Posts Tagged "New to trading"

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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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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Trading in Pairs

Posted by on May 20, 2014 in Featured, Learning to Trade?

Trading in Pairs

Sometimes it’s really hard to get motivated. I think that the majority of us suffer from this lack of motivation from time to time. We all have things that we want to accomplish and we make excuses – there are not enough hours in the day, I was going to do it but then XYZ came up. The truth is if we want to do something we should push and motivate ourselves to do it. Believe me, I understand that it is easier said than done. One of the most underrated and underused ways to get motivated and keep motivation going strong is by taking part in an activity with someone else. You push each other to continue, persevere and progress. This also applies to trading. Plan B Trading offers coaching for pairs and our previous experience suggests that when people start their journey in pairs they progress, develop their skills and enter the real market much quicker. It is always great to be able to talk to and confide in someone who knows exactly what issues you are facing and people who are in a similar situation are often more empathetic as they are experiencing similar struggles. Trading in pairs can bring you closer as there is more common ground and there will always be market issues to discuss. Our courses take place in London, Birmingham, Leicester, Manchester, Southampton or can even be scheduled over Skype should that be more convenient. If you have any questions about trading in pairs or the courses we offer please do not hesitate to get in touch or contact us on...

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The Truth About Financial Freedom

Posted by on May 13, 2014 in Featured, Learning to Trade?

The Truth About Financial Freedom

Financial freedom, or financial independence, is generally defined as a person having enough funds to be able to live their life the way they desire without being burdened by financial worry. In this day and age, I believe that financial freedom is more of a mindset – it is about more than having disposable money and it is about more than being rich. Financial freedom is a state of mind that allows us to be carefree and to do the things that we desire and act in a way that truly represents who we are. Everyone seems to be striving to become rich and to score a job with a six-figure salary but I believe a significant part of being financially independent is about learning to not live beyond your means. It is essential to be able to budget for your income and to be relatively ruthless in terms of what you can realistically afford. As well as managing money I believe that financial freedom is also directly linked to our time and how we use our free time. If we start to utilise our free time and spend time doing the things that will make us happy I believe we will be moving towards a state of mind that is closer to financial freedom. Maybe financial freedom is not possible just yet for some of us but we always have the choice in how to budget for our everyday lives and we have the choice of how we spend our time. We should be optimising these aspects of our lives to ensure that we are making the most of our time and our finances. What does financial freedom mean to you and how do you plan to achieve it? It would be great to hear your feedback so please leave us a comment or get in touch via...

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