Posts tagged Four
The Four Keys To Identify Winning Trading Strategies – Day Trading Success Secrets
Sep 2nd
Most traders are on a constant quest to discover winning trading strategies. And yet, very few Traders are ever able to find and successfully implement these winning trading strategies.
Why is that? What is it that is so elusive about them? Where can you go to find the most powerful and accurate winning trading strategies available?
The fact of the matter is that most well-thought-out day trading systems and strategies can and should be winning day trading strategies IF the Trader has discipline – both in following the day trading strategy exactly, and also in sticking with the trading strategy.
Yet it seems that most day traders will try what should be a winning trading strategy just once or twice, and if it doesn’t immediately yield positive results, these traders quickly abandon the day trading strategy and move on to the next “winning trading strategy”.
And these same Traders wonder why they can NEVER create consistent Day Trading success – why they can never lock in on that one winning trading strategy.
To help you along on your quest, we’ve created a four-step punchlist for you to follow as you continue your quest to identify winning trading strategies. Pay close attention to this list – it could be the “game changer” you’ve been looking for as a Day Trader.
The Four Keys To Identify Winning Trading Strategies
1. Keep It Simple, Stoopid! The best day trading systems and strategies are also the easiest to learn, understand, and master. The more complicated a trading strategy (and believe me, in the world of technical analysis, there are PLENTY of ultra-complicated trading strategies), the less like you’ll ever be able to turn it into a winning trading strategy for yourself.
When looking for winning trading strategies, find those that are simple, easy to execute, and that don’t require an advanced degree in statistical theory to comprehend.
2. Speed Is Your Friend. The longer you’re in a trade, the more time there is for something to go wrong. When searching for those elusive Winning Trading Strategies, find one that allows you to be in and out of a trade very quickly (my average trade lasts less than one minute).
Find day trading systems strategies that don’t focus on “long term” trading (i.e. anything longer than a few minutes) – it’ll be better for your trading account AND your stress level.
3. Don’t Be A Stock Chart Zombie. Most (nearly all) trading strategies require you to spend hours and hours a day chained like a slave to your computer, making trade after trade after trade, all…day…long. Is that really the life that you’re looking for? Wouldn’t it be better to be in, out, and on with your day?
In fact, The Guerrilla Trader slogan “get in, hit your target, get out…like you were never there” is speaking directly to this idea. The problem is that MOST trading strategies require you to watch for indicators that will “predict” when market movement will happen, and also which direction to enter the trade.
Wouldn’t it be easier, and flat-out BETTER, if you already knew exactly when market movement was going to happen, and then how to take advantage of that movement? The less time you have to spend executing a winning trading strategy, the more like you will be to maintain your discipline as a Trader. Speaking of…
4. Maintain your discipline. No matter what trading strategy or system you ultimately decide on, discipline is absolutely 100% necessary for you to become a successful trader. You MUST maintain your discipline as you execute your chosen strategy, and also as you keep working at perfecting it.
Lack of discipline has perhaps ruined more would-be Traders than any other flaw. Even as an experienced Trader, I sometimes find myself growing impatient with my winning trading strategies (even though these strategies that I use develop almost instantly and I’m usually in a trade for less than a minute). And its when I veer off course of these winning trading strategies that I find myself limiting my profits, or even turning winning trades into losing trades.
As a day trader, there is no characteristic more important in your trading practices than the ability to exercise a high level of discipline. And ironically, there is no trading skill that is harder to master than unbending, unyielding discipline.
So there you have it – the four keys of identifying winning trading strategies. Of course, not all trading strategies are created equally…
Forex Trading- the Big Four Things to Overcome Before You Can be Successful
Mar 13th
Forex Trading- Overcome 4 Obstacles to Success!
Do you want to be a Forex Trader, a forex trading millionaire? Well then you have 4 hurdles that you must overcome and then Forex trading success is all yours.
Now we sill show you what the hurdles are and more importantly how to overcome them and then your in control of your own forex trading success. Lets look at some interesting statistics 95% of Forex traders lose money and most follow a robot or sure fire system, where they think their going to win with no effort and they lose. Think about if it was as simply as turning on a machine to make money, one would you sell it? No! If it was that easy everyone would be successful, not 95% fail. Success normally comes at a price, education which equates to spending time to learn and which gives you knowledge.
So if you want the success see the hurdles then overcome them.
1. Education= Knowledge, you don’t always have to work hard but sometimes smarter
Firstly almost anyone can make money from trading Forex but most fall for the it’s easy, or the numerous myths and one of the commonest errors is that hard work guarantees success – it doesn’t.
In forex trading you don’t get rewarded for effort, you get rewarded for being right and that’s it. Forex trading is very black and white, either you are right or you are wrong. There is a saying though the Market is never wrong. You can learn everything you need to know in a few weeks and get on the road to Forex trading success and the reason for this is Forex trading is simple to learn if you do it the right way. Understand the market and what is required.
2. Find a Method that works and Stick it-
So many people come up with systems that start working and then they want to change it, make it better, does it get any better than working, than making you money? Isn’t this what we all want to achieve. So the first point to keep in mind is simple Forex trading strategies work better than complex ones and the reason is you are dealing with an odds based market and simple systems are more robust than complicated ones, with fewer elements to break.
Point Two- Throw away the Crystal Ball and Stop trying to Predict the Market!
This is simply hoping or guessing and you won’t be rewarded for that. You should trade the reality of price change on a chart and a great method to use is breakout methodology. It’s simple to understand, easy to learn and makes huge profits. So many people get in losing trades and then they become hope traders, I hope it goes up, wrong if you hope you know you should cut the trade and move on
3. Can’t Pick a Winning- Dealing with Failure- Deal with failure well and you can become a success
This is the hard part of Forex trading, forget all you have read from vendors of forex robots and sure fire systems that losses can always be small and last just a few days, this is not the reality.
The reality is the market is going to hand you losses for weeks on end at some point and its in this period, you need to keep your losses small and keep trading your trading signals, as the market takes your money and makes you look a fool.
You need to trade through these periods until you hit profits again.
Think it’s easy?
You probably haven’t traded, its tough to keep going and to do this you need the following key trait.
4. Golden Key to Success- Discipline- Stick your rules
To trade through losing periods, you must have the discipline to keep going – it’s the key to success. If you think about it, if you don’t have the discipline to rigidly apply your system, you don’t have one. You are a hope trade and sure enough you will go broke.
Discipline is not easy, but is certainly worth learning.
The way to achieve discipline is through the right Forex education and confidence in what you’re doing and the courage to apply your method.
Anyone Can Win
Anyone can win at Forex trading if they get the right education and overcome the above obstacles and when you have done this you could be making big Forex profits and earning a great second or even life changing income, in around 30 minutes a day.
Or you can find a great forex broker that can help make you money, if you are looking for a Forex Broker then the CFD FX REPORT has recently researched Forex Brokers and have come up with who they believe to be the best forex broker in the market.
