" Be bold. Eliminate everything from your life that makes no
contribution to it." Allen Carmichael
15th April 2009 - 06:32am
Good morning,
Dr David Paul and Tom Hougaard are conducting a couple of live workshops in early May. The workshops are unique in that they are conducted in a live market environment. The emphasis is on the practical application of the trading techniques we have used in the live trading room to generate our returns.
Each participant will have his/her own PC throughout the 2-day workshop. To make the training as efficient as possible we only allow a very small amount of people to each workshop, and we give you a month's access to the live trading room after the workshop to accelerate your education. We ran a pilot last year, and the response was overwhelming. There really is no better way to learn how to trade than to sit in front of a PC, doing it for yourself, with a teaching supporting you. Click on the banner below for more information:
Have you seen the adverts that promises you phenomenol returns with minimal work?
You know the kinds of adverts I am talking about: "how to make £3000 a day, while walking on the beach, with a sexy woman/man by your side"
These promotional materials does a lot of damage to the average trader because after reading enough of these colourful testimonials, you may come to believe it is easy to trade, and that returns of this magnitude is normal and maybe even to be expected. The ensuing result is often poor trading decisions, and trading with completely unrealistic goals.
If you want to trade for a living, then consider it as a business.
Trading with unrealistic goals or no other goal than to make a lot of money is sure-fire way to go broke quickly. Try and spend some time in our live trading room. We don't claim to catch every move or know in advance where the market will go, but we are exceptionally focused on letting our profits run and cut the losses quickly. Our track record is one that few can match, yet our trades are conservative.
Yesterday's trades is a perfect example of the ethos of the trading room: We executed 4 trades, all of which is posted at the point they are executed. If you were in the room, you would have been able to execute a trade at the same or even a better price than where we got into the trade. The first trade, a Dax scalp, made us 20 points. The next trade was a Sterling Dollar trade, which lost us 10 points, while the two next trades made us 30 points each. We had another trade later in the day, but it felt wrong, and we cut it for 2 points profits. Within 5 minutes it would have gone 50 points against us.
The total for the day was 70 points. It may not sound like much, but a £5 bet would have made you £350 on the day. That is £70k a year (200 trading days), and don't forget that we are based in the UK, so this is tax free, as we place many trades through spread betting. This kind of salary puts you in the top 2% of the country.
Trading offers this potential to you, but it takes practise, whether you do training through self-study or through courses and books. Right now, as I type this, I am in a trade, which was executed at 1.4866. The market went down to 1.4820 and is now back up to my entry point. My stop is still at 1.4905. I am staying short because this trade has the potential of returning several hundreds of points, according to my analysis, and I risk 40 points. I don't know if it will make me any money, or if it will lose me money.
I attempt every day to view the markets as the playground, and my profits are the points. I disassociate the points and the money, because I know from experience that my mind will extrapolate immediately. If I am up £1000 on a trade, my mind will immediately remind me that this equates to quarter million pounds a year. The mind will always attempt to link the present moment with the next moment. Unfortunately this has the effect of taking me out of the moment. You have probably heard about Michael Jordan being in the "zone". Well, without comparing myself to a super athlete like Mr Jordan, it goes a long way in explaining how to approach the trading.
In our workshops coming up, David Paul and I will trade live throughout the days, while teaching you what we are looking at and attempt to get you to take the trades as well. We believe that by having a very small amount of people in the workshop we are able to provide you with the kind of training you need to give trading for a living a realistic chance. If you have any questions in this respect, then give me a call or email me. Details are on the booking page.
Tom
Sterling Dollar looks interesting this morning. The Fib Fan is holding the market up around 1.4860. An hourly close below the line should see the market accelerate further to the downside, and confirm the double top from yesterday is strong resistance.
I am looking to go short Sterling Dollar, betting that the Sterling strength is coming to an end.
More charts coming
15th April 2009 - 06:32am
The live trading room is open. I will post thoughts and analysis shortly.
WhichWayToday LIVE Trading Room Access - 15th April 2009
ACCESS FOR EVERYONE
The LIVE trading room is now open. Press F5 on your keyboard, if you dont see a link below.
Once you click on the link above, you will be taken to a login page. Your email address is whatever you want it to be.
The password you have to input is: trader
You will then be asked for your name and surname. Once you have input this, you will have access to the room. You may have to click on "show chat" in the top right corner to see the messages sent to you.
The room starts at 06:30am London time, although you can log in 15 min before, and anytime after that.
The room is open all day. I will trade live. I will make comments on trading setups. My aim is not to fire off 20-30 trades in a day, but to find good trading set-ups and manage the position. There is no talking in the room. It is purely a "chat" function, and I have the ability to show you charts as well. In time I will talk in the room, but for now it is purely a chat function.
For the track record in the room, please click here. Yesterday we guided traders through to a +70 points on the day.
A word about the room:
it is free (for now)
no software to download
very discreet in the office
a small bell will alert you to new messages in the chat area. You can turn it up or down, if needed.
ANALYSIS
