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Money Management IS no secret

Money Management IS no secret

Money Management, Trading Strategy and Psychology

Let those words sink in for a few minutes before you continue. There is no secret. Anyone who tells you they know of such a Money Management secret is trying to separate you from your hard-earned money. They’re scamming you.
Doesn’t it feel better to know that? Doesn’t it feel liberating? It should, because now that you know that there’s no deep, dark investing secret to be found, you can avoid those scammers and their promises of guaranteed profits and start focusing on the stuff the really matters.
Here’s another way of looking at it: If you follow American baseball, then you are no doubt aware of the notion of the batting average. The very best players in the league will have a batting average somewhere around 0.300. That’s actually an incredibly good batting average. What it means is that when the player in question goes up to bat, he actually hits the ball about 30% of the time.
Looked at another way, you could also say that about 70% of the time, the best players in the league FAIL! They swing and…miss.
Most human endeavors are like that. Success is a rarity. Failure is commonplace.
Even the best investors on the planet have more losing trades than winning ones, by a wide margin. You’re going to be no different.
The difference between successful traders and unsuccessful ones comes down to two things: Understanding the fundamentals and persistence.
Since you already know you’re going to fail more often than not, the first question is what can you do to improve your odds of success.
It’s a fair question, and it comes down to three things:
1) Understanding analytic methodologies (both technical and fundamental)
2) Understanding money and money management & having a coherent trading plan
3) And Understanding the psychology of trading.
The first of those points will be covered in other courses. We’ll be taking a closer look at the other two in this course, but what do those things mean?
The most fundamental element of becoming a successful trader is to develop a coherent trading strategy, because it is the thing that ties all the elements above together into a cohesive whole. Your trading strategy (whatever form it ultimately takes) is comprised of the following core components:
• Your knowledge and experience, backed up by a growing familiarity with analytic tools
• Sound money management skills
• A rules-based system that has been tested and verified
• A risk-management system that includes rules for cutting your losses (exiting losing trades quickly) and letting profits run
• Managing yourself and understanding the psychology of trading. While this encompasses a number of things, the biggest and most important are:
o The discipline to stick with the plan you have opted to follow
o And the patience to wait for the “right” trading opportunities to present themselves (i.e., those that align with the parameters of your trading plan)
A great number of novice traders believe that analysis is key. That only if they master this or that analytic methodology, they’ll magically achieve perfect success.
If only that were true. The reality is that all of the factors we mentioned above play an important role in contributing to the likelihood of your success, but none of them guarantee it. Our primary goal here will be to help you align as many of the above factors as possible in your favor so as to maximize (but not guarantee) your chance of success.
If that sounds good to you, let’s get right to it!

Take the Money Management Course

Building Your Trading Strategy

Building Your Trading Strategy

Finding your risk tolerance and discovering your building blocks for successful trading takes time and money. I can assure you by reading as much as you can first on all of the aspects of trading and then practicing with a demo account with a learning loop linking the learning and demo trading will place you further in front, than if you just started trading.
I’m really amazed how many traders just start trading without understanding or applying any money management strategies and brokers know this, so every time a new client opens an small underfunded trading account for one, two, three, five thousand dollars the broker knows that the trader won’t be seeing that again, and so why should the broker hedge those accounts or rather your account?

My Technical Analysis

My Technical Analysis

Elliott wave, tradinglevels and volume.

Knowing the market direction
Elliott wave pattern recognition is the only analysis that can link all the patterns, of all degrees of structure together to form a readable language of the past and creating a pathway well into the future.
Applying Elliott wave to your trading period is perfect as you only need to understand that a direction either up or down moves in five waves and corrections or counter trends moves in three waves, this means the direction is knowable and confirmable.

Trade Setup, entry, stop and profit, refined.
TradingLevels refines the timing of entries, finds the safest stop without sacrificing the risk reward ratio, the levels frame the markets trends and corrections, as support and resistance price points and of course these price points are where the volume builds. knowing when to get in, where to place the stop and when to get out is what the tradinglevels deliver and with the Elliott wave showing you the trend direction.

Knowing the trend direction from Elliott wave and the supports and resistances from tradinglevels what volume offers is trend and correction confirmation. A direction, a trend, requires increasing volume a correction, counter trend requires less volume. See our Volume course, it’s simple and valuable.

Peter Mathers

What Should I Trade?

What Should I Trade?

Trade the easiest and most profitable markets

To be blunt,
the hardest markets to trade are Forex and Indices intraday, they require an intense knowledge that new traders simply don’t possess, then there is your full attention to focus to maintain consistently during the volatile periods. Intraday traders think they can control the risk better, but the rewards are small and you really have to have your numbers in order, intraday trading takes an intense energy.

The money is in the trend, extracting it is the trick.
First a nice long strong trend will make extracting profit easier. Sure longer term trends can be found in any market, but which are the smooth easy going trends that aren’t too choppy. For me that’s in stock trends and not intraday but end of day. It’s difficult to digest what just occurred intraday, but end of day gives your mind time to understand what occurred and how you handle the situation, end of day trading happens slowly one price bar at a time, you can be in the experience longer, long enough to learn more about the whole trading experience.