Wednesday, 25 February 2015

The Britney System

Last night I met with one of my students, Brendan, from Canada. He is visiting Phuket Thailand with his girlfriend Britney.   We caught up on life, traveling, and of course trading.   His trading story is that like many trading stories, all experienced traders really go through it one time or another.  He started out following his system and making good trades but then jumped the gun and traded with a live account, not following his system, and letting fear, greed, and impulses control his trading style.   Trying to catch reversals has been his downfall too.

Now that he is traveling with his girlfriend and she is interested in trading as well, we came up with "The Britney System", that is when he sees a trading opportunity he double checks with her and she says Go or No Go.   Funny thing is that most women, although emotional, are less emotional with money when it comes to trading.   I think I wrote about the "Japanese Housewife" phenomenon before where housewives in Japan with a lot of time on their hands and an entrepreneurial mindset, turned to trading the Forex Market and did quite well because they are able to execute trades and follow a system without emotion interfering.

When it comes to trading and life in general, sometimes the simplest solutions work.  Some might laugh at the idea, and for some it might not work.  I'm pretty certain it will work for Brendan and Britney.

If you're stuck in a rut with your trading or simply want to improve it then sign up for my Forex Trading Audit and we'll put together a trading plan that works.