Note down the criteria used to enter and exit the trade as well as any observations made along the way.When you write it down, not only are you creating an invaluable resource for you to measure and track your progress, but you’re training your brain to think mechanically, which is the most important part of trading.
Never set a growth goal!
I often see new traders targeting a set number of pips per day, or a certain percentage return per month, however, You can’t take more than the market will give you.Sometimes the best trading decision you make is waiting. Setting yourself a defined growth goal will force you to trade in unfavourable conditions.
You are in total control of your success
This leads on from the previous point – You can’t control the market. But you need that initial road map if you stand any chance of succeeding.
To quote one of my most loathed cliches “If you fail to plan, you plan to fail”.
I’ve done quite a few educational sessions inside our trading room on how to set goals and a trading plan.
It’s true that the majority of our signals are winners, however those that miss have a detailed explanation going into the trade, to ensure you, as our client, thoroughly understand our reasoning.
That’s why we offer the best forex signals on the internet.
A very wise fisherman once said – Give a man to fish and you’ll feed him for a day. Teach a man to trade and you’ll feed him for a lifetime.
To make that breakthrough you’re after, where you’re making money and taking steps towards regular income, you need to combine signals, with understanding.
That’s exactly the question you should ask every time you think about following a signal.
Why are we going long on EURUSD?
“Should I buy Bitcoin?”
I’ve been asked this question more than ever recently.
People unfamiliar with the financial markets, trading, or even Bitcoin seem to think it’s a good idea to purchase some of the mythical computer code from the blockchain in exchange for their hard earned dollars/pounds/euro’s.
I’m reminded of a piece of advice given to me from my first boss during my pit trading days in London City.
“If your taxi driver tells you to buy something, SELL!”
“You buying Bitcoin too?”
Replace the taxi driver with an Uber driver today, and the advice continues to ring true.
I approach Bitcoin like any commodity. And if some bloke in Russia is willing to pay $50,000 per coin, then that’s how much it’s worth, regardless of what you think.
If you’re buying an asset, like Bitcoin, gold or a soybean contract, with the expectation that the price will rise and you’ll be able to sell for a profit.