Day Trading Forex Currency - This Move Could KILL The Industry
Those clever yahoos at the CFTC know full well what the ramifications are for the latest proposal - and it looks like they are going ahead anyway.
Now the questions and all the fuss suggest that they are UNAWARE of the consequences of their actions - that this would completely destroy the Forex trading here in the U.S.
But there is just NO WAY that the DON’T know.
So this begs the REAL QUESTION: Who will benefit and how?
Here’s the BIG problem:
“Leverage in retail forex customer accounts would be subject to a 10-to-1 limitation.”
Here’s where you can read the press release about it.
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
Most importantly, here is how to make your opinions known.
You may submit comments, identified by RIN3038-AC61, by any of the following methods:
1) Federal eRulemaking Portal: http//www.regulations.gov/search/ index.jsp Follow instructions for submitting comments.
2) Email : secretary@cftc. gov. Include “Regulation of Retail Forex” in the subject line of the message.
3) Fax (202)418-5521
4) Mail: Send to David Stawick, Secretary, Commodity Futures Trading Commission, 1155 21st Street,. N.W., Washington, DC 20581
Cheers
Brian
P.S. Let’s hope and pray that they really are so blindly ignorant that they didn’t realize what this would do and that receiving truckloads of emails will get them to do the right thing.
P.P.S. Here’s a thread discussing this in more detail
Forex Trading Psychology - 4 Sources of Self-Sabotage
Have you ever felt like you sabotage yourself sometimes in your trading?
If you’re like most traders, you have and probably on more than one occasion.
One of the really aggravating aspects of self-sabotage is that it’s right in your face.
You know you’re doing it.
You know that you’ll regret it.
It happens anyway, and then yes the regret kicks in. Sometimes anger and and self-chastising come into play as well.
If it was coming from only one source it might be easier to address, but in truth there are four.
And no matter how many months or years experience you have, how great your system is, any one or more of the four can wreak havoc on your trading account.
Bummer.
The good news is that once you become aware of the four sources of self-sabotage, at least then you can take steps to protect yourself from their influence in your trading.
The other nice thing is that you can ease up on yourself a bit. Nothing can take you down faster than a furious session of self-berating.
When you understand what’s going on, then you can be a bit kinder to yourself, which is much more productive.
That’s just one of the reasons that I created the exclusive video, “Four Causes of Self-Sabotage”.
You won’t find it anywhere but at InsideOutTrading.com and it’s not even for sale.
To see how you can get access to it,
Cheers!
Brian
P.S. You’ve heard the saying, “We are often our own worst enemy.” You’ve probably also experienced it in your trading.
Take the first step to ending your self-sabotage right now - it is very costly in terms of capital but more importantly peace of mind and self-esteem.
Psychology of Trading - “Winners Always Want the Ball…”
Sometimes inspiration can come from unexpected places.
The other day, my son was watching the movie “The Replacements”, which stars Keanu Reeves and Gene Hackman. In the movie, Gene Hackman is the interim coach of a replacement football team during a player strike, and Keanu Reeves is the quarterback of the team.
During their first game, the defensive players are talking a lot of trash and manage to get inside Keanu’s head. On the last play they put on like they’re going to blitz and Keanu gets nervous. He has a chance to win the game, but at the last second Keanu changes the play - and they lose.
While they’re walking off the field, Gene Hackman is furious, knowing that Keanu got scared when he thought the defense was going to blitz. To put things in perspective for Keanu, he says,
“Winners always want the ball when the game is on the line.”
So how does this relatet to trading?
One major factor that separates the winners from the losers is confidence versus doubt. They’re both faced with the same situation, but the winners can overcome their fears and doubts. They have a certain state of mind that they’ve developed that helps them stay focused on the victory, not the possible loss.
Winners want the ball because they know that when the pressure is on, and only bold and confident action is what will result in a win. Shaking with fear means certain loss.
Football, golf, soccer, sports in general, business, trading, etc all have one thing in common - they are 90% mental. Skills, experience, knowledge, strategy, etc are all secondary to your state of mind - because your performance and your results all depend on your decision making and timing.
So while it is tempting to let your focus be drawn to the latest fad in the technical areas, remember that nothing will do you any good unless you can keep your cool and trade well when the pressure is on - and it’s always on.
Cheers
Brian
P.S. Yes the focus here at the Trader Intensive is shifting more back to the psychology of trading - because of its importance. Keep your eyes peeled for a very special introduction to the new publication designed specifically to keep you at the top of your game!
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