Day Trading Forex Currency - 5 Things That Happen
What happens when you do it?
There are 5 things in particular, but there are more to be sure.
Here are the Big 5:
Well when you treat your trading as the business that it is,
2. You sleep better knowing that your not ’subject to’ the whims of the market - because you’ve taken control of your trading
3. Your free time becomes more relaxing and you find that you have more of it, because you are more structured, organized and efficient during your trading hours
4. During your trading, you find it so much easier to stick to your system, because you’ve properly analyzed it and know what to realistically expect from it
5. You feel good about the future because you know that you’re taking a calculated and business-like approach to your trading
There are many more benefits to treating your trading as a business.
So how well are you doing in treating your trading as a business?
Find out right now!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The quiz is anonymous and there’s no sign up or cost.
If you DON’T take it, then you may be missing out on those 1 or 2 items that could make that difference that you’ve been looking for.
Free Trader Training - Eliminate Counter-Productive Beliefs Now
Brian here and I recently found a very cool and effective method for eliminating negative beliefs.
While this guy isn’t a trader, the beliefs he addresses have direct impact on your ability to trade well.
There’s no cost and you can check it out here
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Beliefs CAN changed in a matter of minutes. I was pleasantly surprised at how quickly this method works. Check it out - doesn’t cost you anything. 
Free Forex Trading Education - Keys to Having the Winning Mindset
When it comes to trading Forex, your mindset is the most critical aspect on which to focus, but what specifically does that mean, and how do you go about it?
Most traders I work with have that question initially, and it is very worthwhile to pursue because EVERYTHING depends on your state of mind when you are trading.
Okay, so what does ‘mindset’ mean in practical terms?
Your mindset is the set of expectations, beliefs, attitudes, doubts and desires that you bring to trading. Yes, this sounds like a pretty broad list, and it is - your mind is not a simple place. It is quite complex.
Yet at the same time, getting your mindset right for good trading does NOT have to be an overwhelming task.
First thing to understand that much of your mindset is determined by a handful of perceptions. These perceptions include what trading is all about, your relationship with money, and your self-image.
The reason that so many very intelligent and otherwise successful people struggle when it comes to trading is because they underestimate what trading is, what all is involved in successful trading, and what it takes personally to make it as a self-directed independent trader.
They struggle NOT because it is such a complex or inherently difficult occupation. They struggle because they fail to take the simple steps to make it a successful pursuit.
Why do they fail to do this?
Primarily lack of guidance. Trading is perceived as such a simple endeavor that many think that they can just go it alone, getting their education on forums and in articles. While these can be helpful, this is one of the most difficult ways to learn a profession, which trading is.
Those that at least partially recognize that trading truly IS a business, albeit one with low barriers to entry, give themselves a HUGE advantage.
How is that?
Because the simple act of recognizing the nature of the activity brings with it a host of perspectives, attitudes and expectations that put you in a very advantageous mindset - the right mindset to win.
This is why the trading wisdom, “Treat your trading as a business” is SO crucial and more important than most realize.
When you treat your trading as a business, you inherently shift the odds of making it away from failure and towards success. The business-like approach and mindset bring a calculated approach to your trading.
To see how well you are treating your trading as a business, there is a FREE quiz you can take.
Often times it is in knowing the right questions to ask…
Cheers
Brian
“The Trading Turnaround Coach”
P.S. There is no cost or signup required to take the quiz. Take a few minutes right now and answer a few questions.
P.P.S. Oh yeah, I almost forgot, it’s anonymous, too, so you don’t need to worry about anyone knowing your business.
Trading Psychology Article - A Costly Mistake Many Traders Make
There’s one mistake that I see traders make over and over that causes them to stay on the not-so-fun roller coaster with their trading
They reach a high enough frustration point that they go and get a book (or 2 or 3) on trading psychology, put loads of focus on it, make some good progress, then they just focus on the trades and making money.
It doesn’t take long, especially after a win streak, to fall back into the sloppy trading again after a relatively short period of time.
Because managing your state isn’t something that you attend to once, set it and forget it.
Keeping yourself mentally on top of your game takes regular, consistent focus.
Plus, since we as humans are rather complex creatures, there’s a rather long list of pitfalls and potential problems that can affect your trading and your general quality of life.
The first step is to get your arms around the known problem(s) at hand.
That’s why I created the Trader’s Guide to Emotional Management, to help you address whatever is making your trading life difficult right now.
The second step is to get on-going support to keep you at your best. That’s why the Trading Psychology Coach is such an important resource for your continued success.
In the Trading Psychology Coach, the trader’s publication which you receive twice monthly, you get a trader’s perspective on such topics as:
- The Fear of Success
- Improving Your Consistency
- Shoring Up Your Confidence
- Creating Gravity In Your Trading
- Instilling World-Class Attributes Into Your Trading
- Brain Chemistry
- Dealing with Depression
- And others…
What to do right now…
Subscribe to the Trading Psychology Coach and you get the Trader’s Guide to Emotional Management as an instant bonus
Plus you also get Instant Access to the video,
-
PLUS there are additional bonuses that come with the Trader’s Guide, which make this the resource to get right now to bring your best to your trading.
DON’T make the mistake of trying to play the ’set and forget’ game with your mental state when it comes to trading. The frustration and losses just aren’t worth it.
Make your life simple and do yourself the favor (besides this is incredibly cheap).
If you have any questions, just let me know.
Cheers
Brian
“The Trading Turnaround Coach”
Forex Trader Training - Discover Why Some Will Never Succeed
Sadly, there are some people that just plain will NEVER make it as a trader.
Oddly, the reason is NOT because they aren’t smart enough or because they don’t have the ability. It is because of something that happened along the way that they haven’t addressed. They are aware of it to a degree, because they can make money in their trading. The problem is that they have a decent run and then get cocky and reckless, and then wind up giving it all back to the markets.
And this happens again and again and again.
Another ironic thing is that it really isn’t their fault because it is caused by their primal survival systems kicking in and over-riding their rational mind. It’s a response triggered by a specific set of circumstances that are very common in trading, and once activated, this response tends to create a vicious cycle that is nearly impossible to break, at least without some help.
Here’s how it works. We’ll use my friend Jerry as an example (of course Jerry isn’t his real name).
Prior to opening his account, Jerry hadn’t ever traded at all. He’d just heard about it, but didn’t really know what it was about. He quickly sought out the basics of how trading works and chose to try a few things he’d read about on different forums he’d found.
It didn’t take long and Jerry felt confident enough to open a live trading and began placing his first trades. Afterall, how trading works is straightforward enough and he was pretty smart, certainly smart enough to get this.
During this time, he was trying earnestly to make money, but he was mostly hitting losers because this was all still very new to him. When he hit his first decent winning trade, he was jazzed. What a rush! What a great surprise!
The next winner was even bigger and WOW this really rocks!
Jerry managed to run his account up by just over 20% and he was feeling invincible! He’s got this trading thing down and he’s on his way!
It didn’t take long though until Jerry started getting reckless, jumping into trades that he had no business entering. He felt helpless as his account balance went down to break even, then down by 10% from where he started, then down by 20%, then down by 30. He couldn’t stop himself, even though he was well aware of what was happening.
Jerry put more funds into his account because he just knew that he could make this work, that he could repeat his nice run.
Unfortunately, Jerry was able to repeat the run, but not without repeating the rest of the cycle as well.
It finally got to the point where he just had to close his account and take a break. He just couldn’t take it any more. The most frustrating part of it is that intellectually he knew he could beat this, he just couldn’t seem to control himself once he started winning.
So Jerry called me up and asked for my help.
He wanted to understand why this happened and what he could do to fix it.
What Jerry didn’t understand is that what he’d been doing really was gambling. He wasn’t trading, because he hadn’t taken the steps necessary to trade in a calculated and business-like manner. What he had been doing was playing the game of anticipation and seeking the thrill of the unexpected.
Once a winner gets hit when you’re in this mindset, your brain chemistry is essentially the same as a drug addict and a gambling addict. It kicks in and shuts down your rational mind while activating your pleasure centers in a big way.
The added danger of this and the reason that many people won’t make it in trading is because they’ve been caught in this experience, and they won’t be able to shake it until they quit gambling and truly treat their trading as a business - again in a very calculated and business-like manner.
If this story here sounds at all familiar to you, then I strongly urge you to check out the training in the Trading P.I.T. Club. In it you’ll become that business-like trader that you need to be to stop gambling and start real trading.
Of course if you have questions, just let me know.
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Those that don’t attend to the problem described above are bound to only repeat the vicious cycle and unfortunately it can go on for years. Don’t let it happen to you - stop gambling and get on with business-like trading that will help you keep your head clear and let you trade well rather than give it all back whenever you do make money.
Psychology of Trading Forex - 2 Crucial Questions That Impact Your Success
Brian here and today I have a couple quick and very important questions for you to ponder, important because they have such an incredible impact on your trading.
Now it is very important that you consider both questions at the same time, as the answers are very much related.
After the second question, I have a sage piece of wisdom from another industry that will serve you well in your trading and again relates to the questions.
The first question is simple and one you’ve hopefully actually thought about seriously, so here it is:
Question 1: “Why are you trading?”
The reasons for doing what you do are tremendously important and need to be emotional, not just logical reasons, and they also really need to be much bigger than you. If not, when tough spells are hit, you can lose your motivation and possibly have your confidence destroyed, so you need something really strong to survive this and keep you going.
Question 2: “What are you doing with that motivational energy?”
This is NOT a trick question. Many people get all fired up when they think about why they’re trading and what they want to do with the money they’ll make, but they don’t apply that energy in the right direction.
The mistake commonly made is to get even busier trying to make money.
The right thing to do is to focus on how to get better at trading, even if that means slowing down or even taking a break to regroup if things aren’t going well.
Main thing is to not just keep dreaming and trading away. You are a trader and you want to get very good at making money via trading, not just busy trading away.
The sage wisdom that serves you too:
In the real estate industry, there is a phrase that goes,
What the essentially means is to focus on the PROCESS of making money through trading.
Don’t just sit around daydreaming about all the money that you’ll make and how you’re going to spend it.
You have to get on with getting your trading business properly organized, getting yourself trained and in general focus on the process and your operation more than the money.
Too many traders just think (often without really thinking about it) that if they can just get to making money, that everything else will somehow magically fall into place and the consistent profits will simply flow in month after month.
If you want a reliable source of wealth generation and income, and you want it within a reasonable period of time, then you have to make it happen with intention and on purpose.
It ain’t gonna happen by chance and there’s no magic fairy going to come along and put it under your pillow.
If you’re not sure how to make it happen efficiently and you’d like guidance and assistance, then I can help you.
Of course if you have questions, just let me know.
Cheers
Brian
“The Trading Turnaround Coach”
P.S. Information is good, but sometimes a little good ol’ thinking and reflecting are extremely valuable too. 
Forex Trader Training - What Went Wrong Early On And How It Affects You Now
Do you ever wonder what went wrong at the beginning of your trading career that is making things so bloomin’ difficult now?
I expect you do. I hear it quite regularly from new clients.
Because you see, if you have been trading for a while and are having a tough time making headway toward your goals, it is important for you to realize that your early days as a trader very likely still impact your present day trading.
It was what happened in the beginning, because those events and experiences shaped you.
They strongly affected how you feel and how you respond to many things in your trading.
The perspectives, attitudes and associations that were established then are still with you today, even if only on a subconscious level.
That’s why it is SO important to become aware of what was really going on, so that you can become consciously aware of how what happened then may be affecting you today - so that you can take conscious action to move beyond those obstacles.
Because it is important to you, I am giving you an extra incentive for 4 days to discover what was happening back then by holding a “What Went Wrong Sale”.
I’m giving you a 33% discount off “The Subtle Trap of Trading” - but only for the next 4 days. Yes, this is to prompt you into positive action so that you will realize benefit.
Simply use the coupon code MAY32010
This “What Went Wrong Sale” lasts only through Monday May 3, 2010, so act now and save some bucks!
Discover what went wrong at the beginning of your trading career that is making things so tough now. Raise your awareness and then make progress!
Enjoy the book and have a great weekend!
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The Subtle Trap is a intentionally a fairly short read - not some 700 page book that will make your brain hurt. It is concise and straightforward, so that you can get through it and realize the benefit! On top of that, we’re only talking about what it would cost you for a decent lunch with a friend.
Discover what went wrong right now!
Psychology of Trading Forex - Getting a Handle on the “Trading Psycho” In You
Today I have an article from a colleague of mine which I felt important to share with you.
Enjoy and have a great weekend!
Cheers
Brian
P.S At the end of the article, you’ll find a link to a FREE video about 5 damaging myths about trading. Enjoy!
Get Hold Of The ‘Trading Psycho’ In You And Take Your Trading To A New Level.
Of course we aren’t Psychos! Nonetheless I want to direct your attention to the most powerful technology for producing positive changes in your trading. What’s that? NO, this is not a Whiz Bang indicator or new method. Each of us has this but few invest the time or manage this properly. What is it?
It is OUR MINDS!
That 6 inch space that rests between our 2 ears that leads and directs our every action. EVERYTHING you do in your trading EVERY DAY starts as a thought! And I’m here to tell you after working with traders for over 14 years, it is simply a GAME CHANGER when managed properly. Let’s look first at how we can optimize our minds through Trading State Management.
What is Trading State Management?
State Management is ESSENTIAL to successful trading. What do I mean by “State Management?” Quite simply, State Management is the recent trading events that can affect your Trading State. State Management focuses on the notion that how you FEEL affects how you perform. Losses can make it harder to execute entries, because you break exit rules and stop placement rules. Winners can take you on a euphoric ride of “I am super trader hear me roar!”…and lead you right into an impulse trade, death trap. This death trap can spiral faster than a politician retracting a provocative statement.
Your “State” refers to the psychological – emotional frame of mind and even your physiological condition. After a losing trade, do you find that you are slumped down in your chair? Is your breathing shallow? What about your internal dialogue? IS the dialogue defeating and negative, instead of positive and supporting?
Think RIGHT NOW for a second about your internal dialogue! That dialogue is the little voice that reprimands you after losses and tells you “AFTER THE TRADE” what you should have done differently! We can question our actions on EVERY trade when it’s over; however, these questions are not very constructive.
When was the last time you followed the rules of your trading system EVERY SINGLE DAY for a solid week? What’s that? You don’t have a system? NO trading plan? YOU NEED a structured series of ‘IF this THEN that’ statements which help bring quantifiable organization to what you do in the markets BEFORE risking your hard-earned capital.
When I bought my first system I was thrilled after seeing the back tested performance. I calmly ran test numbers in my spreadsheet showing that I had easily increased contracts. By the end of the year I was visualizing paying cash for that Benz I’d been slobbering over. Yet, I was crushed when after just 1 week my REAL numbers didn’t look anything like my tested numbers!
OF COURSE it was the system, the markets, the FED, my broker, oh…and also my dog that caused all of this and NOT ME! I quickly found those were all wrong answers and I didn’t follow the SIMPLE rules. I started asking WHY I jump out early, trail stops too tight and SKIP trades completely which keep changing the course of my research. Here is what I found:
The combination of the ‘Internal Dialogue’ and your ‘Outward Physiology’ all ABSOLUTELY affect your decisions regarding the next trade setup and thus your ability to execute your trading plan. Knowing this information places you FAR ahead of the game. When you are aware of something in your internal dialogue and physiology, you are able to address it, making the appropriate and necessary changes to affect positive outcomes.
Why is Trading State Management Important?
In the most obvious terms, managing your trading state will dictate the consistency in your trading. Whether it is consistency of execution, pattern recognition, equity growth, or positive mental health; TSM will put you in control over your emotions. These emotions have the largest impact on trading consistency. REMEMBER! The most powerful trading system out there is useless in the hands of a trader who CHOSES not to follow the rules!
The Most Important Element is YOU.
Your ability to recognize this as fact and then ACTIVELY work to MANAGE your TRADING STATE will be directly correlated to your long-term success in ANY market and in much of day-to-day life. Working with traders for the last 14 years - from the newbie to the 3-5 year veteran, proprietary trading firm and Hedge Fund traders - I have seen convincing and unmistakable evidence that those who accept these concepts have a SIGNIFICANTLY higher probability of long-term trading success when compared to those who continue the search for Whizz-bang Trading System #18.
Facts to Ponder
Jack Schwager, after writing two books (Market Wizards and New Market Wizards) in which he interviewed some of the world’s top traders, (36 of the interviews made up the 2 books) made the following statement at the end of Book 2; “Time and Time again, those whom I interviewed for this book and its predecessor stressed the absolutely critical role of psychological elements in trading success!”
When asked to explain what was important to success, Jack says, “The Market Wizards NEVER talked about indicators or techniques, but rather about such things as discipline, emotional control, patience and mental attitude toward losing.”
The message is CLEAR: The Key to winning in the market is internal, NOT external.”
Need more Proof?
Ed Seykota, an industry recognized trader and lecturer, once taught a college course in trading that lasted ten weeks. He spent the first week of the class teaching basic information about trading. He spent another week teaching the class Donchian’s 10-20 moving average crossover system.
However, he needed the remaining eight weeks of the class to convince the students to use the system that he had taught – to get them to work on themselves enough to accept the losses that it (or any other good trading system) would generate. So, we have concrete evidence from over 40 traders who cumulatively have earned BILLIONS of dollars in this business that we pursue every day telling us CLEARLY that long-term success in the markets is INTERNAL.
Yet, we as traders continue to invest our time and energy staring at charts and buying new EAs, going from live trading room to live trading room searching continuously. What if we just STOPPED the insanity and LISTENED to the obvious message from those who have done what we seek to do? They didn’t have a little success but rather HUGE and SUSTAINED successes!
That speaks volumes and puts me on a different path which changed the way I view the markets and trading.
By Todd Brown
The Trading Authority
Did you know that there are 5 myths many traders believe that severely hurts their results?
Find out if your trading is being affected,
Click here to access a FREE video about them
Psychology Of Trading - A Great Quote You Haven’t Heard…
I was in the BooksaMillion book store the other day, picking up a book on my son’s summer reading list.
Now I don’t know about you, but book stores are like candy stores for me. I can’t just go in there and get one thing without browsing around a bit.
So while scanning their latest offerings, I ran across an interesting sounding book which I wound up buying and have begun reading.
Inside the front cover is a quote that I am going to put up on the wall in my house because it’s just that worthwhile:
“Success is uncommon, therefore not to be enjoyed by the common man. I’m looking for uncommon people.”
Why do I like it so much?
Because it puts things is a proper yet useful perspective, and here’s what I’m talking about: so many people want to take the common path in trading while expecting uncommon results.
They want to enjoy all that trading has offer without making a real business of their trading. They want to find that ‘push-button-easy” way to turn their computer into an ATM - while they remain the same as they’ve always been.
It is only when one chooses to BE different, and actually become a different kind of person will they realize a different life. One simply cannot be and do ‘average’ and enjoy an above average life.
And unfortunately, ‘average’ in trading sucks. It really does. The average trader is losing money and not having any fun at all.
When you are ready to begin experiencing the uncommon,
Cheers
Brian
“The Trading Turnaround Coach”
P.S. The book is “Uncommon, Finding Your Path to Significance” by Tony Dungy, Head Coach of the Indianapolis Colts. I’m not quite finished with it, but it is a great book so far!
[Trading Psychology Training] - Get In On The “Disciplined Trader Training” Now!
This is a special announcement.
If you’ve been a trader for ANY length of time, you know what it feels like to miss a trade your trading system signaled you to take, only to see the huge winner you were waiting for go by.
Or how about watching all of your built-up profit for the week evaporate in one “bonehead” trade where you lifted a stop that was supposed to protect you or you took a trade right before confirming lines crossed so you could “get a little bit extra”.
To the UN-disciplined trader, these scenarios play out over and over…. and over again.
The fact is, it doesn’t have to be like that.
THIS post marks the “opening of the doors” to the accepting of just 250 traders into the next “The Disciplined Trader” Intensive Program, which begins on April 19th (but you must register NOW).
=> No More taking that “B” trade that results in a loss that wipes out your entire week’s gains, just because you thought you were “on a roll”.
=> No More missed trades because of fear of losing.
=> No More quivering finger over the mouse, hesitating to pull the trigger.
=> No More lifting your protective stops, because you think the floor trader will “take you out”, and have the market head back up again without you.
=> No More excuses for not following your trading plan.
“The Disciplined Trader” 6-week Online Intensive will make you the “ice-in-the-veins” trader you need to be to win consistently in today’s volatile markets…
And winning consistently is exactly what can happen…whether you trade Stocks, FOREX, Commodities, or Options… when you master the mental and emotional aspects of your trading.
“The Disciplined Trader” Program will have you…
– Build your trading disciplined skills in a very short period of time, then…
– Apply The NEW YOU - and watch your newly developed discipline skills take positive effect on your trading results.
OH, AND…
Make sure you watch the testimonial videos recorded by students in their current Program. They are traders JUST LIKE YOU.
You can achieve what they have achieved…. turning their trading fears and hesitations into confidence and decisive action to follow their trading plan.
Now it’s YOUR turn.
Follow this link and travel to “The Disciplined Trader” Intensive Program…
http://www.thedisciplinedtrader.com/?10068
We are living in historic times… market-wise…and therefore, trading-wise. Fortunes will be made by those traders who can consistently follow their trading plan.
Will that be you?
It CAN be.
Norman is accepting only 250 new students, so please Act Now.
Follow this link and travel to “The Disciplined Trader” Intensive Program…
Cheers
Brian
PS: Please Note that Norman Hallett is offering THE MOST COMPLETE guarantee on the planet. If you’re not seeing yourself turn from hesitant to confident by the end of the Program (YES, you can take the whole course before deciding!), you’ll get your money back and you’ll part friends. Now, it’s YOUR MOVE…
http://www.thedisciplinedtrader.com/?10068
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