Usain: Forex trading Brand Ambassador

Trading just got a speed boost from World-famous sprinter, Jamaican Usain Bolt. It may seem unlikely to associate the sprinter with Trading but read on and you will get the similarities.

Usain bolt continues to make his speed enlarge his circle of influence and thus gain even more popularity. Recently he he signed a deal with world-famous Forex broker XM trading. XM is now the official sponsor for Usain bolt making him their Official Brand Ambassador. XM boasts robust technology and speed for trading and Usain will depict such as their ambassador. This is unprecedented for the Lanky Jamaican sprinter who will retire soon from all internal sporting competitions.

It is unorthodox to associate Usain with Forex Trading, however, being a speed demon setting and breaking his own 100m and 200m Olympic and world championship records, Usain's demonstration of blistering speed is what XM represents. Speed is extremely critical in the trading arena in executing trade orders. Also it involves earnings and both XM and Usain will earn a huge amount from this deal.

Read the full story by clicking on the here or on the image below.

Your Trading Plan

3 Questions To Find Your Trading Plan 

By Cory Mitchell
   

You have put in the work creating a trading plan or possibly spent money on supposedly great strategies, but you still cannot seem to turn a trading profit. Or maybe you are starting out in trading and investing and want to be cautious before you start putting real money on the line. No matter what level you are at, before you trade - or if are already trading and struggling - you should have a trading plan. That plan needs to be tailored to you and your needs; a plan that is not will likely result in a drain on your trading account.

The following three questions can save you a lot of grief. Run through these questions during your planning stages to make sure your plan will serve you well. If it cannot pass this three question test, it should not be used.

Why Ask These Questions?

Executing a plan is not just about the design itself, it is about the person executing that plan. Someone can search their whole life for a great trading system, not realizing it is themselves that need work, not the system. Therefore, these questions take the plan and the trader into account, making sure the two fit together. No matter how good a trading plan, it is useless if the trader cannot personally stick to it or implement it properly.

These three questions will help to clarify the trader's objectives for the trading plan, take inventory of the consequences which may arise by executing the plan, and determine if they will be able to even stick with their plan, given their personality.

1. "Does the Plan Allow Me to Achieve the Outcome I Want?"

Sounds simple enough, but not so fast.

An outcome needs to be specific and measurable. Stipulating "I want to be rich" is not concise enough. What is the ultimate goal that you want your trading plan to bring you? Is the outcome feasible and reasonable? Can the plan you currently have actually produce that, or given the realities of the plan is it likely to fall short of the outcome you desire?

The plan and outcome must also balance short-term and long-term goals. While the long-term goal may be to be financially independent, continually trying to make as much money as possible in the short-term with high risk trades could jeopardize the long-term goal. Short-term goals must work in harmony with the long-term goals, not against them. Brainstorm what you want your trading plan to produce and make sure that the plan works to satisfy both the short and long-term desired outcomes.


2. "What Are the Consequences and Risks of My Plan, and Can I Deal with Them?"

In this step we strip away the fantasy and focus on reality. The fact is most traders lose money - even very smart ones - so how is your plan different? All plans have risk; what is the downside of the strategies you have employed? Go through the plan and write down all of the risks and pitfalls you see.

Now, also consider consequences outside of trading. Will realizing your plan mean you spend less time with family or friends? Will it mean cutting back on certain expenses? Will it create more stress (less stress) or cut into other work time?

Once all the potential risk and pitfalls of your strategy have been fully and honestly addressed, can you realistically handle all the potential consequences of trading this plan? If so, proceed. If not, rework the plan making sure the consequences of your plan are within your personal tolerance.

3. "Does the Plan Account for Me Being Me?"

This is the most important question, as ultimately you must be able to implement the plan. A plan means nothing if you cannot execute it.

If you cannot sit in front of a screen for more than 30 minutes, no matter how good your plan is you will likely not be a good day trader. Or, if you cannot sleep at night with an open position, your swing trading plan will likely do you no good. You will continually struggle to adhere to it.

We each have different traits and tendencies. If you have a gambling streak, account for this in your plan - maybe have a demo account off to the side (or have a play money poker game open) so you can satisfy your gambling craving without losing real money. Plan and account for everything.

Be brutally honest, and make sure your trading plan accounts for the market and yourself. Accept yourself for your tendencies, and make sure that the plan can actually be employed by you based on who you are. Do not sugar coat anything, as doing so could result in problems down the road.

If the plan is easy to implement for you and fits with who you are, use the plan. If you do not think you will be able to stick to it, come up with a plan you can follow.

The Bottom Line

A trading plan is only as good as the trader who implements it. The plan and trader must mesh, or the trader will be unable to implement the plan and it will be useless. To make sure the trading plan fits, the trader must pass the plan through three questions: Does the plan achieve the outcome I want? Can I handle the consequences of the plan? Does the plan account for me being me? If the plan can pass through all of these questions, the trader has a much better chance of being able to actually follow through with their investment strategy and is more likely to experience success in the markets.


Read more: 3 Questions To Find Your Trading Plan | Investopedia
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Don't compare yourself to others

www.babypips.com/blogs/pipsychology/forex-comparison-20160919.html

This is ash article from my favorite trading learning source.

Stop Comparing Yourself to Other Traders!

Ages ago, horsemen invented blinders to keep their horses focused on their work. Blinders are pieces of leather attached to the horse’s bridle that prevent them from seeing anything except what’s in front of them.

Without blinders, a horse can see almost completely behind itself without turning its head and can be easily spooked by movement or objects it doesn’t recognize. By having fewer distractions, the horse is more dependable and stays focused on getting the job done.

As a trader, I found that whenever I started comparing my trading performance with other forex traders, my performance would usually worsen. This “distraction” typically led to losses for both my trading account and mojo.

Back when there was no Netflix, Amazon Prime, or Hulu available and Oprah was one of the most interesting people on TV, I chanced upon one of her interviews. In it a woman was sharing how comparing herself to other folks in her business always made her take a step back from her goal. Her words made me realize that the concept applies to our everyday lives.

Don’t compare yourself to others. It’s tempting in the modern, competitive world to constantly ask, “How am I doing?” and to gauge your success based on how the rest of your peers are faring. If you spend too much time on Facebook checking out which of your friends have bought brand-new cars or are enjoying extended multi-city vacations, then you might just feel bad about not “living the life” like they’re doing.

It’s easier said than done, but you should NOT allow how well you do compared to others affect how you feel about your inner worth and feelings of success in life.

Comparisons are useless. Run your own race.

You alone can hone your forex trading skills. What works for others may not necessarily work for you. You must find a method of your own, one that matches your trading skill and personality. Remember that comparisons will only make you feel frustrated and distract you from forging your own path to profitability.

Don’t think you are trying to beat others to an imaginary finish line. People who achieve great things work independently and on their own terms. They don’t care how others are doing. They follow their own timeline, their own passion, and look INWARD for where to go next.

Notice how I said inward, and not outward. They look inward for where to go next.

How you perform has nothing to do with how others perform. All comparisons will do is torture you. You will feel jealousy or envy. When you see that you are doing relatively poorly compared to a fellow trader, you are likely to think distracting thoughts such as, “Why can’t I do as well?” or “I must not be as good of a forex trader as I had thought.”

To maintain motivation, focus on improving your past performance record, rather than looking at how other traders are doing.

You usually don’t know what factors created their performance records, so comparisons can only mislead and hinder you. They could just be on a lucky streak or have a market wizard standing right behind them on every forex trade providing advice.

Put your “blinders” on. Don’t look at anyone else’s record but your own. Everyone has a different learning curve.

Run your own race and finish at your own pace.

Surviving a Loss

Reality Check

There won't always be winning days, there will be a day where you lose and it could be big. That's the harsh reality of Forex Trading and the sooner you recognize it the better able you will be to deal with the loss when it comes.

As much as i can warn you of the ups and DOWNS of trading you will need to be prepared for it and the effects. However, Nothing can entirely prepare you for it till it happens. You can be sensitized and you can understand that it will happen but all you can do is put things in place for when it does. The key is to always survive a loss. In trading, as with everything in life, everyone can enjoy the good times, the +300 pip gain, the 4 weeks uptrend that you have been riding but the true trader is the one that can withstand 1 or 2 or even 3 huge losses and continue trading according to plan.

Reducing Recovery time

After a loss has occurred whether it has wiped some, most or all of your account the key is to recover in the shortest possible time and always keep reducing your recovery time. The longer you take to recover the more emotions set in and the psychological impact increases. People tend to think a lot over time and this thinking time can drive fear through your trading machinery which can be extremely devastating.

   Check where you went wrong

   Recovery should begin by checking what went wrong and where. If you did something wrong then do what is necessary not to repeat it. If the market was off then ensure to check all market conditions prior to trading. Check through the anatomy of the losing trade so that it doesn't reoccur. This is the beginning of reducing losses in any aspect of life, business and trading:-Identifying the cause.

   Remove Emotions

Emotions are a no-no in trading. Emotional traders are gamblers and lose a lot more than they profit. Step by step, eliminate trading with emotions as it can lead to revenge trading which is a downward spiral of your account. The best way to eliminate emotional trading is to stick to a set of rules.

Always Stick to Plan 

There's nothing more essential to recovering from a loss, or preventing a particular loss in the first place, as a sound and effective trading plan. Your trading plan is your blueprint to create your trading estate. For more info on the importance of a trading plan click here. Even if you lose off of a few trades sticking to a well defined and sensible plan can overcome those losses easily and get back to increasing  your profit margin.

Win/Loss Ratio (P/L)

Pay attention to your Profit and Loss and not necessarily to individual trades although each trade contributes to either a profit or a loss. Your P/L tells what kinda of standing your account is in and how good or great of a trader you are. Keep your average losses to a minimum and ensure your trading plan is effective in increasing your P/L ratio.

PAMM: How to invest while you are busy.

What is PAMM?

Lets say you have some money to invest or trade but don't have the time to do it yourself. PAMM fixes that issue for you by allowing you use what is called a Percent Allocation Money Management account to invest in other traders.
As the name suggests a percentage of the profits earned is given to the person trading while the majority of the profit is for you, the investor.

    Trade without trading

PAMM accounts allow you to trade without doing it yourself. It frees up time for you and allows you to earn. This is an excellent choice for fast-paced career persons who are seeking a way to multiply their money.

   Advantages

       The advantages of opening a PAMM account is magnificent. Just imagine making money while doing something else. This is perfect for a lot of persons, even for me. Allow your money to work for you for once.
     With this kind of account you still have full control over your money. You decide when to close your account, when to choose a different fund manager, whether or not to compound profits and the list goes on.

      Flexible

You have the flexibility of choosing any PAMM money manager you want. Each manager's track record is shown so you know where you are putting your money. There's also flexibility in the term life of your investment. Instead of having your money tied up for years you have from a minimum of 30 days up to hold your cash in that account.

      Regulated

All PAMM account managers are regulated by the brokers and they can't get a percentage unless they make a profit. With the brokers'strict regulations each account manager is ensured to be transparent. Manager only gets paid if there's a profit so you don't have to worry about paying the amount manager as they get money only when they make you money.
Each PAMM account manager had to invest their money in the account as well which means they have vested interest in seeing the account making profits.

 Disadvantage

       As with anything forex related there is always a chance that you may lose your investment. Nothing is ever really a guarantee and past performance doesn't necessarily predict future results.


Investments aren't risky, investors are. So please choose an account manager carefully.

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4 Steps to Shift to Full-Time Trading

One of the more popular topics in the BabyPips.com forums is the possibility of making a living from trading. Believe it or not, there ARE traders who are making enough moolah from trading alone.

But not everyone can hack that kind of lifestyle. Like any other business, forex trading has its pitfalls that could eat up the hard-earned money of newbies who have jumped into it without enough knowledge and preparation.

If you’re determined to make full-time trading work for you though, then here are four simple steps you can take.

1. Ask yourself if you’re ready for full-time trading

Consider the logistics of trading full time. Do you have enough capital? Imagine months of not getting salary and not making profits while STILL having to pay for your food, rent, utilities, and Netflix and Amazon Prime subscriptions. Can’t live without your job yet? Can’t afford to take big drawdowns for weeks and still maintain your lifestyle? Don’t do it.

Have you spent enough time trading live? Before you take the plunge, make sure that you’ve found brokers that you can trust and trading strategies (yes, that’s plural) that have yielded you profits across all types of trading conditions. Of course, it goes without saying that you should have experienced being CONSISTENTLY PROFITABLE before trading full time.

Shifting to full-time trading also requires conviction. Do you REALLY want to be a forex trader? You shouldn’t just trade because you know that if you don’t, you won’t have a day job to go back to. Are you prepared to weather months of not making money? How about doing forex-related research all day every day? If you think that you’re only in it for the profits and lifestyle-friendly hours, then you shouldn’t take the leap just yet.

2. Make realistic goals.

When you’ve determined that full-time trading is for you, then you should start listing down goals and plans. It’s easy to imagine yourself buying cars, yachts, and private planes in your first two years of trading but we all know that it’s not that easy.

Do some research on other full-time traders and find out how long it took them to make a living from their trades. Also, base your trading goals on your past performances and the possible market scenarios that you see for the next couple of years. Based on your profits from when you were trading part time, can you fund a full-time trader lifestyle? How much profit are you expecting in a year? Five years? Do you think they’re realistic?

3. Prepare for a lifestyle change

If you want to be a full-time trader, make sure that you’re psychologically prepared for it and how it may affect those around you.

Unless you’re sharing an office with friends or you plan on trading in co-working spaces, you’ll likely trade at home. Remember that home-based trading is not without its struggles.

Are you okay with trading by yourself all day every day or do you need more interaction in your daily routine? Can you concentrate on trading even when your game consoles are a few feet away? Can your parents/spouse/children/housemates give you the time and space you need to set up an office? Can you maintain a working schedule at home? If you’ve said “NO” to at least one of these, then you might want to make adjustments before trading full time.

4. Treat trading as a business

The most difficult part of full-time trading is remembering to treat it as a business.

Sure you can wear muscle shirts and pajamas in front of your screens but that doesn’t make full-time trading anything less serious than any other source of income.

Establish an office space, minimize distractions, and be disciplined about your “working hours.” More importantly, keep track of your expenses (spreads, trading platform, broker fees, etc), monitor your profits, and keep a trading journal to track your mistakes and progress.

Making money from trading alone may sound daunting and exhausting – probably because it IS daunting and exhausting! But if you’ve mentally and financially prepared yourself and you have develop a trading framework to guide you to profits in the long run, then there’s no reason why you can’t be one of the traders who will achieved financial independence through trading.

Courtesy of

www.babypips.com/blogs/pipsychology/forex-4-steps-full-time-trading.html


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VPS: securely trade anywhere

What is VPS?

VPS stands for Virtual Private Server, it is a special type of server that is set up on a computer with several other private servers. Essentially one physical computer is split into several virtual computers. With your own VPS you have the flexibility to install your own operating system. You can set it up anyway you choose with whatever programs you want to install. It's like having your own computer existing on virtual space. VPS is mostly referred to when dealing with web hosting and business enterprises. However VPS can be beneficial to forex traders as well.

How is it beneficial to traders?

Having a VPS empowers your trading game in a number of ways, some of which are discussed below.

   1) Anywhere/Anytime Trading

With a VPS it doesn't matter where you are operating from, you have the power to trade as long as you have internet access. You are able to login to your VPS, open your trading platform and execute your trading plan. Whether you are on the beach, in a plane or in a hotel, your trading day can be done like you are in office or at home.

   

   2) Trades are secure

Due to the rigorous security checks that companies has to go through before offering VPS service your VPS is protected against all malware and other security threats. You are able to execute your trades without worrying about any security issues.

  3) Trade even with power outages

Lets say you're trading and the power goes out. This may affect your trades if you are using your desktop at home. With a VPS power outages won't affect your trades as VPS providers boast a 99.99% uptime guarantee. A VPS provider uses a number of power backup services that allows them to be 'resistant' to power outages. Therefore you don't have to worry about losing out on any trading opps when using a VPS.

A VPS is extremely beneficial to trading but it comes at a cost. It may be expensive to get a high-end VPS however it is a worthwhile investment.

Let us know if you use a VPS and how it benefits you. Stay tuned for our next blog on how maximize your trading using another very effective tool/service.

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