – DO IT
Action #3: Take control and learn from your losses
Action #4: Don’t quit when it gets hard
How to Get Your Trading **** Done!So you have a trading account opened.
The money is in, your watchlist and charts are set up.
But you have left your trading half-hearted with doubt, concern and little energy.
This is what is slowing your performance.
This is what is stopping you from growing your account.
And this is why you’re living with second thoughts not seeing progress.
May these 5 steps be the wake-up call to get your trading done!
Step #1:
Get a cheat-sheet
Every trading plan you have, needs a cheat sheet.
Your cheat sheet will remind you of the criteria you need to enter your trade, put your stop loss and take profit levels.
You can also add what percentage you would like to risk and the Risk reward you’ll follow.
Once you fill in the blanks and info – Print it, laminate it and stick it up somewhere.
Step #2:
Prepare your watch list
As you know there are countless of markets to choose from (stocks, indices, commodities, currencies and crypto-currencies).
Make sure you have a solid short list of markets you’ll be looking at when you trade.
Once a day or so, you can go through them and see what is lining up with your trading system.
Step #3:
Sit down and set up
At the most suitable time, shut down all your distractions for the day.
Phone, Netflix, family, pets etc…
Sit down for a couple of minutes a day – going through your watch list and writing down the trades that are lining up for the next day.
Step #4:
Place your trade/s order
Whether you’re placing a trade during the day or after the market closes, you need to take the trade.
If all is aligned in syzygy, you have no excuse but to type in a couple of figures and click BUY or SELL.
Easy…
Step #5:
Journal your trades
Once all four steps have been accomplished, you’ll then write down the trades you’ve taken in a trading journal.
This way you can keep track of your progress and have an archive of your trading performance with the right stats.
Don’t waste any more time waiting for the right time and feel.
There is never the right time.
Hope this wake-up article will help you really kick off your trading success from here on end.
TEST: Is Trading for you? Trading is NOT for everyone.
Not because they can’t do it, or because it’s hard – but rather…
Trading is something that only a few will feel passionate to do for the rest of their lives…
I say this because there are many things that I could do well in, make a huge income from, but I unfortunately don’t enjoy.
For example, Poker, horse-racing and sports bets, real-estate, portfolio manager, business consultant…
Don’t feel ashamed nor feel something is wrong with you.
Instead, embrace your personality and work towards what is your OWN calling and passion.
In this TradingView article, well find out if trading is for you…
Out of 15 things I’ll mention today, write down YES or NO for each one…
Let’s go…
YES or NO?
Are you a good decision maker?
Are you proud to be called a financial trader?
Do you enjoy looking at charts and indicators?
Can you handle a bunch of losing trades in a row?
Do you have the will-power to trade every week?
Do you enjoy reading fundamentals with markets?
Can you handle losses on a weekly / monthly basis?
Do you enjoy learning more about local and global markets?
Is it in your personality to deal with short term market moves?
Do you have the ability to NOT listen to other people and the news?
Do you have the patience to wait for the market to hit your trading levels?
Can you follow strict criteria without steering away from your proven strategy?
Do you enjoy looking up statistics and probabilities with portfolio management?
Are you able to deposit a portion of your savings into your portfolio each month?
Do you have the discipline to follow and improve one trading strategy in your life?
If you counted less than 10, the big question is…
Do you think you can train and educate yourself to fix those items and turn them into yes’s?
Don't be a still trader!“Timon, I’ve been following your trading tips for the last 12 years and I STILL haven’t taken my first trade." But I will soon trade...
Soon?
Like tomorrow? Next week or in the next 12 years?
Procrastination is the thief of time. I hate clichés but I love that saying.
#1: STILL not ready for losses
I think most people don’t want to take losses.
They are seen as small failures or small fractures to a person’s pride and bank account.
Whether you’re running a business, a household or a trading portfolio – there are going to be oopsies.
So how do we deal with the idea of taking losses?
Well, don’t think of them as losses.
Think about them as costs…
When you run a business you have to pay costs – equipment, stock, admin, salaries, legalities etc…
When you run a household you have to pay costs – electricity, water, take the trash out, taxes and repairs.
When you run your trading account you have to pay costs – Losing trades and drawdowns…
You pay costs with everything in life, and so it shouldn’t be any different with trading…
Instead of calling them losses – call them ‘costs of trading’. Helpful?
#2: STILL no right system
This one is common.
You don’t know what the right system is for you.
You’ve tried a couple of moving averages, indicators, price action even volume.
Nothing seems to work for you yet… I don’t have a correct answer for you, but I can tell you with how I found my system.
I wanted something that didn’t require too much thinking, little indicators, worked on all time frames, was easy to back and forward test and is timeless.
And it took me years until I finally found a system that you see here in TradingView.
So ask yourself exactly what you want in a system and drill down each detail that matches your current lifestyle and times…
Just maybe, the answer will stand out for you better.
#3: STILL Not making money
Now this is ambiguous.
If you end up positive for the year, you’re making money.
If you’re not happy with how much money you’re up for the year, that’s different.
It’s all relative.
Step one is to make sure your portfolio is positive by the end of the year.
Then it’s a numbers game as to what your portfolio should be to make more of an income.
But first make sure you’re in the positive before you play with Mr Market.
#4: STILL Making excuses
The only thing I can add to this is the wonderful comfort zone of doing nothing.
It’s safe, it’s consistent and we’re used to it.
But if you are constantly thinking of wanting to trade and build your wealth on a regular basis – it tells me you’re ready but not ready to leave your comfort zone.
You got to pull up your socks and just START. The hardest step to trading is taking your first step.
I hope these tips will help you shake off the STILLness that’s lurking inside you, so you can achieve greatness.
Why is trading NOT working for me?!Even with the right markets, time frames, systems, rules and ideas…
Trading is just not playing out you the way you thought it would.
It’s not growing your portfolio at the rate you wished…
It’s taking forever to get right…
It’s overwhelming and you don’t know which strategy to choose…
From my experience this is because of one reason.
You’re not treating trading for what it is…
Let’s REMIND you…
TRADING IS… A fun hobby
Trading isn’t a tiring job where you need to sit for hours countlessly looking at a screen.
It’s also not a job where you need to be cramped up in a cold room, sitting on an uncomfortable chair, wearing a suffocating ‘noose’ I mean tie, around your neck while you’re waiting for the next pay-cheque.
If that was the case, I would have stopped trading 19 years ago.
Trading should be treated as a fun hobby.
With this hobby…
You don’t need a lot of time (half an hour a week will do just fine).
You don’t need a lot of effort. (Just a few click of the buttons and a few simple grade-8 maths calculations).
You don’t need to worry and stress yourself out. (Opportunities come every day, you can manage your own risk and no one is watching over your shoulder.)
In other words this is one opportunity which will give you:
More free time, Less work and a hobby that will consistently pay you.
TRADING IS… A patience game
When you’re enjoying a hobby, you look forward to doing it the next day.
It’s like anything you enjoy…
Watching TV, playing sports, eating your favourite snacks or even having sex…
You’ll adapt, incorporate and most importantly look forward to the next time you do it.
And the more you do it, the more you’ll improve, the better you’ll get and the easier it will become.
Trading is a patience game.
The longer you spend the time and days working on it and improving, the faster, better, and more powerful of a trader you will become.
And this will lead to one outcome – Financial Independence.
TRADING IS… Ever evolving
This isn’t your run on the mill, rat-race kind of hobby.
This is one heck of an interesting, exciting and thrilling activity that changes so quickly.
Every day, week, month and year you’ll to learn a ton of trading tips and lessons.
That’s because the markets are always, changing, evolving, adapting and are even suprising…
They evolve with:
Ever-changing market conditions.
New financial markets added to the exchanges.
New created instruments to incorporate i.e. Crypto- currencies, ETFs, CFDs etc…
New mega-trends driving new global demand i.e. AI, Machine learning, Electric cars, Cannabis, NFTs, Smart contracts and Extended Mixed Reality.
TRADING IS… A lonely journey
This is one hobby, where YOUR success entirely depends on YOU.
This won’t work if you’re asking your family, friends, dogs and even strangers for their opinions on what to buy and sell.
This won’t work if you’re listening to the random billionaire analyst on Bloomberg talking about what they have in their portfolios.
This won’t work if you’re scrolling on Facebook for an individual’s trading prediction. (INCLUDING MINE).
No! With your system, your money and your time – You need to trade alone and on your own terms…
You know what will make you money?
Taking more trades according to YOUR criteria.
Listening to YOUR rules according to YOUR strategy.
Spending more of YOUR time, improving on executing trades well.
Notice the word YOUR… Not others, not him, not her – YOU…
So take trading for what it is and enjoy the process.
TRADING IS… A fun hobby
TRADING IS… A patience game
TRADING IS… Ever evolving
TRADING IS… A lonely journey
Don't let Captain Hindsight mess with your tradingCaptain Hindsight is bound to get in your head.
Whether you’re just starting out or you’ve been trading for the last 10 years or so.
He is going to question you with two simple words.
And these two words, can really cause a negative impact on your trading portfolio.
In this short article, I’m going to warn you about how he’s going to uppercut your mind and most likely cause havoc with your trading.
This way, you’ll know what to watch out for.
A dangerous two word question to interfere with your trading
What if?”
Here are some…
“What if the market is in a bubble and I buy too high?”
“What if I’m wrong about this trade?”
“What if my trading strategy worked then, but won’t work now?”
“What if the market is in a period where I’m just going to take losses?”
Whenever the captain whispers these questions, you’re going to feel vulnerable and start second guessing your trading system, strategy and skills.
Succumb to the Captain and he’ll be back stronger and more powerful than the last time.
Here are THREE ways to beat Captain Hindsight before he returns
ACTION #1:
Extend your back-testing
So you have a trading system that you believe works… Prove it.
Go back and re-test different markets and jot down every time the system lined up.
Record every trade, including the costs and the statistics and prepare yourself for what is to come.
The more you back-test your system, the more markets and environments it would have weathered and endured. If it came out with all time highs on your portfolio, it’s a winner.
Captain Hindsight – won’t have anything on you – with a decent track record…
ACTION #2:
Drop your risk
The most common way for a trader to feel emotional, is when they have a lot to lose.
The larger your trading position, the more desire to win and the more fear you’ll have to lose.
This is why greed, fear and panic are the most ongoing reasons for traders to annihilate their portfolios.
Trading is a get rich slowly but surely game. And when you accept the gains and losses, you won’t care what the Captain has to say.
ACTION #3:
Step away from the screen
Not only will Captain Hindsight creep in before you take a trade. He’s bound to enter your mind while you’re in the trade.
“What if you’re wrong about this one?”
“What if you get out of your trade now while you’re in a profit?”
“What if you take a small loss, because it looks like this trade is a loser?”
The best action to take, when you’ve entered your trade with your trading levels (Entry, Stop loss and Take profit), is step away from your trading account.
Distract yourself by getting a drink, water your garden, take a drive or do other work.
The less you’re glued to the screen watching your trades, the less you’re going to feel worried about the small moves that happen in the day.
Always remind yourself…
“My trading strategy will REWARD me for following it.
My trading strategy will PUNISH me for NOT following it.”
These three actions will eventually help you beat Captain Hindsight for good, as it did for me over 20 years ago.
25 Metrics to a Perfect Trading Journal First let’s begin with…
What is a trading journal?
This is a log book where you plot every trade you make with the metrics to show how your portfolio is performing and will continue to do so.
I’m going to briefly list the items you’ll need to track your trading performance.
25 Items to plot in your trading journal…
The trade No.
The market traded (stock, index, crypto…)
The entry date for your trade
The exit date for your trade
No. of days held
Current portfolio value
Max risk per trade (currency)
Max risk % per trade
Initial margin per instrument (CFD Spread betting)
No. Volume traded
The reason for entry
Total margin paid
Type of trade (Long / Short)
Entry price
Take profit price
Stop loss price
Closing price
Risk in trade (Entry – Stop loss)
Move in trade (close)
Interest costs
Brokerage costs
Gearing
Trade exposure (In and Out)
Gross P+L
Net P+L
Don’t waste your time with calculations. Make sure you have the journal and log book with all formulas in each item. …
When you record these details, you’ll be able to keep up to date with whether your portfolio is profitable and sustainable for the long run and where it’s lacking.
Hope that helps!
What is Holding You Back Trader?So you want to trade, but just not taking action.
You’re on the computer and so close to taking a trade or opening an account with a broker.
The button is right there.
And yet, it feels like there’s a wall between your finger and the button.
I get it.
It’s a big step to take when you know you’re entering into uncharted financial waters.
You know risk is involved… You know time is needed. And you know education is crucial.
And yet you’re still hesitant.
In this article, we’ll pinpoint what is holding you back from creating your financial freedom as a trader.
REASON #1:
You’re talking more than doing
This is a big one.
Maybe you’ve been reading trading and investing articles for years now.
And yet, you keep finding excuses to not take action.
1. “I’ll start next month”
2. “I’ll wait for the market to correct before I trade”
3. “I’m stressed with work and family”
Listen…
Life is going to continue with new problems, stresses and issues.
And this will extend your delays and increase the number of excuses you’ll make with any new hobby.
You just need to start doing, and the rest will take care of itself.
And you’ll find you’ll feel more accomplished and proud of the fact, you took action.
REASON #2:
You’re concerned of the short term
Every trader I know wants their first trade and month to be profitable.
I was the same. In 2003, I bought a bunch of Anglo Gold shares.
I felt so much panic because I wanted it to be a winner. I didn’t think of the long term effects.
Let me tell you, I don’t even remember my first winner. I’ve taken thousands of trades and I’ll tell you, the first trade is over looked and felt.
When you have a proven trading strategy, you lose interest in what a few trades will do for your portfolio.
You keep your eye on the long term rewards.
REASON #3:
You are scared of losing
This is one humble game, where the market takes a little and gives back to you and then some.
It’s all down to one simple method – Risk and reward.
You’re in a calculations game now, where you need to lose in order to win.
Embrace the losses and own them as you would with any business costs or overheads.
REASON 4#:
You’re waiting for the right time
What does that mean?
Are you waiting for enough money?
You never start with a lot of money as a trader. You test, you learn and you gain experience.
I guarantee you blow more money on a holiday, on petrol and at restaurants than the amount you’ll lose as a start up and humble trader.
Are you waiting for the right time?
There are thousands of markets that are either in uptrend, downtrends or sideways trends everyday. There is never the right time to get into trading.
Why? Because it’s always the right time.
REASON 5#:
You’re too busy to start
I’m sure this article has helped open your eyes to a new spectrum of reasons why you’re holding back.
Stop talking, start doing.
You do have enough money to start trading.
You have more than enough time
You need to lose, to win.
Nobody is ever too busy to not pursue their dreams and create their freedom.
Got it? So stop holding back and listening to some imaginary voice inside your head