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Last Activity: 11-05-2008 01:19 AM
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Why You MUST Stay In Contact With Other Traders
Today I finally found some time to read Adrienne Laris Toghraie's excellent newsletter "The Discipline Perspective of Trading". Adrienne is a Trader's Coach and has taught hundreds or maybe even thousands of traders emotional control and discipline.
In the latest issue of her newsletter, Adrienne talks about "Excellence Versus Mediocrity in Trading". She explains the relationship between excellence and competition. In a nutshell: Without competition you won't be able to achieve excellence.
You need to measure your results against your own standards AND the results of other traders. If you trade in a vacuum, it will be difficult...
Today I finally found some time to read Adrienne Laris Toghraie's excellent newsletter "The Discipline Perspective of Trading". Adrienne is a Trader's Coach and has taught hundreds or maybe even thousands of traders emotional control and discipline.
In the latest issue of her newsletter, Adrienne talks about "Excellence Versus Mediocrity in Trading". She explains the relationship between excellence and competition. In a nutshell: Without competition you won't be able to achieve excellence.
You need to measure your results against your own standards AND the results of other traders. If you trade in a vacuum, it will be difficult...
Posted in Uncategorized
Daily currency analysis for Monday, October 27, 2008
EUR/US$
The Euro remained under pressure in European trading on Monday and dipped to lows around 1.2330 against the dollar, a fresh two-year low for the currency.
The German IFO business sentiment index weakened further to 90.2 in October from 92.9 previously, a record low for the index as expectations deteriorated sharply. Although IFO officials also cautioned against excessive pessimism, there will be further expectations of Euro-zone deterioration and pressure for further interest rate cuts.
In comments on Monday, ECB Chairman Trichet stated that the bank could cut interest rates gain at the November 6 meeting, although a reduction...
EUR/US$
The Euro remained under pressure in European trading on Monday and dipped to lows around 1.2330 against the dollar, a fresh two-year low for the currency.
The German IFO business sentiment index weakened further to 90.2 in October from 92.9 previously, a record low for the index as expectations deteriorated sharply. Although IFO officials also cautioned against excessive pessimism, there will be further expectations of Euro-zone deterioration and pressure for further interest rate cuts.
In comments on Monday, ECB Chairman Trichet stated that the bank could cut interest rates gain at the November 6 meeting, although a reduction...
Posted in Uncategorized
The Power Of Weekly Profit Goals In Day Trading
For many years we have been teaching the power of weekly profit goals in our Day Trading Coaching Program.
We help our students to determine a weekly goal that is attractive for them and realistic. Once this goal is achieved, we tell them to stop trading for the rest of the week and start fresh the next week.
At first glance this sounds weird and traders ask me: "Why should I stop trading when I am ahead? If I keep trading, I will make more money".
Let me show you proof:
This morning I received a trading log from a trader who has been taking 138 trades in the past 4 weeks. Unfortunately the past couple of...
For many years we have been teaching the power of weekly profit goals in our Day Trading Coaching Program.
We help our students to determine a weekly goal that is attractive for them and realistic. Once this goal is achieved, we tell them to stop trading for the rest of the week and start fresh the next week.
At first glance this sounds weird and traders ask me: "Why should I stop trading when I am ahead? If I keep trading, I will make more money".
Let me show you proof:
This morning I received a trading log from a trader who has been taking 138 trades in the past 4 weeks. Unfortunately the past couple of...
Posted in Uncategorized
How Many Markets Should You Trade?
This morning I received an email from Michael in Australia. He has been following our Simple Day Trading Strategy for trading multiple markets and wrote: "I only trade the e-mini S&P".
Here's my answer: BIG mistake!
Never trade only one market. There are some times when a market is trending and easy to trade, and there are times when markets are just moving sideways. Take a look at the 5 min chart of the e-mini S&P on 10/20/2008:
[Image]
As you can see the market was just moving sideways and not really trending. If you applied a trend-following strategy...
This morning I received an email from Michael in Australia. He has been following our Simple Day Trading Strategy for trading multiple markets and wrote: "I only trade the e-mini S&P".
Here's my answer: BIG mistake!
Never trade only one market. There are some times when a market is trending and easy to trade, and there are times when markets are just moving sideways. Take a look at the 5 min chart of the e-mini S&P on 10/20/2008:
[Image]
As you can see the market was just moving sideways and not really trending. If you applied a trend-following strategy...
Posted in Uncategorized
This morning I received an email from Michael in Australia. He has been following our Simple Day Trading Strategy for trading multiple markets and wrote:
"I only trade the e-mini S&P".
Here's my answer: BIG mistake!
Never trade only one market. There are some times when a market is trending and easy to trade, and there are times when markets are just moving sideways. Take a look at the 5 min chart of the e-mini S&P on 10/20/2008:
[Image]
As you can see the market was just moving sideways and not really trending. If you applied a trend-following strategy on this market, you might have...
"I only trade the e-mini S&P".
Here's my answer: BIG mistake!
Never trade only one market. There are some times when a market is trending and easy to trade, and there are times when markets are just moving sideways. Take a look at the 5 min chart of the e-mini S&P on 10/20/2008:
[Image]
As you can see the market was just moving sideways and not really trending. If you applied a trend-following strategy on this market, you might have...
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