10 Tips for Preparing for a Profitable Trading Day

Every great athlete, musician and professional where the stakes are high, knows that warm up and preparation can make a big difference to performance. Here are 10 tips -trading advice for preparing for your best trading day.

Mental Prep

1. Harness the power of intention

As you become more and more focused as a trader and as you learn to clear your emotions the power of your intention will become stronger and stronger. Begin the day by setting the intention that you will be successful, that you will be profitable, and that you will be safe. If possible visualize it, or feel that it will happen.

If any feelings or thoughts come up contrary to that intention (e.g. I lost yesterday perhaps I'll lose today) go straight to the next point and clear that thought/feeling.

2. Clear limiting thoughts and emotions

Did anything happen yesterday or on previous trading days that is bothering you? Anything happening in your personal life that may be affecting your state of mind? Any recurring thoughts or feelings that come up during the trading day?

Read my blog post about emotional clearing - learn Core Transformation and clear that crapola out. And for any of you hardcore guys out there that are thinking this might be a bit touchy feely, I suggest you look at this in purely financial terms. Learning these techniques will help you get the success you want. And nobody needs to know!

3. Brain power

Make sure that you have exercised and eaten properly so that your mind is clear and fresh. Have the right snacks at hand so that you can keep your blood sugar balanced, so that you mind stays fresh and optimally focused.

Timing

4. Know when you are going to trade

You may say "How do I know when I am going to trade ahead of time?". In response I'd say, "if your trading system doesn't tell you when you are going to be trading ahead of time, then you are missing out on a huge advantage". As you'll see from the various blog posts I've written on cycle trading, I am convinced that time is as important a factor in determining entries as price. This is why I use a combination of cycles and harmonics in addition to regular technical analysis to determine entries.

Adopting this trading methodology was the single biggest contributing factor for me in becoming a consistently profitable trader, because I can calmly prepare for the times that I am going to trade and I can relax my focus during the times when I know I should be on the sidelines.

Practical Details

5. Are there any economic numbers being released today?

Know exactly what time they are and watch out if you are trading around these times as there may be some dramatic fluctuations in price movement. Unless your strategy specifically includes trading these numbers, many traders prefer to sit on the sidelines until the numbers shake themselves out.

6. Any significant business or world news today that may affect the markets?

Days when companies release earnings or when there are other significant events, make the market jumpy. You need to be forewarned so that you can decide either to sit out, or to be extra vigilant.

7. What happened in the markets overnight?

Same idea as point 4.

Discipline

8. Review your discipline committments

If you are someone that has problem over-trading or pulling the trigger, or if you have challenges following your system, make a list of discipline committments. List out those things that you commit to in terms trading discipline. e.g. I will only take trades on signals that my system gives me. Go through them before the trading day begins and refresh your resolution.

I had a lot of trouble with over trading in the early days. As I got absorbed in the market action it was like becoming hypnotized, my discipline went out the window. I actually had to set an alarm clock to go off and every 30 mins I would re-read my discipline committments to force myself to snap out of it, and refocus on following my trading rules.

9. Review you trades from yesterday and your trading journal

Reviewing you trades from yesterday is a great way to refine your skills and learn more about your strengths and weaknesses. If you had a day where you were able to execute your trades flawlessly based on your system (whether or not they ended up being profitable) you can consolidate the confidence that brings. If you had a day that left an emotional mark because of losses or mistakes you can go back to point 2 and clear them.

If you found that you were unable to execute your trades effectively its another opportunity to revisit your trading rules, your discipline committments, and refresh your intention that today you will trade your system.

Opening

10. Give thanks

Give thanks to your self, and to whatever power of the universe that you respect for the opportunity to trade - which is nothing more than an opportunity to master yourself.

The state of gratitude is a great inner state to approach the day. It buoys your optimism and invites to you the circumstances for success.

As the French say "Bon courage" - and have a safe and profitable day!

Learn Currency Trading - Anyone Can Learn to Win if They Understand This Key Fact

Anyone can learn currency trading it's a learned skill not a born gift but the fact is that 95% of traders lose. So why don't they win? Simple, they don't understand the key fact that forex trading success is built on. Let's examine it in greater detail...

The equation for forex market success is this:

Simple Logical Trading System + Discipline in Execution = Forex Trading Success

the fact is forex is a combination of mindset and method and you need both.

Now that is simple - but most traders don't even get the first bit right i.e. getting a logically based system to win.

How many traders try these ways of winning which are all losing methods...

- Forex day trading and scalping systems

- Forex trading systems that have simulated track records only

- Forex experts or mentors - track record see above!

- Trading news stories

- Trading the markets with scientific predictive theories

None of the above will work and yet most newbie's traders try the above, they think forex trading is easy, or like to trust experts and they soon wake up, when the market destroys their account.

Even if you have a logically based forex trading system you must execute it and this means having confidence in its ability to perform. Even if you have a successful trading system, you will never follow it if you don't understand it and have confidence.

The reason for this is you are going to have to trade through a losing period and this requires discipline and discipline is what you need, to turn a good trading system into a profitable reality.

This will Inspire You!

Now you understand that trading success comes from a simple method and understanding then you will see how effective this combination is in this story.

Richard Dennis a famous trader set out to prove that anyone could learn to trade, so he took a group of people who had never traded before and taught them in 14 days.


This was a group that included - both sexes, young and old and the group had diverse occupations and varied from a security guard to an actor yet, they went on to make hundreds of millions of dollars and go down in trading history.

Dennis taught them a very simple method, basically a breakout long term trend following system - but he knew that was not enough - he needed to make them understand it, have confidence in it and trade it with discipline.

Why and How you Can do it

Now you may not become as rich as these traders life isn't like that but Dennis proved anyone can trade, the basics are easy, the understanding and discipline is the hard but you can learn if you want to.

The markets at the end of the day don't beat the trader the trader beats himself - want to win?

There is nothing to stop you, get the right education and mindset and your all set.

Forex Trading Success - if You Don't Have the Following in Your Fx Strategy You Will Lose

If you want to enjoy forex trading strategy you need to have the key component in this article, or you will lose and it's easy to find out if you have it just read on and try and answer the question correctly...

The question is (and you need to answer it with confidence and quickly):

What is your trading edge - why will you succeed when 95% of traders lose?

Simple - but be aware, what most people think is edge is not!

Here are common answers and there a recipe for equity wipe out

- I am going to use a forex robot that has a simulated track record (most have check!)

- I am going to day trade or scalp the market for profits

- I have a system based on science which predicts market movement

- I follow breaking news stories online and act on them

- My broker gives me research

- I am clever and that's my edge

- I trade on instinct and gut feeling

- I have a course form the net from a guru and he's an expert

Think any of the above are an advantage and you're in for a reality check and a swift wipe out of your equity.

The above are not edges at all they are misconceptions about what forex strategy you need to win yet most traders fall for them. A trading edge is something that you have confidence in and that doesn't come from not working, or someone giving you success.

A forex edge comes from an understanding of what you're doing and the right forex education.

Only if you have understanding, will you have confidence and discipline to apply your method for success.

Your edge can be anything you like, no two traders have to have the same edge - but it must be something that sets you apart from the crowd and you can apply, with discipline, to ride out losing periods until you hit a winning streak.

Most traders lack the discipline to execute their trading signals in the market because they don't have confidence in what they are doing and throw in the towel.

You have to lose to win in forex trading and most traders simply don't have the discipline to ride out losing periods but you must otherwise you will never succeed.

So if you want to win learn currency trading the right way, get a simple system you understand and have confidence in and apply it for success.

Yes it does involves you doing work but like any industry (and don't let anyone tell you otherwise) you get out what you put in and no one gives you success - you have to make it happen.

Having said that work smart, do the basics and get a trading edge and you could soon be enjoying forex trading success.