Open trading account 
- When we are young we tend to spend all the income we get. And the quicker we can realize that we should save some of it to invest in creating a second source of income, the better. This will help us to reduce our dependence on our job and have a more stress-free life.
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Great Quotes From Warren Buffet
How to Simplify Your Trading
To simplify your trading you should follow the easy steps mentioned below.
Be realistic
Set realistic expectations. You can’t start making a lot of money quickly. To make money you should have an effective trading method and also consistently apply a lot of discipline and patience to that method over a long period of time.
Focus on major currency pairs
Why complicate your trading with exotic currencies that are usually difficult to trade because of erratic price movement and lack of market depth…
Be realistic
Set realistic expectations. You can’t start making a lot of money quickly. To make money you should have an effective trading method and also consistently apply a lot of discipline and patience to that method over a long period of time.
Focus on major currency pairs
Why complicate your trading with exotic currencies that are usually difficult to trade because of erratic price movement and lack of market depth…
What is the Key To Success?
Habits are the keys to success in every aspect of our life as well as in trading. How to develop strong habits? The answer is – through consistency. Whatever you do consistently becomes a habit. If you consistently go to bed early and wake up early, it becomes a habit. If you consistently use a risk management plan and stick to your trading strategy without over-trading, you are likely to develop some very powerful trading habits that will result in becoming a successful trader.
Thus, consistenc…
Thus, consistenc…
Information overload
Our brain is like a sponge. Sponge absorbs water until it gets fully saturated and after that there is no sense to put more into it as it will start leaking.
Our brain absorbs the information it receives and when it hits a mental saturation point you should better stop as too full brain may cause the following signs.
Our brain absorbs the information it receives and when it hits a mental saturation point you should better stop as too full brain may cause the following signs.
- making mistakes
- forgetting to do something
- becoming indecisive
- becoming unproductive
- procrastinating
- getting stressed out
How to Stay Mentally Focused While Trading
Live trading requires a high level of situational awareness to quickly make important decisions based on the sheer amount of information available to them and as the traders also face a number of distractions while processing that information, it can be quite difficult for them to focus their attention and react timely in the markets.
Live trading also involves going from long and slow periods of inactivity to fast and dynamic cycles that require instant action and it is very important not to lo…
Live trading also involves going from long and slow periods of inactivity to fast and dynamic cycles that require instant action and it is very important not to lo…
Why People Tend to Lose Discipline
The main reason why people lose their discipline is that they are not able to sacrifice short-term pleasures for long-term rewards. It means our current mood, current needs and current state of mind usually exceed our intentions for longer range and there are also some factors such as boredom, fatigue, impulsivity, overconfidence, low confidence, etc. that negatively affect our ability to be fully intentional.
But what makes people lose their discipline? The answer is distractions.
The numb…
But what makes people lose their discipline? The answer is distractions.
The numb…
3 life lessons to learn from Charlie Munger
Charlie Munger is an American business magnate, investor, lawyer and philanthropist. Here are 3 simple lessons we can learn from him.
Read a lot
If you want to expand the base of your knowledge and increase the circle of your competence, you should read a lot. But it should be voracious reading to turn yourself into a lifelong self-learner and strive to become a little wiser every day. It doesn’t refer to reading only about one certain topic but about a wide range of topics. Munger reads a lot.…
Read a lot
If you want to expand the base of your knowledge and increase the circle of your competence, you should read a lot. But it should be voracious reading to turn yourself into a lifelong self-learner and strive to become a little wiser every day. It doesn’t refer to reading only about one certain topic but about a wide range of topics. Munger reads a lot.…
The Truth About Trading Psychology. Part 2
As I wrote in the last blog trading is a performance field and in any performance field people spend less time on actually performing than on practicing that performance. And unfortunately some people think that on-the-job training will be enough. But the reality shows them that their accounts aren’t always able to survive their learning curves.
There is a myth that lack of self-discipline is the main cause of failure. However, if a trader blows away his/her account it doesn’t mean that he/she i…
There is a myth that lack of self-discipline is the main cause of failure. However, if a trader blows away his/her account it doesn’t mean that he/she i…
The Truth About Trading Psychology. Part 1
Trading is a performance arena and success is a result of using inborn abilities (talents) and acquired competencies (skills), and a perfect emotional self-control can’t on itself turn someone into a successful trader. But if that someone possesses the necessary talents and skills for success, then psychological factors become crucial, however, they cannot replace those talents and skills.
The goal of trading psychology is not just about increasing discipline and reducing emotions. Its goal is t…
The goal of trading psychology is not just about increasing discipline and reducing emotions. Its goal is t…
Victor Sperandeo’s Trading Rules
Even though the book “Methods of a Wall Street Master” was written many years ago its content is timeless and worth reading as it is full of trading methods, techniques, discipline, risk management, trading psychology and much more.
The trading philosophy of Victor Sperandeo is based on capital preservation, regular profitability in trading, and the pursuit of superior returns.
His main method of trading is based on Dow Theory. He believes that if a trader knows what the trend is, and if knows a…
The trading philosophy of Victor Sperandeo is based on capital preservation, regular profitability in trading, and the pursuit of superior returns.
His main method of trading is based on Dow Theory. He believes that if a trader knows what the trend is, and if knows a…