If at first you don’t succeed

Deere has given another buy signal not long after stopping me out… Slightly irritating because I don’t like losing but I couldn’t help laughing. So am I going to buy again? YES, why shouldn’t I??? Because I was unlucky? No, I’m not even going there!  Just because I lost I don’t hate Deere for that, I don’t think lady luck has punished me; If I’ve lost on a trade someone else has won and that’s how it is.  I wasn’t unlucky and the winner wasn’t lucky, its just I speculated wrong and the winner right.

So often people treat trading like its a living thing… like the markets have feelings and emotions, ideas and agendas to try and trick and deceive you. If you think like that then you have a gambling mentality that you need to get rid of pronto. Get real and think like a trader and leave the gambler behind.

I haven’t opened the trade yet as there’s no rush and I thought I may as well wait a few days for the price to start moving a bit more positively and then jump on. Once it gets trending again it may well go on to reach the $100 I initially thought it was going to.

Day Trading course

Its amazing at how people are obsessed with day trading profits instead of the long term opportunity and overall picture! But why? I can only hazard a guess as my initial search into making money from financial trading led me along that exact route. Looking to make money on a daily basis from trading is mainly due to the fact that you are trying to make quick money because you’re skint. I have only ever met one multi millionaire day trader and he traded sports on betfair.

The reason day trading seems so popular and easy is because its been developed specifically for that reason… its for all of us that are looking for the holy grail and answer to all our financial prayers. The suckers inside all of us, the ones that desperately want to believe.

BUT… Ive got my hands on a day trading system that [at the moment] has made regular profits. Its funny though because it involves so much more work than the Vince Stanzione system but it may quench the thirst of those that can’t bare the thought of holding on to the same position for years.

I haven’t got the time and if I’m honest the incentive or desire to test it long term but once I have a few months worth of results I’ll compile them and show you. The guy that gave me the course assured me in a really genuinely manor that it really works; and so far it does.

Moving on, my personal trading is going along fine, although I had the one larger loss on Deere you have to accept these and move on because its all the nature of the beast that is trading. Yes I hate losing but you sort of get use to it. Also as long as you’re making profits you wont go broke.

Bonus bagging continues to impress as its totally risk free but for me long term trend trading is my favorite strategy; in fact as my banks grow I can really see myself going for it using that method over the next 10 years or so. It’s like this for me now, I open a trade after analysis of the long term trend and I’m sure of direction. If the trend continues great, I’ll hold for as long as the charts say too taking profits as I go. If my analysis and speculation is totally wrong, OK, no hassle, I simply accept the loss and move on because long term I know I’m a winner.

 

Free charts V paid charts

Since I started trading I have always used Sharescope for my chart information; but i had an email the other day asking if i new of any good free charting programs? Yes I do although I have only ever really knocked about with them, but I suppose they will more than suffice.

Meta trader is a free software package that has been designed specifically for the forex market; I remember trying to use this in my early days before I had even bought the Vince Stanzione course. Personally I couldn’t get on with it but its free. Stock Charts is one I prefer and they are great for the U.S markets I often see these inside the members area on the Vince sites; easy to navigate and understand they do all I have ever needed a chart to do. ADVFN also offer a free service but the site is covered in ads and once you make an account you are bombarded with rubbish every 30 minutes.

For me sharescope is just fine and because Vince often refers to it, it makes sense to use. Also its so clear, I can find and look at a chart in seconds and get a good overview of the direction/s because all my charts are already set up for what I need. Its cheap also at £18 a month. But if you are paper trading and don’t want any unnecessary outlay the freebies above are a good place to start and try.

I was right… And wrong.

If you remember I mentioned a couple of trades to you back in January, McDonalds and Deere. I had predicted both to go over $100. Well Mcdonalds has but my Deere trade has gone about the same distance in the wrong direction. Obviously I have losing trades but this one is still open. I really thought that it was going to be a real big loser but it rebounded and kept the trade live. So I’m just up by a few points literally on those trades but something did occur to me.

If you had just started out trading and you took that trade I wondered how much faith you’d still have in your ability and the/a system working? probably not much. This is were the negativity enters and you get scared of losing. This is why it’s just so vital you paper trade in the beginning; you can get a feel for how things work and know what to expect and although its not real and trading with real money is emotionally different you will see how the markets at least move.

Like the famous quote “The money’s in the waiting” and it’s not only when you have a real money trade open, it really still applies to being patient learning how to trade.

One thing is for sure, ever since the stock market has existed people have lost and made money and that’s a fact; but don’t think it can’t be done or a system doesn’t work because you have a losing trade or a bad couple of months, it will and does happen with regularity so deal with it. Keep testing your rules, paper trade for a least six months and see how your virtual bank looks after that; then you can reevaluate and go from there.

 

Being brave pays

I was watching deal or no deal the other day and Noel Edmond’s reminded everyone that in 8 years no male contestant had ever won the jackpot of £250,000 it reminded me of what Vince Stanzione said about women making better traders then men… And I wondered if it applied to gambling as a whole? Is the fact that Noel mentioned down to luck or guts? Do women make better decisions when the money’s on the table? In fact a recent study concluded that women are more aggressive when placing bets and place more bets on average, but they also make bigger profits due to the fact they are braver gamblers.

Although I personally believe that it’s not all down to being brave but if you are panicking about your positions then you have risked to greater portion of your bank. And if you are trading long term there really is very little to panic about so you may as well just place the trade and move on. It’s really as simple as that.

If you have trouble and get over emotional trading I suggest you read Trading in the Zone it’s a wicked book on trading psychology.

One other thing I often notice about men/new traders is that they are always in a rush to make it big; they buy a book or course and need to be a multimillionaire by the morning. Slow down, desperate money always disappears faster. Use your instincts when looking for opportunities, whether it’s in the markets or elsewhere, you’ll know when something’s going to work out or not, you’ll just get the feeling.

On that note have you see the price of bitcoin???