"5 Steps to Better Trading"
Two things for you today:
An article from David Jenyns and an interview with Aden Rusfeldt - a currency trader.David Jenyns sent me this article, and I thought you would enjoy it.
"5 Steps to Better Trading".
1. Trading WITH your plan.
2. Understand and accept the fact that all trades will not be successful.
3. Analyze all trades, both the failures and the successes.
4. Decide in advance how much you will risk on each trade.
5. Never make the same mistake twice.
1.Trading WITH your plan.
It never ceases to amaze me how many traders don`t have aplan. Moreover, of those traders who do have a plan, veryfew follow it. They get carried away with the latest whizbang trading system and fail to follow their own system. If you`re yet to find a system that works for you...have a look below.
2. Understand and accept that not all trades will be successful.
When you have paper traded for a period of time, work outhow many trades you expect to be unsuccessful and play accordingly. One of the world`s greatest traders, Jessie Livermore, went broke several times because he overextended his trading whenhe believed he was right and time proved he was not. Do not overextend yourself.
3. Analyze all trades, both the failure and the successes.
It is easy to cheer for yourself when you are successful.But I say, and I am sure you will agree, that
successful traders need to examine both wins and loses. This should be done weekly.
4. Decide, in advance, how much you plan to risk on each trade.
In other words, you can have a "trailing stop loss" as yourtrade moves in accordance with your strategy. But you should also have your first stop loss in place as soon as the trade is made. By
doing so, you can stick to your the maximum loss.
5. Never make the same mistake twice.
Many traders make the mistake of not putting on daily stop loss points. Worse, some fail to check
the end of day figures to see if new "circumstances and conditions" existon the days following aentry into a trade. Pay attention to the "changed conditions" especially thosethat yell "GET OUT
OF THIS TRADE NOW!"
Now that you have "5 Steps to Better Trading", it is timefor you to learn how to maximize your gains, minimize your losses and predict key turning points - like clockwork!
============================================================
About the Author:
David Jenyns is recognized as the leading expert when it comes to designing money management systems. David has authored numerous other best selling trading booksand courses including "The MetaStock Programming StudyGuide," "The MetaStock Secrets Seminar DVD", "TradingSecrets Revealed" and "Million Dollar Trading Articles." His most recent course, Trading Secrets Revealed, is afantastic roadmap for designing money management systems, no matter what market you trade. Learn how *you* can become one of his students.
Contact: Freelance Traders Pty Ltd9/304 Tooronga Rd,Glen Iris,Victoria ,3146, Australia
----------------------------------------------------------------------------------------------------------------------
An Interview with Aden Rusfeldt
http://tinyurl.com/9su25
Aden Rusfeldt will also trade for you - he won't charge you unless he makes a profit.
Regards,
Joseph Sgro
THE 10 Simple Rules Ezine
http://tutorhelpcomau.blogspot.com/
Contact me:
mailto:tutor@southwest.com.au
An article from David Jenyns and an interview with Aden Rusfeldt - a currency trader.David Jenyns sent me this article, and I thought you would enjoy it.
"5 Steps to Better Trading".
1. Trading WITH your plan.
2. Understand and accept the fact that all trades will not be successful.
3. Analyze all trades, both the failures and the successes.
4. Decide in advance how much you will risk on each trade.
5. Never make the same mistake twice.
1.Trading WITH your plan.
It never ceases to amaze me how many traders don`t have aplan. Moreover, of those traders who do have a plan, veryfew follow it. They get carried away with the latest whizbang trading system and fail to follow their own system. If you`re yet to find a system that works for you...have a look below.
2. Understand and accept that not all trades will be successful.
When you have paper traded for a period of time, work outhow many trades you expect to be unsuccessful and play accordingly. One of the world`s greatest traders, Jessie Livermore, went broke several times because he overextended his trading whenhe believed he was right and time proved he was not. Do not overextend yourself.
3. Analyze all trades, both the failure and the successes.
It is easy to cheer for yourself when you are successful.But I say, and I am sure you will agree, that
successful traders need to examine both wins and loses. This should be done weekly.
4. Decide, in advance, how much you plan to risk on each trade.
In other words, you can have a "trailing stop loss" as yourtrade moves in accordance with your strategy. But you should also have your first stop loss in place as soon as the trade is made. By
doing so, you can stick to your the maximum loss.
5. Never make the same mistake twice.
Many traders make the mistake of not putting on daily stop loss points. Worse, some fail to check
the end of day figures to see if new "circumstances and conditions" existon the days following aentry into a trade. Pay attention to the "changed conditions" especially thosethat yell "GET OUT
OF THIS TRADE NOW!"
Now that you have "5 Steps to Better Trading", it is timefor you to learn how to maximize your gains, minimize your losses and predict key turning points - like clockwork!
============================================================
About the Author:
David Jenyns is recognized as the leading expert when it comes to designing money management systems. David has authored numerous other best selling trading booksand courses including "The MetaStock Programming StudyGuide," "The MetaStock Secrets Seminar DVD", "TradingSecrets Revealed" and "Million Dollar Trading Articles." His most recent course, Trading Secrets Revealed, is afantastic roadmap for designing money management systems, no matter what market you trade. Learn how *you* can become one of his students.
Contact: Freelance Traders Pty Ltd9/304 Tooronga Rd,Glen Iris,Victoria ,3146, Australia
----------------------------------------------------------------------------------------------------------------------
An Interview with Aden Rusfeldt
http://tinyurl.com/9su25
Aden Rusfeldt will also trade for you - he won't charge you unless he makes a profit.
Regards,
Joseph Sgro
THE 10 Simple Rules Ezine
http://tutorhelpcomau.blogspot.com/
Contact me:
mailto:tutor@southwest.com.au
posted by Learning Coach | 11:25 PM
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