Voice Macros

What can I say, I'm a computer geek at heart and recently discovered a great app for Windows...

www.VoiceMacro.net

It's fairly easy to set up and lets you voice control your computer.  I use it to tell my computer to stream TV, play music, open favorite websites, applications, AND of course to trade forex!

For example, I will say "Lets do some trading" and boom.... Metatrader, Meta Editor, the Forex Factory Calendar, and my favorite Forex Trading Shortcuts launch automatically.

Here is a list of Macros I have created for Trading Forex:

To get set up on your computer:

1. Download and install Voice Macro
2. Signup for a FREE Dropbox Account
3. Download my Voice Macro Profile 
4. Do some trading!!

Cabin Fever

How do you like my new office here in Vienna Austria?

 

This is one of the best tips I have gotten here in Europe.  Visit a library, there are plenty of desks with power plugs and free internet.  I totally forgot how libraries here have "Lesesaals" (Reading Halls) that are used by students to get away somewhere to study in peace and quiet.   They are free to boot.

I used to be able to trade from home, I remember spending many mornings in Vancouver in my pj's trading the US Market from about 6am to 10am and then chatting with traders till the Asian open around 4pm where I would take a break.

It was fun at first but soon I started feeling drained, bored, and had signs of cabin fever.  Still do.  I go stir-crazy in the same place for too long.  I also like public places or offices as it forces me to put my head down and work, no distractions and interruptions.

Sometimes all you need is a change of scenery to get a new outlook on life.   Same goes for trading.  Change your currency, try a different chart template, and look for technical patterns that you can repeat. 

 

Consistency

What sets successful traders apart from the rest?  There will be good times and bad times.  That's life.  You might not see the bad side because you don't realize it or there is more good than bad.  Or you are over-confident, or delirious.  Like a lot of newbie traders that talk about how easy Forex is and how they are using this "awesome" indicator.  Then they tell you they haven't been profitable.

 

Consistency is the differentiator.  Anyone can have a positive trade, but can you consistently produce profits? 

 

The challenge for most traders is that they want to make big money and are chasing the big fish, ignoring the schools of small fish around them.   That translates into some happy days with a big ass BBQ and all your friends over, bragging about your catch, and many dull empty netted days of stories of how the fish got away.  And excuses why the big fish (the big trade) got away. 

 

People that are successful don't blame outside circumstances,  success comes from within.

 

We can't control circumstances or how the market moves but we can control how we respond to it.  Without emotion.  No matter what you do in life, you have to master you emotions.  Fear and greed get you every time.

 

Trading is a Process

 

Where are you today, where do you want to go, and how are you going to get there.

No shortcut. Follow your process. Do what you have to do.

Some people journal, I recommend it, but I don't do it. I do look over my trades, replay them, the losses and the winners, then I look for the consistent profit.

Trade with a small lot size until you make consistent profits and slowly increase your lot size. That's consistency.  

 

No matter what your skill set or bank roll.  You need build a foundation and realize no matter how much you think you know, you really don't.  You need to experiment, try different trades, have a good preparation and review process.  No matter what your trading style is, consistency is the only way to get you positive results.  Add passion, commitment, perseverance, and you have a winning mindset.  

 

Markets Change, Your Consistency Should Not

 

Strategies come and go.  Traders that adapt consistently are the ones with the edge.  There are no strategies that work for life.  That's a big mindset shift for most newbies who believe every new strategy they hear or read about works every time, dismissing all the bad setups that are downright losers.  You are beyond lucky if your strategy works for a year or two.  Don't take it personally when there are signs of your strategy underperforming.  Consistently review the market, validate existing, and search for new patterns.  You have to be pro-active.   It's part of the process.  And you better be consistent ;)

New Perspective

Here I am in Rawai, Phuket Thailand sitting at my house and looking forward to traveling to get away and then I see this video...

 

 

...and I realize, hey I'm living in a pretty cool spot.    Funny how we perceive things that aren't at all what they are.  Like newbie traders that say they are doing well, in the same conversation they tell you they haven't been profitable... ever!

Sometimes you need to step back and take a "bird's eye view" (like in this video) to do a quick audit on yourself and where you are.

Same goes for... you guessed it.... trading....  sometimes you are so caught up in trading that you are losing sight of the bigger picture.   For me it goes back to the days where I made 10% profit consistently.  A DAY!   It started with per month, then per week, then per day.   And then it derailed a little when I got greedy and had 200% days and -50% days..  the rollercoaster that probably all traders go through. 

Until the day I took trading seriously, stopped making greedy and stupid mistakes, set some rules, and followed them.  Trading hasn't been as much fun, but I sure don't miss the rollercoaster of draw dawns.

The Ujjayi Breath

Yoga Breathing or Pranayama, is the foundation of your yoga practice.  This deepening of your breathing helps you stay focused and calm while doing yoga poses, especially difficult ones.  You will find "breathing" is the foundation for many sports and exercises, allowing to push yourself, and really enjoy your work out.

I was introduced Ujjayi Breath in Phuket at the Traditional Ashtanga Yoga Shala in Phuket when I first got into Ashtanga Yoga.   The instructors, a Russian couple were simply great and I really advanced my Yoga skills.  Ujjayi btw means victorious.

Breathing especially helped me advance my practice, it's funny how some of the most important fundamentals, that we do without thinking, are often overlooked, never mind improved or perfected. 

 

Lately I have been finding myself applying breathing exercises when I hit the gym.  I have been bulking up a little, following the "Body for Life" plan that I followed back in the day, alternating days of cardio and weight training with a simple meal plan.

 

So circling back like a Seinfeld episode, what does Ujjayi Breath have to do with Forex?  Well if you want to be "victorious" in trading you need to have to be calm and focused. While breathing can help here too, it can go "deeper".  A set of systems, safeguards, and standard operating procedures. And a lot of analysis.   What exactly depends on you.  Just stay calm, and keep trading ;)

 

Nutella

Is Nutella Healthy?

Growing up I didn't get to eat a lot of Nutella.  ...and I'm glad!  Here is why:

 

What most people don't realize is that it's about 80% crap and a very small amount is made up of hazelnuts.  To put it in perspective, if you spread Nutella on a slice of toast, you are consuming one hazelnut, a pinch of cacao, and the rest is sugar, palm oil, and skimmed milk powder.  Hardly the breakfast of champions.

 

If you're like me though, you love the taste.  Well the good news is you can make Nutella yourself, a healthy version that you can eat guilt free every day!!

 

 

Home Made Nutella Recipe

 

Ingredients

• Hazelnuts
• Maple Syrup
• 100% Cacao
• Almond Milk (optional)

 

The key is roasting the Hazelnuts first.   Just spread them out on a backing pan and put them into your oven at 190C (370F) until you can smell that awesome toasted hazelnut smell and they turn darker in color. About 10 to 15 minutes.

 

Let them cool down and then put them in your blender or food processor.  A small blender will do.  They are actually easy to grind.    Blend them for a bit then add 2-3 tablespoons of 100% Cacao.  Blend again.   Then add a tablespoon or so of maple syrup.    Blend again and taste.   Add cacao and maple syrup as you see fit.  You'll be surprised how little maple syrup you need to make it sweet and tasty. 

 

Optionally you can add water or almond milk to make it creamier and blend again. 

 

That's it!  How healthy is that!!?   If you are able to restrain from eating it all then you should keep it in the fridge and eat it within a week.

 

What does this have to do with trading?  Easy, keep your body & mind healthy and reward yourself with a treat once in a while.





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

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

Are You Happy?

The best traders are happy traders.   Don't be fooled into thinking trading will make you happy.   It's all about your lifestyle choices.   Trading isn't the answer to happiness.   You know the saying "Money isn't everything".    Sure money helps.  A lot.  BUT if you hare unhappy all the money in the world can't change that.   Trading won't either.

You need to focus on what makes you happy.  Your surroundings.  The land, the people, the food, your health, friends, family, etc.   Surround yourself with happy people and it will become so much easier to stay positive.  And when you are happy and positive, your trading becomes easier.  After all, trading is just a small part of your life.  Yet it enables you to live such a good life.  Like any job or business, do it with passion but don't let it consume your life.

For me happiness is somewhere warm with mild or no winters, with healthy food, friendly people, access to the internet, movie theatre, yoga, badminton, low crime, with an airport nearby so I can jetset when and if I want.   That place for me is Thailand.  Although I am considering checking out Malta.

Sometimes you also have to make hard decisions and cut out the things or people that make you unhappy.  For example the weather, rude people, money hungry self absorbed people, unhealthy food, too much TV, bad habits like smoking or excessive drinking.   All in all you might need to change your friends and surround yourself with people that strive to be positive, healthy, and happy. 

Bottom line.  Focus on you and your happiness.  Your trading will fall into place.

Life of a Day Trader - A Typical Day

When I first started trading about 5 years ago I had no idea what to expect.   I remember the feeling was almost like being in high school when you picture what college or a "real job" would be like and you just don't know.  Of course reality is much different.

Many people focus on trading too much.  They are glued infront of their computers all day, waiting for that perfect trade.  I tend to just go on for a little bit and when I have made my trade, I leave my computer and keep an eye on my trade but don't babysit it.  If you have done your analysis right and if you have enough experience you know what can and cannot happen. The good and the bad. The ugly.

A typical day varies from trader to trader.   I am too busy with life to sit infront of my computer all day.  I remember I used to do that in the beginning but then I ended up putting on weight and feeling sluggish.   Now I realize I just need a few good trades and I'm set.

Rather than telling you a typical day, let me tell you what I did today.  This morning I got up around 8.  Made Espresso around 830. Then went to the Transportation Department to renew my vehicle registration and insurance.  Was told I needed to get my car inspected.  Went back home, went to school to study Thai.  Signed my visa papers to renew another year.  And after class I went to get my car inspected.  Got the A OK sign. Paid my 2000 Baht. That's about US$70 for the inspection, one year insurance and registration, and then went grocery shopping.  After arriving home and putting the groceries away I planted some basil, celery, and mint.  (I like cooking with fresh herbs).  Made some Vegetarian Green Curry with Rice.   Surfed facebook.   Looked at the charts after the US Market Opened, around 7pm, answered some emails, noticed EURUSD hit the Average True Range Resistance Level and placed a short order.   Made 10 pips.  Made a note to improve my take profit targets for ATR trades and decided to write this post before calling it a day. It was a hot one today, 35C and with all the driving around and maybe a change in my diet, I feel exhausted and my head isn't in the right frame of wind to do any more analysis, besides, I made my 10 pips, already have a good trade.

FAQ - Can you really make money from trading?

I always have to laugh when someone asks me if I can live from trading.   I often feel like saying "yeah, I can.  I don't know about you..."  but instead I just say yes and change the subject.  Convincing someone that it is possible to live from trading is like convincing someone that their coffee cup is hot.   They might say okay and believe you but will always touch the cup in disbelief.  They need to feel the heat and gauge just how hot is hot...  Same goes with trading...  You need to trade for yourself to believe and see if you can live from trading.  I can but can you?

Traveling Day Trader Toolkit

Traveling can be fun but also stressful when you want to continue trading and you lack the essential tools.  What's "essential" depends on your lifestyle, trading style, and personal preference.  Here are mine:

Internet connection -  If you're from North America you take it for granted, but start traveling to Europe or South East Asia and it's not as easy as connecting at your hotel or internet café.   The first thing I do when landing in a new country is to purchase a SIM Card with a good internet package. These days you can get 7 days for like $10 and monthly packages for about $30.  You get a local telephone number as well which is handy and you can tether (share) your internet connection from your Smartphone with your Laptop, Tablet, or other devices.  Personally I prefer a laptop and use an Asus Zenfone 5 just because it's inexpensive, fairly robust, and works well.  The Samsung Note 2 I found great for a while, nice big screen, but costly and it broke easy.  And quite frankly it made me overconfident when trading.  Charts after all look different on a Computer versus your Smartphone.   It also has 2 SIM slots so I can have my "home" SIM card from Thailand and my "travel" SIM card connected at the same time should I choose to.  Last but not least I find mobile carriers' internet connections more secure then some overused WiFi hotspot that everyone and their shady friends have access to.

A Virtual Private Server (VPS) or simply put a dedicated computer that is hosted somewhere in the world and you connect to with RDC (Remote Desktop Connection) for me is a must have.  Once you enter your Server IP Address, username, and password, it looks and feels like your desktop but in fact you are connected to a machine elsewhere in the world that will run 24x7 without major disruptions.  You could try running a computer at home.  I had 6 machines at once running to backtest some strategies, however speaking from experience, if you have a computer at your home, it will either crash, reboot, update, or loose your internet connection, or worse shut down due to a power failure or spike, at the absolutely worst time.  A VPS can run you from $10 to $30 a month and gives you piece of mind and a platform that  is always on.  Plus if you have a slow internet connection, you can still "display" your charts and MetaTrader Trading Platform at slow speeds while the hosted machine is connected to live data at high speed.

Laptop - Sure you can trade on your phone, and sometimes that is all you can work with, but there comes a time that your laptop simply gives you a perspective of your charts that a mobile phone or tablet can't.  For me it's also a matter of convenience.  I like a real keyboard.  Decent size screen, like 13 inches.  And a very fast processor and lots of memory.  In addition I like to surf the web, do research, keep in touch with family and friends, and watch TV Shows & Movies.   I have a second Backup Laptop in case my favorite laptop crashes and I need to get it serviced.  I don't carry it with me, but sometimes on short trips I take my cheaper and slightly smaller laptop with me to save space. Or when I'm going on a trip where I won't be trading I take it for surfing and research.   In addition I have a Media Player Laptop that I traded for a Samsung Camera I wasn't using.  It's older, runs Windows 7 and has 4GB of RAM so it'll do for watching TV and Movies.   This media player laptop might be overkill and not "essential" but to me it's a great addition at "home" when I'm not travelling, and, you guessed it, it's yet another backup laptop in the event I need one.

Tripadvisor - A great travel website where you can check out local attractions and hotel reviews.  Bookings.com is another great website for hotels. SkyScanner is great for finding flight deals.  Last minute or based on solely dates and departure, so you can see what's cheap this weekend or what flights from your current location or maybe your location next week are on sale.    Why is this important for a Trader?  Well first off all you should look at finding a quiet hotel, preferably with a desk or table.  You don't want to end up in some cockroach hotel next to a busy road where you can't sleep at night which will affect your trading.  And when you have downtown, and as a trader, you have ALOT of downtime, you can go exploring the city.

Forex Market Hours - It's easy to get your time zones mixed up when you start traveling or living somewhere other than GMT, ET, or North America for that fact.   Then there is Daylight Savings Time which isn't observed in Thailand for example, so it's always good to get your bearings and figure out when sessions start in your time zone, or soon to be time zoon you are traveling too.  http://www.forexmarkethours.com/  does a great job of displaying the sessions.   You can also add additional clocks to your Windows Clock, and of course you can add the Session start/end times to your Google Calendar which will display in your current time zone.

Forex Factory - Be sure to put Forex Factory on your Smartphone and adjust your time zone when you travel so you can see news event times in your current local time.

Broker Contact Information - In the event you need to call in to cancel Pending Orders or set Stop Losses or Take Profits manually because you can't connect to the internet or your account, have your broker's contact information in your phone.  Google Contacts is great as it syncs between all your Android Devices.   Another reason to have a VPS in the event there is something wrong with your internet or trading platform (MetaTrader).

Some other items you might want to consider:

• Powerbank for your Smartphone if you intend to use your phone a lot.  Take pictures on that hop on / hop off bus tour, and check your trades, upload some pix to Instagram and before you know it you are down to 10%.  The nice thing about a powerbank is that you can use it for all your USB chargers and don't have to thumble between batteries or remember to charge yoru second battery.   In fact you can charge your powerbank and your phone at your hotel at the same time. BTW some hotels cut the power when you leave the room so don't expect to charge devices or keep your computer running while sight seeing.    Expect to only charge your device(s) when you are sleeping.
• Dropbox - The cloud is fantastic for backups, including frequently used files for your Forex Trading, of course it's good for your pictures from your travels too.   If you have a VPS or backup computer it's easy to share files and god forbid if something happens to your laptop while on the road, you can log in to the website and view/retrieve your files.  Should you have to install a new computer you can easily restore all your forex related files too.  Like notes, trading log, indicators, etc.  Shameless add for FREE space:  https://db.tt/CavZkQib
• Copies of Important Documents like your Passport, Drivers License, and International Drivers License.  Use Dropbox to store a softcopy and share with a family member just in case.
• Apropos International Drivers License, get one in your home country and see about getting a  10 year one if you intend to travel for a long time or become an Expat.   I have my Thai Drivers License (Motorcycle and Car) now.  Having an international drivers license also makes it easier to get local drivers licenses.
• Wifi Extender / Hotspot - in the rare event that you have a wired connection in your hotel room then you can use a device such as the D-Link DIR 506L to create a Wifi hotspot, with added security.   I only used it a few times but when I have a wired connection and Wifi is lousy then this sure is a life saver.
• USB Dongle for Ethernet Connection - most laptops nowadays are Wifi only and don't let you plug into a wired connection.  A $10 USB dongle lets you connect your laptop if you need to.
• Mobile Hotspot - if you intend to stay for a longer period of time then you might want to see about getting a Mobile Hotspot from a local wireless company.  You can get USB Sticks for your laptop or small device that broadcasts a Wifi signal.   I had one for a short period but now that I am renting a house long term I have a wired internet connection from the local internet provider which is of course faster.   Having a mobile hotspot is a good backup too.  I still use my phone's internet as backup but might consider getting a mobile wifi hotspot soon.  In monsoon season internet can be spotty and in the event of a power outage you can always rely on Mobile Internet. 
• Noise Cancelling Headphones - I can't travel for too long, be it by air or bus, without these.   Also good for some quiet time when in a busy lounge or just wanting to relax.  Makes trading more fun to crank up tunes and not hear any crying babies or superficial chatter.

Rainy Days

Not all days can be warm and sunny.  There will be rainy days.   Right now we have "Green Season" here in Thailand.  Rainy season that is.  For the most part it's sunshine with occasional rain.  But at the moment there is a typhoon approaching the mainland which means here in Phuket there will be more rain and winds.  It's only 25C and despite this being warm or even hot in Western countries, having acclimatized to the 30 to 35C temperatures, I feel cold.  Am I going to go to the beach?  No.  What's my point?

Trading is like the weather.  You can't have all sunny days.  There will be rainy days.   They suck.   Having a bad trade is just as bad.  And when it rains, it often pours.  And when it does there is not much you can do but wait for sun.  Same goes for your trading. Wait it out.  Sit on your hands. Keep busy.   Don't try to make up for a bad trade by placing another trade.  Give it a day, maybe 2, maybe a week.   Chances are your analysis was flawed or the market is volatile, so all you're going to do is make the same mistake.  You're not going to plan a Beach trip when it's been raining all day, are you?

Your Trading Gatekeeper

The Key to Success in Day Trading and in life in general, is good gatekeeping.

Imagine a busy intersection.  Now take away the traffic light.    Chaos.  The flood gates open and things get exciting.  Wild.  Unmanageable.   What is needed is some controls to manage the flow.  Just as you need a good gatekeeper when you are trading the financial markets.

I have a couple students right now that are struggling with this.  They know what they are doing wrong, yet they keep making the same mistakes, or new ones again and again.   They aren't thinking clearly.  Their brain is jammed up.  They are overloaded and they aren't realizing it.    It's like being stuck in a traffic jam and sitting and not realizing that a traffic light to control the intersection will help you get moving. In the direction you want.

What you need to do is establish your routine and create a S.Y.S.T.E.M.  (Save Yourself Stress Time Energy Money).  It will help you control your thoughts, your actions, and put important checks and balances in place to ensure you are focused on trading.  Lets face it, if you are not making pips, if you are making bad trades, you are doing something wrong.  And if you keep making the same mistakes again and again, you will remain stuck.  

Your Trading Gatekeeper
First things first you owe it to yourself to take trading seriously, and that involves more than saying you are serious and turning your computer on to check charts and place a trade.  It requires discipline.  You are your own gatekeeper.

When you set your routine, your checklist, your system, you should:

• Set Boundaries
• What days and what time will you trade
• When is your no trade time
• What Currency will you follow.  Start with one.
• Move/Reschedule other activities around this time
  For example I don't do Yoga or play Badminton when Markets Open
• Know when to trade infront of a Computer in an office versus mobile on your phone
  for example, during prime time trading you might be in your office but in slow times you can monitor your trades on your phone.
   
• Limit Interruptions
• Email
• Facebook
• Private Messaging
• Phone Calls
• Text Messages
• TV, Music, News
• Food
• Kids
• Pets
• Checklist
• Economics Calendar
• Chart Analysis
• Monthly, Weekly, Daily, 4H, 1H
• Trendlines
• Trend vs. Range Markets
• Indicators - like your favorite golf clubs, pick and use consistently
• Study Risk vs. Reward ~ Stop Loss vs. Take Profit
• When in Doubt, Stay Out!
• Curb Your Enthusiasm
• Write down great "Trade Ideas", Strategies, Things you want to try
• Create Calendar Tasks or Notes to revisit your great ideas later
• Use a Journal to jot down notes or ideas
• Set a time when to do your "R&D" (Research & Development)
• Avoid "tips", Trader Chatter, or any kind of social sites all together
• Live vs. Demo
• Do NOT use your Live Account to try something new or gamble based on a hunch or feeling. 
• If you haven't gone live yet then do NOT use your demo account for anything other than to trade your established strategy
• Do NOT switch between Live and Demo. Set boundaries. Keep it simple.

The best Gatekeeper is YOU.   You need to set boundaries and control your environment so you can focus.   Day Trading is easy BUT... and this is a big one....  You need to TAKE IT SERIOUS!!  Focus. Be precise. Follow your trading plan and strategy.  Just because you know it works doesn't mean it will work. You need to work at it and be your own gatekeeper!