Swing Trading Strategies

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Using Swing Trading Strategies and Technical Analysis when Trading Stocks to Make Consistent Trading Profits.

This article is one small part of a series of lessons using Swing Trading Strategies and Technical Analysis developed by WD Gann which are designed to show how anyone can build a profitable Stock or Commodity trading business from scratch.

The lessons are available for you to study here at StockTradingReview.com

Swing charts can be a valuable technical analysis tool in determining the trend of any market or Stock and assisting with entry and exit levels for your trades.

Please follow along on the charts below as we go through this lesson. Charts available at StockTradingReview.com.

Firstly some basic ground rules for those of you who are unfamiliar with swing charts and swing trading.

WD Gann is credited with bringing swing charting methods into prominence may years ago, and he used swing trading extensively along with his forecasting skills to profit from the market.

Please study the first chart below. I have drawn the swings of the market over the bar chart so you can see how a swing chart is drawn. Charts available at StockTradingReview.com.

The line on a daily swing chart goes up to the highest point of the daily bars each day until a daily low is broken, then goes down to the low of each bar until a daily high is broken. Pretty simple.

An inside day has no effect on the swing chart - the swing line simply stays where it is until a daily high or low is broken.

An outside day affects a swing chart in different ways, depending on the price action of the market.

If the price rallies first, making a new daily high, then falls and makes a new daily low, the swing chart goes to the top of the high bar first and then to the low of the day.

If the price first goes down and breaks a daily low, then rallies to make a new daily high on the same day, the swing chart goes down to the low of the day, then goes up to the high of the day.

An outside day that is with the trend is usually a very good trend continuation signal - traders tried to change the trend of the market early but were overwhelmed by the other market participants.

You can see examples of outside days in the chart above.

Now, lets have a look at how to use this trading method in a Stock.

Looking firstly at the first chart of UNH below, we can see that the Stock is making higher tops and bottoms, therefore the trend is obviously up.

At no stage has there been any reason for a trader to do anything but buy this Stock or trade it in that direction using Derivatives. If you have charting software and would like to follow along with this trade, please do so now.

If you do not have charting software, consider subscribing to Incrediblecharts or you can go to Bigcharts and use their free charting software. If you use Bigcharts, select 'Java Chart' with the code UNH and you will be able to scroll back and follow the prices as we go through them.

The fact that this Stock was in an uptrend prior to this area of the chart gives us a clue as to which way the trend is likely to go in the future. Trends usually continue for far longer than most traders think they will.

The 30 day simple moving average (the blue line) will be our final trend filter for determining trend direction - we will not take a trade against the direction of the 30 day moving average.

WD Gann placed major significance on the fact that strongly trending Stocks or Commodities usually had reactions to the main trend of 3 days or less. Therefore, we will define a strong uptrend by the following rules -

The price bars are predominately above the shorter term (7 day) moving average

There are more up days than down days - in other words, more blue bars than red bars on our chart

The reactions to the main trend are 3 days or less

We need a higher swing high first, then a higher swing low before we can enter an uptrend

Assuming that we are just starting to trade this Stock and it looks promising as a candidate because it has been trending consistently higher for several weeks, how do we find an entry signal using swing trading rules and strategies?

After the 5 day reaction that ended on December 10 (near the bottom left had side of the chart above), the Stock advanced for 4 days up to what could have been a double top.

Because the trend is up, double tops often fail, but many traders think it's the end of the run and naturally sell, often resulting in a 1 or 2 day reaction. As the top is taken out, the majority of these traders will buy back their sold positions, giving additional strength to the uptrend with their buy orders.

This is what happened here - there was a 1 day reaction and then the Stock rallied straight to a new high for the move, indication great strength in the uptrend and possibly short covering as well.

Our buy signal is as soon as price trades 5 cents above the high of the lowest day any the reaction.

Once we are in the position, we place a stop loss order several cents below the swing low formed by the reaction in case the trend fails to continue - if this occurs we will be safely taken out of the trade with a small loss.

The low of the 1 day reaction at $52.55 failed to make it down to the previous swing high at $51.79 (note the horizontal line drawn across from this top), leaving a gap in price of 76 cents.

This subtle signal is often a sign the market is giving us that it is about to start a strong move higher. The sellers failed in their attempt to push the Stock price lower - This means we should BUY!

By taking out the old high and a potential double top within just one trading day, the Stock is telling us that there is a good chance of further gains. If it had taken several days to take out the old high, the risk is that the move higher has a greater probability of failure.

So, we are now in the trade with a stop loss order in place below the swing low. The Stock had another day up, then another 1 day reaction, then rallied to another potential double top, had an inside day and one day down, then to another new high.

The formation of another higher swing low gives us another opportunity to compound our position as soon as the price trades above the high of the low bar (turning our swing chart up again) and then we place our stop loss orders safely a few cents below the higher swing low.

The Stock again left a gap in price between the swing low and the previous swing high and made a double bottom at $55.51 and $55.54 - this is a very powerful continuation signal.

The Stock then rallied for 5 consecutive days. Things are looking great, then suddenly, in one day, the price falls right back down, through the previous swing lows, and stops us out.

This is a problem if we keep our stop loss orders close below the swing lows. For this reason, it pays to back test how far a Stock you are interested in trading usually goes through swing lows before recovering.

Some Stocks will trend well for months, then break a swing low by 20 or 40 cents, only to then continue on with the trend. If a Stock routinely goes 40 cents, we want to put our stop loss orders at least 50 cents below the most recent swing low, so we are not stopped out prematurely. How far below the swings is something you will be able to work out by back testing the Stocks you trade.

By doing your own research and finding how the Stocks you trade usually react around swing lows, you will be able to place your stop loss orders a safe distance below the swings (or above the swing highs in a downtrend) and ride the big moves without being stopped out.

Of course, some Stocks do not lend themselves to swing trading, so just don't use this strategy on those Companies. Use another method more suited to those particular Stocks.

UNH continued to rally after this selloff, making higher swing highs and lows, then breaking the lows occasionally. The 30 day moving average continued to move higher, so the way to trade this Stock was to keep looking for buying opportunities off each of the higher lows within the trend.

This is one of the drawbacks of swing trading - often very good trades will be interrupted by you being stopped out. Then, you have to wait for a higher swing high, then a higher swing low before you can enter again.

While this is annoying, there are many times when a Stock will trend upwards for many weeks and not break a swing low. There are periods when Stocks will trend lower for weeks or months and not break a swing low.

You cannot know beforehand what will happen with any particular trade, so you just have to take them all and roll with the punches as they occur.

Over time, if you are trading Stocks that trend well and don't consistently break swing lows or highs by more than a few cents, you will do very well using this method.

If the Stocks you trade do not trend, this strategy will cost you a lot of money.

Therefore, look for Stocks that trend and trade only those. The Charts below show some more example of strong trends with the swing chart overlayed over the price bars. Charts available at StockTradingReview.com.

All it takes is a few of good strong trends like those above each year to make a lot of money trading. Unfortunately, many people fight the trend and sell too early or even short sell Stocks that are in strong uptrends, thinking they have picked the top, only to see the Stock continue to rally further immediately.

By the time the buyers are exhausted, these traders have spent their monetary and psychological capital in a futile attempt to pick the top of the market.

Swing charts give us a mechanical indicator to use for entries and exits and take a lot of the guess work out of our trading. Along with the 30 day moving average, it was very hard to argue that the trend was anything but up at any time here by simply looking at the higher tops and bottoms on the chart and the trend of the blue line.

Losses on some trades are inevitable, as we cannot know for sure what the market will do. It only takes one person somewhere in the world to invalidate your perfect trade set-up and send the price of any Stock in the opposite direction to what you were certain was going to happen.

All our analysis can do is alert us to probabilities - there are no certainties in financial markets. This is the hardest thing for most traders to accept. We all hate to be wrong, but that is the nature of the Business.

All we can do is take every trade and see what happens. The better our analysis and our system, the more likely our trades will produce profits.

Every one of us must develop our own system of analysis that we are comfortable with, based on what we learn from other traders, and then we must take every trade that system signals. If we start to second guess our system, we may as well throw it away and just stick with our day job.

Make a decision to develop a system you are happy with, whether it involves the Swing Trading methods I have shown you in this lesson or not, and commit to taking 20 trade set-ups no matter what, firstly on paper until you gain confidence, then if you are making paper profits, using real cash.

Then follow your rules to the letter. This will give you an objective measure of how profitable your system is and whether it is right for you.

If you can enter a trade and hold a position overnight while still being able to sleep, your plan is sound. If not, you may need to reduce the size of your position or adjust your plan is some other way.

The large profits come from identifying a strongly trending market and taking multiple positions with that trend. This naturally involves holding overnight, sometimes for many nights.

We hope this lesson helps you in your understanding of Swing charts and Gann's Swing Trading methods and how to use them. If you have any questions, please email us by using the form on the Contact Page and we will try to answer them for you.

If you feel you have benefited from this article, and would like to learn more about Swing Trading, then please feel free to subscribe to our Free Newsletter "The Stock Trading Review", for stories on how other traders use Swing Charts and Swing Trading Strategies to make profitable trades in the Stock market.

Visit the website at, StockTradingReview.com for more lessons and articles on Swing Trading that will help you become a better, more consistently profitable trader.

To Your Trading Success,

Tony Spann and Stock Trading Review Team

Stock Trading Review is dedicated to helping you succeed as a trader by sharing with you simple and easy to follow tips and techniques.

Discover more insider secrets and the exact proven strategies to trade stocks profitably: http://www.stocktradingreview.com

Copyright(C)2005 Stock Trading Review

Popular Online Trading Styles

There are many methods and styles used by traders to trade online. The categorization of these styles of shopping online can be done using several criteria, such as commercial products, trading range between purchases and sales, methods and strategies used for trade, etc..

Based on the marketed product, commercial online styles include commercial actions, options trading futures, commodities, trade forex trade etc. Stock traders trade actions or actions of companies. Trade options, that allow one option traders buy or sell a right in specific time periods in terms of specific market. Futures traders in commodity trade contracts; online and online merchants contracts for products such as crude oil and natural gas or contracts the Treasury notes and bonds. Pairs trading online forex traders currency, buy a currency and sell another according to exchange rate changes.

Agreement with the interval between the buying and selling products online traders may be broadly classified in to traders in the short term and long term investors. General traders trade in less than a year range are known as short-term trader and those with more than a year of trade range are known as long term investors. Short-term investors, form the majority of active traders, trade according to trends in the short term products. Traded products normally on their merits. Long term investors trade objectives in the long term; often company/industry specialists want to invest in cultivated fields.

Commercial short-term can still be classified in a day trading, swing trading and trade position. Online day trading is the most active type negotiation. Commercial traders the day interval is less than a day. Buy and sell products with in seconds, minutes or hours to generally small advances. Day trading eliminates the risks during the night. Day trading involves scalpers - buy and sell lots of actions and contracts with in seconds or minutes of very small quota increases and impulse - merchants trading in accordance with the distribution of trend of actions and specific contracts with in one day.

Buying and selling range of online swing range of traders in few hours to 4 or 5 days. Them, as traders day, shares and commercial contracts with slight fluctuations in the price, but they are willing to maintain its position until the next day. Swing online trading involves risks during the night, but they have the percentage of profit higher than the price of the day. Merchants online position trade actions/contracts with a range of days and months. They relay on long-term trends and performances of the company. They have higher percentage gain and greater risks than online swing traders.

According to the strategies followed online commerce can be classified in style of Brother-in-law - go to brokers or other traders, traders trade technical style merchants use advanced to determine trends, trading systems trade Economist style - traders to economic predictions, Scuttlebutt - trade in accordance with the information extracted from intermediaries or other sources, market value style - commercial style relay trade according to the merits of individual rather than the entire market and commercial aware style - populations combination of two or more above styles to find the right opportunity.

Praveen Ortec works to NobleTrading.com, a commercial agent online discount providing commercial day online and other swing online exchanges in 4 different business systems.

Stock Trading Success

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The ABC's of Stock Trading Success

Stock trading success...why is it so elusive?

With all the trading information, systems, trading advice and assistance available today, the fact that most people who attempt to profit from trading Stocks lose money seems quite bizarre.

Can you imagine the millions of dollars that must have been spent by countless traders on courses and Stock analysis software, that was wasted because the buyers didn't understand the key principle of trading success I am about to share with you now.

We aren't going to need any charts for this lesson...just your ability to comprehend the value of what I am about to share with you and your willingness to take action - right now I want to share with you the ABC's of trading success.

If trading was an easy business to master and profits were freely available to all, every punter with a computer and a free charting program would be a millionaire and the streets of our cities would be clogged with chauffer driven limousines.

The fact that the majority of the population have no idea how to make a buck from the Stock Market, often after spending large amounts of money on education and trading losses, made me wonder why this is so.

I searched for the answer to profitable trading for years, until I found it in an unexpected place, when I wasn't looking for it at all.

You may be able to relate to this story, or you might just be starting out and this will help you to reduce the time you spend in your initial learning stages and speed up your path to profits.

Let me tell you about Jim (not his real name...of course). Jim first started trading after answering an ad in the Brisbane Courier Mail for a popular trading education package that cost him around $1000.

Little did he know that the fateful investment in that course would lead him into the abyss of Gann analysis, and that it would eventually cost him thousands of dollars in courses and trading losses to pull himself out the other side.

He read the course, watched the videos, read the course, watched the videos...you get the picture.

Losses, losses, small profit, losses.

He felt that because of his limited knowledge, he had to learn more and more in order to stop the losses and to start profiting from the market. So he spent more and more on courses - and his trading got worse and worse.

The more he learnt, the less he seemed to know and the worse his results became.

Then, he finally learnt about the A, B, C triangle of success, in trading and in every other area of life, from one of his property mentors - John Fitzgerald.

The A, B, C's stand for -

A - Awareness

B - Belief

C - Conduct

Awareness - He realised that he already did in fact know enough to become a successful trader and investor. He had studied many books and courses on trading and had everything he needed in the way of practical trading information to make a profit.

He was aware of what it took to trade profitably. He could become a good, a great trader, if he could just develop the second factor...

Belief - If he could bring himself to believe that he was a good trader, he would become a good trader.

He didn't need more knowledge at that time, because he had a firm grasp of the basics. He simply had to believe in himself and his abilities and the profits would follow.

The third leg of the success triangle

Conduct - Was were he was falling down.

He would look at a chart of a Stock or market, and decide on a trading strategy using his understanding of trends - he was calm, detached and unemotional - just like his written trading plan told him to be.

His success rate was good at finding profitable trades - but his conduct was the problem...

He had no trouble placing the trade while the market was closed. He would simply call his Broker and give him the order.

Then, the market would open. His calm, detached, unemotional state would turn into panic.

He would feel physically sick at times, scared in case his analysis was wrong and he lost money on the trade.

He honestly believed that he couldn't afford to lose any money (the poor mans mindset) so he focused on losing.

He got what he focused on...

He watched his trades like a hawk, and at the first sign of a reversal against his position, he would either call his broker and exit the trade, or move his stop loss order to a place where he was virtually guaranteed of being knocked out by the normal fluctuations of the market.

He simply had too much leverage - he was over trading.

He was continually setting himself up to fail.

His conduct was the weak link in his trading success triangle.

Because he was continually losing money on his trades, albeit only small amounts, his belief system started to falter, and he saw himself as a losing trader even more - then he started to think he had two weak sides on the success triangle - conduct and belief.

He started to question the system he was using, which he had painstakingly back tested, over many markets on hand drawn charts and knew was solid, but his failure to have control of his conduct or belief made it look like it wasn't a good system at all.

So, how to fix it...

He sat down and looked at his recent trading results, and noticed that on most occasions, if he had stayed in the trade, he would have made a profit. His system was valid. His Awareness was enabling him to find and execute profitable trades.

His Belief system needed a gentle prod after several losing trades in a row, but because he had done so much study and work on back testing, he knew he deserved to be successful.

He started to visualise himself in his trading room, making profitable, long term trades and enjoying the benefits that this type of trading would bring to himself and his family.

Then, he worked on his conduct. He again wrote out his trading plan, and decided that he would treat his plan like a shipwrecked sailor treats a life raft.

He would cling to it until he was forced out of a trade by the actions of the market, not by his fearful, emotional response to the actions of the market.

He started placing his stop loss orders in a position so that the market had to change trend in order to take him out of a trade. In other words, a logically placed, technically correct stop loss position.

He then reduced his position size to allow for these stop loss orders being further away from the price action, so that his account was never at risk of being totally wiped out by one serious loss.

He did a pre-trade and post trade analysis sheet, so he could analyze his performance and try to consistently improve his results.

(This can be as simple as a sheet of paper where you write down your order, the position of the market and your thoughts and feelings before, during and after a trade.

Or it can be an elaborate system of checks and balances that guide you through each of your trades. Be careful though - keep it simple or you probably won't use it!)

Once he started to do this, he started to make money (with the exact system we have been teaching you on this Website).

(There are, of course, many other strategies and systems you can use in addition to the lessons we teach you to increase your profits, but to start with, these methods are all you really need to become a profitable trader.)

We are always learning and improving - every trader should strive to do this also.

When you are making consistent profits using the methods we have shared with you, investigate some of these additional entry and exit techniques, but not at the start. Keep it simple.

When he started to trade this way, he found it was far better to take a small position with a loose stop loss and be able to sleep at night, than his previous strategy of using maximum leverage and stressing out whenever he was in the market, to the point where he couldn't stand to walk away from his screen in case the position went against him.

This method sets up lots of profits and a few losses. Much better than the alternative he had previously used.

He then started looking for Stocks that trended strongly for long periods of time, and was drawn to the US Stock Market.

He used exactly the same entry and analysis techniques I have shown you on the Website, and -

He bought Call options in Gen Probe Inc (GPRO) with the Stock at $27 and held on until the Stock price was $58 three months later.

He bought Pacificare Health Systems Call options (PHS) when it was trading at $24 and held them to $51 four months later.

And he bought Sandisc Corp Call options (SNDK) with the Stock at $24 and held them to $58 less than four months later.

(Please Note - these are not Stock recommendations, they are merely mentioned here for illustration and educational purposes and the trades are hypothetical examples).

Can you imagine the change in the size of his trading account balance?

None of these Stocks had given him any reason to sell earlier, so he simply held on for the ride...Awareness, Belief, Conduct...the success triangle.

The Awareness will come when you study and really 'get' the lessons on the Website and in the Newsletter.

Study the lessons carefully, read books written by the masters. Teach others what you have learned - you will gain a better understanding yourself.

All human interaction is a chance to learn or to teach.

By teaching someone else and sharing your knowledge, you will learn any subject at a deeper level.

You ultimately go from an intellectual understanding to an emotional understanding (as Robert Allen calls them, an aha!) of your chosen area of interest, in this case, profitable trading. Try it...

The Belief will come when you back test the Trading Plan I share with you on the Stocks that you want to trade and prove to yourself that it does indeed work.

Visualize yourself making a series of profitable trades. Feel how good it is to see the market moving in the direction you expected it to.

Imagine spending the profits you make trading Stocks with your family and friends, and the time you will have to do the things you want to do instead of the things you have to do. Successful trading gives you the 'time freedom' to do whatever it is that you want to do with your life.

Do it first in your mind, and then do it in the market.

Your Conduct - well that's up to you. Will you 'decide' to look at your written trading plan as your life raft? Cling to it as your last defense against the emotions of fear and greed that live inside each one of us?

Will you trade with the trend, enter off 1 to 4 day reactions to the main trend, reduce your leverage or position size and put your stop loss orders out of the way, so the market has to change trend to get you?

If you do this, you should be confident that you can achieve trading success. That is our wish for you. Good luck.

Now, lets review today's lesson -

The Trading Success Triangle has as it's three sides - Awareness, Belief and Conduct

If any of these elements are weak or missing, the triangle has no strength

The sides are all important and are dependent on each other, but Conduct is the most difficult for the average trader to master

Fear and Greed act to change our conduct from what our rational thoughts tell us is the correct course of action, to actions that aren't always in our best interests. By controlling Fear and Greed, we can make rational decisions that help us to become profitable traders

I hope this lesson has helped you in understanding the mindset of a successful trader a little better.

Understanding these three critical elements of trading psychology will put you well on the way to a profitable trading career.

Get this, and your trading success is practically assured. Miss the lesson, and your chances of making big money in the Stock Market are profoundly limited.

Please feel free to share this lesson with your trading friends and associates - they will thank you for it.

To Your Trading Success,

Tony Spann and the Team

Stock Trading Review is dedicated to helping you succeed as a trader by sharing with you simple and easy to follow tips and techniques.

Discover more insider secrets and the exact proven strategies to trade stocks profitably: http://www.stocktradingreview.com

Copyright(C)2005 Stock Trading Review

Everything you need to know about the fair sample

In fixing a trade show, there are various points, as well as factors to be considered. Because it is a trade fair, however, the sample is considered very important for the success of the series will be the point of sale of all. Therefore, it is important to develop with trade show displays that are of very good quality and value defined for the spectators.

1 Types of sample data

There are all kinds of trade show sample that is available in different sources. You can try to get its fair shows Internet where you can choose between numerous numbers of manufacturers. Or if images really doesn't work for you, therefore, may be better to obtain their stocks trade show displays from local manufacturers. This is better for you because you can see the goods in advance to ensure that it will be happy with it before it is purchased.

2. The sample is the most important investment

Trade show sample varies considerably by that of trade show displays that it is destined for higher usage table. If it is fair, then, it is useful to have this type of trade sample screens are offered for a minimum price. This is because there are many manufacturers and suppliers that make this type of goods. There are also a lot of designs that you can get for this type of trade show display. Therefore, it is a very good investment to make. Such fair shows to the top of the table styles are as follows:

-Popup window

-Folding panel

-Prezenta Display style

-Show the top of the table max.

3. The permanent floor displays

These fair sample is also called as separate screens that are designed to be able to support themselves during the fair. There are many different sizes as well as sizes and colors for these standing floor trade display screens, the most popular are permanent plant trade models screen display are emerging 10 feet long. The word permanent displays of trade show also come into folding panel display type.

4 Roll-up display

It is also the accumulated trade show display. The submission of the accumulated trade show also often such banner. Tones of banners or banner blades are entertainment notebook sample commercial offer great flexibility and more often used for units of stand alone trade show display or that are used in combination with a larger trade show display in order to highlight a particular item of interest in a fair. This kind of trade fair sample is light in design and is small, as well as compact in size, which makes them the perfect travel fair displays that are also quick and very easy to configure. There are two types of roll trade show exhibition, face accumulated fair representation as well as the expensive accumulated double trade show presentation.

5 Accessories

Another trade you can purchase from traffic Internet show viewing stores or local trade show sample shows traders are to call fair display accessories that are pieces that not only complement trade show display another fair sample will be can pull off that final touch their trade show display. Trade show display accessories are as follows:

-Extra halogen lights

-Carpet trade show display

-Podium kit

-Director of Chair

6. Good luck!

Fair success depends heavily on its trade show sample is why you need to find really good to act as its fair sample pieces. You can sample again show custom trade or second had fair displays, really does not matter how much long as trade every bit and each of you display sample complement each other and look great together. Really is the primary key for a successful fair.

For viewing the large trade show more related articles and resources check out [http://www.weknowtradeshows.com]

Find your future sales of blood types

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Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets। What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, it becomes quite possible to match different "blood types" of those traders with their correct "trading diets."

Clearly, we're not talking the medical blood type here, but in the figurative sense it makes the right point. With practice, it's not too hard to determine blood types (type of trading best suited to the individual) based on the personality of the trader, and then prescribe a diet based on that individual trader's capital, experience, risk profile and schedule.

Discovering Your Blood Type and Trading Diet

Just like a diet, where there is no right plan for everyone, in trading there is no single plan for all traders. Before deciding whether to "cut out the carbs," "add more fiber," or simply avoid certain markets, do some self-assessment, starting with personality. For example, are you hesitant or impulsive? Patient or short-tempered? Identify strengths and weaknesses, and then let someone close to you help pinpoint those personality pros and cons. Have a tough skin; it's for your own good.

To further understand your personality, keep a trading journal to help zone in on specific traits and how they affect your trading. Remember, understanding your personality is one thing; understanding it when you're trading is another. While patience with children is good, patience with a losing trade is not. A journal enables traders to review winning and losing trades and identify factors that aided in success or contributed to failure. After reviewing inner traits, don't forget to review the outer ones--your schedule and risk capital. Think long and hard about how much you have available in terms of time and risk capital when it comes to trading, and don't delude yourself. In addition, look at how you are using your time and risk capital. Go over the market(s) you are trading, the style of trading and time frames you are using. Is this market, this style and this time frame suitable to your risk capital and personal schedule? Are they suitable to your personality?

Doing some self-assessment is absolutely essential to determining what type of trading diet you should be on, as the examples later will make clear. But first let's define the trading blood types and their respective diets.

Blood Types and Trading Diets

No A-positive or universal donor types are necessary here. Instead, for our purposes, let's classify types by using NT, PT, DT and ST.

NT. Is trading suitable for you at all? That is the question. Trading require a desire to take risks and, of course, the ability to afford to take them. These simple suitability questions must be firmly answered in the affirmative before anyone can consider taking the plunge. Those who have little desire for risk, have little risk capital to spare (and completely disposable income at that) and little time to devote to this very challenging exploit are classified as blood type NT (No Trading). The right diet is no trading at all. No carbs, no cals, no fiber, no fat. Nada.

PT. Those who are either gun-shy or trigger happy would be classified as blood type PT (Position Trading). With what kind of regime, you ask? Clearly this type requires a rule-based diet. To develop those rules first and foremost means doing some homework after market hours. Once these rules are in place, test any possible trade idea against those guidelines because each trade must pass this test before Mr. or Ms. PT enters the trade. This is the time to plan a trade from start to finish, visualizing a few different scenarios with a possible action plan. It may also be the time to employ the assistance of a full-service broker. His or her job should be to help implement the rules that will keep the trigger-happy trader from going nuts or help the trader with a fear of pulling the trigger to take the right kinds of actions.

DT. Some traders simply cannot take any positions home with them. It hurts the quality of their "after-trading-hours life" and makes them uncomfortable. Most of them also are impatient by nature and tend to over trade. They feel a need to be in the market at all times because they are scared of missing a good trade and scared of losing too much. This blood type is classified as DT (Day Trading).

Patience, discipline and strategy are the main diet ingredients for this group, but certainly not exclusive to it. Setting daily loss limits is a must, and a daily trading journal will help them quite a bit. The correct training cycle for successful day trading involves education, planning, routine, survival and getting to the point where a trader finds the set ups with which he is both most comfortable and can produce high success rates. A note here: More often than not, the biggest obstacle DTs face is the patience for such a set up; they feel they are not working if they are not trading, because they are day traders. This is one mentally crippling thought they must get over to survive. Being a day trader does not mean that the individual must be in the market with frequency -- only that he must be flat at the end of the session so as not to take his position(s) home with him.

ST. Then there are traders who try to go with the flow of the market and take small to medium bites out of market ranges or, perhaps, trade ranging markets between different support and resistance levels. Many will do it well for a period of time until they are almost married to it and get stuck with a loser. Let's classify this group as blood type ST (Swing Trading).

The biggest problem most swing traders have is the ability to take losses. Too many traders -- even those who generally are good, consistent traders -- fail by carrying one big loser one too many times. Is this stubbornness, the inability to admit making a wrong move(s), simply a case of hoping instead of trading? Those who have walked in these shoes know who they are and should be ready for the ST diet -- placing stops and understanding that even the best of traders have more losers than winners. The math is very simple. Because many markets will trade sideways, there are times when both longs and shorts will come out losers. Some trades simply don't work. The bottom line is that the total of a person's winning trades should outnumber losing trades.

How Two Traders Changed Their Diets

The following two examples, which combine traits of various clients with whom I've worked over the years, point out some of the considerations of which traders must be mindful as they try to figure out what trading diet is most appropriate. The names have been changed to protect both the "innocent" and the "guilty."

Example #1. Karen was one of my first clients. A smart and outgoing woman, she worked in the human resources department for a large company. During her first two years, she had some winning trades but, overall, her account was down.

Karen juggled a busy schedule everyday. She had numerous meetings and often traveled, yet she insisted on day trading stock index futures. I tried to direct her into a different approach, but she resisted.

My advice did not sink in until she hit a period during which all of her trades were going against her, and she was facing a margin call. When I spoke with Karen, her normally self-assured demeanor had changed. She was scared. She was no longer looking forward to the next trading day. After losing most of her money, Karen struggled to make a trading decision. The once confident, outgoing and independent trader was now grasping for outside advice from a variety of newsletters and other resources. She was desperate.

On the morning after a long holiday weekend, Karen called me and with a steady, confident voice, placed orders to get herself out of all of her positions. Over the weekend, she had read a book or two and had some conversations with her husband. It's hard to determine which of these produced the "epiphany," but she now wanted to try a different approach -- one of a longer-term nature (PT). After careful reflection, Karen recognized that she was at times impulsive, stubborn and simply not realistic (not good for a DT).

Even though she clearly could not devote the time necessary to be a day trader with her current work schedule and mentality, she realized that her routine and dedication must change completely no matter what the trading time frame. She was now dedicating 30 minutes during the day and/or evening to go over the markets. She adjusted her trading size to fit a longer-term approach but, most importantly, she had a plan, and that plan fit her schedule. She no longer had to make decisions in the heat of the moment. She started looking for longer-term trends that did not require hour-to-hour decision making.

Doing some self-assessment is absolutely essential to determining what type of trading diet you should be on, as the examples later will make clear. But first let's define the trading blood types and their respective diets.

Karen finally understood how to successfully incorporate trading into her life while having another demanding career. Her account has grown over the last two years through the changes she implemented in her routine, behavior and trading style.

Example #2. John started trading about four years ago. He seemed an agreeable enough person, but very business-like with no time for chit-chat. He wanted to trade online from the start because he had plenty of stock trading experience. John lived on the West Coast and was a real estate agent who did pretty well in the dot com bull market trading stocks until the market met its maker. Confident, willing to learn and fairly disciplined, he was trading with $25,000 of pure risk capital, adequate for a first-time futures trader.

Days went by and every morning as I was going over my clients' daily statements, I noticed that John was trading coffee. Not only was he trading coffee, but he was sometimes day trading coffee. I let him know that I would be pleased to talk with him about various markets if he wanted. He would call once in a while checking on fills and asking about different reports.

A few weeks down the road, John called and mentioned he would be in the L.A. area and would like to meet for lunch. During lunch, he mentioned his frustration over recent losses when trading futures. At this point, his account was down to about $14,000 over a six-month period. I asked him why he was attempting to day trade coffee, and he said his brother-in-law was a coffee importer/exporter, and he thought that it would help him. The coffee market was open from 6:15 a.m. to 9:30 a.m. PST, which perfectly suited his work schedule, but as I found out later, not his personality.

I asked him to start writing a trading journal, which allowed him to look back objectively and find patterns in behavior that both helped him and hindered him. John's journal revealed that he was frustrated with the slow fills of the open-outcry coffee market, and so he was quick to get out of winning trades and too slow getting out of his losers. He was trigger happy and at times traded larger positions than he should have.

I suggested that we change his "trading diet" around a bit and introduced him to the U.S. Treasury bond and the E-Mini stock index futures; both trade electronically and provide instant fills. These markets were perfect both for his schedule and personality.

I felt that these were good markets for both day trading and swing trading and recommended a few concepts in money management and trade management. The first was the maximum daily loss that he should set and place in a visible way as a reminder. The second was the setting of a daily profit target. Though it was somewhat hard to implement, if he could walk away when he was down to his maximum daily loss or when he reached his daily profit target, he would last much longer as a trader. It also would give him a better chance of succeeding down the road -- in other words, smaller steps down that longer road.

John is still down in his account, but he is making progress. Here are a few tips that have helped him: Instead of buying and selling five contracts at a time and "starting and finishing" the trade this way, he now gets into his trades in multiples of three. In the past, John simply would buy five contracts when he thought he needed to go long and sell five when he felt he needed to take profits or cut his losses.

When John gets into a trade these days (let's say in a long position), he will buy six contracts and place a stop loss on all six. Initially, he looks for a small profit on the first two contracts. (It helps him mentally to know "I took a profit on this trade.") He then raises his stop loss and changes it to a four lot. He looks for a second profit target for two more contracts based on his support and resistance levels. If that profit level is reached, he can get "greedy" with the last two contracts. In essence, he now knows how to manage his trades in a way that increases his profitability. And, further, and perhaps as importantly (based on his personality), he does not feel like he is missing out on big moves if they happen, and he still locks in small profits when they present themselves by using the first and second targets.

Be Realistic

Succeeding in futures trading takes hard work and time, and new traders need to be realistic and introspective right from the start. This is no time to devote anything but risk capital. Beginners should start small, allowing periodic checks to learn from mistakes, and from successes.

Just like anything else in life, from diet and exercise to business and career choice, one size does not fit all. Before anyone can succeed in trading, he or she must spend time doing homework, as well as ascertain personal strengths and weaknesses, schedule, risk capital and trading experience/ knowledge. Only with those in place, can traders choose the trading diet that will work for their blood type.

Ilan started out as a professional basketball player in Israel where he played for 5 years until he suffered from a major knee injury. Ilan could no longer play Basketball at his full potential after undergoing knee surgery so he decided to go back to college. He received his MBA in Finance and Marketing from the Hebrew University of Jerusalem. After about a year of working in real estate he started a new job as an Institutional Account Executive in a start-up internet company that led him to the United States.

As the V.P. of Cannon Trading Co., Ilan wrote several articles about trading and the trading psychology as well as being quoted a number of times in different publications in magazines such as: SFO (Stocks Futures & Options), Futures and "Bloomberg" just to name a few.

http://www.cannontrading.com/ilan.html

Sales day and sales indicator indicators

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Did You Begin Day Trading As An Indicator Only Trader?

Did you start day trading after buying a book on technical analysis, and getting a charting program - probably a free one that you found online - in order to save money? While reading your book you learned about trading indicators which could 'predict' price movement, and what do you know, the 'best' indicators were actually included in your free charting program - let the games begin.

Now that you have all the day trading tools that are necessary, the book for education AND the free charting program with those 'best' day trading indicators, you now need a day trading plan so you can decide which ones of those 'magic' day trading indicators you are supposed to use. This really is a great book, besides telling you how to day trade using indicators to 'predict' price - it also said that you need a trading plan to day trade.

So what should this plan be? The book told you about trend following using an indicator called macd, and it also told you how it was possible to pick the top or bottoms using an indicator called stochastic; my guess is that you picked the stochastic indicator to start your day trading - this must be the 'best of the best' since this indicator was going to ensure you of entering your trades with the 'best' price. Amazing, simply amazing how easy this day trading stuff really is. In fact, why even bother taking the trades, each time your indicators give a signal - just call up your broker and tell him to stick $100 in your account.

My book was Technical Analysis of the Futures Markets. My charting program was TradeStation with an eSignal fm receiver; that was the one that if you hung the antennae wires just right, and you put enough foil on the tips, you might even get quotes. I had sold a business before I started trading so I did have some capital - isn't that how everyone gets into trading, you either sell a business or you lose your job? My indicator was the macd as I had decided that I was going to be a 'trend follower' instead of a 'top-bottom picker'. I also decided that I was going to be 'extra' clever, if one indicator was good than two indicators must be better, so I added a 20 period moving average. My first trade was a winner, then after many months of extensive therapy, I was finally able to forget the next twelve months - ahhh the memories 

Learning To Day Trading - The Learning Progression

Beginning to day trade, or learning to day trade, as an indicator trader is very typical. This is also logical when you consider - HOW are you supposed to initially learn how to trade? Trading indicators are available to anyone who has a charting program, and simply using line crosses, or histogram color changes, provide 'easy' signals to understand. If you will also take the time to learn the arithmetic behind your indicators, as well as learning what each indicator is specifically intended to do, not only is this a logical way to begin, it is also a good 'step' in your learning progression - understanding the WHAT you are doing, instead of attempting to create 'canned' indicator only trading systems, without any regard as to WHY you are trading this way.

This does become one of the 'sticking' points in your learning progression, as you come to find out that you are unable to profitably trade indicators as signals only - now what? Now what - you 'can't' develop your own indicators, so you start doing google searches for day trading indicators and start buying your 'collection' - they don't 'work' either. Now what - you buy a mechanical trading system - what does hypothetical results may not be indicative of real trading or future results mean? Now what - you start subscribing to signal services OR you start joining the 'latest and greatest' chat room - am I really the only person using the signals who isn't profitable?

Now what - you never learn how to trade.

I began trading as an indicator trader, and I did try to learn everything that I could about the various indicators, as well as trying to combine indicators that were consistent with how I wanted to trade - I just could never develop a mechanical day trading system from what was available to me. I read a couple more books that didn't really help me, so I then started looking for someone who could teach me. From what I now know about gurus -vs- teachers, I am very lucky that I got involved with a money manager-trader who taught me a tremendous amount, but I still couldn't get profitable, in part because there was also 'pressure' to learn how to trade using real money. As well, any discussions or thoughts about trading psychology and the issues involved, especially to beginning traders, was non-existent.

Now what - learning but losing - I stopped trading.

Learning to trading using real money, and 'scoffing' at trading psychology as simply individual weakness, really was something that I now regard as misinformation. I always mention this as I now feel that this cost me as much as a year of time, and was very close to costing me my trading future, as stopped trading was VERY close to quitting trading. How can't trading psychology be real to a beginner, when you consider that you are risking losing money at a very fast pace as a day trader, and when you further consider that you are also doing this when you really don't know what you are doing - this is NOT by definition being weak. And if trading psychology is real, how are you going to learn to make 'good' trading habits with real money while you are fighting the implications?

Now what - not trading and not ready [quite] to quit - still studying and searching.

Probably the single most important 'thing' that got me to a next step in learning how to trade, was the concept of a trading setup, and that a setup and a signal were not the same. This was extremely meaningful to me, as it also led to an understanding of how to better use trading indicators for the information that they can provide, but not to use them as trading signals - in essence I began learning about trading method where discretion could be consistently applied -vs- trading system that was mechanical and arithmetic rules.

Traders who are indicator only traders, are also what I refer to right side only traders, that is they are always looking at the right side of their charts for an indicator signal. BUT what about the left side of the chart, what about price and patterns, what about market conditions - WHAT about the relevant 'things' that are 'moving' price, instead of indicators only as an arithmetic derivative of price, and thus, one that is dependant on the time frame that you have chosen to trade from? These 'thoughts', along with the concept of trade setup, became instrumental in the development of a trading method, and how I came to turning my trading around.

When I think about the steps in my learning progression - I would list them as follows:

2/95 - 6/96

indicators only

teaching service that included signals

learning to trading with real money and trading psychology issues

stop trading

6/96 - 3/97

understanding of trading psychology issues

learning about trading setups concept

trading method -vs- trading system

trade setup - trade trigger are not the same

method development

understand the importance of the left side of the chart and what is happening 'across' the chart

related trading setups and how/when they triggered

indicators + pattern

indicators + pattern + price

indicators + pattern + price + market conditions

3/97 - 11/97

able to paper trade profitably

able to real money trade profitably

able to trade for a living

Indicator Only Day Trader - Setup Including Indicators Method Day Trader

I have attempted to discuss the way I started day trading, and the way I think many-most traders typically begin. Along with this, I have pointed various issues and problems that I had - those regarding how to learn to trade, and then progressing into a profitable trader. My experiences have been both personal, as well as those of many traders that I have worked with over the last 8-9 years through Tactical Trading - that a very large number of these problems are due to day trading only with indicators, the specific indicators used, along with trying to turn these indicators into a mechanical trading system. This is not to say that this can't be done - I simply couldn't do it. However, I would strongly suggest that anyone who is in the early stages of day trading, or struggling with their day trading, consider these things that have been discussed.

This discussion, along with chart examples of various trading indicators and trade setups, is continued at http://www.tacticaltradingmethod.com/indicator-trading.html As well, additional discussions about trading psychology and trading method can be found at The Tactical Trader, [http://www.tactrading.com]

Trading Psychology - vs-Trading Method

Psychology of trade has become so widely discussed and promoted through books and consultants who has become a convenient rationalization and the excuse for losing. Why take responsibility for a lack of work ethic and trade without any concept plan, an honest assessment that would be a 'hit' on the self-esteem of the trader - when you can blame on trading psychology instead?

Psychology of trade is 'something' that a merchant creates from the personality traits that are not initially related to trade, but the surface of trade without understanding method. Of course, the result is afraid, but this would be the case when doing something that was perceived as 'dangerous' and made the necessary understanding and skills? Trade, with its inherent characteristic accept financial risk while participating in the results of the unknown, is certainly 'dangerous' and so prepare more and understand that it is needed.

Commercial stage

Consider the possibility of the a business plan that has the following three types of settings: (1) initial intention to trade continued (2) the first entry that is used to enter a trade should have been their initial entry, or decided that he wanted more confirmation because he was a counter sales management (3) second continuation which pretends to be a trade addon Setup program, but is also a 'final' opportunity to enter a trade.

You'll get an initial sale that triggers installation but do not carry trade = trade1. Trade breaks cleanly and goes to what would have resulted in a partial benefit, and, then, before the price goes beyond, rescues the area where the sale was made. This price is kept well swing remains this waiting for what is now resistance and short, you get trigger settings first resumed but do not take this good trade = trade2. Why not was trade adopted? You decide for losing the initial entry, who have lost trade; biases and your emotions tell you that the movement has gone too far. Once again, this trade breaks cleanly, not only add to the benefits of trade1, but also giving a partial benefit in trade2.

Price now consolidates casualties and price if normally used to stay short if it had taken initial trade or first trade continued resistance. Instead of investing swing to consolidate, continues towards down once more and this continued their triggers second installation of continuation = trade3. AND AGAIN - don't take trade. All in all, if you do not take any of the first two trades, how can you possibly taken this trade? Maybe it was wrong when thought transfer had gone too far to take trade2, but certainly is the case with trader3.

Like trade1, and trade2 trade3 is a profitable trade. This twist has really become a large directional movement, with each hop clinging blow weak - a classic example of the strengths of your business method, but has never entered a trade. You're nuts! Listen in this cursed swing - simply cannot take it over. Another return remains a high bottom. You do not have a configuration entry, but that doesn't matter, the other three trades were profitable after a high bottom. The same emotions that do not allow to introduce his plan offices, are now forcing '' take a non-plan trade isn't as interesting.

Rather than its trade to a lower level and a benefit, instead goes to a higher low, and then buy the initial setbacks. Ill just what is worse, also does not exit when the swing shop. After what happened to finally enter the trade, you have to try and make it work and once all the trend is down - right? TraderA uses this initial purchase to exit its profitable to sell and sell addon; decide that they want more reverse swing confirmation before the direction of trade counter. Activates a first installation of continuation van long, has reversed the swing and this trade reaches its first profit target.

Finally, TraderB 'cedes' and leaves their shorts with a colon instead of the expected loss point, without any consideration to take his next plan trade, buy the continuation of the first. This merchant is done during the day, but at least 'right' were all the time; swing had gone too far to go and had been justified fears - it's a losing trade that they should not enter.

Is this a method of trade or Commerce psychology issue? What 'message' is to take what happened TraderB.? Will take the attitude that no should be criticized, simply not trading due to the psychology of trading? Or recognize the method won, the resulting loss was not a trading method, and even, the loss would have been compensated by previous winners. Recognized that they did their worst fears come true and not only this became a losing trade, also increased size of that loss, and then to avoid another method winning trade.

Granted, psychology was involved with what has happened in the commercial scenario described, but that is a function of the personality of 'core' of the person and would probably be a matter regardless of what was done; If there is 'risk', there will be an 'emotional' response. It is therefore necessary first to separate personal psychology from trading psychology and the use of this concept as an excuse for commercial actions. Then, if trading psychology will be controlled, this will be done on the preparation and implementation of a proven plan that the trader is willing to continue. Not trading with 'integrated' excuses for failing, will have lost before and will continue with a continuous 'snowballing' emotion to the extent that trade because it will not be possible.

Barry Lutz has been trading as well as teach others to trade since 1997, from his firm Trading, LLC., http://www.tactrade.com tactician. He also writes a daily trade teaching lesson called trade, found, along with other resources in trade and Commerce method in the tactical Trader Psychology Journal [http://www.tactrading.com].

10 Rules of investment gold

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1 Introduction

In this article we cover the few important rules that should never be broken in trading. If you can apply these rules consistently, and with discipline, you will be well on the way to being a profitable trader.

The rules we cover are:

o Have specific goals and objectives

o Be consistent and disciplined

o Let profits run

o Cut losses short

o Never add to a losing trade

o Don't take too much risk

o Only trade positive expectancy systems

o Minimize all trading business costs

o Be well educated

o Don't trade scared money

Each of the rules will now be discussed.

2 The Golden Rules of Trading

The following sections outline a set of rules that can significantly improve your chances of success if they are understood, practiced, and implemented consistently in your trading. These rules have been learned the hard way, by study, research, trial-and-error, and the inevitable mistakes that everyone makes when they start a trading business.

We hope that you can learn from the work we have done, and benefit from our experience. The rules will now be discussed.

2.1 Have specific goals and objectives

Few things are more important to your trading success than having set (i.e. written) goals and objective for what you are aiming to achieve. It is amazing to me how often we hit our targets, meet our objectives, and reach our goals only when we articulate them and write them down.

For any business to be successful it must have measurable objectives that are actually achievable. In trading (obviously) the primary objective is to make money, but it is important to have other objectives that are not purely cash-related. We must always remember that reward and risk go hand-in-hand in trading and that we cannot expect to achieve high returns without planning for high risk (i.e. draw-downs).

Your objectives and goals will be very specific to you, but they must have the following characteristics to be useful:

o Be measurable (in completion and timeframe)

o Be achievable

o Be worthwhile

o Be positive

As an example, here are some of our current objectives (this is only a partial list):

o Develop 2 new positive-expectancy trading systems each year

o Make fewer errors implementing our trading systems each year

o Achieve a return to maximum draw-down ratio of 1.5:1

o Take 2 weeks vacation each year

Note that only one of them is about making money, and that has a measurable objective that is relative to draw-down, not absolute (i.e. make 100% per year). If you know what you are trying to achieve, and when you are trying to achieve it, the whole business will be focused on meeting

your objectives and help guide you to only pay attention to things you really want to achieve with your limited time and resources. This will also give you a way to measure the success and progress of your trading. Generally traders with well-defined objectives will be much more successful than those that do not have pre-defined goals.

2.2 Be consistent and disciplined

In order to realize the full potential of your trading systems it is critical that you take every trading entry, adjust every stop, and close out every trade as and when your system says you should do. This takes extreme confidence in your trading systems, good robust reliable technology, and the mental discipline to stick to your trading plan whatever happens (assuming it is complete).

An underlying assumption about being consistent and disciplined is that you have a pre-defined plan for every situation you may face in your trading, so that you know how you are defining what being consistent is. Your plan needs to include at least the following items:

o All your trading rules for entering, adding to, and exiting positions

o What you will do if your trading computer, internet connection, broker, power, telephone

etc. fails

o What you will do if you are unable to trade

o What you will do if you lose X% of your account

o What you will do if all the markets are closed and you can't exit your positions

Unless you write the answers down to all these issues, you cannot be consistent and disciplined in your approach to trading and if you lose money you will not know whether it is because you didn't follow your plan, because your plan is incomplete, because your systems do not work, or simply because you are going through a losing period.

2.3 Let profits run

This simple rule is the key to being a successful trader. It is three simple words that are very hard to actually implement. When we get a profitable trade our natural fear of losing the unrealized cash kicks in and we truly want to close it out now and take the money. Most trading consists of long periods of small winners and losers followed by a few huge winners that make the difference between overall profitability and simply breaking even or losing due to trading costs(commissions, spread, and slippage).

It is our ability to let the huge winners become just that - huge - that determines how we will perform overall during the year. The key to letting winners run is to have trailing stops that are outside the daily noise of the market so that they are not tight enough to get stopped out during 'normal' trading. This means being prepared to give up a significant portion of a winning trade's open profit and is the thing that makes this so hard to implement. In fact, we should be adding to a winner and widening stops rather than working out how tight our stops can be to capture maximum profit. The trade has already shown you that it intends to be a winner, and the chances are it is a low-risk idea to add to the position now rather than 'strangle it' with stops that are too tight.

It is very important that your position management rules allow for large winning trades, and that the rules are pre-defined and understood before you place the trade. This will allow you (if you have confidence in your method and discipline) to stick to your rules when you do get the big

winner.

2.4 Cut losses short

This is the sister rule to the previous one, and is usually just as difficult to implement (although it

is very easy to define). In the same way that profitability comes from a few large winning trades, capital preservation comes from avoiding the few large losers that the market will toss your way each year. Setting a maximum loss point before you enter the trade so you know before-hand approximately how much you are risking on this particular position is relatively straightforward. You simply need to have a exit price that says to you 'this trade is a loser and I will exit before it gets any bigger'. Due to gaps at the open, or limit moves in futures we can never be 100%

certain that we can get out with our maximum loss, but simply having the rules, and always sticking to it will save us from the nasty trades that just keep on going and going against our position until we have lost more than many winning trades can make back.

If you have a losing position that is at you maximum loss point, just get out. Do not hope that it will turn around. Given that trades are either winners or losers, and this one is shouting 'Loser' at you, the chances that it will turn around and become a large winner is tiny. Why risk any more money on this losing trade, when you could simply close it out (accept the loss) and move on. This will leave you in a much better place financially and mentally, than holding the position and hoping it will go back your way. Even if it did do this, the mental energy and negative feelings from holding the losing position are not worth it. Always stick to your rules and exit a position if it hits your stop point.

2.5 Never add to a losing trade

One of the few trade management rules that we can state we never break is 'Never add to a losing trade'. Trades are split into winners and losers, and if a trade is a loser, the chances of it turning right around and becoming a winner are too small to risk more money on. If indeed it is a winner disguised as a loser, why not wait until it shows it's true colors (and becomes a winner)before you add to it.

If you do this you will notice that nearly always the trade ends up hitting your stop loss and does not look back. Sometimes the trade turns around before it hits your stop and becomes a winner and you can count yourself very fortunate. Sometimes the trade hits your stop loss and then

turns around and becomes a winner and you can count yourself unlucky. Whatever the result, it is never worth adding to a loser, hoping that it will become a winner. The odds of success are just too low to risk more capital in addition to the initial risk.

2.6 Don't take too much risk

One of the most devastating mistakes any trader can make is risking too much of their capital on a single trade. One thing is certain in trading and that is if you lose all your capital you are out of the game. Why risk so much you could be prevented from continuing? There is a saying in

poker than going all-in (risking all your chips) works every time but once. This is true of trading.

If you risk all your account on every trade it only takes one loser to wipe you out (and no trading method is 100% accurate), so you will be out of the game at some point - it is only a question of time.

In general, we only risk 1-3% of the available capital allocated to a system on any individual trade. This is calculated using the size and, the difference between our entry price and our maximum stop price, and the amount of capital allocated to the system. With the win probability

and ratio of size of winning trades to losing trades we are almost certain never to lose all of our trading capital. In fact, the chance of us hitting our maximum drawdown for the year is tiny.

All trades should be of a size that almost seems insignificant. If you are worried about the size of a trade then it is too big and you should reduce the size immediately. Remember that longevity is the key to making money by trading - slowly over a long time with minimal risk, is always preferable to rapidly with too much risk.

2.7 Only trade positive expectancy systems

If you have a positive expectancy trading system, the only factors that determine how much money you will make per year are the number of trades the system generates, how much capital you allocate to the system, and how accurately you implement the trading signals. If you do not know whether your trading system is positive expectancy then why are you trading it? Expectancy is calculated using the profit or loss on each trade (net of trading implementation

costs) divided by the initial risk (using your stop loss) and then taking the average of this number of a series of trades. Systems that have positive expectancy will make money on average and those with negative expectancy will lose money.

Successful traders only trade systems where the odds of success are in their favor (i.e. the system is positive expectancy) so they know that making money is the result of accurately implementing the system and not just pure luck.

2.8 Minimize all trading business costs

Some trading systems have only marginal profitability, and trading implementation costs (commission, spread, and slippage) can be the difference between profitability and making a loss. With the easy availability of modern electronic brokers, and fully-automated trade processing and

execution, it is definitely worthwhile looking for a very low cost way to implement your trading system. High commission, wide spreads, and large amount of slippage can be reduced considerably simply by carefully choosing a broker. This can be the difference between a system

(especially a high frequency one) being useable or not. Paying too much for trade implementation is an avoidable way to lose money.

2.9 Be educated

In order to compete at the highest level in the trading business and be one of the few truly successful participants you must be well-educated about what you are doing. This does not mean having a degree from a well-respected university - the market doesn't care where you were educated.

Being well-educated means that you have thoroughly researched and tested your trading ideas and know why your trading system worked in the past and is continuing to work now. It means understanding all the technology and applications that your system needs to perform accurately.

It means understanding your goal and objectives and how trading will achieve these. It means understanding yourself and how your personality affects your results. It means understanding the markets and instruments you trade.

In order to succeed you really need to become an expert in your own trading business to understand how it all fits together, when it is broken, and how it can be improved. As with all worthwhile endeavors, this takes commitment, hard work, dedication, and more hard work.

2.10 Don't trade scared money

Lastly, no one ever made any money trading when they had to do it to pay the mortgage at the end of the month. Having a requirement to make X dollars per month or you will be financially in trouble is the best way I know to completely mess up all trading discipline, rules, objectives, and

leads quickly to disaster.

Trading is about taking a reasonable risk in order to achieve a good reward. The markets and how and when they give up their profits is not under your control. Do not trade if you need the money to pay bills. Do not trade if your business and personal expenses are not covered by

another income stream or cash reserve. This will only lead to additional unmanageable stress and be very detrimental to your trading performance.

3 Summary

In this article we have covered the rules that we believe should never be broken in trading. If you work on never breaking them, your trading should improve dramatically.

We sincerely hope this information has helped you to improve your trading performance.

Good luck in your trading.

Paul King is owner and head trader of PMKing Trading LLC, a Vermont-based proprietary trading company founded in May 2002. Paul has published a series of eBooks and articles about what he considers to be the important aspects of trading.

Visit http://www.pmkingtrading.com for more details.

The business plan of psychology

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No discussion about trading, or the consideration to begin trading, can be done without a harsh freeware - the vast majority of all traders lose.

It is said that the reason that most traders lose is because they are not psychologically prepared to trade, that is they are not prepared to accept financial risk for something of which they have no control over the outcome. Trading is much more of in psychological problem then to methodological one, only the traders who have accepted this have a chance of being consistently successful traders first. Without an understanding of trading psychology and the various issues that circumvent method, there will be virtually no chance to overcome the fear, confusion, and despair that can be inherent in trading. Ultimately, after a series of consecutive losses, method becomes replaced with a feeling that it is impossible to do anything right; If for no other reason than this situation, trading psychology is more critical than trading method.

New Trader Scenario

Consider to scenario where a trader develops a method for day trading an index future. The method gives 15 trades per day, and the trader has gotten to the point where they are able to paper trade with the following results: 9 wining trades averaging $85 each, and 6 losing trades averaging-$65 each - thus giving $375 average daily gains. The trader has achieved these results for three consecutive months; their paper trading goals have been met and it is time to start trading real money.

Real money trading begins, but things change quickly. Instead of trading their method like they did when paper trading, the trader starts 'skipping' trades trying to pick the winners instead of accepting the 40% losers; of course, they invariably pick more losers than winners. Trying to correct this problem, the trader then decide that maybe they are entering their trades too late. So now instead of letting the setup completes and then doing the trade, the trigger is anticipated so the trade can be entered earlier - the losses get worse.

With the continued losses the characters take over: "What is wrong, why am I such a pathetic loser?" "Maybe it's not my fault, maybe the method just doesn't really work."

The problems get worse with each trade, more characters and more loses - the trader trading quits. The trader now decide that their paper trading results then ain't really adequate to begin real money trading. They will go back to paper trading and studying again.

Thoughts that are going through the trader's mind now: "Maybe I should try different trading methods until I can eliminate those losing trades - then I will be ready to trade real money again." "Really, maybe I should just quit trading altogether - maybe I am just a loser, and that's why I can' t trade."

The Trading Psychology Plan

What should be very apparent from this scenario is that the trader never traded their paper trading plan after transitioning to real money trading method. Unfortunately, the trader is unable to acomplish what they have done, instead their characters first place blame on the method thinking that it really doesn't work, and then on themselves for being "such a pathetic loser". The end result being that the trader quits trading, and if the real underlying reasons for what has happened aren't accepted and changed, this will never be able to trade real money even if their trading results become 100% paper trader winners, which of course is not going to happen.

The trader had a trading method plan, but they did not have a trading psychology plan. They did not have a way to make the transition from fear and emotion directed trading to actually trading the method as designed. They did not have a plan to access and understand their given method actions, and then objectively defined 'setup' for replacing them.

The trading psychology plan must begin with an honest assessment and acceptance for what really happened: the trader never traded their plan; method There is no other blame to be placed, or excuses to be made. There is nothing wrong with the trading plan, and regardless, the trader has not traded it in order to be able to make that evaluation. As well, traders cannot internalize trade loses where they lead to their viewpoint of themselves - you are not a loser because your trade is a loser.

Trading Psychology Plan Components

or Accept that losing will be a normal part of trading. Not only is it impossible to be perfect, it is not an objective or necessary to be a profitable trader.

or replace the focus of winning and losing with the objective of following your plan. This was not done while paper trading, as the trader had a specific goal that they used to tell them when they were prepared to trade real money profitability. They did not understand that the reason they achieved this goal was because of how they followed their plan.

o Remain neutral and non-judgmental towards yourself. If profitable trading is ever going to be possible, this is mandatory. There is no way that you are going to be able to trust to manage risk while you yourself are also telling yourself that you are 'stupid' or a 'pathetic loser' each time you lose or feel that you have done something wrong.

or Eliminating your characters is not the objective; I actually do not think this is possible. Emotions are always going to enter into trading - learn to control the characters, instead of having them control you.

or Accept characters that are a part of life; they aren't by definition good or bad, and actually if you can shift the focus of what the emotion represents, they can be very beneficial for the trader. For instance, if I am feeling confused and that causes an emotional response or hesitation, I want to feel that emotion. This emotion becomes a warning to me that I should wait and try to find more chart-market clarity before taking a trade, something that can be very typical when markets are in congestion.

or Start slowly - this may be the most important component of your plan. For instance, begin trading real money for an hour at at time, and then assess what you have done, always asking yourself the question: did I follow my plan, or did I take-method trades.

Granted, you will not be able to approximate your paper trading results as the expectancy of that plan was achieved by averaging 15 trades per day. However, not only will this help further to shift the focus from how much money did I make to did I follow my plan, it will also allow you to acclimate to the logistics of real money real time execution, and the related initial characters, where all of sudden the market feels like it is considerably faster moving to. By doing this you will 'build-up' to your plan at full trading to pace that won't cause you to become so overwhelmed by the process, and immediately cause you to avoid what you had intended to do as fear and emotion becomes too strong.

You have a great trading method and trading plan. You have profitably paper traded, and you ARE now ready to start trading real money - just be sure that you have a trading plan that is as good as your trading plan, method psychology and that you acomplish that neither will be of any use to you without the other.

Barry Lutz has been trading, as well as teaching others to trade since 1997, through his firm Tactical Trading, LLC., http://www.tactrade.com. I've also writes to daily trading teaching lesson called the Trade Journal, this can be found, along with other articles on trading psychology and learning to trade at The Tactical Trader, [http://www.tactrading.com]

Trading psychology - consecutive defeats and the spiral of Psychology sales

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You go long and the market immediately goes down - you go short and the market immediately goes up. That's 2 consecutive losses, and you are getting a little 'anxious' so you don't take the 'next' trade. Of course, this trade is a winner. Now to make the situation worse, you then 'chase' the move, and as soon as you enter the trade it immediately reverses, thus giving you another loss - this is now 3 in a row. Ok one more 'try' - this can't happen on every trade can it?

This time though, you will be real clever. You have noticed that the market is in a range, and it's the bounce from the low/retrace from the high that is causing all the problems. So this time, the next trade you take will be a range extreme fade AND the hell with your trading method. The market is at the range low, and per your new 'on the fly' trading plan, you go long. Instead of bouncing again, the range immediately breaks out to the downside. Not only does this give you consecutive loser 4, but the loss occurred from trading against one of your 'best' method trade setups, and becomes a trade which is giving enough profit to pay for the previous 3 losers, and make you net ahead.

Now what are you supposed to do - QUIT? AND to be sure that there is no more temptation - your throw your computer out the window, and dive out right behind it. You are in a trading psychology spiral.

WHAT is a Trading Psychology Spiral?

I think of a trading psychology spiral as the transition from trading losses that you have accepted both as a part of your trading method, and as something that is inevitable in trading, into a surge of emotions that continually builds to a point where you can no longer accept anything. As this eventually 'spirals' out of control - trading method becomes completely ignored, and is then replaced by emotional responses and decisions for everything that is done. Even if quitting was really the only viable thing to do at the time, the trading psychology spiral can cause an emotional response where this isn't even considered, until the situation becomes so desperate, that the trader can't take it any longer AND does have to quit.

This isn't a discussion about emotions and trading, and the various fears and issues that keeps a trader from trading to begin with; as we know, emotions are an inherent part of trading - you learn to control them OR you can't trade. This is a discussion about emotions that are typically controlled well enough so that you 'can' trade, but then something happens where the trader loses that control, and their emotions spiral. A series of consecutive losing trades, especially those caused by deviating from the trading plan, are a root cause for this happening.

This also isn't about something that happens only to inexperienced and unprofitable traders. There are going to be those times where nothing a trader does will work, and that result is going to be a series of consecutive losers. So the situation is the same, it's the reaction that may be different. For instance, traderA may go into a panic causing them to spiral out of control, losing all self-confidence and self-trust, and ultimately more money than was intended. On the other hand, traderB may go into a period of revenge trading, coupled with an increase of their trading size, as they are 'sure' that each next trade is going to bring them back to even. Also, a spiral out of control, and the losses continue - AND also a loss of more money than was intended. WHAT does traderC do?

Controlling The Trading Psychology Spiral

Consider: each time a tpsych spiral occurs AND you go out of control - the quicker the next spiral is going to occur, and the faster you will go out of control when it happens. This is going to continue, until trading becomes too painful, and you will not be willing to trade any longer.

Consider: it is better to work through the emotions instead of quitting. Quitting is too easy, and this provides no solution or aid in preventing this from coming back and intensifying each time you have a rough period. As well, you have lost the ability to 'count' on yourself when you need to do so the most. To control a tpsych spiral, before you go out of control, is a tremendous win in and of itself. Do this, and get your trading back on track, and you will have made gains the value of which you can't imagine, as you will know that you may have losing periods BUT you can trust yourself to remain in control, and not magnify the damage.

In light of this, take what you believe to be your key trading issues, write them on an index card, and stick them on to your monitor. The objective is realization and awareness, thus making these issues available to your conscious as a reminder, instead of only available to your subconscious as a problem. As you make your notes BE SURE that you are writing short non-judgmental notes - DON'T let the 'solution' make the 'problem' worse.

For instance, consider the combination of a build of emotions coming from consecutive losses which are also occurring during congestion - write notes similar to these on your card:

a build in emotions may come from a series of quick consecutive losses

quick consecutive losses often come from trading inside of congestion

are your losses 'base' congestion method trades OR are you overtrading

there is nothing wrong with 'base' method trade loses

your trading results are fine when you 'base' method trade

Now consider the same situation BUT different notes:

don't be a stupid idiot and overtrade congestion like you always do

you are going to lose your ass and end up with another losing day like usual

you do this same crap every day and the same thing happens

you have no reason to even trade if this is all that you are going to do

Remain Neutral

Remain neutral - another note for your index cards.

Another approach may be to write notes that include the things you can remember yourself doing or feeling as you transition from acceptable emotion to tpsych spiraling, for instance: shortness of breath - sweating - squirming in your chair - unable to sit down. AND as the spiraling becomes more intense: cussing - screaming - throwing things - breaking things. UNTIL the spiraling is out of control: panic - desperation. Clearly, there is a whole list of physical responses to uncomfortable emotional situations; realizing them as they occur may be a step in controlling them before they 'take-over' and lead to spiraling.

Be Aware

I want to know the potential for the spiraling situation. It is VERY important to acknowledge that you have emotions, and not try to ignore them or hide from them as a solution to the problem OR because you perceive them to be a sign of weakness. This actually will just make the situation worse. You are human - humans have emotions - emotions become more intense in more difficult situations. So, I don't need to know how I am going to have responded as I go out of control. I do need to know, and have something to remember, and/or think about, that can keep this from happening - that can keep me as neutral as possible, in what would be the more difficult trading periods - something that will 'push' me back to tmethod AND 'away' from tpsych.

WHAT does traderC do?

traderC is the trader who remains the most neutral in winning and losing; the most neutral in all situations. It's this neutrality that becomes essential in keeping the emotions from becoming a trading psychology spiral, as the trader can 'accurately' evaluate their losses in terms of method. This trader will only trade their most 'base' method setups after any difficult period AND IF these lose, so be it, that possibility has already been accepted. Go on to the next method trade - it probably will be a winner.

Barry Lutz has been trading, as well as teaching others to trade since 1997, through his firm Tactical Trading, LLC., http://www.tactrade.com. He also writes a daily trading teaching lesson called the Trade Journal, which can be found, along with other resources on trading psychology and trading method at The Tactical Trader, [http://www.tactrading.com]

Keep a journal sales - a very important feature that should have every Forex Trader

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Do you know what is a forex trading journal? Do you know the importance of maintaining a forex trading journal? A trading journal is a record or a book which keeps track of all of your successful or unsuccessful trades. It is very important for you to keep track of all your trades, whether you win the trade or lose the trade as you can use this information for future trades as a reference. Lets say entered a trade with some reason in specific trading hours, but you lost the trade. The technique might have worked for you earlier but not in this trading hours. With this trade, you come to know that the technique won't work in the specific trading hours. If you don't note it down or keep track of it, in future you may do the same mistake again and you will lose the trade again. A trading journal can be used to refer all the mistakes you did in the past so that you won't do them again. All successful forex traders maintain a forex trading journal.

So if you want to maintain your own trading journal what are the important things that you have note down. The following are some of the things that you can note when you start writing your own forex trading journal.

Trading Currency Pair: Note down the currency pair you are trading or you have traded for example EURUSD, GBPUSD etc.

Long or Short: In forex terms Long means buying a currency pair and short means selling a currency pair. Record whether you bought the currency pair or sold the currency pair.

Trade Won or Lost: Record whether you won the trade or lost the trade. If you won the trade note down the reason why you won the trade like any technique you used, any economic news you used to enter the trade etc. Also note down the exit strategy you used for coming out of the trade. If you lost the trade then also you have to note down the reasons for losing the trade.

Trading time: Record the day and time you entered the trade. Also record the time zones you entered like asian time zone, london timings, NY timings etc. This is very important as some trades may work only in specific timings and this information, you can use in future.

Entry Price, Exit Price and No. of Pips: Record the entry price and exit price and also the number of pips you lost or won.

No. of lots you traded: Record the number lots you traded.

Any techniques used: Record any techniques or methods you used for your trading.

Screenshots: Screenshots are very important when you are maintaining a trading journal. As all of us know a picture speaks a thousand words. Even if you note down all the above points and if you don't have a picture, in future, you may not be able to understand your own trade you took. So saving a picture of the trades you are doing is very important.

The above are some of the things that you have to note down if you want to become a successful trader. You may also note down any additional remarks, if you want.

How to maintain a trading journal: Generally forex traders use an excel work sheet or a microsoft word to keep notes of the above things (to maintain trading journal). But when the number of trades are increasing the size of the files also increases.

Moreover when you are saving the screenshots of the trades the file sizes increases more and more. So it causes problems in opening or saving these files. So after a certain point you may have to start a new excel or word file. These problems cause you trouble when you want to sort your trades. For example you want to take a look at all your lost trades or all your winning trades. It is very difficult to sort the trades if you save them in excel or word files.

That is why, forexbees.com is offering you a successful way of maintaining your own trading journal. Once you login to forexbees.com, under navigation block on the left side you will see the link "Create Content". Click on the link and you will see the "Trading Journal" link. If you click on that you will see the trading journal form with the following options you can use when you are creating your own trading journal post. This is completely private and no elase, other than you, can watch your trading journal.

Title: You can enter any title that fits your trade like "EURUSD break out trade - hourly chart - lost" or "GBPUSD MACD convergence divergence trade - daily chart - won" etc. It's better if your title can tell you what type of trade you are doing on the first glance so that it will be easy for you in future to find out the trade you want.

Trade Date: You can select the date on which you did the trade. If you are currently doing the trade you can leave the date as it is.

Vocabularies: Vocabularies are the different categories that you can use to categorize your trades. The following are the different categories available that you can select when creating your trading journal post.

Currency Pair: This category shows the different currency pairs like "EURUSD", "GBPUSD" etc. You need to select the curreny pair you are trading when you are creating you own trading journal post.

Short or Long Trade: If you bought the currency pair you can select the "Long Trade" option or if you sold the currency pair you can select the "Short Trade" option. In forex terminology Long Trade means buying a currency pair. Short Trade means selling a currency pair.

Trade Won or Lost: If you won the trade you can select the option "Trade Won" option or you can select the "Trade Lost" option.

Teaser or Summary: Teaser or summary is a small description of your trading journal entry. You can generally copy and paste the first few lines of the body of the trading journal.

Body: You can enter any details about your trade.

Image Picker: This can be used to upload images or screenshots. This shows four tabs. Upload, Current, Browse, Groups. Under "Upload" tab page you can upload images or screenshots of your trades. This contains the image file field using which you have to select the image or screenshot of your forex trade to upload. After that it asks for the thumnail size of the screenshot. I generally use a thumbnail size of 400 px as I like to align the image or screenshot in the middle of the content. "Scale Image" you don't need to use it. "Title" of the image. You can enter any title for the image as this will appear on the top of the image in your trading journal post. "Description" of the image. You can enter any description for the image and this will appear at the bottom of the image.

Once you upload any images you can see them under the "Current Images" tab and also under the "Browse Images" tab. "Current Images" tab shows the images currently updated and only for this post. "Browse Images" tab shows all the images that you have uplodated for all the posts that you have uploaded the pictures. Select any picture. If you have entered the title and description select the "Description" check box. Othewise you won'tsee the title and description that you have entered for that picture. If you want to insert the screenshot left aligned in the body select left option. If you want to insert the screenshot right alighned in the content select right option. If you want to insert the screenshot in the center of the content select the option "none". Click on the body field somewhere. Click on insert button and the image will be inserted in the body field.

File Attachments: If you want to attach the screenshots that you have taken you can use the file attachments and the screenshots will be attached as files to the content and you can download them any time you want.

Once you create a trading journal entry you click on the "Trading Journal" link on the left hand side to see your trading journal entries.

On the trading journal page you can also see the options to sort your trades based on trade dates, currency pairs, trades short or long and trades lost or won.

Calender: Under the calender block you will see a calender which you can use to see the trades on different dates. Click on any date under calender block and you will see the trading journal entries if you entered anything for this date.

Currency Pair: Under the currency pairs block you will see all the currency pairs. If you click on any currency pair you will see any trading journal entries you entered for that pair.

Trades Won or Lost: Under this block you will see two options - Trades won and Trades Lost. If you click on any of the options you will see all the trades you that you won or lost.

Short or Long Trades: Under this block you will see two options - Short Trades and Long Trades. If you click on any of the otpions you will see all the trades you bought or sold.

So this offers a lot of options to you to maintain a very good trading journal to become a successful forex trader. You don't need to maintain your trading journal in excel or word files which take a lot of time to open or save them. You can also upload your trade screenshots or attach them as file attachments.

forexbees.com is a community site for forex traders which offers a lot of options to you. One of which ia mainitaining trading journal. You can maintain a very good forex trading journal at forexbees.com which you and only you can view your trading journal.