Forex Trading 30/11/09

Good morning everyone.

I hope everyone had a good weekend, I did.

At the end of last week I was at Investment Mastery helping train new traders. My specific area is the Mindset and how to have the correct mindset for trading.

As you know it takes a special person to be in trades that are not going as planned, maybe 30+ pips against and you may be thinking of closing the trade, only to see it turn back in your favour and suddenly you are 15 pips up. You need to be in control, be disciplined and confident that the trade you entered was correct. I will cover this later.

The chart below shows my entry points for this morning. I will add at this point that I was with Kofi and Kate this morning in our chat. Kofi and I found that we were both in the first trade without actually letting each other know. We are beginning to understand this to such a degree that it is almost second nature. Soon it it will be!


Each day for the next 5+ days I will be covering how to “Achieve Performance Excellence”.

Becoming an online trader is very much like being a top athlete. You have to work at it and you have to perform the fundamentals.

A quote that I particularly like is “There are tons of people who could be great, but they don’t practice the basics. They don’t want to work at it”. – Michael Jordan (1995).

You have to perform the fundamentals, make sure that you know the strategy you are trading. If you do not then you should not be entering the trade. So you need to prepare properly for the trade. You need “Motivation”. What gets you out of bed in the mornings? What do you want from your online trading? If you cannot answer what you want from your online trading then how can you motivate yourself to get out of bed. Incidentally I get out of bed at 05:00 every trading day morning. I read out my mission statement and what I want from the day. From here I then do my preparation which will be covered another day. Just for you:-

Mission Statement
“I am a competitive disciplined online trading athlete. My goal is to have more mental toughness which means I am in total control when approaching my daily trades. Becoming a full time online trader is giving me the financial security to spend more time with my family.”

“I have a Positive Trading Attitude, I am in total control. My motivation and dedication mean I am fully prepared and confident. My mental toughness and discipline are making me a Master Trader.”

To your trading success.