Undertrading?

I think that sometimes I suffer from not trading enough - ie. not putting on enough trades!

I am too careful and only end up waiting for the best trades. Unfortunately, these are ocurring about once per week, rather than the once per day - a frequency that I would really like.

I should push myself to put on more trades that score a 7 or 8 out of ten, rather than waiting for the 9 and 10 out of ten trades.

I know that I will lose some of these, but if I take all the opportunities that come up, I should gain more than I lose, which after all, is a positive strategy.

Now that I've admitted it to myself, how about you?

Patience is the name of the game

Waiting for the right set up for a trade can be infuriating! - Everything may be good, apart from just one of your trading criteria and you don't know whether to go for it or not!

All prospective trades should be rated and scored and you should have an idea of how much risk you should take for each rating.

E.g. - if you assess a potential trade at 7 out of 10, you would only trade one lot.

A more confident 9 out of 10 would enable you to trade two or three lots and be able to scale out of each lot as the trade unfolds in your favour. This is clearly the best risk strategy to play for me.

It may seem obvious, but when it comes to actually putting on a trade, it is amazing how much goes out of the window!

Finally! - A website

I've set up this blog to help those traders who want to get into FOREX or Foreign Exchange Trading. Aimed particularly at beginners to the field, it has resources that explain those things you need to know, without all that jargon that you don't understand!

The layout is a bit rough and ready, but what I've found is that punters just want information and if it is of good quality, they are not really bothered how the website looks!

I plan to do some short videos to help people understand the basic principles of trading and to take away some of the mysticism surrounding it.

You can easily earn a living trading, if you do it well(!) - A lot of the problems come down to the psychology of how we think and our emotions controlling our potential success!

Travel the world whilst trading FX

This has always been my passion - To be able to travel from city to city and spend a few days in each (or until you feel like a change!) - and supplement your travelling by trading the currency markets.

I've just been away on a long holiday over the Christmas period for my two months per year break and actually appreciated 'not trading' for a while.

I was still eager to get back into it when I got back though. It seems like the ultimate freedom, as all you need is a laptop with an internet connection!

The only thing you would need to be careful of is what time zone you are in and so what would be the best currency pairs to trade. You might need to get up early, or stay up late to catch the best, most liquid trading.

I haven't yet made the first move of taking the laptop on holiday with me, although it could easily be done!