How's Your Trading Going?

Hi studyforexonline,

I Just wanted to see how your trading is going?

I also have a few quick tips in case you're not doing so well.

1. Learn the Basics - Yes this is a simple one but it has to be said. A man in my position has the pleasure of talking to scores of newbie traders on a daily basis. If there is one thing I have learned it's that most newbies forego the basic training and jump straight into the warzone. This is of course a fatal error, on their part, so if you're a newbie LEARN THE DAMN BASICS! Check out the education section for the basics.

2. Do Your Own Analysis Don't Blindly Follow Others - Being able to do your own analysis will bring you closer to being a pro trader. Doing your own analysis allows you to be self reliant and actually learn to trade.

3. Kill Losing Streaks Early - f you ever lose 3 trades in a row take a break from trading for at least a few days. I mentioned this one in one of my earlier emails. Are you doing it?

4. Following the Pack - You've heard that 95% of traders fail right? If you haven't it is true. So if you do what all the other traders are doing where do you think you will end up? Don't follow the pack, be independent and do your own thing.

5. Keep It Simple - This is the most important tip. You should never complicate your trading, especially if you're a newbie. In one of my earlier emails I mentioned picking a single pair, time frame and setting some targets. These things are all designed to keep your trading simple. If you're juggling multiple pairs and timeframes right now STOP..... simplify your trading it will help tremendously.

Email me back and let me know how your trading is going. If you have any troubles I will do my best to help you out.

Thanks,

Nick B

Founder & boss of Forex4Noobs

Forex4Noobs is located in Sydney, Australia and is run by Nick B.

To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?LCwMrCzMtCysnAyMnGzstGa0LCxsrBwsDA==

Hi studyforexonline, New Post on Nicks Forex4Noobs Blog

Nicks Forex4Noobs Blog: New Post Nov. 3, 2009 Hey studyforexonline, This is an automated email to let you know there is a new post on Nick's Signals and Analysis blog. Here is an excerpt and a link: GBP/JPY Weekly Analysis (Wk Strt Oct/01/09) Hey Guys, Here is the analysis for this week. I’ve been very busy for the past few weeks. As I said in my last post my mum came over here to Edinburgh to see me. I hadn’t seen her for 8 months so. So I spent most of my time out and about showing my mum [...] Read more... Forex4Noobs is located in Sydney, Australia and is run by Nick B.

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Forex4Noobs: Twitter

Hi studyforexonline,

Do you have a Twitter account? Twitter is a huge micro-blogging site that allows you to leave quick messages to your followers. Forex4Noobs is on Twitter so if you use it why not follow us?

http://twitter.com/forex4noobs

Thanks,

Nick B

Founder & boss of Forex4Noobs

Forex4Noobs is located in Sydney, Australia and is run by Nick B.

To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?LCwMrCzMtCysnAyMnGzstGa0LCxsrGzszA==

Forex4Noobs: Enjoying the Site?

Hi studyforexonline,

I was just wondering how you're enjoying Forex4Noobs so far? As you probably know, we try our best every day to help newbies become elite trading machines.

So we want to know if you think we are doing a good job?

We also want to know if there is anything we can do to improve the site?

Please email me back and let me know, your feedback would be greatly appreciated.

Thanks,
Nick B
Founder & boss of Forex4Noobs

Forex4Noobs is located in Sydney, Australia and is run by Nick B.

To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?LCwMrCzMtCysnAyMnGzstGa0LCxsrGwMjA==

Forex4Noobs: Killing Losing Streaks

Hi studyforexonline,

Imagine a small losing streak of just 5 trades risking 3% on each; it would cost you a massive 13% of your account. Think about that for a second, 13% of your account wiped out by just a handful of bad trades...... if you're a trader the very thought of that should send shivers down your spine.

So, if you have a bad run you could easily end up decimating your account, after just a few trades.

Let's also remember math is pretty logical but we as human beings are pretty emotional. With math we can say that each trade had a risk of 3%. In real life though, most newbie's after a few losses would make the mistake of trading out of anger. 3% risk becomes 5% and before they know it what started off as a little losing streak becomes a margin call.


There Is a Way Round Losing Streaks

It is just so simple, if you lose 3 trades in a row close down your platform and take a few days off trading. This allows you to:

1. Kill the Losing Streak - Losing streaks always start off small, you may make a little mistake in your analysis, which leads to a bad trade. Maybe out of anger, you take another bad trade and from there on out the losing streak takes on a life of its own. Instead of letting a pebble become a boulder, it's best to cut losing streaks short. If you make a conscious decision to shut down the charts you will cut off all chances of trading out of anger, and making costly mistakes.

2. Take a Break and Clear Your Head - I believe most losing streaks are caused by chart overload. After a few months of constantly staring at charts you could start to lose it. So instead of making mistakes take a short break and come back to your charts with a refreshed mind.

3. Preserve Your Capital - Do I need to explain this one? It stops you from losing your hard earned money by taking dumb revenge trades and making stupid mistakes.

How This Rule Has Helped Me

When I was a newbie I blew two accounts due to losing streaks. On my third (and final, if I blew it) account I started using this rule and my account just kept on growing. There have been several times over the past few years where I lost three trades in a row and took a few days off. Any one of those times, if I had kept pushing it I could have thrown it all away.

If it wasn't due to stringently following this rule I would not be a trader today. I would have squandered away my capital and right now I would be a 9am to 5pm pen salesman.

This is something you should seriously consider adopting into your trading.

Thanks,
Nick B
Founder & boss of Forex4Noobs

Forex4Noobs is located in Sydney, Australia and is run by Nick B.

To unsubscribe or change subscriber options visit: http://www.aweber.com/z/r/?LCwMrCzMtCysnAyMnGzstGa0LCxsrKwsDA==