A lesson to be learnt from Singapore

Singapore is a nice getaway spot for a weekend trip.  It's known for its cleanliness, order, and great living and working conditions.   A financial hub for South East Asia and as well as a hub for many airlines.

 

I had the good fortune of meeting up with a former co-worker from Toronto who has made Singapore and got a great tour of the city and insight.  It is an orderly city, you know, no chewing gum, no littering, very clean, has the death penalty for the drug trade and an interesting way to deal with car pollution and traffic.  You see a car can cost you $100,000+ for ten years.  That's right. Not only are cars about $50,000 for a basic model but you also have to pay enormous registration fees of $50,000+ for ten years.   Traffic and tolls add up also.   Needless to say there aren't any traffic problems that the average tourist can see.  They exist but again, Singapore controls rush hour traffic by imposing higher tolls during rush hour.

 

 

Is Singapore heaven on earth? Depends who you ask.  The grass is always greener on the other side.   It is a nice comfortable place.  Ask the locals and the majority will tell you they find Singapore boring and they work too much.  You can tell just by observing the locals that they are all about work, go-go-go, and aren't happy.   Ask others from outside Singapore and they want to live there.  It's funny how we are always looking for the place that we think will make us happy.

 

"Sometimes you have to leave home to find a home." is a phrase that is dear to heart.  I have been looking for a place where I can be happy and have a good life/work balance, and that place for me is Thailand.  More specifically Phuket.

There are many lessons to be learnt.  As far as the Forex Market is concerned I would say that you should analyze your trading style.  Are you happy with where you are at and how you make trades.  Are you constantly looking for a better trading style, a better way of life.  Is that place Singapore?  Is that place Thailand?  Is that place {Fill in the blank}?  

You need to find a trading style that works for you.  That fits your life style.  That gives you balance and makes you happy.

Forex Psychology

 

 

Trading the Forex Market can be tough.  And I'm not talking about fundamentals or technicals.   I'm talking about all the roadblocks along the way.  Friends, family, people in general.   Many people are scared of the Financial Market.   Many more are scared it's gambling.  And your loved ones are probably afraid you will lose your money.   All that negativity doesn't help much.

 

And the ones that support you, may at any time get concerned about you.  About your trading.  Why?  Because they care. Because they don't understand.   Lets face it, friends and family can be very demotivating at times. 

 

Then there is you.  Trading psychology can really turn you upside down, make you second guess your trades, your strategy, your system.    While you might have nerves of steels now and aren't worried about 100 pip swings, or making a few bad trades, losing a little bit of money, the day can and most likely will come where your nerves of steel end up wavering over to the dark side.

Sometimes the best approach to trading Forex is to surround yourself with positive people, keep busy with activities, preferably sports, and keep your trading to yourself.  Well for the most part.  Sometimes it's nice to confide into someone about your trading.  Like a coach.   A mentor.    Best thing I have ever done is take on a coach to help me get to the next level.  If you get the chance, I highly recommend you do!  And if you are serious about getting a Forex Coach then be sure to contact me. 

Forex Review

On Saturday I met with my latest student, Panya.  He flew in from Bangkok to meet me and we had good long conversation about the Forex Market.

One of his questions had to do with Forex Reviews.  You know, those ever so insightful Market Reviews that tell you why the Euro slid against the US Dollar or what to expect from currencies in the upcoming week.

Simply put, all those websites, articles, and newsletters with the latest Forex Analysis are like the Weather Forecast.  No matter what the weather report says, it's more often wrong.  

Take Phuket Weather, when I came here in July, the forecast called for Rain and Thunderstorms pretty much every day of the week.   Meanwhile it was sunny and hot...

Alot of Forex Forecasts are just like weather forecasts.   You know, go long above this level, short below here, bias is sell if....    Hit and Miss.   More often wrong than right.

And as for Forex Market Commentary after the fact?  It's alot of "I told you so".  Anyone can analyze the market AFTER it has moved and give you a million reasons why.   They make it look easy.  That's because it is easy to offer expert opinion after the fact.     Don't get me wrong, there are occasional interesting articles, perspectives, and insights on a market move.  Just like the weather report occasionally is right.

What's not easy is having a sense of the market, direction, and more important trade opportunities.  That gets to be a little trickier but with the right approach, strategy, and know-how, you can do quite well at Forex.

Happier in Life

It's 2am and I just posted on Facebook how I'm climatizing to the weather here in Phuket.  It's +24C and I'm feeling chilly.  I think to myself life is good!    I can day trade anytime and it doesn't interfere with my lifestyle.  Then as I'm searching for some code to automate trading signals I come across a text file with the title "15Things.txt" and it had this contents:

Here are 15 significant attitudes that help you become happier in life.

1. Gratitude
Appreciate what you have and value it. Try counting your positives and be grateful for all the good things and people in your life. Stop complaining and be thankful for what you already have and you’ll soon start feeling happy.
 
2. Stop Labeling
Stop labeling those things, people or events that you don’t understand as being weird or different and try opening your mind, little by little. Minds only work when open.
 
3. Optimism
Treat failure as an opportunity to learn a new and better lesson from life, and that’s the trick to manufacture optimism in life. Never give up trying because that’s an indication that something better is in store. Once you start harbouring an optimistic attitude towards life, success will automatically follow.
 
4. Release The Past
The past you are now longing for — the past that you are now dreaming about — was ignored by you when it was present. Stop deluding yourself. Have a clear vision for the future, prepare yourself, but always be present in the now. Work on this by practicing with simple tasks every day. For example, when you cut the grass, just think about the grass and nothing else. When you’re washing the dishing, immerse your full presence in dish washing. Eventually, your life will revolve around your day today, not yesterday.
 
5. Avoid comparison
Nothing is as awful as comparing yourself to someone else. If you think you’re better that the other person, you’re letting yourself regale in an unhealthy sense of superiority. If you demean yourself in front of others, it means all your hard work and progress has been in vain. While social comparisons are unhealthy, self-improvement is effective.
 
6. Kindness
There’s a scientific reason behind every act of kindness that you do. Helping someone selflessly releases serotonin in your brain (Serotonin is the hormone that controls your mood) and hence makes you feel good about yourself almost instantly. Try doing one act of kindness everyday to flush out the toxins of depression from your system.
 
7. Stop Using Excuses
Send them packing and tell them they’re fired. You no longer need them. A lot of times we limit ourselves because of the many excuses we use. Instead of growing and working on improving ourselves and our lives, we get stuck, lying to ourselves, using all kind of excuses — excuses that most of the time are not even real. We sabotage ourselves beyond belief. If you find yourself making excuses, ask yourself why you are creating the excuse in the first place?
 
8. Nurture Relationships
Relationships keep us alive and kicking. In fact, according to research studies loneliness doubles people’s mortality rates. A circle of good friends, loving family members and cheerful colleagues are a reminder that you have people who care about you. There’s nothing like having someone who you can share your experiences with. So nurture these relationships and say goodbye to a lonesome existence.
 
9. Forgiveness
Hatred is a negative feeling and harbouring it will have nothing but negative effects on your well-being. Stop thinking about the hateful emotion/person and let it go. Forgive if needed, take things lightly and let it not affect your system.
 
10. Avoid Impressing Others
Success may have nothing to do with how much money you have or how many cars you have, but how you choose to live a life of abundance which comes in many forms, many of which have nothing to do with material things. The moment you stop trying so hard to be something that you’re not, the moment you take off all your masks, the moment you accept and embrace the real you, you will find people will be drawn to you, effortlessly.
 
11. Commit To Your Goals
If you have a goal, work towards it. Anything is achievable if you put your heart into it. Wholehearted dedication and diligence can bring extraordinary results and consequentially add to your happiness. It is very easy to lose vision for what we truly want in life, but it is your dedication towards your goals above and beyond all obstacles that will make the difference.
 
12. Care For Your body
Love yourself and love your body! Your physical condition has a direct connection with your well-being. A fit body and healthy mind is reflective of happiness. Start working towards the health of your physical, mental and emotional energy by caring for your body.
 
13. Believe
Connect to a higher power. You’re probably already doing this with or without knowing. Just a quick meditation or prayer is easy. If you have the time, join a local prayer group, visit a meditation center, or simply spend some time alone in nature. People who believe in a deity are generally happier than those who don’t. Sometimes all you need to be happier is a little faith!
 
14. Dream
Imagination fires motivation. Create a dream board and dream up something new you wish to experience. It could be finding a new lover, climbing a mountain, learning calligraphy, or going back to college. Dreams motivate, inspire and expand our sense of self. They also make us happy because they give our lives a sense of purpose. Happy people usually love what what they do, and if they don’t, they love who they are. Dreams remind us who we are.
 
15. Give
Cultivate a habit of sharing with others — your money, knowledge, service, wisdom, care, love. Find a person who shares a lot with others, and you will find a happy person. In giving, you always receive more. Not only do you get pleasure from giving, you give someone else pleasure. Giving has many unexpected benefits from attracting more happiness into your life, to inspiring others, and changing the lives of those you touch. In the end the whole world is made into a better place. Ask, “how can I serve?” Pay it forward. Give freely."

All of the above can be applied to Day Trading.  When you are peace with yourself, healthy mentally and physically, you can make good trades worry free and weather the bad trades.  Gotta love day trading!