A Forex Trader’s Lifestyle

Whether you are a novice Forex trader or a seasoned veteran one aspect you must always take into account is to ensure your lifestyle supports successful trading. Forex trading is no different from any other endeavor in life. Whether you are employee, employer or self-employed you must take the time and effort to ensure your environment is conducive to your success.

Take a look at your surroundings and make sure your lifestyle supports you being a successful Forex trader. Take in all the factors of success (how YOU define success) evaluate your factors to make sure your trading is:

Specific – Do you have specific trading goals and objectives? Do you have a trading plan? Ask yourself is your plan to general?

Measurable – Do you have systems in place to objectively measure your performance? If you don’t know your numbers then do you really have a trading business?

Has a Timeline – Do you have a timeline for which you are measuring your goals and objectives against?

Controllable – There are many aspects in Forex trading you can’t control, ensure that the areas your can control are firmly defined and managed with discipline.

Programmed Into Your Lifestyle – Are your Forex trading activities programmed and congruent with your lifestyle? Balance is important so make sure this passes the test!

Taken in Small Steps - This business is a marathon and not a sprint. Start off with small steps and build. The best practice trading principals do not change with account size.

Accountable – Forex trading (or any trading for that matter) can be such an isolated activity. Find ways to have others participate and hold you accountable for your goals. Make it real and measurable!

True Forex success is built through smart work and dedication. By establishing the trading lifestyle that best supports your personality will guarantee prolonged success. Remember, it is your Forex Journey. Be sure you enjoy the ride!

Happy Trading!!

Margin Call Today

Well, it had to happen. After I was forced to make a withdrawal from my account due to the fact I was surprised that someone had given me an NSF check. There simply wasn't much capital left.This means that any sudden moves, as happened today, would cause my account to run out of cash. Well, it did.It's not fun, but at least at this point we are talking about a very small amount of cash. So,

Forward Test EA Goblin Bipolar - 2 Jan 2008

Firstly, let me say "Happy New Year 2008" for everybody. Hope this year we will be blessed by God with more pips :D .My forward test for Goblin has given profit US$ 515.29 (about 5% from initial equity) with $53 floating loss. Not bad for 2 weeks.It was through twice trend change when EUR/USD was going up from 1.43xx to 1.47xx and then went down from 1.47xx to 1.45xx. Even EA didn't running in

Forex Speculation?

Have you ever wondered what is meant by the term speculation?It seems to be rather loosely defined. Speculation is the process of selecting investments with high risk in the hopes of making a profit due to price changes. Apparently, if you use that which you purchase, such as consumption of a commodity, or if you purchased something in order to profit from dividends or interest rates, then it

The ONLY Difference Between Professional Traders and Amateurs Is ...

He's a blog posting from one of my friends on mySpace, Barry. To close the year I couldn't resist posting this for thought!

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Here's a revelation that changed my trading forever:

"Successful trading is imply a business of not making mistakes."

That has become such a cornerstone to my trading that I actually framed that saying and put it on my wall over my trading flat screens.

One of the most productive things you can do to become a profitable trader is to make a list of your most common mistakes.

Awareness is the first step.

Then watch your behavior and don't allow yourself to make those mistakes any more.
Each of us has her or his own challenges, so you must make your own list.

But to get you started, I'll expose my sins and share with you what have been my most common mistakes over the years. This is the official list of my own 7 most common mistakes. Perhaps you'll find it helpful:

1. Missing trades. When my setup occurs I need to make sure I'm aware of it and haven't been distracted by chat rooms, email, phone calls or lulled into boredom by a consolidating market.
I also need to make sure I don't hesitate to pull the trigger when I do see my setups.

2. Trading reversals that are not in extended trends and during which the internal market energy has not reversed.

3. Trading only 1 time frame without the confirmation of a longer term chart.

4. Trading while tired.

5. Over trading. Never try to make up for losses or missed trades. Never trade out of boredom. Never take any trade that doesn't match my rules 100%.

6. Not taking profits on my first exit soon enough. This is critical to adjust my cost position in the trade and therefore keep losses small.

7. Exiting my entire position too soon. I must keep at least part of my position alive until the energy of the trade has shifted so that I can ride the big moves.

Well, that's my confession.

Now you know my sins, but I imagine they're not so different than yours.

Have you committed these trading sins ... or your own unique ones?

The only solution is to REPENT!

That doesn't simply mean to say you're sorry.

It means to change your behavior.

Many people treat trading as:
an intellectual exercise.
a mathematical challenge.
or a research project.

Actually it's more about managing your behavior than anything else ... of course that's often the most difficult thing of all!

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I couldn't have said it better!

Barry can be found at: http://www.myspace.com/topdogtrading

Happy New Year !!

Forex Journey

Forex Trading Made Easy

Are you kidding me? Forex trading isn't easy, it's about as risky a financial endeavor as you can legally participate in.Wait, let me rephrase that... foreign exchange trading is easy, success isn't. Yeah, that's right, that's my tag line. It's true.If you are looking for the easy button, here are some platitudes for you:Buy low and sell high.Have inside access to national economic