Crystal Ball Interface

While most people focus on Signals, Confirmations, Take Profits, and Stop Losses, many overlook the perhaps most important factor...  Precision

My good friend Markus tends to trade like he's got a "Crystal Ball Interface".  That is he has some pretty long term "predictions", "feelings", and "analysis" however he rides the Crystal Ball Rollercoaster when he enters trades.  That is, he makes perhaps the right long term decision but the market takes it turns and valleys in the short term, which leaves his position going from positive to negative, often several times.   That makes for some stressful trading.

Now he is comfortable with that style of trading, and if you are too, and you are successful at it then kudos to you.

My preference is to pick the low hanging fruit (short term market direction) and pick the tougher fruit (long term direction) later, that is I will look for precise entries on lower timeframes, (M1, M5, M15) keeping in mind what the overall long term picture (H1, H4, D1) looks like.   Furthermore I will look for Take Profits using the lower timeframes.   Sure I will make less pips (low hanging fruit) but while you're climbing the ladder to get to the top, I will pick many times over.   That is your trade will go up and down while I'm consistently entering and exiting several times over.

There are far too many Crystal Ball Expert Advisors and Automated Trading Services that in my opinion are attempting to pick the hardest fruit while leaving the low hanging fruit rotting.

So next time you find yourself in a trade that has turned on you, perhaps several times, ask yourself if you would like to pick low hanging fruit or go for the pie in the sky.

Add a Little Spice

It's not easy trading from your home in a tropical country.  Most people think "Wow, what a good life" and don't realize it's not that easy.  It's hard enough trading in a Western Country from your home.   Having an office sure helps, to divide your life and work world.

I have to admit, life is good.   I'll take hot over cold any day.  But when it comes to trading I like to be in a cool room, have a desk, or kitchen table.  Lately I have been struggling with the temperature so what I do is go for some spicy food.

You know you gotta add some spice to your life.  To your trading. 

Sure I could cook myself but that motorcycle drive sure cools me down, that spicy food gets my metabolism going, and I feel refreshed coming back home.  Of course I usually have to hit a cold shower cause it's always hot and humid here.

The point is, add some spice to your routine.  Just sitting at home all day and raking in the pips and dough doesn't cut it.

FOMO

Watching the Shark Tank today Mark Cuban mentioned "FOMO".  The fear of missing out.  If you are a Forex trader, you know where I'm going next...  Fear and Greed.

It has been a while since I've had FOMO.  I'm pretty much at peace now and know there will always be a better trade, another opportunity.  No longer do I jump into trades for the fear of missing out.  I am content knowing I am missing out all the time.

If you haven't conquered FOMO yet then I suggest you look at your trading plan and your routine.   A well informed and prepared trader has to be confident.  If you are not confident then that means your trading skills or mind set isn't there yet.

Confidence Boosters:

• a Clear Big Picture
• Trendline Analysis on ALL timeframes
• studied the Currency Pair for some time
• gauge upcoming financial news impact
• gauge upcoming sessions open and closes and their impact
• a tested and proven entry plan
• a tested and proven confirmation
• an alert or signal system that keeps you connected when away from the charts
• a tested and proven risk reward ratio (TP / SL, Lot Size)
• reasonable lot size that has been gradually increased
• a tested and proven exit plan
• a bank account that can weather several consecutive losses
• ability to monitor your trade remotely

The cycle of market emotions

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Boxing Day

When I was a kid I thought boxing day was about a boxing match...  turns out it is an English tradition of "boxing" up your old clothes to give to the poor and needy.  Hence "Boxing Day".

As I'm packing for my flight to Cambodia I'm going through my wardrobe and finding all sorts of shirts that I haven't worn in a long time.  To my surprise they fit great and look better than I remember.  Possibly because I've lost a lot of weight since doing Yoga Daily.  I think I'm down 10 kilos now.  Maybe because I'm just more toned and the shirt fits my complexion better.  Or it looks the same and not having worn it in a long time it looks "new".

Trading can be like that too.  One day a strategy you haven't used in a while, or a currency you haven't traded in a long time, looks quite appealing.  For me that's AUDJPY.  In the past I have had some of my best trades with it.  But I typically stick to EURUSD.  And you know these days I have even traded GBPUSD quite successfully while in the past I found it to be a pain.   Maybe it's that I'm up earlier now and trade the Asian session, or maybe it's my new strategies.  Maybe it's the old strategies I have started using again.

Whatever the case, if it's working.  So this boxing day, perhaps have a look at a new currency to trade.  A new (or new again) strategy to explore.  The holidays are a great time to do some analysis and figure out what your New Years Strategy should be.

The Trading Game

In some ways Trading is a Game, with serious consequences that is.  Nonetheless there are times you need to treat the Market like a game.   For example when you're trying to figure out how to win.  You need to put on your thinking hat, do lots and lots of research, for fundamental traders that means studying the economic news calendar and past releases; for technical traders that means chart analysis with their favorite indicators.   The only way to win the game is to figure out your strategy.  You can copy someone else, but that will only get you so far.

The Serious Part of the "Game" is the money part.  If you've got money to blow and you don't care about seeing it ever again then great.   If however you are taking it serious and are wanting to make money then that changes everything.  Trading can quickly turn from Game to Nightmare.   Money has a funny way of influencing you.   Aside from relationships I would say money is likely the cause for severe stress. 

Money isn't everything but it sure helps a lot.  When you are faced with living pay cheque to pay cheque, or worse, you don't have a pay cheque, then your "world" can quickly change.  Psychology is fascinating.  One day you have full on confidence and then... BOOM...  your life can be in turmoil and your confidence changes as the world around you changes. Yet all that's changes is perhaps your bank account balance, your employment status, or service to debt ratio.  And the thing is you will have (just as some of you are now) said to yourself "That won't happen to me. And if it does, I will bounce back...."    The reality is, there are things outside of your control that can change everything you know.  In other words, the game will suddenly become very very real. So keep your risk and exposure in check and practice practice practice.

Trading is a Game.  Sure.  It can be.  Life can be a game.  What matters is that you come out ahead and figure out just how to beat the odds and win with minimal risk and exposure.

The Week Ahead

I remember back when I was working as a management consultant.  The weekend seemed to always just fly by.   Nowadays I sometimes forget what day of the week it is.   There is however one ritual that remains the same.  It wasn't always this way, but I realized it's important to stick to it.

Every Sunday I plan "The Week Ahead".   As a management consultant I would do a quick stock take of what clients I'm going to see.  Will I be going to the office or driving to my client site, how far is it, what is my goal.   Sunday night for that reason was somewhat depressing, haha, the weekend had just arrived and already I had to try and get to bed early.

That routine seemed to be the same flying all over Canada, the US, as well as living in the Netherlands, Belgium, and Switzerland.    I think we all have that dreaded Sunday routine.

When you start trading full time you tend to have more time on your hands and one constant stays the same.  The Week Ahead.

Sure you could do without it.  You could just get up Monday morning and wing it.   You might even do well.  Mentally preparing the week ahead gives you an edge, a piece of mind.  And it lets you plan your week somewhat.

The most important thing to plan ahead is the Economic Calendar.  What's coming up on Monday and all the days after that.   It's also a good time to do technical analysis on your favorite pair(s).   I try to stick to one or two.  Sure I can trade them all however I find focusing on just one keeps my mind clear and focused.  And of course I can still dabble on some other trades on the fly.

Monday I typically view as my getting back into trading mode day.   Back in the day as a management consultant this was typically the day I would shake hands, kiss babies, have some meetings, and plan the week ahead.  Nowadays I do Yoga first thing Monday morning, then surf the net, do some research, download some TV shows, and tune into the market just to see what's going on.   My trading I like to keep to Tuesday, Wednesday, and Thursday.   You've probably heard the saying "Don't Buy a Car that was made on a Monday or Friday"  or  "Never fire someone on a Monday or Friday".  It's psychology.  Monday's are getting back into the swing of thing days, not much gets done and we aren't at our peak until Tue/Wed/Thr and once Friday roles around we are already approaching weekend mode.

The Market is no different.   Mondays typically set the direction.   Like a race horse out of the gates, you can't gauge it's potential just yet.  You have to wait until a lap and see how it stacks up with the others.  Depending on the News and Market Sentiment Tuesday typically confirms the direction and then one is able to get a better feel of where the market is headed and if it's trade-able.  Friday is somewhat of a write off as most people close their positions and that creates some volatility that can make you think twice about ever trading again on  Friday.

That's the way I see it.  Perhaps Mondays and Fridays are your best times to trade.   To each their own.  All that matters is that you're planning for the week ahead and you're consistently making profitable trades.

Have a great week ahead!

Two Things That Will Kill Your Account

There are two things that you need to control.  Two things that in trading as well as in life will kill you.  These two things will kill your forex account.  Guaranteed.

Fear

More likely to affect seasoned traders.   Newbies will be somewhat fearless like young kids thinking they are invincible.  Too many action movies perhaps.  Too many daredevil friends that got lucky and didn't hurt themselves.  Yet.

Once you have traded for a while, especially if you had a great start, when that bad trade hits, it's like monsoon season.   When it rains, it rains good.  Your life will suddenly spin out of control and that confidence you had is in an instance gone.  Just like when you are a fairly good boxer and suddenly you face an opponent that is always a couple steps ahead, you can't even get in a punch and you are left on the defensive time and time again.

Fear is a Bitch.  Sure you gotta get back on that horse and get up every time you fall down.  Chinese proverb:  Fall down 7 times.  Stand up 8.   Easier said than done.  If you're reading this and you say "whatever"  "won't happen to me" then book mark this page for when that day comes.  It will come.  I guarantee it.   It's like a bad action movie where the hero suddenly can't fight anymore.   Like an NHL goalie suddenly not being able to stop pucks anymore.

At this point F.E.A.R. stands for Fuck Everything And Run.  You are in a bad spot and before you fix it, you need to acknowledge it.  You need to sit back.  Stop your trading.  Take a deep breath (more on a great breathing exercise later) and rewind to the good memories of trading.  How you are good at what you do and you just have been beaten by the market, and rather than getting up only to get knocked down again, you are going to fight smarter, not harder, get up and figure out what's going on before you enter another trade.  What you need to do is Face Everything And Rise.

Face your mistakes.  Study, analyze, and don't you dare make another trade until you have truly faced and figured it out.  Better drop your lot size, heck even go back to a demo account.  And then Face your Fear and prove to yourself you still got it.  Take your time. And if you have to then reach out to someone that can help you.   Tiger Woods has a coach.  Not one but several.  He makes mistakes.  He comes back. Who's right there behind him?  His coach. His mentor.    It pays to have someone in your corner. 

Greed

Many traders are in it for the money.  The good traders are in it for the lifestyle and freedom.  Money isn't everything but it sure helps a lot.  But it can also be the death of you.  That greed of always wanting more is like a gambler with an addiction.  He wins at slots and instead of walking away keeps playing only to lose it again and again.  Itching for that next win.

Just like with fear, greed you can sense.  You will feel yourself not being your usual calm self but instead you feel this need to make money, more money, always more.  

For a lot of traders it's all about the money when they should be counting pips.  And you have to be satisfied with the pips you make.   Don't let emotions take over.  Stick to your trading plan and Take Profit.  Sure you made 50 pips and the market kept moving for another 30.  That's half glass thinking.  You made 50 pips.  End of story. It's a good day.  Who cares if the market kept moving for 200 pips.  If your trading strategy didn't have a signal then it's not worth the risk.  The reward is big, but so can be the risk.   You don't need an emotional rollercoaster ride.  So do yourself a favor and stick to your take profits and your trading plan.   Your coach should be there slapping you on the fingers everytime you do something silly.  Impulse trades are the worst.

Fear and Greed are the great demise for many people.  In life. In Business. In Trading.  Keep your emotions in check and be happy with what you have.  There will always be someone smarter, taller, better looking, and funnier.  There will always be someone making better trades.   Who cares.  All that matters is who you are and that you are happy with yourself and your trades.   Happiness is making good trades consistently and making profit consistently.  End of story.

Skin In The Game

I recently met someone that was struggling to make ends meet.  He wanted to start a business yet wasn't well grounded and worse he was unwilling to put any skin in the game.   In other words he wanted to have no risk and all the reward.  No plan, just results.   No negative (his words, my words "realistic") feedback, and just positive thoughts.     While I agree that positive thinking brings positive outcomes, there is a time to be realistic and consider the worst case scenarios.  Or just bad scenarios.  He didn't want to hear it. In his mind he had it all figured out. Yet he changed his mind so many times it showed he had a lack of commitment.  Why?  Because he had no skin in the game.  To him it was just a free ride, let an investor pay for his business (good luck on that one) and have him run it.   No commitment on this part.  There is a reason why some people struggle while others make success look easy.  Remember, the professionals always make it look easy!

The risks you take should be directly proportional with the rewards you are looking to attain.  No risk, no reward.  Foolish risk.  Foolish reward.

Putting "skin in the game" changes the game entirely.   Using your own hard earned money to start a business is some serious skin for example.  Your mind set changes and you are (hopefully) more careful making decisions that impact your bottom line.

Trading is no different.  You need to put some skin in the game.   I'm not talking about money either.  Sure you need money to get started.  A lot less than most people think or will tell you.  I'm talking about serious commitment.   Time. Effort. A willingness to learn.  A willingness to make mistakes.  A willingness to learn from you mistakes.  And the ability to persevere. 

Some people believe in throwing money at a problem.  You know "money fixes everything".  Well to an extent perhaps.  But to an extent it's like the drugs you take to mask the root cause of the problem you're having.   For example if you have a headache your body tells you have a dis-ease.   Something is wrong and your body is saying fix it.  Your body isn't telling you to pop aspirins...   Unfortunately most people want the quick fix and just start swallowing pill after pill.  The better approach is to look at the root cause.  Why do you have a headache?  Is it from something you ate?  Stress?   Perhaps your spine is off balance (think nervous system)?  Are you getting enough sleep?   Exercising enough?  Relaxing enough?     Sure you can pop that aspirin, in the short term it will help mask the symptom but in the long term ignoring (masking) those symptoms will do nothing but make the problem worse.  So does throwing money at problems.  You need to understand what's going on.  Why are you making bad trades? Why aren't you profitable from your trades?  Why do you constantly blow your account (and hard earned money) after successfully trading for months?

When you have skin in the game, the game changes, and you change.  If you are new to trading you should have someone teach you and coach you about the "game" you are about to play.   If you have been trading for a while and want to make the most out of your trading you should consider doing the same to protect your skin and maximize the profits.

If you are not willing to put skin in the game then do yourself a favor and do not trade the Forex market.

And you have to be sure you can afford to walk away from the money you are about to invest.   Especially new traders.   I see it far to often.   New trader thinks he has found the holy grail.  Puts a few thousand dollars into an account. Loses it.    Business man trades for a little bit and then puts big money into an account, loses it.  Managed accounts in my opinion are the worst.   Seriously if anyone is so good that they can make you profit trading with your money, why are they doing it?  Why don't they just retire on an island?  Why they don't put a risk free guarantee on it?   Simple.  Managed accounts don't work either.  If it's too good to be true, it seldom is.

Motivation

Motivation can be a positive, however it can also be detriment. "Motivate an idiot and they will do stupid things faster."  (Brad Sugar)

Lets face it, if you meet someone that just isn't switched on, and they are asking you to help them, be it in business, life, or trading, if they are clueless or just don't get it, then you are motivating an idiot.   Sounds harsh but it's the reality.   Don't confuse negativity with being realistic.

I met with someone recently who wanted to start a business, and as a business builder and business coach I wanted to help them, however the more I talked to them and wanted to help them become successful with money making strategies, they just didn't get it.  They still had an employee mentality with big dreams but absolutely no strategy or plan to get it.  Worse yet, they didn't want to plan or change any of their bad habits.  Motivating them unfortunately would backfire.  Not only would they in all likelihood fail, miserably, but then more than likely blame everyone but themselves.

For this reason I don't take on many business partners, clients, or students.  Why deal with the headache and drama when I can just trade on my own and make great ROI?   The thought of making maybe 10% ROI from a business doesn't excite me.  Even if that's every month.  Why?  The headaches and drama just aren't worth it.   I can easily trade and make that. In a month, in a week, in a day.

This is the reason why I don't take on many traders as my students.  There are too many idiots that want to be making big money without risking anything.  They just have this idea in their mind that they are owed big money for doing nothing.   Motivate an idiot and they do stupid things quicker....

Sorry if this sounds harsh, but sometimes you need to hear the hard reality.  That in itself is motivation.  And lets face it, if you are not offended and still reading this then you know where I'm coming from.

Counting Pips or Dollars?

Don't count your dollars before you have made pips.  Measuring your goal and success in dollars can be a serious mistake for traders.   Sure you are in it to make money.  You are also in it to make profit.  That profit you should count in pips.   Just like you don't count your chickens before they hatch. You don't count your dollars before you can make pips.

Pips are scalable (to an extent, more on that later).  Money is not.  If you are thinking constantly about money then you are developing a bad habit.  It's the wrong mindset to have. It can be very damaging.  Not everything is about money.  Sure money helps a lot but it isn't everything.  You need to focus on profit, in pips.  Then and only then can you truly analyze your performance.  In Pips.  Over the month. Over the quarter. Over the year.   And then and only then can you put some dollar figures to it BUT you need to also keep your risk reward ratio in check and know your emotional threshold.   You don't want to overextend yourself.

A Chick in the Hand is Better Than Two in The Bush

My Thai Tutor was by the other day.  He is a Yoga Teacher and has been out of a job for quite a few months.  He needed some money "for a friend" so I made a deal for him to tutor me in Thai.  He speaks Thai fluently and being a Farang (Foreigner) like me it helps to have someone that speaks fluent English.

Just last week the topic of him needing work came up and I had asked why he didn't open a studio.  I suppose my previous life as a business coach got the better of me and I started running some numbers on what it would take for him to open a place and started quizzing him on what is required and gave him some suggestions on what is needed to run a business.

Wouldn't you know it he is now looking to raise money to pursue his dream.   As we got talking his sales instinct kicked in, and he started to try and sell me on investing with him.  I made it quite clear that what he needed was a business partner and the risk of investing was too great for me.   The funny thing is he doesn't see it that way (of course).  He only sees the upside.  Why wouldn't he.  He is looking for me to finance the studio 100% and put money in his pocket so he can afford to pay rent and put food on the table for him and his wife.  All the while adamant that he carries the risk.   I told him to give his head a shake but I suppose his stubbornness just doesn't see the forest for all the trees are blocking his view.

A couple days ago he came by again trying to sell me.  At this point I had already given him more business advice than he was able to retain.  So we touched on the partnership agreement again and I made it quite clear that there was no chance of me financing 100% of the venture to get only 49% ownership. In other words he would have complete control of my money and the company.  His reasoning was that if he wasn't the majority shareholder he would be still an employee.   Which of course isn't the case.   The conversation shifted somehow to the potential of the company and reeling him back into reality I said look, "A chick in hand is better than two in the bush".   A phrase that implies that a guaranteed profit is better than two potential leads.   At this stage I'm not sure if he was just stubborn, or wanted to prove out of the box thinking, or simply didn't get it but he wanted to argue that the possibility of catching 2 chickens is better than having one in the hand.  

In any event he clearly still has the mind set of an employee.   Employees want no risk and just the rewards, they want a steady paycheck, a 9 to 5 gig, and the ability to just shut off when they feel like it.  If you have owned a business you know that as a business owner you work harder than all your employees, carry all the risk, and you are not guaranteed a pay check.   You also know that a chick in hand is better than two in the bush.   Better an egg today than a hen tomorrow.  

As a day trader you have to know your risk, your reward, and not let go of good trades because you are chasing more trades.    As a trader you don't have a steady paycheck.  Just like a business owner you have to be careful not to chase rainbows.  You need to be very well grounded and take baby steps in your trading.   Risk. Reward.  How many pips are you willing to risk to make your take profit?  When you've made a good trade and you're in the plus, don't get tempted to look for more trades.  You have a chick in hand.  Hang on to it and don't trade it for two in the bush.

You have probably been there where you are just itching to make a trade.  Waiting for conditions to be just right.  Maybe you missed a good trade and now you are kicking yourself and dying to make up for it. Or your ego is getting the better of you as you're reviewing your account history and you say to yourself a couple more trades and I'm done for the day. When you should be focusing on the one and only thing that matters.  The chick in hand.  Don't chase dreams. 

Ground yourself and be realistic.   You should have a trading plan and some rules about when you will and will not trade.  When you will and will not cash out.   You need to look yourself in the mirror and tell yourself that you cannot trade every day.  You might have to wait a week or two to make a trade. So be it.

Stop the Insanity

Yesterday I wrote about Insanity being a full time job.  Today I'm going to give you some tips in the event you have gotten of course and are struggling with trading or perhaps in life in general.

• Change is the only constant.  First and foremost realize you have the ability to change.  When you want to change the outcome of your trading or life, you need to change your approach.   Is that Starbuck's employee constantly in a bad mood?  Smile at them first.  It's sometimes hard to be friendly first but when you are then others will usually return the favor.  By changing your approach you are changing your outcome.  Having a bad trade?  Stop, think back, and analyze what you did wrong.  And perhaps it's time for a new strategy.  (new approach)
• Short Term = Tactics.  Don't think just short term.  Even if you are a scalper or prefer short term (day) trades.   You need to think like the general and plan ahead.  You don't want to be the foot soldier in the trenches.  You want to think strategy. Long term.  What is the trend.   Today, this week, this month, this year.   Where is the market moving to. From. How long has it been moving in this direction.  What has, historically, happened in the past (think major trend lines).  Sometimes it's as simple as thinking when do the bullets stop coming, I'll take a break then, or in Forex terms, when does the market volatility (news) stop and I can ride the remaining wave.  Just like in surfing, you want to catch a good wave.   But when the waters aren't choppy and too intense.
• Long Term = Peace of Mind.  If you are constantly thinking short term and trading on a whim, on the seat of your pants, or better put, you are "gambling" and "making quick decisions" then you need to stop the insanity and calm your mind.  It's all fine if you make a good short term trade. (Catch a good wave)  But when you make a bad trade,  and you end up in a dangerous wave then the undercurrents pull you down, you will panic and regret that decision.  So instead of making quick decisions, make smart decisions.  Think ahead.  Analyze the trend. Analyze the market.  Analyze the news.  And like a trip to the mountains, plan ahead, what will you take with you, how long will it be, if it rains what is your alternate plan.  When do you return, etc.

You need to set S.M.A.R.T. Goals!  More on that tomorrow :)

Insanity is a Full Time Job

In all likelihood you are familiar with Albert Einstein's quote:  "Insanity: doing the same thing over and over again and expecting different results."


Insanity truly is a full-time job.  On so many levels.

• Making mistakes over and over again will keep you busy all day long.  Without desired results. So you keep on repeating and spending more time, energy, and focus on something that is likely to fail again.
• Full-time trading is overkill.  Sure there are traders that live for being glued in front of their computer screen 24 hours a day, 5 days a week, and perhaps even keeping busy somehow with analyzing trades on the weekend.  It is fun for sure.  When I first go into trading that's how it was for me.  BUT and this is a biggie, in my opinion, it's like a sport.  You don't want to over-exhaust yourself and play Badminton 4 hours per day, lift weights 4 hours a day, and then go for a 20K run.  Every day.   Your body needs rest.  So does your mind.   And if you get hooked on a sport, say running, and you love that runner's high, you can get away with running every day for a while but soon enough your body will tell you that you need to pace yourself.  Run every other day. Or just run a little every day but rest once or twice a week.  Sometimes your body (and your mind!) needs rest every couple months for a week or two.   So don't overtrade.  Pace yourself.  Sports may be a "healthy" addiction, Trading is not.  Either way even healthy addictions can bite you in the ass. Do everything in moderation.
• A full-time job does drive me insane.  I just don't have the time and energy to deal with all the b.s. for little pay.  Or even great pay for that matter.  Making $200,000 / year is great.  But if it doesn't fit your lifestyle and you are not happy then you are going to insane trying to fit in and "ride it out".  Sure in 5 years you have made a million, and in 10 years you will have saved a million from the 2 million you made.  BUT life has gone by and you will never get that time back.  If you are unhappy and rich, you are still unhappy.   If you are happy then it doesn't matter how much you make, every day is a gift, and you realize that you don't need much to survive.  I have learnt this the hard way but now I am in Thailand living it.  Don't get me wrong, I still make good money, I don't make $200,000 a year.  Because I don't need it.  I make more than I need to live.  If I want to go to Europe then I just make the money I need and then go.  It's similar to planting a garden.  Why plant more than you can eat?  Sure you'll have some extras to give to neighbours but why plant a field of Basil when you just need a couple bushes.
• Lifestyle.   Sit back and ask yourself "Why was I born?"  "What is life's purpose?"  "What makes me happy?"   "Where do I want to be in 1 year, 3 years, 5 years?"   "When it's time for me to move on and leave this world, what will I look back on?"   Chances are you don't think working is your life's mission.   My motto is "Work to live, not live to work!"
• Not all day's can be sunny days.  You are going to drive yourself insane thinking you need to trade every day.   Life isn't all sunshine and lollipops.  There will be rain, there will be bad weather, life will happen.  So don't expect to be trading every day.  The sun is brightest after darkness.   Find other things to do on "rainy days".

Stay Sane.  Trade in Moderation.  And please get help from an expert.   I just discussed this with my friends Mr. Teddy and Mr. Jai.  If you learn to golf, you should start with a pro.   Sure you can try on your own and get golf tips from someone that plays well.   But you will develop bad habits and eventually realize you spent all this time, effort, and money, and are still doing it wrong!  Then you will seek out a pro, and he will have to reteach you everything, break your bad habits.  That takes more time, effort, and money than learning how to play golf from a pro in the first place.  Please find yourself a good Forex Coach.   If it's not me, that's fine.  I don't take on many people.  BUT be careful to select the right one.  Unfortunately when it comes to money and investments, there are a lot of scams and cons out there.  A lot of "golf pros" that have never played "professional golf" but make money from teaching.

....to be continued

Top 10 Reasons You Shouldn't Trade

These are the top 10 reasons you shouldn't trade.  You should just forget about trading all together and get back to whatever it is you are doing for a living IF:

10.  You don't understand why the below reasons made the list
9.  You love to gamble
8.  You have no self control
7.  You don't want to spend time or money on proper training or coaching
6.  You don't want to put time and effort into mastering trading
5.  You want to open a managed account or have someone else trade for you
4.  You are constantly looking for the holy grail miracle system to make money
3.  You want "guaranteed" results
2.  You want to get rich quick

1.  You need to make money from trading to survive