Trading for a living is always a mental challenge. The mental dilemma is excruciating at times. Market shakes your confidence in your approach and your self to the core and brings you to your knees. But the lure of the elusive winning back , the casino mentality sucks traders right back in. Trading is nothing but a mental endeavor, even if you have been an extremely successful professional and individual in all the other walks of your life , Markets don’t give a S..t ! as to what your background is ,what your social strata is. So throw your ego out the window, be humble , be opportunistic ,Don’t be Right just be on the side of profitability .” YOU Cant beat them.. So Join them” should be your motto always. You have to Know thy self and your mental make up. To me Trading has been a spiritual experience, it helped me tame my ego, it helped me change my beliefs, it helped me learn a lot about my self. Well it has been painful for sure but wish i was making profits sooner. I have afriend living in southern France who helped me in many ways in guiding me and sharing his knowledge, however at the end of the day i had to walk the walk .It is a constant learning and trading suits some people perfectly and some people have to adapt. But the effort is worth it because of the unlimited freedom you get and yes there is the promised land and that is simply this ” You can make a living ” and a decent one if you follow the market . Market is always playing a tune just dance to that beat
Know the Rules Know the Stakes and more importantly Know when to quit. Sign up here
Rules
- Time to Trade with me 4 AM – 10 AM EST Mon-Friand sometimes long term will be overnight. Just look for the signals on email or twitter
- Trading call will be made 15 minutes before the entry for intraday and anytime for overnight
- Trading Lot sizes : 1oooo units per lot (that would give you one dollar per point profit/loss)
- Profit Targets : P1 = 30-50 ; P2 = 75-95 ; P3 = 200 or End of the trading day
Stakes
- Amount at Risk for the first 4 weeks $1000 dollars capital assuming 1:50 leverage on your account
- Maximum Risk per trade 40-60 Pips Mental stops
- Worst risk – Airbag stop – 90 pips
Quit time
- End of trading day 10-10:30 AM EST
- Stop Loss
- Profit targets
- Emergency exit calls made during the day which will be 5 minutes before or after the mental stop is hit.
*Mental stops are levels ,if hit, we will try to exit the P1 and P2 at best prices, but we wont put a stop loss entry into the trading platform at this level. Some of you might know that the volatility in currency markets is brutal and some times during the active trading hours price just shoots but settles down at more reasonable levels. So if the trade went against us we don’t want to get stopped out at worse levels.
*Air bag stop will be to guard against devastation when on some un expected major news price just out of whack and no matter what we don’t want to hold the trade if the Airbag stop hits. No variations on this . This will be entered into the system except during expected economic news releases when the spread is wide and the actual levels tighten after the initial volatility . So just be aware of these
My recommendations for the tools and environment you need
- Open a $1000 real money trading account, I suggest OANDA.com, but it is up to you. Primary requirement is to be able to trade micro lots (I do not have vested interest in recommending any broker nor am I associated with OANDA in anyway other than that I have been trading on their platform for some time and got comfortable with it).
- Once you get comfortable with the signals you can increase your account ddeposit but always trade with minimal leverage. At any point in time you should not expose yourself to more than 20% of your capital base. for example if you have $10000 account you should not buy more than $200000 which will be subdidvided into 3 lots (In the case of GBP/USD or EUR/USD etc you will get lesser units as you can understand)
- Have a reliable Internet access which will be High speed, like a broad band connection.
- During trading hours absolutely no personal distractions
- Do NOT take any trades beyond those recommended, just trust me on this, you will be profitable. Resist the lure
- Keep the lot sizes andprofit targets everything precisely as recommended
- If you missed a trade DO NOT worry there will be one more trade , do not rush into a trade or force yourself to take a trade at a worse level because you missed the original entry. It is always counter productive
