Posts Tagged "New to trade"

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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Have You Paid To Do A Trading Course But Not Invested In Your Own Trading Account?

Posted by on Apr 29, 2014 in Featured, Learning to Trade?

Have You Paid To Do A Trading Course But Not Invested In Your Own Trading Account?

Most courses that teach you about forex, the market and trading come at a price. This cost is justified by the fact that the knowledge that you are gaining on the courses are a skill that can lead to financial independence. That being said I find it quite astounding that delegates are willing to invest a significant amount of money to learn but then do not take these skills that they have learnt and apply them to the market. They have the resources they need and at least some experience live trading (a perk of Plan B Trading courses) but do not make an investment in their trading account. If it is confidence that these delegates are lacking there are plenty of resources out there, that now thanks to the internet and smart phones are more accessible than ever. Plan B Trading even offer support sessions and after-care schemes so that each individual does have the confidence to start trading. Another issue I have found is that the longer people leave it to make their initial investment in their own trading accounts the more they start to doubt their own ability and their knowledge. Here’s my advice for that – start small. Only invest money that you are willing to lose. Each trade can be as little as £3 worth of currency. Experiment; get a feel for the market, the currency pairs and the software that you are using. As your confidence grows increase the amount of money you are using for each trade. It really is a case of slow and steady wins the race and there is no shame in that whatsoever. It would be a shame to make that initial investment and then go no further with it. By doing that you will never see any return on your initial investment and no one wants that. It’d be great for people to shed some light on this common issue, so please leave a comment or get in touch via Twitter. If you have any questions about the market or our courses please do not hesitate to get in...

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Why you can’t read a textbook and beat the banker

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

Why you can’t read a textbook and beat the banker

Recently I have been connecting to a number of different traders on social media platforms. I find it very interesting to find out how and why people became involved in trading (especially in the ForEx market) and how they set about educating themselves about the market. A common theme amongst those that I have asked is research and reading up on the industry. I agree that this is a great way to gain knowledge on the industry and to get an insight into the world of trading. It is always essential to understand the theory behind a skill but it is vital to gain real experience before you trade. It is a common theme in so many industries that people have all the theory and knowledge that they need to understand something but when it comes to putting it into practice the ideas that you have been taught may seem idealistic. Very rarely do people warn you about the emotional impact losing money in the market can have on a person and the psychology that should be understood before entering a trade. Trading is a skill that needs to be nurtured and developed and while having the theory is fantastic live trading can be completely over-whelming. We have all been over-whelmed by the market and our wins or losses no matter how long we have been trading. After teaching delegates the notions behind the market Plan B Trading offer people a chance to trade live, in the hope that people will walk away from the course knowing exactly what to do when they are ready to trade. Experience is key in trading industries and it is important that people know not only how to read the market but how to navigate software and ensure that they can opt out at any given time. Educating yourself is innovative and fantastic but putting those concepts into practice is invaluable. Plan B Trading can help no matter what stage of trading you are at. Click here to get in touch and find out how we can benefit...

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People don’t succeed because they don’t ask

Posted by on Apr 15, 2014 in Featured, Learning to Trade?

People don’t succeed because they don’t ask

A common issue that I have found, not only in trading but also in many different aspects of business and in general day-to-day life, is that people refuse to ask questions. I believe that people view asking questions as a weakness and there’s a certain amount of pride that would be negotiated by asking these questions. Personally I think it’s a shame that so many people are unwilling to ask for help. There’s a few sayings that spring to mind such as ‘if you don’t ask you don’t get’ and ‘there’s no harm in asking’. When you look back to our mannerisms as children, our curiosity was a driving force for the way we learnt and processed information. As we age, in many ways, it is a shame that we lose that thirst for knowledge and for asking questions. Whilst having a look around on the internet about the psychology behind people’s reluctance to ask for help I came across this great article from Pick The Brain about why people don’t like to ask questions and how to get the most out of asking these questions – well worth a read when you have a spare minute. In my experience, when anyone asks me a question I am more than happy to answer to the best of my ability and explain how and why I know the answer. Equally if I am unsure I will be honest and guide people to other sources, which will hopefully be able to provide more information. When it comes to trading I find it quite astounding that people are so reluctant to seek help. You may be a full-time trader or have traded on the side for several years but when the market takes an unexpected turn – especially the ForEx market being as volatile as it is – there is no shame in asking for advice or seeking out an expert opinion. At the end of the day do you think the most successful traders (or anyone who is at the top of their profession) got there and achieved their status without asking questions? Do you believe that successful brokers made millions by avoiding questions and coaching? If you have any questions about the ForEx market please do not hesitate to get in touch or contact Plan B Trading via Twitter. Alternately you can book a 30 minute, 60 minute or 120 minute coaching session  where I will be happy to answer your...

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Demo Accounts

Posted by on Mar 25, 2014 in Featured, Learning to Trade?

Demo Accounts

Are you learning to trade? Demo accounts are a great way to get a feel for the way that the system works but my advice to you would be to limit the period of time that you use the account for. I would personally advise that you only use the account for roughly a month. Of course if you are not feeling confident by all means continue using the demo account, however it’s important to be aware that when you trade in the market it will feel completely different. There are a lot of different factors that will start to influence your decisions when you are trading with real money because with real money comes real emotions! While using a demo account, you will obviously be doing what you can to ensure that you make a profit from your days trading but if you do lose it is no real loss. One of the most difficult factors of trading is keeping your emotions at bay and I believe that the only way to do this is through experience and by only investing money that you are prepared to lose. There is a very complex psychology behind trading in the market and the majority of it does come down to emotions. Avoid pitfalls by keeping tabs on traits such as arrogance and greed – I thoroughly believe that the market gives you warning signs (most of the time) before the rate is about to drop. Do the smart thing! If you would like advice on demo accounts or keeping your emotions in check please don’t hesitate to get in touch. If you have any questions, please leave a comment or get in touch via Twitter...

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