Live Session: The Secret to Trading Success
This segment was taken from one of the weekly live training sessions we host for members.
I (Marc) give you the “secret sauce” of how to become a successful trader/ anything you want to be in life!
The meaning of life for just a few $’s a week, what more could you ask for! 😊
Here you will find some ideas to create your own life/trading plan. I strongly recommend/urge you to spend some time and write things down.
If at least 10 people take part and share them in the forum then Pierre or myself will give the best 3 a complimentary “one to one” session to help you fine-tune your plan and create an organised path to follow for you to achieve your goals.
The Secret to Trading Success Free Tools & Articles to Help you
Last week I published an article showing how you can create income and wealth not only from trading forex. I used this life plan to help me semi retire and emigrate to my dream island with my wife and young kids, when I was only 40 years old. Then I started using some of the money I had generated to fund my trading and retirement, and it still pays me every month, so check this out if you want to be successful in all areas of your financial life:
At the bottom of this page you will find links to a few of the other articles I mentioned in my presentation
Here are parts of member Roberts plan. He is still working on it and it’s a lot more detailed and in-depth, but it will give you a starting point.
You need to personalise it and build it around your life. If you are working 10 hours a day, then going home and starting to trade is not the best way. So what to do?
It’s in your hands. In my experience of mentoring people for almost 20 years (business as well as fx) those who complete this exercise increase their chance of success tenfold.
Those who don’t will still be sat here next year wondering why they have made no progress. So which camp will you fall in?
In the words of the prophet Nike “Just do it!” 🙂
The Secret to Trading Success
Create a business & Trading Plan
Robert’s trading rules, First Draft:
This is not for you to blindly follow, use it as a template to create your own plan. Once you have completed it, submit it here & one for the mentors will give you some feedback & suggestions to improve it: [email protected]
Overview and Objective
The follow trading plan shall serve as a tool to aid in reaching the goal of trading foreign currencies for a living. In order for this plan to be successful, I must follow its rules and, assuming that all rules are followed, I should be able to make consistent gains of at least 3 to 5% on my account per month, averaged over 6 months, and limit draw-down to a maximum of 10% at any time.
I shall take only lucrative trades, defined as those meeting the criteria of my strategy and risk management protocols.
I shall keep a journal of every trade and appreciate how the evidence of past trade analysis shall guide best practices. Trade wins and losses shall be calculated by the R factor as well as monetary balance.
Here is a free app to help you set trading goals/Life goals – https://lifetick.com/
What do I want to achieve? Hobby or business. Set measureable goals, here’s how: https://www.toolshero.com/time-management/smart-goals/
Stop playing at this and treat it like a business! It’s a profession, therefore only those who trade professionally will win consistently.
Time available to trade and analyse? Set it in stone
“I will do my analysis every xxxx”………….
I will place trades…….
Maximum number of open trades at any one time…. Not all pro or versus one currency
Risk percentage – . % risk per trade* less for counter trend
Risk Reward Ratio – absolute minimum 2:1
Maximum number of trades per week
Max draw-down per week
What if scenarios……
I go on a winning streak
Go on a losing streak, stop, assess, re group. Start again reduced lot size, until……..
What if markets just don’t make sense to me right now?
What if LOTS of great looking trades all line up at once (it happens, sometimes often). What will you do? Which will you take, which will you leave alone and why?
Strategy- Pick one and stick to it, stop system hopping.
I shall trade eg: AUD, USD, EUR, GBP, JPY, NZD, and CAD currencies in all combinations. CHF will not be traded at this time.
If more than one trade is taken, correlated pairs will be taken at half risk if in the same direction.
Movement of stop losses shall be at my discretion and only for the purpose of limiting risk.
I will check positions only at the close of 4-hour and daily bars.
I will perform a brief market update on Wednesdays.
I will be aware of scheduled news events of the week.
If you would like to learn how to trade like a professional check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below