Archive for May, 2008:
Coping With Losses: A Major Key to Successful Trading
Be warned.
“Part of overall winning is taking losses along the way.”
“If you have 55% winning trades, you’ll win in the long run.”
We’ve heard it said a million times in a hundred different ways.
In any trading system, we will experience losing trades as well as winning trades. We know this.
So why is it that as we moved forward from trade to trade, we become frozen with doubt when the losing trades appear in bunches?
If you think about it, when winning trades appear in bunches, we get motivated and we look for reasons to find the next trade. We’re on a roll and we love it. We’re on top of the world.
The words “genius” and “professional trader” seem to fit us perfectly.
Conversely, when losing trades appear in bunches, we become fearful of the next trade and look for reasons to shy away from following our system.
We become filled with doubt and the words “gambler” and “loser” seem to describe us best.
OK, so why?
It’s because you’re are viewing our trading outcomes as reflections of you as a person.
This leads to the destruction of virtually all failing traders.
Negative personal evaluation leads to your being emotionally out of control, which leads to straying from your tested trading system … and the result…
you’re trading by the seat of your pants (which should be pulled down and you spanked!).
You see, you must develop the mindset (and the true under-standing) that you are a winning trader whether you are experiencing a run of losing trades or winning trades.
Your self-image of a winning trader allows you to glide through losing streaks so you can be there for the winning streaks.
Most new and “intermediate” traders do NOTHING about their mental trading fitness. They are willing to spend thousands of dollars on “holy grail” systems and out-of-town seminars, but are totally neglecting mental conditioning.
You should be training as hard on your mental fitness as you do on preparing your trading signals.
As a broker/trader/CTA for 21 years, I have probably seen 50+ trading systems that were money makers, IF you had the mental/emotional strength to follow them!
You need to find a system that suits your personality (more on this next week), back-test the system, appropriate the money to trade the system, and then GO FOR IT.
The “go for it” part won’t actualize without the mental strength to take the good with the bad.
RECOMMENDED: TradingMind Software
**Norman Hallett spent 21 years as a successful trader and CTA before starting Subconscious Training Corporation. His company developed TradingMind Software, the industries leading mental/emotional training tool for traders who understand the importance of being disciplined and focused in their trading.
Your New Forex Trading Career May Start Tonight…
“Options University (OU) Forex Begins Tonight! Don’t Miss Out…”
Well, I thought this might happen. The floodgates are open!
The stampede has begun for “virtual seats” to tonight’s kickoff webinar on OU Forex! With over 545 registrants already signed up, OU’s Tech Team is going to go to their more powerful backup webinar delivery system to accommodate everybody.
So I don’t want you to miss out if you’re interested in the “right” way to approach the Forex market, and how to use OU’s particular system (taught by their full-time Chief Forex Strategist) to take unusually large gains from the fascinating Forex market.
Imagine a market where you basically only have a choice of 6 things to trade. Less decisions to make - you can focus all your efforts like a laser beam on just the ideal setup almost instantly, with the right tools and methods.
You’ll discover those insider Forex trading secrets tonight, as OU’s full-time Forex “go-to” guy Greg McDermott unlocks the secrets to successful Forex trading right before your eyes.
So if you haven’t registered yet, please do so now. I’d hate for you to miss out on what promises to be a very interesting and lively webinar!
Click here for the registration page.
Like any other trading vehicle, you can lose money in the Forex market. It’s not as easy as some of the other Forex training companies make it out to be. You need sensible, real-world information to make consistent gains from Forex trading.
That’s what Greg McDermott “brings to the table”, and that’s why OU hired him full-time to be their Chief Forex Strategist. Come see Greg in action this evening.
And seats are going fast for tonight’s session!
Can Crude Trade over 140?
**Crude hits highs…some traders rejoice**
The news of the day is that Crude futures are trading over 140. With prices not seeming to come back to earth anytime soon, is it really possible for Crude to hit 150 or higher?
This new video examines Crude price in great detail from the beginning of the year to the present. You’ll see where it’s been, how it got there (in great technical detail), and (most importantly) where it could end.
Please enjoy the video, and as always, you can watch it without registration.
Investor’s Superconference 2008
If you are from US and want to learn how to retire early, find financial security, and take the trading skills to the highest level possible… take a look at Investor’s Superconference 2008 at Orlando
- you will learn the skills for trading for a living, and discover know how to identify the right trading opportunities for me to get into!
- you will learn risk-reduced retirement strategies for extra income during retirement, how to retire early, and avoid ‘boomerang’ retirement. (The right strategies to use – not in theory, but ones that actually work in the real world!)
- you will learn the successful psychological traits that winning traders have in common, and how you can use these to improve your trading and bounce back faster from losing trades!
- And if something in the market should turn unfavorable towards your position, you want to be able to make intelligent changes on the fly that turn losing trades into winners. Or at the very least minimize your loss as much as possible!
- you are also going to learn insider tips, tricks, and techniques from true market experts, and ‘rub-elbows’ with some of the top names in trading.
How to finally spot those winning trades
I am often asked how I find winning trades in the market. I can easily answer that question in one word: MarketClub. Just like the thousands of other MarketClub members, I use their “Trade Triangle” technology every day to spot stocks, futures, precious metals and foreign exchange markets that are ready to move.
In this new video, Adam is going to show you exactly how to find potential winning trades using their “Trade Triangle” technology.
This short video will get to the point quickly. That’s what I most like about MarketClub, it’s fast, and the “Trade Triangle” technology is definitely a winner with investors. The website shows me quickly and easily what markets are ready to move with only a few clicks of a mouse.
Take the time, watch the video, and if you have any questions you can find more information and videos at MarketClub.com.
Enjoy the above video.
Are You “Chasing” Trades? Here’s how to stop permanently…
Your trading plan has given you the “GO” to take your long position.
For whatever reason, you missed the initial entrance point and now you’re watching the market go up without you.
Has this happened to you recently?
Wait… I’m not done.
Your “almost” position continues higher and now you’re nearly halfway to where your system would have you take your profit. Boy, the market looks strong.
Should you get in “here” instead of just keep watching it go up? The market looks destined to hit your target and at least you’ll get the last part of the profit!
You hesitate a little more. The market goes up more.
You can’t stand it any more… You jump in!
Wait! What’s this? The market is stalling. It’s almost like they were waiting for you to get in to take it back down.
You can guess the rest. I mean, you’ve lived it, haven’t you?
We all have.
Many of us have lived it OVER and OVER again.
When will we learn not to chase markets?!
Gerry Schwartz, a trader from Los Angeles, HAS LEARNED not to chase markets.
How?
Watch Gerry’s 3-minute video in the middle of this page (scroll down to the middle of the page after tapping this link… he’s the guy in the glasses)…
What’s actually happening when we feel the urge to chase a market?
What’s happening is that we are trying to make it “all right” that you missed the trade.
If you recall from your own experience, as the market is going up without you, you actually start ROOTING AGAINST your trading methodology.
You want the market to come back down (so that you can either get in where you were supposed to… or even worse, to get in at a better price and call yourself a genius for getting in at a better price than you trading plan directed you).
It’s all about covering up your ill feelings about yourself for not being disciplined enough to take the darn signal and ACT, when your trading plan tells you to act. When you don’t take the signal, you feel like a jerk.
And in a way you are!
I mean, why spend all the time developing and backtesting your trading system if you’re not going to COMMIT to the signals it gives you!
The answer…Fear.
Mostly fear of failure.
But that’s for another email.
The truth is that it doesn’t matter WHY you lack trading discipline!
I mean it’s nice to know why so you can undo your poor thinking patters.
But the great thing is that you can develop positive discipline pattern as a trader by just doing a “little something” every morning before you start trading…
Like Gerry Schwartz.
Spend the next 3 minutes listening to Gerry on how he stays disciplined and doesn’t chase markets anymore.
Then ask yourself if YOU are ready to change.
(scroll down to the middle of this page to see Gerry’s 3 minute video…he’s the guy in the glasses)…
Your mind will keep you disciplined if you just spend a few minutes a day training it. Ask any consistently successful trader.
Sell Signal in Gold
Adam from INO.com has produced a new Gold video that is worth a look. It’s worth a look because the content is good and you should learn from him just as I do on a daily basis.
Click here to watch the video now.
Imagine how your life would change for the better if you
Who else wants to be part of this history-making event?
You’re About To Discover Certain Trading, Investing And Other Financial Secrets Never Before Revealed To The Public (In One Place).
It’s true! Some of the world’s foremost financial experts are about to descend on Orlando, with the sole purpose of releasing their cherished secrets to a small circle of people. For the very first time.
- Donald Trump’s Chief Negotiator, Head Counsel, and “right hand man” revealing his billionaire-making negotiating skills – and how you can apply them to your life and business!
- Ever dreamed of trading for a living? You can see the guy who wrote the book on how to do that. Imagine being able to survive and thrive. anywhere in the world. with just a laptop computer and an internet connection.
- One of the world’s top experts in the stock, futures, and Forex markets, with a brand new indicator hardly anyone knows about yet - that’s annihilating the market averages - you can be one of the first people in the world to find out what this indicator is. and how to profit handsomely from it!
- The Queen of Short Term Trading - renown for taking rank beginners to expert traders in record time - letting you in on how to exploit and trade what some are calling the “world’s perfect investment vehicle”.
- A respected trader and author who will tell you the best market to trade at the time of the event - and exactly how to trade it for maximum gains!
- A well-known trading psychologist who’ll tell you how your mind is sabotaging your trading and investing. and how to banish that problem forever!
- A 15-year options floor trading veteran who’ll reveal two trading strategies once the tightly-held secrets of the top traders on Wall Street. and who’ll let you know how the coming Nasdaq options market can literally make you wealthy. if you know the right “new rules” to play by! (Others will be in the dark, while their portfolios languish. but not you!)
- A Technical Analysis Wizard - voted the Top Market Timer in the world - twice! He’ll be revealing - for the very first time - his brand new “A Team” strategy - which just returned 289% - in the last 90 days!
- A famous options trader, author and TV personality who’ll reveal his ultra-powerful “CPR” strategy - for using options to “repair” a stock trade gone bad!
- One of the world’s top experts on how to interpret candlestick charts - author of two books on the subject - who’ll reveal some of his brand-new, advanced (yet easy to see) signals to extract unusually large returns - from any market and at any time
Armed with the rock-solid, insider information from this event, you’ll be able to enjoy life to the fullest - with full confidence in your newfound investing and trading skills.
So wherever you are in your financial journey - whether you’re already retired, near retirement, or just thinking about it someday or if you simply want to gain an “edge” over your peers with exclusive, insider information known only to a handful of traders and investors in the world (for now).
You Need To Be At This Event!
Click here for more information.
With crude oil hitting historic highs you need to watch this video
With crude oil hitting historic highs today, I thought it would be a good idea to provide you Adam’s short video updating you on his “Trade Triangle” technology and the signals they have generated in the June crude oil contract.
This five-minute video will give you an insight into how you can approach the crude oil market using MarketClub’s “Trade Triangle” technology. This approach takes a great deal of the emotion out of trading which is crucial for any successful trader.
I hope you enjoy the video and learn how to employ the technology into your own trading.
Every success in life and in trading.
Crude Oil, Gold and Perception. It’s what drives the markets
Did they pull the plug on crude oil?
If they did pull the plug on crude oil, we pulled it faster using our Trade Triangle technology. We had a signal to exit all long crude oil positions on the 30th of April at 114.95 basis the June contract. It now appears that oil is on the retreat and we could see further downside erosion in this market. The 108 to 110 level is an important area for this market to regroup, if it is going to resume its upward trend.
Has gold lost its luster?
When we first announced that we had a major sell signal for gold it was if we were going against the Holy Grail. We had what literally amounts to hate email coming in from all the gold bugs saying, how could we think of selling gold given the economic uncertainties that the world faces today. But as we have stated before, we only look at what’s going on in the market according to our Trade Triangle technology. What’s going on right now indicates that we could see gold continue to move lower. We’ve already reached several of our downside target zones. Our longer-term target zone for gold is around $800. A move to the to $792 level represents a 62% pullback from golds all-time high of $1,032.58.
Watch the new video here.
We hope you find the video both entertaining and educational.
We hope you find the video both entertaining and educational.
P.S. If you missed any of the Traders Whiteboard series, watch them ALL here.
