Jump to content

admin

Administrators
  • Content Count

    594
  • Joined

  • Last visited

  • Days Won

    91

admin last won the day on April 14

admin had the most liked content!

About admin

  • Rank
    Administrator
  • Birthday 08/20/1959

Profile Information

  • Gender
    Male
  • Location
    New Zealand

Recent Profile Visitors

1,359 profile views
  1. Why it is that when a trader is day trading currencies (or for that matter any financial market), that trader can make extraordinary amounts of money? “It’s because of the risk factor” Many will say The problem with this sweeping statement is that it doesn’t get to the heart of the matter and neither does it provide a way forward for day traders to make a lot of REAL money. What we need to examine is what is going on between our ears. Clearly, the trader has one state of mind for paper trading and another state of mind for live trading. The markets are EXACTLY the same. This is OUR issue, and to be successful as a day trader or a long term trader, it is WE who are going to have to figure this out. It doesn’t take too much logic to work out that if when we were paper trading, we were live trading we would make money. We could even create a hypothetical situation where an imaginary person is watching us paper trade and placing our paper trades live. What happens when you ‘discover’ your trades are live on YOUR account? You probably see how this would get ‘messy’ very quickly. There is a solution to this. We need to PAPER TRADE - LIVE! That’s it… BUT… How? These are the steps - I will expand on each one. 1. Identify the state of mind and body whilst paper trading 2. Anchor that state 3. Set up a punishment routine 4. Set up a reward state Four stages to successful day trading (any trading) In stage one, you must become acutely aware of your state of mind while paper trading. Take time to stop doing and instead focus on your inner conversations, your feelings, in fact, anything that you can identify internally while in this state. You need to examine this state and mentally record everything that is going on. Note that I said MENTALLY record. The reason for this is because you are going to have to call up and then recognise when you ARE in that state. OK… so we have not recorded the state, and we will know when were are in that state. Next, we need to ANCHOR that state to something external of ourselves. I will try to give an example: Many years ago I was living in Spain, and I was taking a walk with a trader whom I was working with. To explain the process of anchoring states, I picked up a pebble from the beach, placed it in his hand a got him to close his hand around it. I then asked him to close his eyes and listen to the ocean, the people around, the birds and the warmth of the sun. I then asked him to push all that sensory data into the pebble mentally. That happened some 15 years ago (as of 2019). Today he has this pebble on his beach and uses it to take a mini vacation when he wants to take a break. This is what our day trader needs to do. The process is the same. Call up the state that you identified earlier and pick up something (not a common item) that is special to you. As you are holding that item, so you mentally associate that paper trading state with it. You do this several times until you can leave the item and then when you return to the item you pick it up, and instantly you become aware of being IN THE STATE that the item represents. We now have a trigger mechanism. Next, we need a punishment routine. The reason for this is because we know that the mind will always move us towards pleasure and away from pain. Sorry… This is going to hurt. Take an elastic band that is big enough to slide over your wrist. It should hang a little loose. Now take hold of the band and stretch it away from the inside of your wrist. Now let is SNAP back. That should have hurt. It's not something you would like to have done continually. How to use this is as follows: When you want to enter the paper trading state, you pick up your trigger item. Now you are in that state, and now you should decide on your trading outcome that you want to achieve. The very moment you feel yourself going out of that paper trading state of mind, you reach down and stretch out that band and let it SNAP! Wait a few seconds for the pain to subside and then pick up the item that you have anchored the paper trading state to. You should by now understand what you are doing here….? Your mind and body will NOT want the SNAP. You will have trained your mind to understand that when you start to feel feelings that you do not wish to it is rewarded with PAIN. Your mind will very quickly work out what to do… IE does not provide the circumstances that cause pain to happen. Finally, the reward state is the acknowledge that this has worked and thank your mind for working with you on this. This WILL work… IF you action this. However, the subconscious mind pretty shrewd. I can almost guarantee it will get you to remove the band from your wrist UNCONSCIOUSLY. You will suddenly realise one day that the band has gone and you do not remember where it is. This may seem like a too simple approach to experience day trading success, but I can assure you this WILL work. You can train your brain in this way. Give it thirty days, and you will be able to paper trade live. Please leave feedback for comments. https://learningtotrade.com/ The subject of this article was also on today's podcast. https://podcasts.apple.com/us/podcast/traders-talk/id1459380428?ign-mpt=uo%3D4
  2. When becoming involved with any kind of trading you are opening yourself and your family to potentially high financial losses. To avoid this, we have to approach currency trading (actually any financial market trading) with a specific and clear understanding of the market and its true purpose. The forex industry abounds with so many outright lies and half-truths that we need to ensure that we are on guard against: How the marketers who promote currency trading systems over the Internet operate. How to read artful deception and unsubstantiated claims that sound so good. How weaknesses of mind make us easy targets for manipulation not only by the market-makers while trading but also by the people trying to sell you trading products The purpose of financial markets The market makers have created the market to make a profit. This is the purpose of the currency market – of all markets. The markets are not there to help you make money. However, for it to be profitable for the market makers, they have to get you to believe that you will be able to make money by being involved in it. This belief manipulation is an underlying fact that the smart trader exploits for his or her benefit. Sameness as a State of Mind Having been successfully trading for over 20 years, my mind has been by default and by purposeful action programmed to what could be referred to as ‘sameness’. This sameness of mind means that my mind remains the same whether the trades go my way or not. This state of mind, this way of thinking is crucial to successful trading. It allows you to remain dispassionately disconnected. Seduction For you to stay levelheaded in the market, it is beneficial to know weaknesses your mind can become subject to. The first weakness that the market makers can exploit is your tendency to respond to seduction. This weakness becomes active in us when we are presented with a beautiful bright future regarding making money. The market-makers salespeople are experts at presenting to you a picture of the market that is bright and rosy. Introducing to you a belief that you can achieve your financial dreams easily and safely. If this were true in every case the market makers would never make any money. The market makers intent is for you to lose money and they are very good at making sure you do this. They have created a moneymaking machine that is just like a pokey machine/slot machine/one arm bandit. You can win a lot so very easily, but mostly you will lose and eventually will be cleaned out if you keep playing. If you make a windfall gain, this will seduce you into thinking that trading is easy. The idea of big profits is then seducing you. Because of a few wins, you are no longer in possession of a levelheaded mind. Losing your mind You will now throw caution to the wind and become reckless. You have shifted from being a trader to be a gambler. You are now a risk to yourself and your family. Susceptibility to the seduction must be recognised and avoided at all costs. All trading methods can provide you with big wins. When they do, you can quickly become overexcited. When this happens, you will become reckless that is the nature of the beast. You must learn to recognise the tendency to respond to seduction and avoid it. When it comes to the business of selling forex trading systems over the Internet, we are talking about people who are highly skilled into seducing you into buying courses which if you believe in them you could lose a lot of money. Warning signs If they are as good as they say to make sure they are contactable. Secondly, if they have a trading method that is good they will not be afraid of trading live you can watch over their shoulder as it were. You want to find a method of trading that can be demonstrated not just by talking about in glowing terms. You need to know that you can make more pips per week and you can lose this is the bottom line. If they are on the level, they should be able to demonstrate their system and provide a training process which will make you into a competent trader before you take your money into the market. Even if they have a suitable method, you still need to have some kind of currency trading apprenticeship. This apprenticeship should ensure you are using the system correctly. You will find most systems or methods will not stand the test of a live market demonstration or provide the backup training that is needed. Before you use any of your capital make sure that you are on firm ground. Make sure you have a good teacher who you can talk to and who can train you in their methods and are not afraid to demonstrate their method in a live market. You don’t want just to believe their method will work you must KNOW that it works. Hurry You might miss out Snake oil salespeople know how to induce the feeling of future loss. Many of these tactics are well worn but they still work on you. Buy now or you might miss out. Page coming down soon 24 hours and your chance will have been missed And many more. This is selling by intimidation. If it is used on you walk away. The intimidation will not only cause you to buy training products which are not right for you they will often be an outright con but you have no time for full and correct investigation. Overly wonderful, new and magical currency trading solutions can also cause you to abandon a successful method of trading when you have a single loss. Another reason why it’s vital to get thoroughly trained in the trading method to the point where you have the sameness of mind whether you win or lose. This sameness of mind will only be possible if you have tested the trading method in real market conditions and over time gained skill in using it properly. You don’t want confidence in the trading method a good sales talk can sell you on that. What you need is confidence in yourself as a trader using the method in all market conditions. The trend is your friend sales tactic The vast majority of trading methods are shown in trending markets. The reason for this is because pretty much any system works in a trending market. The real world of trending markets The first problem with trading in trending markets is that you only know the market was trending AFTER the event. Many of the methods fail to explain this. The second problem is that the market only tends to trend on average two days out of five. This means that not only do you have to predict when a trend will develop you also have to make sure you don’t trade on non-trending days. Hopefully, just by those pure numbers, you start to realise how the odds of failure are stacked against you if you based your trading on such dubious methods. In summary Tendencies to being susceptible to seduction and intimidation are dangerous when approaching currency trading. Even if you are lucky enough to stumble on a genuine method of successful currency trading you must still be training in that method. You must get to a point where you can meet all market conditions and trading results with the sameness of mind. This sameness of mind allows you to continue with your proven trading method and not attach emotion to some inevitable losses along the way to success. Some sort of apprenticeship is not only necessary but vital to ensure you have confidence in your ability while trading the method you have learned. Where to from here? https://forum.learningtotrade.com (Please share this training)
  3. I am really sorry to leave a message here but I can't find any way to contact a representative. I tried opening a ticket but my login was denied. I just purchased the training course, I logged in. I am searching for the course. I clicked on "subscriptions". I clicked on the course tab and it gave me a description of what the course is but no way to access the content. I must have missed something but I don't know what else to do. Please let me know how this site works and how to access my purchase. Thank you.

    Richard Jones

    1. admin

      admin

      Hi Richard

      Not sure what is going on with the ticket system. I will have a look now. This is not good to contact me on here has its not a system that gets checked that much. (Sorry about the delay)

      Here is a link to a video explaining how to login.

      https://martincole.evsuite.com/usingforum-login/

      email me on 

      martincole@martincole.com with your login details on the support ticket area and I will check that for you as well.

       

       

       

  4. Hi Martin

    Does your course teach position and swing trading?  Thanks.

    Nelson

     

    1. admin

      admin

      No.

      It teaches you how to make money on a consistent basis. I do not tech technical analysis which is what 95% of traders use and are taught. Best you look into the % of traders that fail. You will find a connection.

      Have a wonderful weekend

       

      Martin

  5. Hi Martin it seems like I can't reply to posts. Do I have limited access? Can you check it please?

    1. admin

      admin

      You have access to read but I can't cope with all the extra work of posting. I have to focus on PAT users. Hey you still get to see everything going on. 🙂

    2. snvcm

      snvcm

      It's ok for me. Just wanted to help others )

  6. I’m very sorry for posting here there was nowhere else to post the basic forum for non pat users is not showing on my screen may I please ask your thoughts about this AUDUSD potential reversal 

    8FA7C679-24E8-48B8-9A75-6DF9D8046B1D.png

    1. admin

      admin

      You are asking me for trading advice. I am getting an avalanche of these requests and this is why I have stopped the posts for now until I have time to think about how I want to proceed. 

      I never intended to give anyone fish. I intended to show them HOW to fish. This seems to have backfired on me in a big way.

    2. MJP

      MJP

      May I try to help?

       

      The answer is ALWAYS the same. Can you see the accumulation/manipulation? Can you see the start of the profit release? If you cannot see these components then you do not have a trade.

      There will be entire weeks where......depending on how many markets you follow......you simply will not place a trade because the Market Maker's Business Model is not clearly seen.

      There's nothing magical about Martin or anyone here. There's only those of us who dedicate ourselves to patiently wait for a MMBM set up to become visible to us so that we can place a low risk/high reward trade. 😉

      If you are asking for tips/pointers about market direction without being able to see the phases of the MMBM.......you are asking for that which, in my opinion, is outside the scope of this course. It's really that simple.

       

    3. obviouschamp

      obviouschamp

      I see the vision nice and clear now it makes sense that we learn how to fish so that we get to be independent and making our profits independently 

      I hope you get inspired to get an effective system that encourages us to learn How to trade the MMBM in comparison to doing it for us that will be helpful for us and the future subscribers 

  7. I was able to get on top of the EURUSD situation and I went short right at the point where it started going back down after the 90 pip retracement the problem is I am only familiar with the 15 minute frame and i’m not sure what to look out for in terms of monitoring the charts for other frames and where i’m looking at potentially putting my take profits  can anyone who knows please help 

    1. admin

      admin

      Can you post on the forum. These are messages to me your posting.

      Thanks

  8. A PIP in forex is a unit of measure to show the change in VALUE between two currencies. Let’s say you are looking at your trading screen at the EUR/USD currency pairs and you see the price is at 1.2500. Then it flicks up to 1.2501 Note there are four digits after the decimal point. Most currency pairs are like this. There are some exceptions like Yen pairs that have two decimal places Why do you need to know what is a lot size in forex? Well, you need to know what you’re doing so you know how to make money from your forex trading. This starts with knowing that each currency has its relative value relative means relative to the other currency in the pair. Here in this example ( EUR/USD ) The EUR is relative to the USD and vice versa. Say the EUR is trading against the USD at 1.2500 This means that you could exchange 1 euro for 1.2500 USD Written it looks like this. EUR/USD = 1.2500 Reading it, it says 1 EURO is worth 1.2500 USD Now the money bit… The change of value in the counter currency equals the PIP value. The PIP value is relative to the base currency – in this case, the EURO is the base currency EURUSD Let’s calculate the value but before we do that its easier if we understand what is a LOT size in forex. Currency is traded in LOTS There are THREE lot sizes A Standard LOT is 100,000 times the base currency A Mini LOT is 10,000 times the base currency And a MICRO lot is 1,000 times the base currency If you buy a mini lot EUR/USD, you actually buy 10,000 EUR and at the same time, you sell the same VALUE in USD. So, if the quote is at 1.2500, you actually need 12,500 USD to balance the value of the 10,000 EUR. Let’s calculate the PIP value of a MINI lot Take a MINI lot of 10,000 and multiply that by .0001 Remember the fourth digit from earlier? So 10,000 multiplied by .0001 = 1 in this case we now know that the value of 1 pip in a mini lot is one unit of the QUOTE currency. You probably guessed that if we did this with a Standard lot size of 100,000 the pip value would be 10 units and likewise a Micro lot would be 0.10 units. This is great news because you can start really small in this business and build up as you learn how to trade currency. How to calculate PIP value in the base currency? Let’s go back to the example of the EUR/USD. Remember, we assumed that we trade a mini lot of 10,000 and hence every pip represents a value of 1 USD (1 x the quote currency) If the EUR/USD is trading at 1.2500, meaning that 1 EUR equals 1.2500 USD, then we can calculate the value of 1 USD. We take the value of one pip to be 1. divided by 1.2500 EUR = 0.80 EURO So all this boils down to this… Broadly speaking If you were to buy one MINI lot in our example. For each PIP that price moves up, you will make a profit of 0.80 EURO So if the price moves up 100 pips you will have made a profit of 80.00 EUR Do you actually NEED to know this in order to trade successfully? NO, because 99% of dealing platforms work this out for you BUT is shows a degree of professionalism to understand what you are doing and how your trading your account is being traded by you or someone else. The final leg to understanding what is a pip in forex. What if your trading account is NOT in USD? Let’s say its in GBP. How will you know what each PIP movement means in GBP terms of your account balance? Let’s work it out. It’s pretty easy. Assuming your brokerage account is held in GBP and you want to know what each pip value means in GBP when you are trading the EUR/USD. Take our PIP value of 1.00 USD divide by the GBP/USD exchange rate. Let’s use the GBP/USD exchange rate of 1.4000 as an example 1 divided 1.4000 = 0.7143 GBP so 0.7143 will be added to your GBP trading account balance for each pip profit you make trading EUR/USD If you liked the video and found it helpful please give it a thumbs up and leave a quick comment. Because that’s all the motivation I need to make more of these explainer videos for you. Feel free to share this with fellow traders. It’s surprising how few traders actually know what is a PIP in forex and what is LOT size. Have a Great day. Martin
  9. admin

    Welcome to Pages

    Welcome to Pages! Pages extends your site with custom content management designed especially for communities. Create brand new sections of your community using features like blocks, databases and articles, pulling in data from other areas of your community. Create custom pages in your community using our drag'n'drop, WYSIWYG editor. Build blocks that pull in all kinds of data from throughout your community to create dynamic pages, or use one of the ready-made widgets we include with the Invision Community. View our Pages documentation
×
×
  • Create New...