Fibonacci Retracement Levels for Week 06/18—06/22

 

Fibonacci Retracement Levels
Pairs	EUR/USD	GBP/USD	USD/JPY	EUR/JPY	GBP/JPY
100.0%	1.2667	1.5728	79.74	100.90	124.25
61.8%	1.2581	1.5623	79.30	100.06	123.43
50.0%	1.2555	1.5591	79.17	99.80	123.18
38.2%	1.2528	1.5558	79.04	99.54	122.93
23.6%	1.2495	1.5518	78.87	99.22	122.62
0.0%	1.2442	1.5453	78.60	98.70	122.11

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3 “Must Knows” for Building a Profitable Forex Strategy

FX trading strategies software is a valuable asset to have if you don’t have the time to trade yourself in the forex market or maybe even the experience. Because these are programs which carry out every aspect of trading on your behalf, they’re growing increasingly popular as the technology continues to improve with roughly 1/3 of all traders currently using one of them on some level. Unfortunately, this new found popularity has brought on a number of imitators and outright scam programs. For all of this, here are three essential tips for getting the best FX trading strategies program.

1. First, a money back guarantee easily separates the scams and ineffective programs from the real contenders. This is a sign of good faith from the publisher, as well, so be sure not to deal with any publishers who don’t make this guarantee on their FX trading strategies software, as obvious as that may sound.

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2. Also importantly, a money back guarantee enables you to test any FX trading strategies program you want first hand. While this sounds daunting and time-consuming, it’s really easier than it sounds and I’ve in fact done this with dozens of programs in recent years. This is as simple as getting the program, setting it up to trade within the confines of a practice account which you can get for free from any online broker, and simply tracking its gains or losses accordingly. When you are satisfied you can start giving the program real money to invest with or if you are dissatisfied you can easily get your money back in full.

3. Finally, think about sending the publisher a test e-mail if they have no phone support. Customer service is an excellent meter stick for the validity of their product. You don’t want to deal with a publisher who doesn’t value your opinion of them, so think about sending them an e-mail in which you express interest in their FX trading strategies program, and simply gauge their response time as well as the quality and substantiality of their response.

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Exit Strategies That Work

One simple way to exit a trade is simply to set a
take profit level when you enter the trade. When I
trade using this method I set my stop loss to
whatever the ATR suggested it should be, and then
I set my take profit level to double that amount.

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As an example, with a 40 pip stop, my take profit
level is 80.

I actually only use this exit strategy if I’m not
monitoring my trades, or if I’m trading with a
stop of 20 pips or less. When I’m home and I can
watch what happens throughout the day I use
trailing stops instead.

Using Trailing Stops – Let Your Profits Run

With any type of trading (not just Forex),
letting your profitable trades run is a great way
to capitalize on your winning trades. A simple way
to do this, without messing up the rest of your
money management system, is simply to trail your
stops.

A trailing stop allows your stop-loss to move with
the currency. The beauty of it is that it only
moves if you are in a profitable trade. It won’t
move backwards, so you needn’t worry about losing
more.

The trailing stop doesn’t just help to maximize
profits; it also adds an additional method to
minimize losses.

There are a few things that you should take note
of when deciding to use trailing stops.

As a general rule they are safe to use but you
need to do a couple of things when using trailing
stops.

1. Don’t Trail Your Stops in a Ranging Market –
It doesn’t make sense to trail your stops if a
currency is trading within a range. If you do
range-trade, use a basic stop and a take profit,
you’ll have more success.

2. Don’t Trail Your Stops if the Initial Stop
is Small – With trades where your initial stop
is quite small (say 30-40 pips or less) it usually
won’t work well to use a trailing stop.

In this case you aren’t allowing the currency
enough room to move, and you’ll end up stopping
out early. If you do want to trail a stop with
this kind of trade, trail it 30 pips behind the
initial stop.

3. Back test with Your Trading System – Trailing
stops work well with most trading systems, but
not necessarily all of them. Back testing is
important to ensure you won’t end up stopping
out early too often.

4. Sometimes the initial Stop Isn’t Enough –
With currency pairs that tend to move in larger
waves, or in a fast moving market a trailing stop
at the same level as your initial stop isn’t enough.

You will bring the stop up and when the currency
reverses for a time you will stop out and miss
on the potential profits. In this case I set my
initial stop to 2x the ATR, and then trail my stop
at 3 or 4 times the ATR.

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The Trading Psychology of Decision Making

Let’s start our discussion with decision making. Just how
important is the decision making process to the way we trade?
To answer that question let’s talk about the word decision.

The simple truth is that there isn’t anything you do without
making a decision first.  Absolutely everything you do requires
the effort of deciding to do it. When you get out of bed in
the morning, you are deciding to rise, when you make your
morning cup of coffee you must decide to put forth the
effort first.

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Even things as simple speaking or walking require you to
make the decision to do so. There isn’t a moment in our
lives when we aren’t making a decision.

You can’t even get off with “deciding not to decide”, since
in doing so you are putting forth the conscious effort to
make that decision. Even when within your own mind as you
think – you are making decisions on how to direct your
thoughts, how to mold an idea, and we decide how and when
to direct and focus our attention.

Since we cannot “not decide”, and in reality are making a lot
of conscious, un-conscious, and semi-conscious decisions
each day then it is then fair to say that:

Everything about us, including (but not limited to)

– Our Actions
– Our Attitudes
– Our Emotions
– Our Thoughts
– Our Imagination

Are the result of our decisions and the ways in which we
decide to focus our attentions towards  or away from something.

This brings us to the psychology of decision making. The term
psychology comes from the term pscyche (that is, our own
combined mental and emotional makeup). The way we make any
given decision, out of the thousands we make each day, is
directly affected by our own psyche.

Every single person on the planet internalizes things
differently. We have all had different experiences, we have
different thought processes, and we all see things in slightly
different ways. One image may represent something completely
different to you than it does to your neighbor.

If something influences our psyche (the way we view the world)
then it also influences the way we internalize. The way we
internalize information affects every decision we make.

To apply it to trading: We cannot make a trading decision
without our own psychology coming into play. Since we all
make decisions differently, a trading plan (or system), that
worked well for one person won’t always work well for
another person.

The good trader is the one who can find a psychologically
balanced approach to trading. They understand their own
psychology well enough to develop a trading plan that fits
with their psyche and decision making processes.

They also develop ways to overcome their own temptation to
second guess a trading plan and stick to it.  A well balanced
approach to trading shouldn’t require a lot of work on your
part. It should be quite natural to follow your own trading plan.

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Psychological Trading Mistakes – Part 2

Another common mistake that traders make is becoming emotional.

Earlier, we did say that all of our trade decision will be
affected by our own psyche, but in this case it’s the more
subtle emotions rather than your psyche that can lead to both
bad trading habits, and bad learning skills.

What I’m really talking about here is a subtle emotion. Some
would call it fear or frustration. Others may simply refer to
it as feeling slightly overwhelmed. To clarify let’s return to
our friend Larry, and use him for another example.

— Larry’s Mistake #2 – Ignoring his own Frustration

After his first month working at home things aren’t going as
well as Larry had planned. Last month he did make a profit,
but it wasn’t the $15,000 he was expecting. Instead Larry’s
month total was $500. Now he is beginning to worry. He didn’t
leave himself any fallback money so if he doesn’t make a profit
next month he may have trouble meeting his bills, or have to
send his wife to work.

Larry, being the resourceful person he is, finds a solution.
He pays for an advanced Forex course and begins to work his
way through it. The course teaches a trading system that is
proven to be effective.

The Problem

As Larry works his way through the course, he constantly
finds himself feeling slightly frustrated. The material is
quite advanced, and his knowledge isn’t sufficient to
completely understand it.

Not wanting to admit that he’s not as intelligent as the
next guy, Larry ignores the slight feelings of frustration,
and assumes he will get it as we works with this new system.
There are unanswered questions that keep coming up in the
back of his mind, but for the most part, he feels that he
gets it and he continues on.

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There are two major problems with what Larry just did.

1. Set himself up to fail: By ignoring those subtle feelings
as he worked through the material he has set himself up for
more failed trades. Without a clear understanding of the system
he is much more likely to make bad decisions, and in turn –
lose money!

2. Enforced bad learning habits: Along with a greater likelihood
of failure, Larry also just enforced bad habits. Not willing
to admit that he wasn’t as smart as the next guy, he didn’t
bother to ask questions, or to research further to gain
clarity. This will work against you when you learn new
material, and it does become habit and work against learning
for many people.

What Larry should have done was stop as soon as that slight
frustration came up. He should have then back tracked and
learned what was missing. By doing so he would have gotten
a better understanding of the system itself, and lessened
his chances of failure.

To put it simply – If you do find yourself feeling slightly
frustrated while you read through the morning trading report,
that next big trading system, or any other material related
to Forex – stop, backtrack, and figure out what you’re missing.
This extra step will add clarity and help you to go further
in your success as a trader.

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Let’s Just Get On With It Already

Let’s Just Get On With It Already by Trader Ed

Some days, I get bored. Maybe it is the normalcy of life, or maybe I lack inspiration some days, or, maybe, the repetitive nature of life events bores me. For example, the market bores me these days. Frankly, I am tired of Europe as a daily factor in almost every consideration I have about the market. Europe and the market’s constant reaction to the latest “news” out of Europe bore me. I just want to say, “Hey! Get on with it politicians. Bite the bullet and do what you need to do to save Europe, or spit the dang bullet out and let the whole thing collapse.”

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Yes, I would like the pols to get on with it, but how often do we get what we would like in life? Hmmm … Thinking about that, maybe we get what we would like more than what I just alluded to. For example, again, maybe even the politicians in Europe are getting bored with the situation. Maybe, they too are tired of the repetitive nature of things on the continent, and, maybe, finally, inspiration, or pressure, or recognition of reality is spurring them toward the political and fiscal integration needed to make the euro and the Eurozone work well.

The next step on the road to redemption is the introduction of a banking and funding union.

The whole nature of the conversation has changed. Agenda items, such economic stimulation, banking unions, fiscal integration, and eurobonds are now on the table, whereas, a month ago, France and Germany had effectively kept the conversation focused on austerity. True, that step had to happen, but now the impetus has shifted.

Maybe the folks that can pull Europe together are getting bored with the status quo. Maybe, but if I am wrong about that, I am right about this – the people are bored with the status quo, and if there is anything that will get politicians to get something done, it is the people and their ability to vote. Clearly, the voice of the European people is now screaming from the ballot box, which makes me want to yell, “Hey! Get on with it politicians. Just bite the bullet and do what you need to do to save Europe …”

The European Central Bank must decide Wednesday whether to stand on principle and insist that political leaders take their turn at dealing with the euro zone’s banking and debt crisis, or bend to market forces and once again ride to the rescue.

On the economic fundamental front, I still seek the flow of solid news underneath the mainstream current, and I am still finding it …

• Eurozone factory prices were unexpectedly stable in April marking the fourth straight month of weakening inflation pressures and offering the European Central Bank some space to cut interest rates. High world oil prices this year have limited the ECB’s ability to cut rates below its record 1 percent level.
• US service companies expanded for a 29th straight month in May.

Oil prices are still falling and the US economy is still moving forward. Keep in mind, the services sector makes up some 70% of all US economic activity. The market is gonna eventually like this stuff, especially if it needs something else to relieve its boredom with Europe.

Trade in the day – Invest in your life …

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About the Author

I live on a small ranch on the beautiful Central California coast. I am a writer by trade and a trader by choice. I ride horses, play tournament poker, and spend a majority of my “down” time sitting outside in my anti-gravity chair, listening to the birds, watching my horses, and letting my mind drift to the softer corners of everyday life.

The Bottom Line for System’s Traders is Management

The Bottom Line for System’s Traders is Management by Creative Breakthrough

BE IN HARMONEY WITH THE MARKET

(Pride of opinion precedes a fall).

We make money trading when we are in harmony with the market. We are long when the market is going up, and short (or flat, if you are phobic) the market when it is going down. If we bring an ‘option’ with us while trading, we will end up fighting the market. We keep trying to go long as the market is declining, or we keep shorting a market that is in a bull phase. One of the primary rules I learned as a young trader is that the market “programs you to do just the opposite of what you should be doing.”

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DON’T FIGHT THE MARKET

Fighting the market is not good for two reasons.  First, we lose money.  How much we lose depends on how well we are managing our money and controlling our risk.  Second, fighting the market affects our judgment, and causes us to try to confirm that our judgment is correct. Some very high level market analyst will persist in fighting a trend so that we will eventually be proved to be correct.  They figure that if we persist long enough, no matter how long it takes, we will eventually be right. In some cases the “technical price” level is so far away that by the time the forecast is negated, the inventor following the advice will have lost a large sum and missed a fine opportunity on the other side of the forecast!

By analogy, there is a reason for leaving your car downstream, launching your canoe upstream, and paddling downstream.  It is much easier and eminently more fun to go with the flow and paddle downstream.  We could do the opposite and paddle upstream, eventually we may even get to our destination, but the cost would be substantial.  It would take much more time, more physical and emotional stamina, and we would be constantly fighting the current.  Reaching the goal would not be worth the cost.

From a system trading point of view, it is seen from a different set of constraints. The technical or priced based strategy that gets you into a trade also has a priced based signal that says “the strategy is wrong get out ” or “the strategy is wrong reverse your positions”. The problem with relaying on price to tell you that you’re wrong is that the market does not care. So like the unmoved market analyst that says “it’s only a bear market rally”, at some point money management, risk manage has to come into play, It is a necessary evil.

LET THE MARKET TELL YOU WHAT TO DO AND WHEN

Learn the language of the market and don’t the hype from the pundits on the business news canal. They tout to sell air time.  Follow the market like a woman follows her dance partner, this is one time that keeping in touch with your feminine side will pay off.

The correct attitude for successful trading is to let the market tell you what to do.  If the market says to go long, buy, and if it starts to go down, sell.  This sounds easy but it is much more difficult than you think.  We always like to believe that we can be in control.  We want to be in control of our trading and of the market.  If you accept the notion right now that you cannot control the market, that all you can control is your execution of trades, you will take a great step toward being a successful trader. With automated handling of your trade plan or mechanical strategy you have taken one more variable out of the equation thus helping you create an environment that is more suited to successful trading.

Stop trying to control the market.  Let the market strategy, your system take you long rather than you personally trying to predict or decide when to go long.  Let your system do the work, you will have plenty to do controlling other factors like risk and portfolio management. There is plenty to keep you challenged so why over do it, work smart.

DON’T TRADE FOR THE MONEY.

(Have a passion for being a winner, a good trader, a good businessman.

I have met many successful people, and the one thing they have in common is that they love what they do.  Many have told me they can’t believe they actually get paid for doing what they do.  They have so much fun they feel guilty taking money for doing it.  Many successful people will tell you they would do what they do even if they weren’t paid at all.

Work hard and love what you are doing and the money will follow.  Successful people work first and count the money later.  Sometimes they don’t ever count it, and some don’t even know (or care) how much they have.  They just know that they have enough to allow them to continue what they are doing; working hard and having fun.

I know that many individuals want to trade because they think that they can make a lot of money easily and quickly.   Because of the low start-up costs for trading as compared to other businesses, they think that trading should be the easy road to riches.  Their goal is to make a lot of money fast.  These are the people who come to seminars and want an indicator that will guarantee profits.  They don’t want to learn the ins and outs of the business; they want the magic indicator that will get them the money they desire.  I feel that the majority is built this way and one of the reasons why 95% of traders don’t succeed.

CONCENTRATE ON EXECUTION

Trade execution is very important.  It is the same in sports – you can have a good team, a very talented team that you put on the field.  But if they don’t execute the plays like they’re trained to, the team will probably not win.  It’s a simple fact of life.  You’ve got to be able to execute.  Tiger Woods can have a game plan when he hits that course, but if he doesn’t execute and follow through his game plan, no matter how talented he is, the competition is going to beat him.  This is a very important factor in trading a portfolio of technical or priced based strategies that is grossly overlooked. You need to get the execution of trades correctly day in and day out, because there’s just one or two missed opportunities which get away that could have made your month or there can be mistakes that can take away weeks and weeks of profitable work.  This is where the use of good automated trading software can control some of these variables.

GIVE YOR TRADING SYSTEM ENOUGH TIME TO WORK

(Years, not months).

We tend to be impatient, and we sometimes think that we should get instant gratification.  This will not work in trading.  The only way you will really know whether you are a successful trader is to be successful over time.  A week or a month will not be enough time to tell you how you are doing.  If you started any other type of business from a car wash to a restaurant, you would provide it with working capital to pay the bills for a certain period of time until it becomes profitable. You should do the same with trading; the objective is making money in the long run.

DON’T THINK LIKE A MACHINE

If being a successful trader was as simple as moving an object from point “A” to point “B” in a step wise fashion a trained ape could do it. It is implicit in the way the majority of speculators think which assumes that circumstances are predictable and can be controlled, which leads to their downfall.  This may be true when there is a small number of factors that influent the outcome. However, when it comes to the price of anything in a free market that is determined by supply and demand, there are too many factors for it to be predicable and controlled. This does not negate the benefits of mechanical algorithmic trading strategies. It only puts the onus on risk and portfolio management at the end of the day.

So do not discount one of the primary benefits of a computerized trading system, the benefit of historical results. These results do give you “an idea” as to the length of time that the system may be in a losing period in the future. The historical results give you a guideline as too how much money may be lost before the program starts making money. If the system has proven profitable historically, it should be profitable in the future.  However, it is up to the system’s trader to give it the time, capital and   management to make it a winning enterprise.

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About the Author

Creative Breakthrough, Inc. (CBI), a registered CTA. CBI offers a real solution to the issues which traders face daily in the high risk / high reward futures and fx markets. Since 1989 CBI has provided proprietary cutting edge methods and strategies that rank among the top performers. Suported Platforms include: NinjaTrader®, TradeStation8® and Strategy Runner®.

Procrastination and System Development

Procrastination and System Development by Van K. Tharp, Ph.D.

My research suggests that the problems people have in developing a trading system fall into five different categories.

The first three areas prevent traders from ever starting (or finishing) the development of a trading system. These include computer/technology phobia, procrastination, and being overwhelmed by the whole process. The last two problems tend to prevent the trader from coming up with a workable system. These include perfectionism and judgmental biases in your thinking.

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I’d like to focus on procrastination which is big hindrance for many system developers.

So many of us have a hard time getting started—especially when it comes to the task of developing a workable trading system. Yet postponing the task creates even more problems.

What is behind procrastination problems of this sort? Often, a major cause is the fear of failure, especially since the result of completing the task is an opportunity to play a risky game like trading. For example, if you’ve tried trading without a plan, you know how risky it is and part of you may be so afraid of the consequences of trading that you are having difficulty starting to develop the plan. Or, perhaps you’ve quit your job to start trading full time, but you’re so afraid of the possibility of not trading well that you cannot complete your system.

If you’re uncertain of your ability to perform, either based on past experience or a general lack of self-confidence, you’ll probably find it difficult to begin. And the greater your time pressure to perform, the more fear you will create.

Sometimes the fear of success will produce the same result. People fear success because it will bring something new. Suppose you become “rich” and, based on your experience, you don’t like all the implications of what it means to be “rich.” Perhaps your friends will no longer want to be associated with you or perhaps they’ll try to take advantage of you when you have more than they do. Or perhaps you think wealthy people are stingy and narrow-minded. You think “I don’t want to become stingy.”

Another reason you might procrastinate about developing a trading system is lack of interest in that portion of the task. You don’t like the idea of playing around with computers, testing numbers, and doing all of the work. Maybe it reminds you too much of school. Lack of interest, like a fast growing weed sending out roots in all directions, can strangle motivation and make it impossible to even start a simple task. All you wanted to do is get about the business of trading. As a result, you just trade, but you have never tested what you are trading. You just prefer to make mistakes the hard way.

Perhaps the work involved in developing a trading system reminds you of someone you do not like. Someone you dislike told you to do it and you feel resentment—or perhaps someone you dislike always used to do things like develop trading systems. You don’t want to be like that person, even though you know you have to do the work, so you tend to put it off.

The more you dislike the idea of developing a trading system, or even doing certain parts of the task, the more you will tend to push it away. This means you’ll leave the toughest part of the job for that portion of the day when your energy is lowest, and you are likely to make a lot of mistakes.

Lastly, the most important part of developing a trading system is to develop the objectives for the system. Once you have the objectives down, then the task of developing a system really is fairly simple. Getting your objectives down is 50% of the task. Until you have your objectives written down, you have no way of knowing what you want or of knowing when you’ve got it. How can you even monitor your progress, a major factor in ongoing procrastination, until you know exactly what you want? In contrast, once you know what you want, you can set deadlines for each phase of the project.

How to overcome procrastination.

First, you must realize that procrastination comes from you and take control of the situation. Make a commitment to get the job done. Also concentrate your focus on starting the project (or the next phase) rather than finishing it.

Next, write down all of your objectives for your trading system. At this point, you should know what you want, the tasks involved in producing it, and standards you will have for knowing when each part of the task is complete. When you know what has to be done next, it’s much easier to concentrate on doing it.

Third, divide the task of developing a trading system into steps. Rank the steps in terms of priority and then in terms of your desire to do them. Set deadlines for completing each step and announce those deadlines to the world. If you find that one portion of the job is particularly onerous, then break it into subtasks and give yourself a deadline for each subtask.

Lastly, begin the next step. Concentrate on taking each step and then begin.

Remember that Lao Tse, the great Taoist teacher, once said, “A journey of a 1000 miles begins with a single footstep.”

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About the Author

Dr. Van K. Tharp is the founder and president of the Van Tharp Institute and stands out as an international leader among professional trading coaches and consultants. Helping others become the best trader or investor that they can be has been Tharp’s mission since 1982.

Are You a Rabbit or a Turtle?

Are You a Rabbit or a Turtle? by Janice Dorn, M.D., Ph.D.

Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves…Dale Carnegie

Once upon a time there was a rabbit named Reckless who was always boasting about how fast he could run. He criticized all the other animals (especially the smaller ones)—saying that were slower and lazier and could never beat him. He was really rough on this one particular turtle (let’s call him Tenacious) and bullied him constantly. Reckless said ugly, nasty words to Tenacious who just sat there day after day and appeared to let the words roll off his shell.

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But enough was enough.

Finally, Tenacious got really fed up with this. He stuck his head out of his shell, looked up at Reckless and said “Who do you think you are anyway? Why are you always bragging about how you are “all that” and so fast that nobody can beat you? I am sick and tired of hearing his abuse from you. “

Reckless smirked, looked down at Tenacious and squealed with laughter. “Nobody can beat me. Especially you—since you are slower than molasses. If you want to race, bring it on because you don’t have a chance. I will win, no matter how hard you try. “

“It’s on” said Tenacious, “we’ll race tomorrow at the crack of dawn. The next day came and Reckless and Tenacious showed up ready to go. The race course was all laid out and they both stood on the starting line. Reckless was cocky and confident as he watched Tenacious move slowly along the path. Reckless had been up most of the night partying with the other rabbits, so he was sleep-deprived and decided to take a nap.

Reckless woke from a fitful sleep and gazed round, looking for Tenacious. Slowly and steady moving forward, Tenacious was about a third of the way to the finish line. Breathing a sigh of relief, Reckless decided he was hungry and had lots of time to eat. The heavy meal and the hot sun made his eyelids droop. With a quick glance at Tenacious– now halfway along the course– he decided to take another quick nap before running past the turtle to beat him to the finish line.

The nap turned into a longer sleep and when Reckless woke up, the sun was beginning to set. Reckless jumped up in alarm and saw that Tenacious was now almost at the finish line. Reckless bolted as fast as he could, gasping for breath, leaping high into the air, giving it everything he had. Too bad. Too late. Tenacious beat Reckless.

This is my rendition of one of the stories from Aesop’s Fables and the moral is: Slow and steady does it all the time.

Many traders come to the markets with the idea of making huge profits by doing very little or getting rich quickly. They are like the Reckless rabbit who thinks he can win with the least amount of work possible. What they don’t understand is consistent winning in the markets has to do with slow and steady gains. The real secret of winning is to get rich slowly. This is done by striking out (taking stops and small losses), hitting some singles and doubles (taking profits larger profits on a regular basis) and occasionally hitting home runs.

So- what are a few of the many trading lessons from Reckless and Tenacious?

(1) Overconfidence is a badge of ignorance. Unless you approach the markets with humility, you are doomed to failure. You might knock out a few good trades, and then get even more confident. You are an accident waiting to happen.

(2) Self-confidence is great, but it must be tempered with continual self-analysis and vigilance.

(3) While you are sitting back resting on your laurels and bragging to yourself and others about your wins, another trader is out at the gym doing pushups and strength training. He/she is preparing to do battle with you. Stay strong and alert!

(4) You and you alone are responsible for your successes and your losses.

(4) Learning to trade properly is a marathon, not a sprint.

(5) Never underestimate the value of patience.

(6) Take your setups and use them to maximal advantage.

(7) Chasing price is almost always a recipe for disaster and losing.

With ordinary talent and extraordinary perseverance, all things are attainable…Thomas Foxwell Buxton

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About the Author

Janice Dorn, M.D. Ph.D. is a trader and trading psychiatrist. She has written extensively on all aspects of trader psychology, longevity and wellness.

Additionally, she coaches her fellow traders. Dr. Dorn also posts at her website: http://www.thetradingdoctor.com

Attention Traders: Making a Trader’s Checklist

Attention Traders: Making a Trader’s Checklist by Jim Wyckoff

A lot of email has come in from readers asking me how to improve upon “pulling the trigger” to enter a trade. How many traders out there have ever pondered a potential trade for so long that once they actually got ready to execute it, they then got cold feet due to concern they had missed the move?

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Some traders are reluctant to put on a position because they are torn between what they perceive as conflicting market factors. Here’s a typical quote from such a trader: “The moving averages are positive, the market is trending higher, but the RSI shows the market as being way overbought. What should I do?”
A “Trading Checklist” of prioritized criteria not only will help you decide when to execute a trade, but will also help you identify potential winning trades. You’d be surprised how a visual checklist can resolve uncertainty in your mind. What kind of stuff should a trader put on a Trading Checklist? That depends on the individual trader.

Each trader should have his or her own set of criteria that helps determine a market to trade and the direction to trade it–including when to get in. (As an aside, I like to compare my trading criteria to a bunch of tools in a toolbox. The more tools I have at my disposal, the better. Also, there are different tools for different tasks. However, there are some basic tools that I think are more important than the others and that are a must for the toolbox.

In trading terms, the more you know about chart patterns, technical indicators, fundamental factors, etc., the more tools you will have in your “trading toolbox” and at your disposal when trading the markets.) Back to the checklist: You’ll want to put your most important trading tools on the checklist, and in order of importance.

At the top of my Trading Checklist is: “Are daily, weekly and monthly bar charts in agreement?” A very important position- trading tenet for me is that shorter-term and longer-term charts must agree on the trend of the market. If the daily and weekly charts are bullish, but the monthly is bearish, there’s a good chance I’ll pass on the trading opportunity. So if my very first (and most important) objective on my Trading Checklist is not met, then I really don’t need to go any farther down the list. I’ll look for another trading opportunity.

However, if the last item (least important) on your Trading Checklist does not meet your objective, but the big majority of the other objectives on your list are met, then you may make the trade anyway. It’s entirely possible that all of your trading tools on the list may not give you the proper signal to trade the market, but it’s still a good trading opportunity. Every trader should have at least a few trading “tools” that help determine a trading opportunity. Listing those tools on paper, in order of importance, and then examining that list when deciding each trade should make easier the sometimes difficult task of “pulling the trigger.”

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About the Author

Jim Wyckoff has been involved with the stock, financial and futures markets for more than 20 years. He was born and raised in Iowa, where he still resides. Wyckoff became a financial journalist with Futures World News for many years, cutting his teeth as a reporter on the futures trading floors in Chicago and New York, where he covered every futures market traded in the United States at one time or another.