What is the Best Way to Manage Your Forex Trades?

I can’t emphasize enough what an important factor trade management is. How you manage your trades once you’re in them can make all the difference. It can literally turn your trading around to the positive.

This past week, one of our Coach’s Corner members (who is a very good trader) did an exhaustive study, where he tested various ways to manage trades, and in this week’s video I’ll talk about his findings, which were really quite interesting, and I think you’ll find them very helpful.

Do You Have a Forex Trade Management Strategy?

You constantly hear about the importance of consistency in your trading approach. An “approach” encompasses a lot of different things, but one of the very key elements in your approach is consistency is how you manage your trade positions. Are you, indeed consistent? Or do you tend to flip around from one way to another? How do you handle news events? Do you know how different trade management strategies compare to one another?

In today’s video, I’ll go over some of the questions surrounding forex trade management that you should be able to answer. If you can’t, then you need to spend some time on this. It’s really that important.

Planning Your Forex Trades in Advance

During our last Coach’s Corner session, one of our members, Darko Ali, showed us 3 trade setups, well in advance. The one in this video (AUD/USD) was identified about 12 hour prior to being filled. This slows things down and gives you lots of time to properly analyze what you’re going to do…and why. (I’ll show you the other 2 setups as well).

This 4 minute video (and don’t be fooled by how short it is), is a great illustration of the power of not only having a game plan with your forex trading, but of advanced preparation.

By the way, we also took this trade in our “Myfxbook” account. We post these trades well in advance, and our CC members have access to all pending orders, as well as trading results, making it totally transparent. We go through a complete analysis for our members and show exactly where we are planning to trade, and why.

Pipnotic Forex Trading Software: Simplifying the Process

This week I have what is (hopefully) a very clear illustration of exactly how we use the Pipnotic software to easily identify high odds trading levels. You’ll even see how we use a Recurring Forex Pattern for further confirmation of a trading level.

Listen…ultimately it’s not some software, or even the trading “system” you use that will determine your success or lack thereof but…as you’ll see in this 5 minute video, having the S/D software makes the job so very much easier.

 

Trader Interview: How This Successful Forex Trader Keeps Doing It

Last June Sarid Harper and I conducted an interview with one of our Coach’s Corner members, Darko Ali, who was clearly displaying the trading qualities that result in consistent, long term forex trading success.

Darko has continued to maintain an unwavering commitment to his approach, and this past week we chatted again. In this interview, you’ll hear about the things that have truly made a difference for him. You don’t need to re-invent the wheel: just listen to what he has to say (and check out his track record).

We feel very fortunate to have Darko in the CC, as he is a great role model for others, not just in his technical trading approach, but most importantly, in his trading mindset.

In this interview, you’ll learn about the key ingredients that have contributed to making Darko the successful forex trader that he is.

Watch How We Pick Precise Levels to Trade

Last week I mentioned that we are now providing our Coach’s Corner members with trading levels, well in advance, in order to help those who simply don’t have the time to be at their computers. It also gives our newer members a good starting point to help them get up to speed more quickly.

This week my CC partner, Sarid Harper, who developed the Supply/Demand software that we now use in the CC, will walk you through the process that we use to identify these levels. In this 7 minute video, you’ll see exactly how it is that we can pinpoint trading levels that offer exceptional reward vs risk opportunities.

If you are unfamiliar with the software, you may find it necessary to go through the video several times (which would be well worth your while).

Like anything, practice makes perfect, and once you work with the software for a short period of time, you’ll have a very good understanding of how it works. You can view the video here:

In the Coach’s Corner, each session we go through this process live with our members and identify levels we might trade at, then post them to our Myfxbook account, which our members have full access to within the CC member’s site.

NOTE: These are not trade recommendations! They are price levels we observe, and it is the full responsibility of the trader as to whether or not they take the trade.

Not Enough Time to Trade the Forex? You’ll Want to See This…

In our Coach’s Corner member survey conducted at the beginning of October, we learned that one of the biggest issues for people is…time. Not enough time to be at their computer, not enough time to attend the CC, not even enough time to listen to the recording. Well, we listened to that concern and…

We are now providing members – well in advance – with trading levels that we identify in the CC sessions. These set ups are longer term trades, which can last several days. And the best part is…you don’t need to be at the CC sessions to get these levels, thanks to the transparency provided through Myfxbook! It’s all explained in this 4 ½ minute video.

In the video, you’ll see the return so far this month, the trades taken, and an illustration of one of the trades.

If you have a time issue, or even if you just need some help in finding good trading levels, this video is one you’ll want to see.

Live Trade Illustration

We recently conducted a Coach’s Corner member’s survey, and we then did a free webinar to address the suggestions/comments. You can hear listen to the recording of the webinar here:

http://www.forexmentor.com/vid.php?v=/webinar/10-18-2016

One of the requests was for more time spent illustrating the synergy between the Recurring Forex Patterns and the Pipnotic Supply/Demand software that we use in the CC.

So…we’ve already started doing that, and I have 2 trades to show you that will illustrate what these look like (I also showed several in the webinar). The first one is from a CC member and the second one is a live trade that I recorded. You can view them both there (5 minutes total):

Your Forex Trading Attitude: Are You Fit for Trading?

There are certain times when it’s prudent to give your trading campaign a break. This could be due to a forex market related event, like a big news announcement, or perhaps during times of very thin liquidity, or a host of other reasons.

But there’s another reason to back off the throttle, and it’s a more personalized one. It’s when you are in a trading funk.  Let me explain…

If you experience a loss, or maybe a little string of losses, it’s very easy to get down on yourself and feel bad, angry, ripped off etc. And this is exactly the time that your trading plan can fall apart and go flying out the window.

One of the most common indications that this has happened is the old “revenge trade”. That’s when you have a loss – maybe just a normal loss, or, possibly a loss that happened because you made a mistake. Either way, if you decide to “get back” at the market, and “show them who’s right”, usually you’ll lose. In fact, the best thing that can happen is that you DO lose in a situation like this, because if you win, you’re being rewarded for a bad habit. A very bad habit.

Furthermore, if you find yourself at your computer for the new trading day, but you’re still upset about a previous loss or mistake, or maybe you have other things going on in your life that are causing you some stress and anxiety, then you are not fit to trade! Go away and get yourself re-centered and in a positive frame of mind. The markets will be there when you get back, but to continue trading with a negative mindset is very poisonous and will definitely not serve your higher purpose.

Looking for valid trade setups and examining charts and price action obviously needs to be done, but the biggest component of trading is psychological. So why would you not spend most of your time working on yourself?

One of our very long time Coach’s Corner members, Dave Deming, realized a many years ago that, more than anything else, this was a psychological game. He spends almost all of his efforts on the mental aspects of his trading, with very little chart time by comparison. The results? Well, I’ll tell you this: you would LOVE to have his track record. Very, very rarely does he have a losing week of trading.

As the late Jim Rohn said: spend more time on yourself than you do on you trading (or words to that effect). And if that means taking a break for a day or 2 in order to hit the reset button, then do it. You’ll feel much better for it and you can come back with a fresh, positive attitude.

Wishing you all the best!

Vic

Forex Patterns & Supply/Demand Integration

If you have our Recurring Forex Patterns course, and want to gain more confidence in your trade selection, this video is for you.  As I have in the past, I’ll show you, in this 5 minute video, just how powerful the integration of the RFP patterns with the Pipnotic S/D software can be.

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