Sunday, 3 January 2016

Trading Mantra

Happy New Year from Vienna Austria!

This time of the year can be tough for the avid traders.  The markets are slow or erratic, and if your account balance is down, it seems like eternity to make it back.  If you're in the plus you are no doubt enjoying a well deserved time off!

2016 is here and with that you might want to consider revisiting your routine.  Here is mine:

  1. Trading Mantra - read every trading day
    "I will follow my system, review trades carefully, and not jump into trades at the spur of the moment.  Risk/Reward Management will govern my lot sizes, TP and SL.   I shall no longer baby sit trades and trade with confidence, accepting losses and cashing in profit without fear nor greed.  I will not discuss my trades with fellow traders and instead focus on my own systems and strategies, driven by results and confidence.   I will balance my life in all areas of life: health, wellness, relationships, financial, spiritual.  I will lead, not follow.   Forever a student of life and the Forex Market.  It's better to trade alone and not to talk to anyone about it."   
    Lieber Alleine Traden und mit Niemanden darĂ¼ber Reden!
  2. Review Forex Calendar - identify potential trading times
  3. Review Charts - focus on 3 or less currencies - Mine are GBPUSD, EURUSD, and AUDJPY
  4. Trendline Analysis - starting with Monthly going all the way down to H1 for big picture.

  1. Signal Analysis - when trade conditions are met, Trendline analysis will be repeated for all time frames, including lower time frames, and market conditions (upcoming news, ranges, price action) will be reviewed.
  2. Trade Monitor - identify partial TP, Trailing Stop, and Stop Loss.  Only add to positive trades.  Close out negative trades if market conditions have changed and wait for a new opportunity.
  • No Overtrading
  • Celebrate Profits
  • Analyse Losses
  • Enjoy Life