This is my last post for a while, probably before 2011 if I'm honest, but I wanted to leave you with a final positive idea for the new year.
Join A Community
You're clearly online otherwise you wouldn't be reading this post, so get yourself involved with a community somehow. Find a good forum, sign up and get posting. Visit some blogs (or start a blog!) and encourage people to talk with you. Start up a local community, where you meet other people who actually live near you who are also interested in forex trading.
It allows you to build up your own expertise, bounce ideas off of other people, learn new skills and tactics, network with like-minded people. The list goes on and on and on.
It's my final tip for a better you in 2011 - Join A Community
Jacob
Getting Ready For 2011 - Downsizing
Downsizing may sound like a real estate phrase more than a forex phrase, but bear with me.
How much forex related junk have you got on your computer?
I'm talking ebooks, videos, audio etc?
And how much of it has actually proven to be USEFUL?
How much of it has made a real difference to the way in which you trade on a daily basis?
How many emails do you get on the subject? Again, how much of it has proven to be of use?
If the answer is 'not very much', then now is the time to do a bit of downsizing. Delete delete, unsubscribe and delete!
What this is going to do is allow you to focus. Clearing out the noise that can so easily distract us will let you drill-down to what has actually been PROVEN to work for you, and therefore help you in becoming a more focussed, and therefore more profitable trader.
This works, in any part of your daily life, but it certainly works in forex.
Downsize now,
Jacob
How much forex related junk have you got on your computer?
I'm talking ebooks, videos, audio etc?
And how much of it has actually proven to be USEFUL?
How much of it has made a real difference to the way in which you trade on a daily basis?
How many emails do you get on the subject? Again, how much of it has proven to be of use?
If the answer is 'not very much', then now is the time to do a bit of downsizing. Delete delete, unsubscribe and delete!
What this is going to do is allow you to focus. Clearing out the noise that can so easily distract us will let you drill-down to what has actually been PROVEN to work for you, and therefore help you in becoming a more focussed, and therefore more profitable trader.
This works, in any part of your daily life, but it certainly works in forex.
Downsize now,
Jacob
Getting The Right Forex Trading Mentality For 2011
So the new year is approaching and getting your head right, and getting the right mentality for your trading in the year 2011 is crucial.
For many people, even those who have been trading for some time now, profitable trading will still feel like a bit of a pipe-dream. So for the next few days, we're going to look at some things that you can do to make sure you start the new year properly.
Today - Study:
I've been on many courses over the years, and one of the things that I always like to see trainers do at the start of a course is to ask the group to grade themselves openly and honestly about their current skill level.
It gets you thinking about what you know and more importantly, what you don't know, and the new year is a great time to look back and take stock. Do you know charts? Do you know your pair properly? Do you really understand the trading system that you operate?
Take a sheet of paper and write down your strengths and weaknesses from a forex perspective. Then spend the time between now and the new year occasionally dipping into books or doing a bit of online reading. Take areas of weakness and get rid of them, so that they don't cause you problems in the new year.
You're never too old to study!
Jacob
For many people, even those who have been trading for some time now, profitable trading will still feel like a bit of a pipe-dream. So for the next few days, we're going to look at some things that you can do to make sure you start the new year properly.
Today - Study:
I've been on many courses over the years, and one of the things that I always like to see trainers do at the start of a course is to ask the group to grade themselves openly and honestly about their current skill level.
It gets you thinking about what you know and more importantly, what you don't know, and the new year is a great time to look back and take stock. Do you know charts? Do you know your pair properly? Do you really understand the trading system that you operate?
Take a sheet of paper and write down your strengths and weaknesses from a forex perspective. Then spend the time between now and the new year occasionally dipping into books or doing a bit of online reading. Take areas of weakness and get rid of them, so that they don't cause you problems in the new year.
You're never too old to study!
Jacob
Trade Better Forex
Have you ever thought about trading in the foreign currencies markets?
Take a look at the video below:
The forex market is one of the most liquid markets in the world, meaning that a truly staggering amount of money moves about within the market on a daily basis. For a long time, it was the preserve of the already super rich, but changes in the laws some years ago really opened the forex market up and meant that anyone, provided they had a small amount of capital to invest, could get involved.
The biggest mistake that newcomers to the market make is diving in headfirst without learning anything first. When you wanted to drive a car, you didn't just dive behind the wheel and drive until you crashed into something, you took lessons and got to know the fundamentals of HOW to drive a car first. Sure, you would have spent time behind the wheel, because practical experience is crucial, and that's just as true in the forex market, but if you don't understand what you are doing then you are destined for failure.
If you want to make forex trading a long-term income generator for you, the first thing you need to do is learn your trade, just the same way as you would if you were learning to be a plumber, or learning to fix cars. Without a background knowledge you will not be ready for anything that the markets throw at you.
The second thing you need to think about doing is investing a small amount of money into the markets. This is really crucial because it will stop you from trading the 'pretend' way, and get you to react as if it's your own money (because it is your own money!). If you were training to learn martial arts, you would at some point be expected to spar with another student or your teacher. This is because no amount of training can prepare you for what it feels like to actually get hit by someone! Forex trading is the same, and using the 'training' modes that many websites offer are great, but ultimately you have to actually use your own money to get an understanding of real trading.
Use the lowest stake level that you can during this time, and remember that this isn't a time for making the big bucks - This is a time for learning the ropes and becoming experienced. Trust me, if you stick $100 in your starting pot, and manage to trade well enough to break even in your first month, you're already doing better than 99% of new currency traders out there.
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