TAKE A STAND
bubble to the surface. Stop squashing your dreams. Let your heart and your imagination have their way. Doing this forces you to look into the future. Terrifying, yes – but also liberating. It puts you in touch with what you really value and who you are. It provides you with a graphic display of what you stand for. Do it right now.
Put the letter to yourself in your undies drawer and set a Google calendar alert to remind you to read it this time next year. You’ll be surprised how much you can achieve when you take the time to write down what really makes you sizzle with excitement.
masses who are not achieving trading greatness.
Very few members of my Trading Game Mentor Program are currently trading medium-term equities because their systems are telling them that, at present, conditions are not in favour of the trader. When conditions are in favour of the trader i.e. the market is trending and has low to normal volatility, they will trade medium-term equities again. There is no shame in this. It’s the mark of a professional to know when to engage, and when to have a break.
Although these traders are not trading equities, that does not mean
The best traders are brave, but they know that trading a volatile, choppy market is like a knife fight in a phone booth. Heavy casualties are to be expected. The year 2012 is already shaping up to be interesting for investors and traders.
The markets will tell you everything you need to know about everything When you look at a chart, you see the prevailing psychology in the market. You don’t need to watch the news, read the newspaper, or consult your stars. The chart will tell you everything you need to know. This is your short cut. Look at the following chart (figure 1). I’ve purposely deleted the name of the chart so you won’t feel any bias.
See anything of interest? Is it tradeable according to your trading plan? If it isn’t currently tradeable, what would it take for you to jump into a position? If you’ve been following the Australian All-Ords, you will have recognised its tell-tale churning pattern in figure 1. I’m a trend trader, and I prefer a medium-term view –this type of market certainly tries one’s patience. I get crabby, I get impatient and I battle with discipline. However, I stick to my trading plan.
During the month, I was attacked in an email after I’d written on my forum that my main medium-term trading system hasn’t traded for 39 weeks. I was accused of not being a real trader because most of my money is in cash. Hmmm…
Part of being a successful trader is knowing when to trade and when not to trade. The aim is to trade only when conditions are completely conducive to trading a given system. I make no apology for that. I will stand up for that belief and fight for it. We have to stand up for our beliefs because it’s only through them that we set ourselves apart from the they are not trading at all. Many have moved into FX (the largest market in the world) and commodities (the most diverse market in the world). It is sensible to pick and choose your trading scenarios. The best traders are brave, but they know that trading a volatile, choppy market is like a knife fight in a phone booth. Heavy casualties are to be expected.
The year 2012 is already shaping up to be interesting for investors and traders. With the ups and some downs in the markets, some traders are currently as happy as fat rats in a cheese factory. Others have already stumbled, head butted a wall and given up. In my first three years of trading, while I was trying to crack the code, I never realised how I would be succeeding in just a few more years down the track. I shudder to think where I would be if I had given up this exciting trading game.
If you’re still waiting for the profits to come pouring in, they might be closer than you think. Devote yourself to your education, read each issue of YTE, and be determined to make your mark in the trading world. Remember the importance of persistence. Refuse to give up, smash your rear-view mirrors and forgive yourself for your past mistakes.
Louise Bedford (www.tradinggame.com.au) is the author of four best-selling sharemarket books – ‘Trading Secrets’, ‘Charting Secrets’, ‘The Secret of Candlestick Charting’ and ‘The Secret of Writing Options’. Register now on her website to receive her free fivepart e-course.
YOURTRADINGEDGE UK 13