"Hi Vic, First of all, I would like to thanks for all the information/charts that you have sent to me. After the coaching section with you I just spent sometimes to studied over all the information again. Last couple weeks, I only took 4 trades due to the holiday season and guess what I have won all 4 with the profit of 28/25/9/and the last one was 40. I really took your advice to look for good set up and consistant trading plan. I'll continue to work on your trading method in next couple weeks and will let you know soon. Once again, thank you very much for all the incredible information that you have passed to us. I really see thing clearly and confidently after your coaching section. I'm looking for a day to be in your coaching corner after my long vacation from Feb thru March. In the mean time, I'll go over all the slides again! Best regards," * Derrik N.

Testimonial is not indicative of future performance or success in addition to the fact that they are unsolicited.

* Unique experiences and past performances do not guarantee future results! Testimonials herein are unsolicited and are non-representative of all clients; certain accounts may have worse performance than that indicated. Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading.  If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market.  No "safe" trading system has ever been devised, and no one can guarantee profits or freedom from loss.

Article 3 - Are you Consistently
       Inconsistent?

By Vic Noble

Jan 5, 2007

As many of you know I’ve been running the Personal Coaching service at ForexMentor since the beginning of 2006, and since that time I’ve listened to hundreds of people tell me their own personal accounts of the difficulties they’ve had with their trading. As I’ve said so many times, the problems that struggling traders have are very common, but also, the habits of successful traders are very common. Over the next few days, I’d like to share with you some of the more glaring pitfalls that show up time and time again in the unsuccessful group.

One of the “real biggies” is a serious lack of consistency in ones trading plan. By that, I mean that so many people lack consistency in the way they approach, execute, and manage their trading. So today let’s take a look at the first component, trading approach.

When you sit down at your computer to trade, what is your trading approach? Do you have something very specific that you look for over and over again—consistently (there’s that word again)? If you don’t, how do you ever expect to become a consistently profitable trader? You will be chasing the markets forever, looking for the Holy Grail, the latest greatest indicator etc. And that, in my 25 years of trading experience, will not work.

Consider the following analogy: In a sport, say golf for example, have you ever noticed that the same people rise to the top of the game year after year? Why do you think that is? It’s totally about consistency in the way they approach the game. They do the same things over and over and over that result in high performance and success. Tiger Woods does not step up to the tee box with a different golf swing every time he plays! And he doesn’t change his putting routine every time he putts! And we all know about his focus! So why do you think you can change your trading approach every time you sit down at your computer and still expect consistently positive results??!! Hey, are you a scalper one day, and a day trader the next, but you really always wanted to be a position trader? You’ve got to get these things resolved!

So one of the most important jobs you have as an aspiring trader is to figure out how best to approach the trading day for you, not for someone else. There is a plethora of trading methods, technical indicators, fundamental considerations etc that you have to condense into a usable plan for you.

I personally believe that most people need a very simple approach that gives them a specific situation to look for day after day. If the market is not set up for the kind of trade you’re looking for—DON’T TRADE! One of the most successful traders I have ever worked with only looks for 1 type of situation, and he only gets 4 – 6 trades per month! He knows exactly what his approach is and he doesn’t deviate from it. If he doesn’t see the set up he wants, he doesn’t trade! But when he does trade, he almost always has a successful outcome. Let me ask you this, If he only trades 4 – 6 times a month and is very successful, and you’re trading 20, 30, 50 times a month or more and you’re losing money, who has more stress??

We are starting a brand new year of trading—2007. Take this opportunity to examine your own situation. If you have a sound trading methodology but you haven’t been consistent in using it, this would be a great time to re-focus.

In the coming days I’ll take a look at consistency in trade execution and risk management—2 other components of consistency that are absolutely critical.

Until then, keep your risk under control at all times, and…be consistent!

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