June 30th, 2010
Forex Strategy
GBP JPY Short 06-05-2010
As part of the Trader of the Month Competition we ask for the winners to share their trading journey and advice with their fellow traders. Michael Horneman was 10th on last month’s Trader of the Month Leaderboard and I have no doubt that we will be hearing more from him in the future.
Keep reading to learn about Michael’s Trading Journey and we are also lucky enough to have him share his advice as he offers an insight into his own Trading Plan.
Michael’s Story…
I began trading around 2 1/2 years ago, I first started with learning to trade Eminis. This initial experience is what first got my mindset and phsycology ready for trading financial markets.
I didn’t trade for very long as I had limited capital to begin with, and like most beginner traders lost money, but I learned some great lessons about managing risk and preserving capital. I was also very risky and too willing to trade, I still had in my head a “get rich quick” mentality and was looking to take every trade I could. Looking back this has also been the pattern for the first 6 months I was trading forex with LTG GoldRock.
To make the change from a mindset of working for money and selling my time for money was not easy, and it has taken around 2 years to really begin to understand this in a way that helps you view money differently. » Continue Reading »
June 30th, 2010
GoldRock Insider
It is an absolute fact that we all begin trading because we want more money in our life. Whether that is $50 a week or $5000 a week, the expectation is that we will make money. So what should be a realistic expectation for a trader entering Forex and how much is too much or too little or none at all when you trade Forex.
One thing that I have learnt through the school of hard knocks is that there is no question all budding Forex traders who join LTG GoldRock have a high expectation on their success in the first 12 months. The most common question I get asked is. “How long till I can make my educational investment back”. Ok a fair question however the answer lies in your commitment to learn to trade and becoming a student of the markets. Traders always overestimate how much money they are going to make in the first 12 months however underestimate what they can achieve over 3 to 5 years if they actually learn the skill and art of trading. A high expectation (which is a healthy thing if the expectation is realistic) is often met by disappointment in the first 3 months which dampens the long term opportunity as the money is not coming fast enough. Especially if they are joining to fix a financial situation. If you are considering joining LTG GoldRock for this reason then please don’t join.
I met one of my absolute very best graduates for coffee at my local coffee shop here in Noosa today. His name is Jimmy and he is honestly today living the life of his dreams. I am so proud of him!! » Continue Reading »
June 29th, 2010
Forex Classroom
Trading can be rollercoaster, but it's important to have the nerve to sit back and enjoy the ride.
The Freak Out Trader can be both a winning and losing trader, but is always a newbie trader as a Freak Out Trader NEVER makes it to professional status with consistent profits.
The Freak Out Traders emotions are let loose to the extent that when they have wins their excitement drives them to freak out and get so excited they think they are bullet proof. The Freak Out Trader also experiences depression and freaks out on the losses too. What is going on subconsciously is that they don’t realise it yet, but the reason why they are freaking out is because they are not in control. The market is in control. They are usually trading too much money, trading too often and don’t really understand the system they are using. These examples usually come down to inexperience and their attachment to money and certainty we all have when we start trading. As a trader you need to have a detachment to the money and learn to trade the probability rather than the expected certainty that humans have when we enter the trading arena.
If a new trader experiences a few winning trades to begin with they are lulled into a false sense of security. They begin to think that “this is too easy” and begin to trade larger sums or over trade and take multiple positions. » Continue Reading »
June 28th, 2010
Forex Classroom
One of the amazing aspects about trading and making money is that humans often think that to make money the system must be complicated and sophisticated. Certainly most people over complicate trading and think that they need to look the goods with a heap of screens, indicators and often alarms. I’ve seen and heard it time and time again that a trader has come up with a new indicator that’s going to blow the market out of the water, only to find that it fails miserably when it comes to trading it with a live account.
One aspect of trading that you must understand and take on board RIGHT NOW is this. The market is only a two horse race. Buyers and Sellers are the only horses in this race and the price is either going up or down. How simple is that. Yeah I know what you are thinking, it has to be more complicated than that, ITS NOT! Simply looking at a trend and placing a trade with a trend has the probability of continuing in the direction of the trend rather than reverse and go the other way. But why is it humans consistently try and build systems and indicators that over complicate things. The more complicated you make things the less likely you will make money, period. » Continue Reading »
June 25th, 2010
Forex Classroom
I like to encourage Traders to spend the weekend as a time for reflection. Did you follow your trading plan this week? Was each and every trade well thought out and are your results inline with your expectations?
It’s important to review your results and try to be as honest as possible with yourself. Run through each trade you took and make sure it actually is inline with your Trading Plan. It’s human nature to make excuses for those trades that you jumped out of early or took because you had a gut feeling, but unfortunately the only person you are deceiving is yourself.
As you may have read about in Narelle’s bio, some trader’s like to keep their partners involved with their trading results for Accountability. This is great advice to find yourself a Trading Buddy, and can be a very productive excercise. So if you don’t yet have a Trading Buddy to review your trades with, then reach out to someone you know and include them in your trading evaluation.
June 23rd, 2010
LTG GoldRock
High Achiever's Conferences are great for traders wanting to further thair understanding and have concepts explained in person
Well the countdown is on for the next High Achiever’s Conference in London on the 8th and 9th of July, 2010.
Andrew Barnett will be running the conference live from London and will have some help throughout the information packed 2 days from some some very special guests.
If you have already been to one of these High Achiever’s Conference then you will understand how important spending some quality time with the LTG GoldRock Team can be.
What will be covered? » Continue Reading »
June 22nd, 2010
Forex Strategy
As a trader you have hunches and opinions and you need to make decisive decisions. During the last few weeks I have been doing a lot of reading of economists I like to listen too and learn from that help me make longer term decisions.
Here in a nut shell are my two opinions and hunches for the next 3 months.
- The aussie dollar to continue to steadily rise
- We will also see a steady increase in the price of gold.
As Traders it’s important to stay up to date with the latest Forex News and global market movements. It would be ignorant to be in the business of Trading Currencies and not know what is happening around the world to each of the currency pairs.
June 21st, 2010
GoldRock Insider
Regular contact and support from your mentor is a must.
It is something you often hear about but rarely does anyone use mentors effectively and not many people actually have one.
I kind of fell across my mentor and you can call it luck if you want, but he’s 27 years older than me, old enough to be my dad but has taught me so many valuable lessons on the past 5 years I wanted to encourage you to consider getting yourself one. I can hear you saying “AB where do I start?”.
Well the traits of the mentor you want are simply the traits of the person you want to become. You see when I met my mentor who is also now probably my best mate and the Chairman of my company.
I had no idea he was going to be someone I looked up too and gained life lessons from. I just admired what he stood for and the lifestyle he had.
I bet you know someone you would like to be like. Someone you look up too, they stand for the things you stand for, inspire you and are successful. Go and buy them a coffee or dinner and be straight up with them and tell them that you respect and admire them and was wondering if you could chat from time to time with them about what you are doing in your life and ask for their advice. I do this all the time still today, and it is amazing what happens. » Continue Reading »
June 18th, 2010
LTG GoldRock
You will need to make some strategic moves to get to where you want to be.
It continues to amaze me what sort of things come my way since 5 years ago I decided to invest $5000 in myself and quit so many things I use to do that were really getting me nowhere fast. Many of the things that I quit people shudder to think about doing themselves, but I want you to question yourself after you’ve read this week’s report. Is it time you quit some things you are doing?
I want to make something really clear, I am not telling you to do exactly what I did, nor am I telling you some of the things below because I have an ego, if you actually know me personally I am far from this. But if something is going to change for you and continue to change for those already taking action, often you need to be moved and inspired. So here is a quick outline of what I quit, why and I quit it, and what resulted. You can then perhaps ask yourself some questions as a result. The moral of the story is, if a high school dropout who just passed Grade 10 and quit school can do it, you can too.
June 17th, 2010
Forex Strategy
Narelle McIntyre (pictured left with her Husband) came 5th in May’s Trader of the Month Competition with a Nett Profit of 44.7% Return On Investment. Narelle attributes her success to the 3 P’s of Patience, Persistance and Planning.
” I have been trading forex since May last year with LTG, prior to then I have been watching my husband trade eminis and we have traded options. My involvement has always been in the background but I found Forex to be enjoyable and challenging, so we agreed I would trade Forex and he would continue with Eminis.”
“Previously I was a business owner, after we sold the business I have been working part time but have now taken time off to have the bub. I was planning to return to part time work in August, however if my trading continues as it is I will not be returning to work as the income substitutes my wage.”
Narelle’s Advice for someone starting their trading journey…
For someone just starting out I would advise them to sit back and listen in the trading room first, learn as much as you can from the questions and answers being discussed.Never expect things to happen immediately, patience is a must. Be persistant, don’t give up after one bad month. Find what works for you personally, devise a plan and stick to it. Have someone you are accountable to. I use my husband, I find it easy to lie to myself and justify why I might have made an incorrect decision, but not to him, so I stick to my rules and my plan. Make sure money management is in your plan or rules.
