If you understand how the Spot-Market works, by now you have somewhat of an understanding that each time you place a sell order or buy order, there has to be someone taking the other side of that position.
Follow me down this rabbit hole. We all know at this point that beyond technical analysis, trading is largely emotional.
The real question is, when you are trading, what are you thinking and feeling?
Does opening a trade in real money cause you anxiety?
Do you have a hard time sticking to your original trading plan once your trade is open?
Do you have doubts about your ability to trade profitably?
If you had a $50,000 dollar windfall would you be willing to trade that money for profit?
Now, if your answers look something like, ‘I’m nervous, yes, yes, yes, no…’ Then this exercise if for YOU!
Lets take the other side of everyone of those negative thoughts. Lets not only attack these intellectually, but as you do so, take some time to meditatively contemplate the new feelings that having a change of mental framework would cause.
If you are anxious when you are in a trade, ask yourself the question, ‘what would it feel like to have total and complete peace in each trade I take, regardless of the outcome?’
If you have anxiety when you open a trade in real money, ask yourself the question, ‘what would it be like if I could have a position open at a $100 pip and feel totally calm?’
If you have a hard time sticking to your original trading plan, ask yourself, ‘what would it be like to have total confidence in my trading plan, regardless of price fluctuation, until I am given definite information that tells me otherwise?’
If you doubt your ability to trade profitably, ask yourself, ‘What would it be like to KNOW that I always keep an account in the black?’
If you wouldn’t trade a big sum of money for lack of confidence, ask yourself, ‘What would it be like to trade the big account confidently, knowing that I will consistently profit?’
Now the goal, and challenge is to learn to exist in and approach your trading from the same state that taking the other side of your thoughts creates in you. THAT feeling of peace, excitement and confidence is the only way that a profitable trader should be approaching the market.
As Napolean Hill said so famously, ‘whatever the mind can think, it can achieve.’
Lets all strive to tackle the emotional side of this business with more vigor and tenacity and climb the lot ladder!
We’re back at it and better than ever. In the last series of riveting blog’s, we investigated some tried and trued principles that every patron of lasting success can surely agree on.
So now a little bit of context as to what applying your time, effort and the rules of success to FOREX trading can mean for you.
Times are a little ‘out there’ right now to say the least. Near bubble heights in housing. Massive and increasing National Debt. Over-extended economic stimulus from the FED. A wild west-esque presidential election.
While nobody knows exactly what is to come as a result of the aforementioned, it is probably safe to assume that some type of economic volatility is likely in our future.
In the world of dollar cost average long term retirement investing, this is scary. In the Job market, this is scary. In the housing market, it can mean massive debt and a nation upside down in their home loans, this is scary.
In the world of FOREX, you have spent months, maybe years learning what to do with volatility. Volatility in fact, is what we look for. This can be your time to shine.
A perfect example of this happened to me this week. I entered a trade based on some standard criteria that we have used and discussed at the Fx365 Institute for years. My overall risk in the trade, ie my determined point of exit would have resulted in a 2.5% loss. A 1 to 1 risk to reward would’ve been acceptable. The trade started to move in my direction faster and farther than I anticipated. I covered the trade very conservatively for a 13% gain on my account. I wasn’t the only Fx365i trader that was in this trade, and we weren’t trading together which tells you something.
Because of what we have been learning, I was able to make judgements during the trade based off of what price-action was doing that allowed me the opportunity to have strong profit.
More future volatility means that you will continue to work at your success just as you have, but you will reap an even larger reward for being in the right place at the right time.
Until next time, Happy Pipping.
Faith. What does faith mean to you? For some its a novelty. Others, a wishful state of thinking, and yet others, something to be found through warship.
How does this pertain to your success you ask?
As our success mantra reads, one must combine all of these practices we have discussed thus far. Consistency, Attitude, Integrity, Long-Term Action… And on top of this, one must do so with Faith and a Burning desire.
Burning desire is less difficult to imagine. As a child, it is likely that at some point we fancied something we wanted so badly. A bicycle perhaps, new clothes, a barbie, and because of the burning desire to obtain said thing, we begged, convinced, even worked at whatever we could, (think lemonade stands and lawn mowing,) to get this object that we so badly craved.
THAT level of desire is the level of desire that must be adopted in the pursuit of your success trading. If trading is just another means of cultivating a little bit of money for you, it is likely that the challenge of it will throw you off course and you will find an easier means to do so.
If truly having a skill set that allows you to use your computer and internet from anywhere in the world to effectively evaluate the FOREX market and place trades for profit can facilitate a dream of yours, then you will likely maintain the burning desire necessary to persevere.
So what about Faith? Many have belief in a place where they need faith.
‘a man had a friend who was a gifted tight rope walker, and this gifted walker wanted to pull off a courageous stunt. He decided to tight rope without a tether between two very tall buildings. To make his stunt all the more difficult, he decided that he would also push a wheelbarrow on the tightrope from building to building. The man practiced and practiced until he was ready to attempt his stunt and his big day came. Just before he got ready to go, his friend and supporter displayed the biggest act of faith he could. You see, for the friend to have belief would be for him to be there rooting his friend on, confident of his friends ability to cross the tight rope without falling. Instead, he chose faith, and jumped in the wheelbarrow as a passenger.’
What is the metaphorical wheelbarrow for you in your trading journey, and if you haven’t reached that level yet, what can you do to inch closer?
For more, visit www.forex365institute.com
Show up, consistently, with a good attitude, for a long enough period of time, with faith and a burning desire, be willing to pay the price and operate with integrity.
Redundant? Maybe. Necessary? Absolutely.
We’ve now covered showing up consistently, attitude, and integrity.. Are you doing or modifying these outlooks and behaviors and still hungry for success?
Congratulations, you’re further along than the majority of people. In fact, one idea that actually can be pointed to as a single success strategy is to ‘observe the masses and do the opposite.’ By now, if you have taken the time to read these blogs, and furthermore to absorb and consider some of the content at a personal level, you are now operating from a framework that is quite the opposite of the masses.
This naturally brings us to enduring ’til the end or for sake of our success mantra, ‘for a long enough period of time.’
So here is the question, how long is a long enough period of time? As long as it takes. With a business such as trading, where the tangible result of pursuing expertise comes a long long time after you initially begin, and each individuals path is different from the next, there can be no expectation of a reasonable timeline. To do so is to set yourself up for definite failure.
Our lead instructor LaCurtis Mayes always says, ‘the only way to fail is to quit.’ Truer words have never been spoken.
This is not a pursuit that shares the necessity of youth that professional sporting requires. This is not a pursuit where pedigree determines the outcome. This is a pursuit accomplished and perfected by an adequate dose of ‘elbow grease.’
So for this week I propose, if you have a line in the sand regarding how far you’ll go before you give up trading, erase that line. Decide here and now that ‘I WILL UNTIL…’ and recognize that no matter how long it takes, trading FOREX profitably, part time, is worth the energy, frustration and tenacity required.
After all, ask anyone in the winners circle if the time it took to achieve their goals was ‘worth it,’ and you may be met with blank stares, because winners may never have entertained another option.
Here is to you staying the course, and erasing your proverbial line in the sand. Until next time, Happy Pipping.
Everybody circle the fire and get ready to belt out some Kumbaya, its motivational hour at Fx365i.
Winning at trading is statistically unlikely. Before you get all up in arms, lets also note that winning at life is statistically unlikely. Debt, Sickness, Sadness, Struggle, hardship is around every next corner. We arguably live in a time where the masses can be classified as morally bankrupt.
With all of this negativity, at the same time there are people in this life, on this planet, today, who are living a life most can only dream of. A life of financial abundance, emotional fulfillment, health, love and purpose.
If you have ever caught yourself on the bottom side of the arc, its as easy as ever to think that these people ‘have’ something that you don’t.
This is true! Unanimously however, this ‘something’ that they have, is more attainable to you than imaginable. More so, it will come as a byproduct of thoughts and actions so seemingly insignificant that you and the people around you won’t even notice the change taking place.
Your crisis, and the crisis of the 95% is a philosophical crisis. Destitute and despair are born from broken philosophies, and sadly, most of us are conditioned to believe these philosophies are truth.
HEY WAIT! ‘you said this was going to be motivational!’
It is… If you are not getting the results you want in your life, your trading, your health etc, I challenge you to take inventory of how well you are applying this credo.
Show up consistently, with a good attitude, for a long enough period of time, with faith and a burning desire, be willing to pay the price and operate with integrity.
Every single piece of this is important and in future posts, we will discuss each of these ideas in more depth.
Today lets talk Integrity. If you take 3 losing trades and 1 winner, for a net loss of -7 pips, do you say to yourself, ‘I took 4 total trades, 3 losses, 1 winner and am down net -7 pips.’ Or do you tell yourself, ‘I took a few trades, nothing great, I’m only down few pips.’
My point is, until you start to view your performance with ruthless, honest integrity, how do you expect to succeed? Why would you trust someone who does anything less with tens of thousands of dollars or even just thousands for that matter? Why should you hold yourself to any less of a standard?
Until next time I encourage you to ponder each of these thoughts and reflect on times in your life that you have done these well, and times you haven’t.
‘It sounds like a lot of work,’ you say…
To which I ask, ‘How’s that philosophy working for you?’