Posts by markw

Leicester City – Premier League Champions 2016

Posted by on May 20, 2016 in Editorial, Featured, Learning to Trade?, News

Leicester City – Premier League Champions 2016

If you’ve just returned from another solar system, you might not know that Leicester City football club won the English Premier League title for the first time in their history in 2016. Starting the season as 5000-1 outsiders, they triumphed over many well known and better funded clubs. I confess that I am not a follower of football. As a Leicester citizen, I couldn’t help but be riveted to the media coverage of this local success story. So why am I writing about a football success story on a trading website, apart from the fact that Plan B Trading is based in Leicester? I think the undoubted success of Leicester City has many parallels with the trading world. Not least of these is belief. Even if those around them did not believe it was possible to succeed, the team held on to that belief. Their confidence led to many a successful match when pundits would have them in second place. In trading any given strategy, you must have the confidence in the strategy to deliver a result. Hesitation is not a characteristic associated with success. Another lesson we can learn from Leicester’s football success is the time it takes to become a national phenomenon. This did not happen in a single match any more than a single profitable Forex trade makes a successful trader. We cannot measure success in trading in a single trade. During the football season, Leicester did take some losses – not too many as it happens. There were quite a few matches they did not win. Did they let this affect their next game, or did they just train harder? By the end of the season, they had many more points than any other team. As a trader, you must not allow your mindset and confidence to be wrecked by a losing trade or a run of non-profitable trades. You need to cope and not carry this negativity into your next trade. This might mean cooling off by staying out of the market for a period of time. Or reducing your exposure until your confidence returns. Or it might mean spending some time with your coach or mentor revisiting some of the basics. At the end of the day, you must measure your trading success over the longer term and not a trade by trade...

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Know Your Limits

Posted by on Jun 10, 2014 in Featured, Learning to Trade?

Know Your Limits

Most people work better when they have a set goal in their mind, I know that I most certainly do. This goal does not have to be set in stone but something to work towards and aspire to that can be reconsidered as you approach it. When it comes to trading I believe that one of the hardest things to do is to keep your emotions in check. At the end of the day we have to rely on money to keep our heads above the water and so when losing or winning sums of money it is hard to not become attached or emotionally involved. The best advice ever given to me when I was a young, budding trader was ‘know your limits’. Each person should consider how much he or she is okay to part with when entering a market such as this. Everyone has a different financial situation and so there will be completely varied numbers of how much each individual is okay to put at risk. When really analysing yourself and your personal situation you may be okay with risking £3 a day or £5 a day maybe £50 or £100. Another great piece of advice I was given: do not chase your money in the foreign exchange market. If one day you make a loss on your currency pairs do not invest more to try and compensate for the loss. Accept it! Keep your emotions at bay and stick to your trading plan. The last piece of advice I will disclose in this article is do not be greedy. Did you know how many pips you wanted to make today? Have you reached your daily or weekly target? Of course the choice is yours but it happens oh so many times where traders can see that the charts are fluctuating and have convinced themselves that it will continue like this, changing intermittently, for some time before creeping up again. It’s pretty much a 50/50 gamble and they are odds that I wouldn’t like to take because if it declines who knows how much you may lose when you could have walked away with a nice little profit. Obviously if it does continue to rise you may be irritated that you did not fully take advantage of that but is it worth the risk? Know your limits and what you are willing to gamble to get your ideal results. Do you know your limits when it comes to trading? If you would like some help keeping your emotions in check and setting a goal please get in touch to see how we can assist...

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What Does Success Mean To You?

Posted by on Jun 3, 2014 in Featured, Learning to Trade?

What Does Success Mean To You?

Success means different things to different people – our perception is what makes us all unique. When it comes to success I often feel that people put emphasis on more materialistic things. For me, success is about happiness and being content with what we do have rather than always striving for more. Don’t get me wrong more would always be welcomed but it is not essential for me to be happy. One thing that phases me generally about people is the lack of contentment in their jobs. So much time and energy is invested in our work place that I feel it is essential to be happy at work. Everyone gets frustrated by his or her job, it’s only natural to do so but when it becomes a long-term dissatisfaction it may be time to consider a career change. People generally seem to measure success by wages and money and I must admit I find it astounding that people would rank this higher or of more value than day-to-day enjoyment of life. There is a famous quote that goes something like ‘if you enjoy your job you will never work a day in your life’, for me this is so true. I absolutely love my job and there is nothing I would rather do on a daily basis, getting paid to do it is just a bonus. If you are at a point in your life where it is not practical to start fresh or begin a new career, would you consider a side project that may help you to make more money and eventually start a new career? Trading might be the right choice for you. For more details about how you can start trading along side your job please get in touch and find out about our...

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Trading and Technology

Posted by on May 27, 2014 in Featured, Learning to Trade?

Trading and Technology

It’s pretty evident while walking the streets of London that the world has changed drastically over the past 10 to 15 years. I’m not going to harp on about how I remember when the first mobile phones were released (but I do, and well). In fact, I think it’s quite astounding how accessible everything has become by carrying a smart phone with you. Back in the day it was hard to get information that you were looking for even using the internet or a library it seemed like such a prolonged process but now everything is available to you with just a few clicks on your phone. In a market as volatile as the forex market having access to your trading account and other sites that inform you about the market puts us all at such an advantage. Being able to access the market so easily means that as traders we can make informed decisions and buy and sell currency whilst on the go, no more anxiously waiting to get back to your desk or back home to make a trade. I believe technology like this has changed and will continue to change the way that people view trading, encouraging more people to trade. Using trading apps means it is now more accessible than ever for people to trade – especially when trading is not their full time occupation. One benefit of learning to trade with Plan B Trading is that we offer courses and mentoring via Skype. Similarly to trading apps you can be anywhere in the world and we are still able to assist you on your trading journey. If this is something that you are interested in please click here to ask us for more details. We want to hear from you – have trading apps and smart phones made it easier for you to trade or do you prefer more traditional methods? Leave us a comment or get in touch via...

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The one mistake you make that keeps you from being successful in Forex

Posted by on May 22, 2014 in Featured, Learning to Trade?

The one mistake you make that keeps you from being successful in Forex

More and more people consider becoming traders in the foreign exchange market. Their enthusiasm will soon be diminished due to information overload and early stage losses. Can this be avoided? Many beginners lack a clear guidance during their critical early stages. It is very easy and highly likely to simply get lost in the ocean of knowledge online, since it is hard to evaluate the quality and relevance of the information presented on the Internet, especially as a beginner. So what does a beginner need? Human interaction. It is crucial to find a successful trader who has been through the same process you are trying to manage and therefore will be able to guide you properly. They will be able to tell you where to look at, what to stay away from and what to focus on. They will give you incredibly important insights that will prevent you from losing your money and more importantly, from losing your faith and motivation. If you are considering becoming a professional trader, I highly recommend you start working for one, by offering them help with general tasks (e.g.: social media activities, administrative work etc.). Only by spending time around a successful trader you will learn faster and far more efficiently how to become one yourself. From personal experience I know how easy it is to get lost online. After reading countless articles and strategies I decided to jump into trading. I felt confident with my knowledge. I lost my starting capital within just a few days. My disappointment made me stay away from the foreign exchange market for quite a while, until I decided to return. I changed my approach and started working as well as learning in a professional investment environment. I found out why I failed and fine-tuned my skills by talking to professionals about it. After spending only a few weeks in this environment, I understood my mistakes and gained a lot more powerful insights. What brought me back on the path of success was the human interaction. “Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” – Otto von Bismarck If you don’t know anyone in your personal network that could help you on your journey, you have to expand your contacts. While tools such as Facebook, LinkedIn, Google+ and many others help you get and keep in touch with people from all over the world, they do not substitute real human interaction. A great way to start is LinkedIn and forex related groups where traders, analysts, experts and brokers meet. By asking questions, discussing problems and developing strategies, one can take part in this exchange of knowledge and information by providing his pool of experiences and at the same time, learning from the ones of others. Especially for beginners it is a great way to learn quickly and avoid costly mistakes. The more valuable you make yourself for the community, the easier you will get something back from the community – in the form of contacts or information. The most crucial step in the beginning is to cut all the noise and focus on the few, but essential signals. Engaging with trading professionals will help you do exactly that. These 5 steps will help you kick start your trading: Do your homework, teach yourself the basics Expand your network Work for a professional trader Develop your strategy before you enter the market Foster your relations online, provide them with value Written by Nico Strobl, Director of Sirius Effects Ltd |...

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