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Zum Beispiel in einem Bullenmarkt sinkende Preise werden oft an einer Trendlinie zu stoppen und finden Unterstützung dort, weil die Käufer beginnen zu erwarten, dass die erwarteten Preise zu erholen und den Trend fortsetzen. Ebenso werden die steigenden Preise in einer Baisse oftmals Widerstand gegen eine Trendlinie haben und in der Regel auf diesem Niveau zu stoppen, bevor sie ihre Abwärtstrend wieder aufzunehmen. Dies ist auch in der Grafik oben dargestellt, die zeigt, wie die Trendlinie als Support-Ebene mehrmals wirkt, zuerst am 3. August. Dann am 13. August und dann wieder am 5. September. Trendlinien können ihre Rollen im Laufe der Zeit ändern, beginnend als Ebenen der Unterstützung in einem Aufwärtstrend, aber dann, nachdem sie gebrochen, um die Widerstände zu ändern. Deshalb haben erfahrene Techniker oft nicht entfernen alten Trendlinien aus ihren Charts, auch nachdem sie gebrochen wurden. Diese Dualität ist in der folgenden Grafik dargestellt, die eine Trendlinie zeigt, die auf einem 4-Stunden-Chart von Eurodollar basiert, der anfänglich traditionell als Unterstützungsstufe arbeitet, dann aber Ende Oktober gebrochen wird und zu einem Widerstandswert auf Den Punkt X im oberen rechten Teil des Diagramms, wenn es einen Rückschlag nach dem Bruch des Trends gibt. Wie zeichnet man Trendlinien Eine richtige Trendlinie muss zwei oder mehr Peaks oder Tröge verbinden, sonst wird sie im Raum gezeichnet und haben keine Bedeutung. Eine weitere wichtige Überlegung ist, dass die Trendlinie möglichst den zugrunde liegenden Trend widerspiegeln sollte. Es gibt keinen Sinn, zwei Tröge miteinander zu verbinden, wenn sie nicht wirklich den Trend widerspiegeln. Das folgende Diagramm verdeutlicht dieses Problem. Der Preis steigt in einer Reihe von Spitzen und Mulden. Die Trendlinie für diese Rallye könnte entweder aus A oder B gezogen werden, beide sind rein technisch gültig, aber aus einer Reflexion des zugrunde liegenden Trendstandpunkts ist A genauer als B und sollte daher bevorzugt B verwendet werden. Korrektur Lüfterprinzip Wenn eine Trendlinie unterbrochen wird und eine neue Trendlinie an der Spitze des neuen Gipfels gezogen wird, zeigt sie eine Verschlechterung der Trendstärke. Wenn dies dreimal geschieht, signalisiert es nach dem Korrekturfächerprinzip das Ende des Trends. Dies ist eine nützliche Regel, die verwendet wird, um festzustellen, wann ein Trend abgeschlossen sein kann und ein neuer Trend beginnt. Dieses Prinzip ist deutlich auf einem EURUSD-Chart dargestellt. Die Grafik zeigt ab Juni 2010 einen neuen Aufwärtstrend und eine Trendlinie wird gezogen. Die Trendlinie wird jedoch durch die Korrektur im November 2011 unterbrochen und es wird eine neue Trendlinie Nr. 2 gezogen. Diese Trendlinie endet im Juli 2011 und die Trendlinie Nr. 3 wird gezogen. Dies ist schließlich zu Beginn des September 2011 gebrochen, an welchem Punkt könnte es argumentiert werden, der Trend ist gestorben und eine neue Abwärtstrend hat begonnen statt. Die besten Indikatoren, die mit Trendlinien kombiniert werden, funktionieren am besten, wenn sie mit anderen technischen Analyse-Tools kombiniert werden. The use of horizontal support and resistance lines, for example, can be particularly fruitful as it provides a sort of grid of support and resistance levels off which the price often bounces. Trend-lines work particularly well in conjunction with price patterns too, especially when it comes to reinforcing trend-line breaks and signalling reversals of the trend. The combination of a break of trend-line and at the same time a break of the neckline of a double top or Head and Shoulders pattern provides a strong signal to take action. In the chart below the combination of resistance from a down-sloping trend-line A and the triangular price pattern signals the probability of a reversal in trend when the trend-line B is broken at point C. Another technique which works well with Trend-lines is Japanese candlestick analysis. which can give useful clues as to how price will react when it reaches a trend-line. For example, it a hammer forms on a trend-line then it is likely that the trend-line will act as support and lead to a bounce, if however, the price action simply continues through the trend-line without forming any kind of reversal candlestick then it is more likely that a trend-line break is in progress. The chart above shows how well candlesticks can work with trend-lines to illuminate areas of support or resistance. Points a, b, c and d show candlestick pattern which lie on or close to the trend-line. Patterns a, b and d are hammer candlesticks whilst c shows a bullish engulfing. They all lead to recovery moves and a continuation of the uptrend. Hopefully this article has been useful in highlighting how a simple technique can be used to great effect. The modest trend-line is one such tool which despite being rather old-fashioned nevertheless continues to prove it is a classic in both its continued utility as well as its beauty and simplicity. Training Needs Analysis (TNA) also known as a gap needs analysis identifies skillscompetency gaps by isolating the difference in and between current and future skillscompetency. This is achieved by collecting both qualitative and quantitative data for analysis. Business case for a TNA: Significant employer or small employer Dynamic and complex economic, legislative and contractual environment Challenges with shift in demographics and age profile Industry and policy directions (national, state, local) Strategic and business plan, new project, site, facility Problems attracting, recruiting and retaining staff Increase workforce productivity, quality, skills shortages, occupational health and safety, risk Example of good practice and meeting the increasing level of client expectations Evidence based approach for capability, tenders and proposals Starting points for a TNA: Introduction of a new system or processes Automatic. irrelevant or habitual training e. G. compliance based (stay in business training) Significant changeopportunity and need to define capability Different methodologies for a TNA: Person analysis profiling individuals Job analysis profiling jobs, option: triangulation with 3 profiles per job role Organisation analysis, option: sample across the organisation job role based Bottom up, problem based or profiling against a future skillscompetency framework Contact wend12164x77x6fx72x6bx66orce98108x75x65x70x72x69nt. c111109x2ex61x75 to discuss how to best undertake your TNA. Capability frameworks capture skills and competencies, values and behaviours. key performance indicators and targets. The three areas form a triangle demonstrating they are interconnected and when assessing training and development needs, performance and demonstration of values and behaviours always look for an evidence based approach. When designing the framework consider what makes up the job roles you are working with, what is common to all job roles and for leadership roles. Work with a group of people from across your organisation, major project, industry or region to validate the draft profiles and to help communicate the output, outcomes, progress and reasons behind developing such a framework. Recent Competency Frameworks developed by Workforce BluePrint include Food and Beverage Supply Chain, Local Government, Ergon Energy, South Australian State Aquatic Centre, Service SA, Disability Sector, and the Vocational Education and Training Sector. Use clever tools like Skillsbook to identify skills and competencies for job roles and to help structure your framework. 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What is an Iron Butterfly Option Strategy Options provide investors with ways to make money that cannot be duplicated with conventional securities such as stocks or bonds. And not all types of option trading are high risk ventures there are many ways to limit potential losses. One of these is by using an iron butterfly strategy that sets a definite dollar limit on the amounts that the investor can either gain or lose. Its not as complex as it sounds. What Is An Iron Butterfly The iron butterfly strategy is a member of a specific group of option strategies known as wingspreads because each strategy is named after a flying creature such as a butterfly or condor. The iron butterfly strategy is created by combining a bear call spread with a bull put spread with an identical expiration date that converges at a middle strike price. A short call and put are both sold at the middle strike price, which forms the body of the butterfly, and a call and put are purchased above and below the middle strike price respectively to form the wings. This strategy differs from the basic butterfly spread in two respects it is a credit spread that pays the investor a net premium at open, whereas the basic butterfly position is a type of debit spread, and it requires four contracts instead of three like its generic cousin. ABC Company is trading at 50 in August. Eric wants to use an iron butterfly to profit on this stock. He writes both a September 50 call and put and receives 4.00 of premium for each contract. He also buys a September 60 call and September 40 put for 0.75 each. The net result is an immediate 650 credit after the price paid for the long positions is subtracted from the premium received for the short ones (800-150). Premium received for short call and put 4.00 x 2 x 100 shares 800 Premium paid for long call and put 0.75 x 2 x 100 shares 150 800 - 150 650 initial net premium credit How The Strategy Is Used As mentioned previously, iron butterflies limit both the possible gain and loss for the investor. They are designed to allow investors to keep at least a portion of the net premium that is initially paid, which happens when the price of the underlying security or index closes between the upper and lower strike prices. Investors will therefore use this strategy when they believe that the underlying instrument will stay within a given price range through the options expiration date. The closer the underlying instrument closes to the middle strike price, the higher the investors profit. Investors will realize a loss if the price closes either above the strike price of the upper call or below the strike price of the lower put. The break-even point for the investor can be determined by adding and subtracting the premium received from the middle strike price. Building on the previous example, Erics break-even points are calculated as follows: Middle strike price 50 Net premium paid upon open 650 Upper break-even point 50 6.50 (x 100 shares 650) 56.50 Lower break-even point 50 - 6.50 (x 100 shares 650) 43.50 If the price rises above or below the break-even points, then Eric will pay more to buy back the short call or put than he received initially, resulting in a net loss. ABC Company closes at 75 in November, which means that all of the options in the spread will expire worthless except for the call options. Eric must therefore buy back the short 50 call for 2,500 (75 market price - 50 strike price x 100 shares) in order to close out his position and is paid a corresponding premium of 1,500 on the 60 call he purchased (75 market price - 60 strike price 15 x 100 shares). His net loss on the calls is therefore 1,000, which is then subtracted from his initial net premium of 650 for a final net loss of 350. Of course, it is not necessary for the upper and lower strike prices to be equidistant from the middle strike price. Iron butterflies can be created with a bias in one direction or the other, where the investor may believe that they stock may rise or fall slightly in price, but only to a certain level. If Eric believed that ABC Company might rise to 60 by expiry in the above example, then he could raise or lower the upper call or lower put strike prices accordingly. Iron butterflies can also be inverted so that the long positions are taken at the middle strike price and the short positions are placed at the wings. This can be done profitably during periods of high volatility for the underlying instrument. Advantages and Disadvantages Iron butterflies provide several key benefits for traders. They can be created using a relatively small amount of capital and provide steady income with less risk than directional spreads for those who use them on securities that close within the spread price. They can also be rolled up or down like any other spread if the price begins to move out of this range, and investors can close out half of the trade and profit on the remaining bear call or bull put spread if they so choose. Their risk and reward parameters are also clearly defined. The net premium paid at open is the maximum possible profit that the investor can reap from this strategy, and the difference between the net loss reaped between the long and short calls or puts minus the initial premium paid is the maximum possible loss that the investor can incur as shown in the example above. But investors need to watch their commission costs for this type of trade as four separate positions must be opened and closed, and the maximum possible profit is seldom earned here because the underlying instrument will usually close somewhere between the middle strike price and either the upper or lower limit. And because most iron butterflies are created using fairly narrow spreads, the chances of incurring a loss are proportionately higher. The Bottom Line Iron butterflies are designed to provide investors with steady income while limiting their risk. However, this type of strategy is generally only appropriate for experienced option traders who can watch the markets during trading hours and thoroughly understand the potential risks and rewards involved. Most brokerage and investment platforms also require investors who employ this or other similar strategies to meet certain financial or trading requirements. What is an Iron Butterfly Option Strategy Options provide investors with ways to make money that cannot be duplicated with conventional securities such as stocks or bonds. And not all types of option trading are high risk ventures there are many ways to limit potential losses. One of these is by using an iron butterfly strategy that sets a definite dollar limit on the amounts that the investor can either gain or lose. Its not as complex as it sounds. What Is An Iron Butterfly The iron butterfly strategy is a member of a specific group of option strategies known as ldquowingspreadsrdquo because each strategy is named after a flying creature such as a butterfly or condor. The iron butterfly strategy is created by combining a bear call spread with a bull put spread with an identical expiration date that converges at a middle strike price. A short call and put are both sold at the middle strike price, which forms the ldquobodyrdquo of the butterfly, and a call and put are purchased above and below the middle strike price respectively to form the ldquowingsrdquo. This strategy differs from the basic butterfly spread in two respects it is a credit spread that pays the investor a net premium at open, whereas the basic butterfly position is a type of debit spread, and it requires four contracts instead of three like its generic cousin. ABC Company is trading at 50 in August. Eric wants to use an iron butterfly to profit on this stock. He writes both a September 50 call and put and receives 4.00 of premium for each contract. He also buys a September 60 call and September 40 put for 0.75 each. The net result is an immediate 650 credit after the price paid for the long positions is subtracted from the premium received for the short ones (800-150). Premium received for short call and put 4.00 x 2 x 100 shares 800 Premium paid for long call and put 0.75 x 2 x 100 shares 150 800 - 150 650 initial net premium credit How The Strategy Is Used As mentioned previously, iron butterflies limit both the possible gain and loss for the investor. They are designed to allow investors to keep at least a portion of the net premium that is initially paid, which happens when the price of the underlying security or index closes between the upper and lower strike prices. Investors will therefore use this strategy when they believe that the underlying instrument will stay within a given price range through the options expiration date. The closer the underlying instrument closes to the middle strike price, the higher the investors profit. Investors will realize a loss if the price closes either above the strike price of the upper call or below the strike price of the lower put. The break-even point for the investor can be determined by adding and subtracting the premium received from the middle strike price. Building on the previous example, Erics break-even points are calculated as follows: Middle strike price 50 Net premium paid upon open 650 Upper break-even point 50 6.50 (x 100 shares 650) 56.50 Lower break-even point 50 - 6.50 (x 100 shares 650) 43.50 If the price rises above or below the break-even points, then Eric will pay more to buy back the short call or put than he received initially, resulting in a net loss. Of course, it is not necessary for the upper and lower strike prices to be equidistant from the middle strike price. Iron butterflies can be created with a bias in one direction or the other, where the investor may believe that they stock may rise or fall slightly in price, but only to a certain level. If Eric believed that ABC Company might rise to 60 by expiry in the above example, then he could raise or lower the upper call or lower put strike prices accordingly. Iron butterflies can also be inverted so that the long positions are taken at the middle strike price and the short positions are placed at the wings. This can be done profitably during periods of high volatility for the underlying instrument. February 1, 2013 By Matt Radtke Matt Radtke is Senior Researcher for Connors Research. Mr. Radtke graduated magna cum laude from Michigan State University with a degree in computer science. He has 25 years of software development experience in companies large and small, including Hewlett-Packard and Bell Northern Research. Mr. Radtke has been actively trading stocks, ETFs, and options since 2008. Over the past several years he has become increasingly involved with the Connors Group family of companies, first as a student, then as a member of Chairmans Club, and finally as a consultant, researcher, and author. At a high level, there are a handful of major strategic themes for traders of stocks and ETFs, including but not limited to: Trend Following: assumes that once a security begins moving in one direction, the overall movement will continue in that direction for some time. The goal is to enter the trade near the start of the trend, and exit soon after the end of it. Momentum Trading: similar to trend following, in that the trader is trying to take advantage of the current direction of the price movement. However, momentum trading strategies emphasize the size and strength of the move in addition to the direction. Mean Reversion: assumes that when a security makes a strong, short-term move in one direction that it is likely to reverse direction (revert to the mean) in the near future. Arbitrage: takes advantage of market inefficiencies such as mispriced assets. This is becoming increasingly difficult in todays highly computerized trading environment. Event Trading: predicts larger-than-usual price moves based on events such as company earnings announcements, government reports on spending and employment, Federal Reserve actions, etc. For illustrative purposes, lets assume that you want to build a mean reversion strategy. Long mean reversion strategies usually try to identify a pullback. a sharp drop in price that is likely to be followed by a price increase. Conversely, short mean reversion strategies try to identify a surge: a sudden rise in price that is likely to be followed by a price decrease. Our research has shown that various mean reversion strategies have performed quite consistently over most periods during the past 12-15 years. Click here to register for a sneak-preview of The Swing Trading College in a special, live presentation with Larry Connors. Take advantage of this opportunity to learn a professional, systematic approach to swing trading. In and of itself, mean reversion is not specific enough to qualify as a central thesis. What were looking for is a quantifiable idea that we can test for accuracy. Since mean reversion is strongly linked to the concepts of pullbacks and surges, our central thesis should probably focus on the identification of those states. There are many ways to identify pullbacks. A few of the more popular ones include: A momentum oscillator such as Wilders RSI or ConnorsRSI falls below a threshold value The price closes near the lower Bollinger Band The price of the security closes X lower than the previous days low price or closing price The price of the security closes lower than the previous day for Y days in a row The price of the security falls below a short-term moving average, but stays above a longer-term moving average The price of the security gaps down, i. D. h. it opens at a price lower than the previous days lowest price In many cases, we can identify a surge just by reversing the general pullback rule: A momentum oscillator such as Wilders RSI or ConnorsRSI rises above a threshold value The price closes near the upper Bollinger Band The price of the security closes X higher than the previous days high price or closing price The price of the security closes higher than the previous day for Y days in a row The price of the security rises above a short-term moving average, but stays below a longer-term moving average The price of the security gaps up, i. D. h. it opens at a price higher than the previous days highest price It should be noted that although you can often use the same indicator for long and short strategies, the inverse of the best indicator value for a long strategy may not be the best value for a short strategy. For example, you may find that RSI(2) lt 10 is the best long entry criteria, but that RSI(2) gt 90 is not the best short entry criteria. Lets say that you believe that when a stock gaps up or down on the open, theres a higher than average likelihood that the stock will reverse direction and fill the gap. Thus, stocks that gap down make good long trade candidates, and stocks that gap up make good short trade candidates. Thats a good subjective description of a central thesis, but it still needs to be quantified. To quantify the central thesis, we just need to express it in terms that can be objectively tested. For the remainder of this series, we will use the following central thesis for long and short trades: Long Trades. Buy a stock that opens X lower than the previous days lowest price. Short Trades. Short a stock that opens X higher than the previous days highest price. Note that we have not yet defined X, the size of the gap as a percentage. 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Which is 199 instead of questrade promoting the interactive trading academy. attended. Fantasy Football Trade The Art of the Fantasy Football Trade By MrFFT - September 22, 2011 When it comes to Fantasy Football, one of the most important things is making the right trade, always check your trades with a trade analyzer before you accept or send them to make sure that its a good trade for you. A good trade can make you a play-off contender in a matter of seconds. You should always be thinking about making trades to get you in a better position. Now theres two main problems when it comes to making a trade: The first problem is that some fantasy football team owners dont want to trade at all. Theres not much you can do with them, the best move here is to simply ignore those people when it comes to planning your trades. The second problem is that most fantasy football owners over value the players they own, which means that in order to make a trade happen you really have to work at it. One great way to deal with this is to go with what I call the go high then low trade strategy. Please note, this only works if your trade is somewhat even or maybe slightly favorable to you. But always analyze your trades before you send them. Now the strategy is very simple: Offer a trade that you know will be turned down where you are clearly the winner. An example would be a trade that involves the other teams best player for your 3rd or 4th best player. Its very unlikely that it will be accepted, but now you got the other teams attention. There is a chance that the other owner will send a counter offer your way. You might get lucky and get a good grade, but if thats not the case then wait a day or two and then propose another trade. This time make the trade what you originally wanted. This trade should look very reasonable to the other team owner. If the trade is rejected then maybe it wasnt meant to be, its very possible that the other team owner is emotionally attached to the player you were targeting. Propose another if the other team has a player that you want or try step 1-3 with another team owner. Its always fun when you pull the perfect Fantasy Football trade, keep at it and youll get much better over time. Technical analysis of the forex and stock markets is an integral part of trading. It helps identify various symbol trends, define supportresistance levels, forecast price dynamics and much more. In other words, technical analysis allows to have a peek into the future and use this advantage to earn more profits. Technical Analysis tools in MetaTrader 5: 38 technical indicators 44 analytical objects unlimited number of charts The essence of such technical analysis software is to study charts of financial instruments using technical indicators and analytical tools. MetaTrader 5 provides a large set of such analytical means. 38 technical indicators and 44 graphic objects are available for the best technical market analysis of price dynamics. In addition, you may combine all these instruments to obtain more detailed forex forecasts. The Technical Indicator is the most important tool for technical analysis of the financial markets. It works automatically to detect different patterns in the price dynamics. Basierend auf diesen Informationen können Händler weitere Kursbewegungen übernehmen und ihre Strategie entsprechend anpassen. The essence of the forex indicator is to transform the accumulated history data. This provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye. For example, Parabolic SAR Technical Indicator is used for defining the moments when the ongoing trend turns to the opposite direction. Since the appearance of financial markets many technical indicators have been developed. The most popular technical indicators are included into the MetaTrader 5 Trading Platform, so any trader can utilize them for forex and stock technical analysis. For convenience, the indicators are divided into several groups: trend indicators, oscillators, volume indicators and Bill Williams tools. Most of the forex indicators are adjustable, allowing to adapt the tools to any specific tasks. You can control both analytical parameters and settings responsible for the indicators appearance. For example, you may change the calculation period of Moving Average as well as adjust the color, width and type of its line. Forex indicators can be plotted on the price charts or in a separate sub-window with a specific scale of values. Moreover, one indicator can be applied over another one. For example, you may apply a Moving Average on DeMarker and obtain a line of averaged values. In general, MetaTrader 5 offers traders an elaborate set of tools for the full-fledged technical analysis. Even the most demanding traders can use additional technical indicators written in MQL5. Hundreds of programs published at MQL5munity are available to any trader, expanding further the analytical possibilities of market analysis. Complimentary information about the additional indicators can be found directly in the MetaTrader 5 Trading Platform. With the MQL5 development environment. traders can also create their own technical indicators. All the necessary tools are available in MQL5 and a lot of useful information is published on the MQL5 website. Unlike technical indicators, graphical objects must be applied manually. Identifying trends, plotting channels, defining cycles and supportresistance levels - all these and many other tasks can be solved with the help of analytical tools. Analytical instruments can be applied both on charts and on indicator windows MetaTrader 5 offers 46 graphical objects, each of which help simplify stock market analysis. They include geometric shapes, channels and cycles, Gann, Fibonacci and Elliott tools and much more. Objects control is intuitive and will not cause any difficulties. To apply a tool, a trader only needs to specify a few control points to plot the object. After that the required analytical object will appear on the screen. Like with technical indicators, traders can also set up calculation parameters and the appearance of graphical objects. For example, for Fibonacci lines you can set custom levels and the line color. The impressive number of technical analysis software available in the MetaTrader 5 platform covers most of the needs of the technical analyst. And with the possibility to use MQL5 Technical Indicators, the analytical opportunities of the platform seem limitless. MetaTrader 5 mdash a complex trading platform for providing brokerage services on the retail Forex market. (Click on course for more details) (Click on the button if you want to see the course schedule.) Some of the profits that could have been made between 19 - 22 August 2013 with the system we teach (lot size 1 standard lot): (These figures shows potential during excellent market conditions only and is not representative of normal trading) Best Value Forex Training Courses in South Africa Classes are taught by a full-time trader with years of experience Forex training courses given by somebody who has no successful trading experience cannot help you to succeed. There are many Forex training courses available in South Africa and consumers may be confused about which route would be the best one to take. As you research the benefits and disadvantages of all the different types of Forex training courses available you will find that in the end there are four crucial factors that should guide your decision. Here is some feedback from our students: I sincerely enjoyed the course often times one attends a course and gets bored or the course is too complicated to follow. But in this case the training material was very clear and easy to understand, also the fact that the class size is very small so one truly gets individual attention. With the equipping I obtained through this course, I believe I am on my way to become a successful Forex trader. Thank you Ernest for the great service, I would recommend this course to anyone serious in improving their trading skills and making trading a success. At the end of my first week demo trading on the system, I thought I would write you a bit of feedback. Basically I had a good week. I did 12 trades, of which 8 were in profit total pips profit 130, total pips loss 17 overall profit 113 pips. In one case I closed a trade for a small loss because it was going the wrong way, then some hours later checked and found that if only I had been patient, it subsequently moved as expected. So overall a good and encouraging start. Once again thank you for the excellence of your training which I am confident now has given me the basis to become a successful trader - Peter I did have the opportunity do attend the course and it was very informative and I learned a great deal. Whether you are a novice or have a little bit of a trading history you will definitely learn a great deal on trading with currencies. I found this course extremely helpful and informative. I will definitively urge you to take the one-one-one course. Ernest himself is a successful trader and have lots of knowledge and tricks you can learn from him. - Mary-ann In general I found it very enjoyable and the fact that you created an atmosphere where serious learning could take place as well as making it fun and exciting is a strong plus point. I found the course very thorough, and you took pains to lay out the whole picture for us. I really like your follow-up emails and tips for the day. All-in-all, an excellent experience for me and a big thankyou to you for making it so. - Dr. Ellis I started trading live from Monday this week using Hotforex broker. The challenge is i dont have enough time to watch charts and indicators, i rely on pending trades and take profit settings. This week I made R500 profit on a four(4) hour chart. I opened the account with R1000 on micro lot. It looks promising. - Jabu Ek is darem so 968 op in twee weke - Coenie Money Management Trading Strategies Trader must look into three important factors. price forecast, timing and money management to trade successfully. Price forecasting indicates which way market is expected to trend. It is the first crucial step in trading. Forecast process determines if trader is bullish or bearish. If price forecast is wrong nothing else will work. Trading tactics determines specific entry and exit points, ie. timing. Money Management covers allocation of funds. Price forecasting tells what to do (buy or sell), timing helps decide when to do it, and money management determines how much to commit to trade. Industry is full of advisers and services telling what to buy or sell and when to do it. But how much to commit to each trade is very important as well. As a thumb rule, break your trading capital into 20 equal parts. Keep exposure to maximum of 50 of trading capital, other half of capital should be kept for reserve during periods of adversity and draw down. Always maintain protective stop losses on every trade. Also maintain balance of diversification and concentration of trades. Its also important to know that you can be wrong in markets more than half of the time and still make profits. For this you should always have risk:reward ratio of 1:3. You let your profits run and cut short your losses. Letting your profits run is not as easy as it sounds. Example - You have a long in trending markets, your trade is in profits. Now there is some resistance and its overbought. There could be small correction, what to do. Take profits or ride the possible down move, risk paper profits, for the trend to again pickup and take out resistance. One solution is to trade in multiple units. Those units can be divided into trading and trending positions. Trending position is hold for long pull, you risk your paper profits, give market plenty of room to consolidate and move higher. Trending position produce the largest profits in long run. Trading portion of the trade is booked at first target objective. This liquidated positions can again be reinstated. This increased flexibility of trading multiple units can have a significant difference in trading results. What should a trader do in periods of success and adversity. Suppose traders equity is down 50 after loosing streak. Trader has now to double his capital just to get break even. If he looses confidence and becomes conservative it would become more difficult to win back losses. Similarly if traders equity has doubled after winning streak, should he double his stakes to put money to maximum use. However losses are inevitable after winning streaks. So better to take profits out from trading capital. After analyzing the market technically, trader knows whether to buy or sell. Trade size is decided by Money Management. Final step know is execution. Following are trading tactics :- Trader is forever faced with dilemma of taking position in anticipation of breakout, taking position on breakout or waiting for the pullback after the breakout to take position. IF position is taken in anticipation, payoff is better due to lower entry, but odds of bad trade are higher. Waiting for breakout increases the odds of success but penalty is higher entry price. Waiting for pullback after breakout is sensible but dynamic markets often does not give second chance. Best is break the trade into few parts, take some position in anticipation, some on actual breakout and add some more in pullback. Thus multiple units traded would give a good average entry price. The exits can be also done in multiple broken trade. This is most useful early entry or exit signals. Trendlines give good entry points at supports and resistances. Breaking of trendline is often first sign of trend reversal, it acts as excellent action signal. SUPPORT AND RESISTANACE Breaking of resistance can be signal for new long position with stop just below nearest support. Rallies to resistance in downtrend or declines to support in uptrend can be used to initiate new positions or add to existing ones in direction of the trend. Supports and resistance are most useful to keep protective stops. 40-60 retracement from current trend is often a good zone to add positions in direction of former long term trend. Gaps in prices often act as key support or resistance. Gaps can be used for entry or to keep protective stops just above or below them according to trade taken. TYPES OF ORDERS Choosing right type of trading order is key in execution of the trade. Market order is simple instruction to buy or sell at current market price. This is usually used in fast markets when trader wants to ensure that position is taken thus ensuring missing potentially dynamic market move. Limit order is executed only when the specified price is met. Buy limit order is placed below current market price and sell limit order is placed above current market price. For example a buy limit order can be placed by a trader to buy in downside reaction or sell limit order could be placed by a trader to book profits around resistance in current uptrend. Stop order can be used to establish new positions, limit a loss on existing positions or protect profit. Buy stop is place above the market, Sell stop below the market. Once the stop price is hit, order becomes market order and is executed at best possible price. Stop limit order is also a stop order, but the order gets executed only at a particular price. Market if touched (MIT) is similar to limit order but becomes a market order if limit price is touched. Each of the order are appropriate at certain times in trading and also have there limitations. Market order guarantees entry but result in chasing markets. Limit orders provide more control and better prices but risk missing the market. Stop Limit also stand risk of missing the trade if prices gap beyond the limit price. MIT is useful but not allowed on many exchanges. Analysis start with monthly, weekly, daily and then intraday charts. Long term charts give telescopic view of market, intraday charts given microscopic view of the market. Shorter time frame moves can be used to take positions in direction of the trend in larger time frame. Trade in direction of the intermediate trend. In uptrends buy dips, in downtrends sell bounces. Let profits run, cut losses short. Use protective stops to limit losses. Dont trade impulsively, have a plan. Use money management principles. Diversify but dont overdo it. Employ at-least 3:1 reward to risk ratio. When pyramiding(adding positions), never add to loosing position, always add to winning position only. Each successive layer should be smaller than before. Adjust protective stops to break even. Never meet a margin call, never throw good money after bad. Close out losing positions before winning ones. Work from long to short term. Learn to be comfortable with minority. If you are right in the market, most people will disagree with you. Keep it simple, more complicated is not always better. First Runner-Up 2011-2012 Market System Analyzer If youre still looking for an edge in the markets, mechanical trading systems are the best way to get it. Mehr erfahren. MSA is designed to help maximize the performance of trading systems and discretionary trading methods. MSA can uncover tradable profitloss patterns, optimize trade sizes, and avoid trades and strategies that have a low likelihood of success. The result is a higher percentage of winning trades, lower drawdowns, more consistent returns, and greater profitability. Money Management Strategies An Edge in Online Stock Trading The trend is your friend Click here to see the Top 50 Trending Stocks. Money management is a huge key to success in online stock trading, so as part of your stock trading system you must have a good way to both avoid risk and become as financially efficient with your trading as possible. This area may at first seem inconsequential, but it is one of the most important. By watching and controlling the money you have to invest, not only will you protect your capital, youll also increase your profits. (Risk Management Position Sizing Primer) How Much Should I Put In Any One Position When Should I Sell a Stock Should I Use Stop Loss Orders Youll frequently hear how every trader needs to have an edge in their trading to be successful. Being in the drivers seat in the area of money and risk management is an easy place to create an edge in your overall stock trading strategy. The great thing about money management is that once you have your rules about them you dont have to stress too much and implementing them becomes mechanical in nature. These four aspects of managing the money in your stock trading portfolio are so important to your long term success. Moreover, the topic that doesnt get enough attention and something that really great traders know is how to handle a stock holding thats losing money or registering a profit. First of all, this is more about mental management than money management. The mental part of it is much harder to master than the mechanics of the money part. In fact, what worked for me the best was the most simple money management strategy that I could come up with. I did not know for sure how successful it would be, but I did know that anything would have to be more successful than what I was doing. Now to be sure, I did not make this up myself. I took what I had learned, heard, read, or subconsciously absorbed and came up with this. For the most part it has changed it very little from the very first day I started using it. What has changed is my attitude towards how I apply it. I always thought that I knew why I was a trader. The obvious answer is, to make a lot of money. That is about as much thought as I put into it because it was so obviously why I, and everybody else, wants to be a trader. The stories Id hear about people making lots of money would have me salivating to do it too. I just knew I could do it because I had always been successful at whatever I had done. I just wanted money, money, money. Sometimes you have to stand back from a problem or situation and clear your mind so you can take a fresh look at it. For whatever reason one day I decided to rethink my trading career and specifically my relationship with money. I asked myself a serious question. What was I trying to accomplish After some thought I realized something very surprising to me. Money actually had nothing to do with the question I was asking. Money is so tied into everything to do with trading it begins to be all you think about all the time. But when I thought about it, money actually had nothing to do with it for me. Money is simply the result of the answer to the question. I like to use sports analogies so here is one to illustrate my point. When a professional football player goes out to play a game, what is he trying to accomplish From the minute he steps on the field is he thinking about his paycheck or signing bonus Is he thinking if I just make this one block Ill make more money or If I catch this one pass Im set for life Probably not. During the game, a professional athlete is thinking of only one thingwinning. That is all he is trying to accomplish during the game. In fact his focus must be on that one very important goal, or risk losing the game due to his lack of focus and discipline. Think back on the career of your favorite professional athlete. Did he play like he was playing for the money Was he the leader of the team or a distraction to the team You will notice that when you see a player that moves from team to team that has a huge amount of skill but a less than stellar career, money is always part his story. He used his skills to become a pro athlete but could not maintain a successful career because he was in it to get rich and drive fancy cars and have lots of bling hanging from his neck. What I really wanted was to learn to be really good at my newly chosen profession. I enjoy trading and I am fascinated with the intricacies of trading and how it can never be mastered. I respected and admired people that had the freedom to be traders and did not have to punch a time clock or answer to a boss or to their customers. I wanted the lifestyle that I imagined traders had. So what I was really trying to accomplish was becoming a good trader. Being a full time trader had a mystique about it that appealed to me. When I closed my eyes and pictured what being a trader was like, I did not see any stacks of money in that picture. When I tried to feel what it would feel like to be a trader, I did not feel any money. When I pictured how it would affect my family and relationships, no money was in that picture either. The next question I had to ask was: If I had all the money I ever needed and I removed money from this profession would I still want to do it Would I want to be a trader if money was removed from it It seems the answer would be fairly obvious to this question. But that was not the case with me. I wanted to learn to trade and get better at it. I wanted to have the lifestyle that trading offered. I wanted the fulfillment of conquering something that over 90 of people that try it fail at. I wanted the challenge and mental stimulation. To me trading is almost like a video game is to my 16 year old son, but much better. Additionally, I have always been a very competitive person. Most of my younger years I played football and ran track. Later in life I ran a construction company that competed for project contracts. Competition has always been a part of my life and a great motivator for me. To me it is always about wins and losses, not about how much I won or lost by. That did not really matter to me. I either won, or I did not, end of story. With the answers to my questions, I set about trying to rethink how I approached my trading. If I could mentally remove money from my mind during trading, could I get over the hurdles that I seemed to keep tripping over It was time to get serious about trading and start approaching it like a business and not like a hobby. Although there is very little in trading that I can relate to my previous professional life, there are a couple of things that apply very well. Rules and training. So that was the first order of business for my new chosen profession. Create a set of rules regarding how I deal with money and then train myself to use them. Piece of cake. Writing the rules took about 30 minutes. Actually learning to make the rules a part of my trading life deeply ingrained in my psyche, just a little longer..several months longer Trade only one contract per trade placed for each 2000 to 2500 in my trading account If more than one market I was trading had a good set up, I would take both but with a single contract on each. Account must be grown to next level to proceed with additional contracts. Deposits into trade account do not qualify for additional contracts. I must trade my way to the next level. I did this to help myself stay focused and disciplined on becoming a better trader and not just finding a way to increase my account so I could trade more and make money faster. Withdrawal from the trade account is considered the same as a drawdown in the account. Not always the best thing, but occasionally necessary. If funds replaced into the account within 10 days of removal, then I could count those funds towards my account balance and goal to next level. If more than 10 days, I had to trade my way back up and not account for funds returned. I did not want to have to trade my way back up to the previous balance so this rule kept me from getting stupid with the money in my account. I had to refer back to this rule often when I wanted to splurge on something and I knew I could get the money if I really wanted to. Do not count my money on a per trade or day basis. Trade to be a winner, not a rich or financially independent trader. Do not count dollars or ticks but wins and losses. This was a biggie for me. Trading is all about money and always had been for me. Thinking in terms of wins and losses was difficult at first but became much easier the more I did it. My mind was so used to counting dollars that I was always doing the math in my semi-subconscious and telling myself how much I made or lost that day. Training that away was tough and I was not sure that I could do it. Now it is second nature to me and removed a lot of obstacles that had been keeping me from becoming a good trader. When account has grown steadily for a minimum of 3 consecutive months, auto transfer enough funds each month from trading account to pay 1 monthly bill. Each consecutive 3 months of account growth add another monthly bill to the auto transfer amount. I did not really know how to know when it was time to start taking money out of my account to pay my bills with. Doing it all at once on the first month I decided to do it was a scary concept to me. So I just took one bill and made it the responsibility of my trading business to pay. It was a very small one but I paid it out of my trading account earnings every month. In my mind it had been removed from my personal expenses and added to my business expenses. I did not add another bill until I had 3 months of consecutive earnings. If I had a down month, the calendar started over. But once the expense was transferred to the business, it was always the responsibility of the business whether I had a good month or bad. Trading is a job. Paychecks come at the end of the week and not until then. Friday afternoon at the end of the day, open the paycheck and see how much you made. Kenny Rogers said it best, You never count your money when youre sittin at the table. Therell be time enough for countin when the dealins done. If you are counting money, you arent concentrating on your job. Emotions are going to trip you up and cause you to make mistakes that will end up costing you far more than that one trade or that one bad day did. Set a daily goal for number of wins or losses. Initially for me that number was a big fat 1. Previously I had days of huge wins and the next day a huge loss followed by a small win and then another huge loss. I could never seem to get any traction established as a winner. I had very few consecutive days in the win column because I always managed to keep trading until I lost most or all of my earnings. If I could just see a few weeks of consecutive wins I knew it was all going to be ok. That had to be 1 net winner per day. Meaning if my first trade was a loser, I had to win the next 2 to be a net winner for the day. This created a whole new level of focus for me on each and every trade. It was right about this time I stopped saying to myself, just to see what happens as my justification for entering a trade. A single losing trade meant that I had a lot more work to do to make it up. The more consecutive days I had as a winner, the more I wanted. Eventually I was trying to see how long of a streak I could have before having a losing day. I had forgotten about the money. I just wanted to add to my winning streak. For more from Tony, please visit The Intentional Trader . Passion and enthusiasm are the watch words of Mike Mc Mahon. He brings both to his trading and his teaching, with almost 35 years of experience in the market, as an investor, a trader and a licensed Commodities broker. In this interview, he explains his views on the markets and his recommendations on how to learn to trade. How many years have you been involved in the markets About 35 years overall and highly concentrated work for approximately 25 years. What makes you a successful trader Belief in myself is my best trait. Over the years I have developed a discipline that works. I follow it religiously. This gives me the confidence to do the right thing in virtually every situation. That confidence allows me to be more decisive. And the better decision-making affords me a very nice return. I guess you might wish to distill that into a simple comment of Discipline is my success secret. I return a couple of hundred percent typically on my risk capital. 1999 was a very good year for me with a 600 return. I trade with about 18 - 20 of my financial assets, the rest being in long-term portfolios. I am strong equity right now, but I change my portfolio to match the market character. Which technical analysis tools do you find the most useful I use quite a variety in my trading. First, understand that I employ momentum, swing and position trading in my arsenal. Needless to say, the advent and proper interpretation of Level II is my main source for decision-making in momentum trading. Your question leads me to swing trading, which by definition is based on technical analysis. I use a standard RSI in conjunction with a very simple approach to support and resistance lines. I analyze generally with 15 minute charts and watch with 1 minute charts. Market indicators help with decision support for entry and exits. I keep a close eye on SP futures, the Tick, the TRIN and the market index that I am trading in, typically NASDAQ Composite. One of my better tricks is looking back 90 days for highlows approach on NASDAQ stocks. These tend to breakout (up or down) more frequently than Big Board stuff. By using a simple consolidation lineschannels, I look for confirmed breaks through support or resistance and act accordingly. I am currently studying Fibonacci analysis (Fib Nodes, confluence, 3x3 displacement) which is fascinating and appears fruitful. but I am by no means an expert in this field. To re-answer your previous question. another winning trait is that I fully realize that I am in a learning mode. There is never a day that goes by that the market does not present me with a new challenge or a different thought. You need to be flexible and open-minded to achieve. What weaknesses have you overcome that have improved your trading The single biggest weakness I had was in not allowing my positions to fully develop. I was taking money off the table too quickly, while there was still a potential profit. This lead to the next problem of ego. After getting out early, I would convince myself I was right and not get back in immediately, again foregoing profits that eventually were there. In order to over-come this problem, I set myself the task of loosening my trailing stops (in swings and positions). This was quite a change and took a couple of years to get used to. I now will allow a profitable position to erode a bit to confirm it has finished its run. While I am not maximizing my profits, the ability to allow the trade to develop to its fullest has more than paid off, even if I am leaving a little on the table. Needless to say, this is not the strategy I employ in momentum trading. There, my stops are very rarely over 37 cents and generally as tight as a nickel. What minimum attributes do you believe a person should possess before considering becoming a trader Qualitative: Decisive, disciplined, non-egocentric yet individualistic (tough combo), bold (not foolhardy), and enjoys the trade (You have to like this, you have to have a passion for it). Quantitative: Several years of Market study (to be successful, not to start), appropriate risk capital (with little emotional attachment to it), ability to devote time to a rather harsh mistress (no less than 16 hours a week in research and study does not include actual trading time). What knowledge or training does a potential trader need at the minimum before beginning to trade There are three ways to learn. The first way is the school of hard knocks trial and error (expensive error). The second way is the self-study method of reading every book and listening to every guru and then placing money at risk. And, the third way, getting a formal education, which must include discipline, risk management and capital preservation. Some may think those are the same thing but they are very different when inspected. Of course, you must learn about the market, the influences of the political arena, indicators, sentiment, world financial influences and human psychology. Certainly, there must be training in the new tools available, Level II reading and interpretation, technical analysis, understanding that there is manipulation in the markets (it is not just supply and demand), etc. There are other topics that need to be understood. For the beginner, you do not have to Master them all, but you must be familiar with them. As you progress, their importance becomes more clear and you then start to use them more effectively. Of them all, my personal beliefs and strategy tend to place more import on the psychological aspects. The market works on perception right or wrong perception of danger, perception of profits, perception that someone else perceives differently. Having a working understanding of these aspects allows me to anticipate where the herd is going. Ultimately, the best education is the experience of being in the market. Formal education simply gives you some protections and a few tools to get started with. Longevity is the real need. Those without training squander money, get caught up in trying to get even, doubling up on the next trade, etc. and, lo and behold, just about the time they get it, they no longer have any risk capital to work with. They become wannabe traders that almost made it. they just didnt last long enough. Formal education informs them of the risks, sets a true framework of discipline to work with and develop, and teaches them how NOT to lose money as fast, thus, allowing time and experience to do their job. Must the trader view hisher trading like a business to be successful Absolutely. This is true on many different levels. Psychologically, if it is not treated seriously, then it must be play. Play is wonderful, however, you tend to do foolish things during play. You can pretend, you can be someone you are not, you can afford to be emotional, both exuberance and depression. None of these things are winning traits in trading. It must be treated like a serious venture. You must realize that there will be trading losses, trading profits, trading taxes, trading expenses. If you are not organized, punctual, determined and aggressive, your venture will fail trading, selling ice cream or writing software. Because of my psychological makeup, I need to trade on a floor. While this is not necessary for all, and in fact many successful traders do trade remotely, shielded from the noise, I have learned, however, that for Mike to work well, I need this little discipline (heck, it is actually a Big Discipline). Of the successful traders that you know, what characteristics or qualities make them successful Pretty much the ideas and traits I have already mentioned. Decisive, bold, ambitious, non-emotional (or at least trying), disciplined and (did I mention it) disciplined. Most of the traders that I know who are returning handsome profits all have developed a discipline and style over time. All have a plan, a strategy. yet to a person, they are all flexible to stay with an ever-changing market. By the way, most are very tight-lipped on exactly what their strategy is. Both trading strategy and discipline can be very personal. Of the unsuccessful traders that you know, what characteristics or qualities make them unsuccessful Simply take the reverse of the last question and the question on minimum attributes. I think fear is the mind-killer. As I noted, beginners lose, some lose big, some small but all lose. It is getting over that emotional pitfall, I am a Loser, and simply realizing that nothing good comes without work and setbacks. Fear also works on decision-making. Too often a trader sits and watches a price move up the ladder, all the while saying, this is going up, I should buy. maybe I will let it confirm. yeah, it is going up, on the next dip I am a buyer. Needless to say, this person eventually bought it at the top, only to see the position turn over on them, reinforcing the defeat by the fear that disallowed the decision in the first place. There is no straight road to success. even Mr. Gates had his ups and downs. Under-capitalization is another big killer, as I already mentioned. Surprisingly, over the last year or so, I have seen less of the Get Rich Quick attitudes in our classes, so either we are getting more serious students or the media has had a salutary effect on short term trading. What are the most common mistakes made by the neophyte trader Wow, alphabetically or numerically. Sorry, the novice and apprentice are faced with countless challenges that must be overcome one by one. I can break it down into two groups analytical risk and execution risk I may be oversimplifying but lets start there. Again, most see a price going up and they buy. They need to see that a price Will go up but buy it as there are still sellers, i. D. h. as it is about to find support and turn around. This is very difficult psychologically. I have just demonstrated another problem with bias. for the second time I have used a buy situation. Most neophytes do not see anything but up trends. They are biased to the long side. Again analysis has failed them because they do not believe that the market can go down and that they can make money at the same time. Execution has become a major issue. The public is waking up to the fact that they are not necessarily getting the best fills in a timely fashion from their brokers. Thus the hue and cry for more self-directed trading that online brokers offer. Many do not understand the simple differences of Limit vs. Market orders, what the spread (and therefore the load) is, etc. Additionally, with the advent of the Direct Access Trading Platforms, simple keystroke or mouse-clicks get many into trouble. I tell a story on myself from a few years back: I was short 1000 shares of CSCO before it split. I was bucking the market and thought I had a retracement I could take advantage of (needless to say, this was a momentum trade). The momentum turned on me and I quickly closed the position. sold that sucker fast. oops, now I was short 2000 in an up market. I did not panic, I changed my share size to 2000 and sold it off. I stared in disbelief. I had done it again (Yeah, Joe Professional, huh). I finally changed it over to 4000, took my left finger in my right hand and pushed the BUY button and finally got out with about a 700 loser. all due to a lapse of concentration and poor execution. This was a classic beginner mistake, not buying to cover a short position. Beginners often buy the wrong stock. they have a chart they are looking at but the wrong symbol in their execution box. The bad news is that most will freak out and close the position. Often, the mistaken position will move in the desired direction because the entire market was moving, it was in the same sector, etc. When that kind of mistake is made. dont be too hasty, look it over and decide. Panic and rash decisions can be devastating. In teaching Scuba diving, one of our tenets is Think and then act. it cuts down on panic. A major mistake that beginners make is in over-trading. It is fun and exciting. However, even with little losers and few moderate winners, commissions and fees add up. They do not take the time to analyze what they have done (why the trade was good or bad) and end up with a large cost for the day without learning anything. Not learning is the biggest mistake. How critical are the mental aspects of trading Incredibly crucial. Again, for me, psychology is a major aspect. Therefore, understanding yourself first is vital. How do you react in times of stress Are you decisive both ways, in and out Are you happy to be doing this (It is amazing how some are drawn to trading but eat antacids all day. whats the point, you should like what you are doing). Can you be mentally tough enough to let losers go. or do you fret over them Again, the mental aspects are there or they are not. you can learn to read charts, you can train to see momentum, but if you are not mentally fit, you will lose. Do you recommend that paper trading, simulated trading or other training tools be used by a beginner before actually trading Absolutely, but as everything else in trading is double-edged, so too is simulation. Simulated trading allows the novice to see the workings of the market, if they pay attention. Seeing price action and the movements of the market participants (Market Makers and ECNs) is invaluable. Simulation also helps establish execution skills. picking the right trade route, the right buttons or clicks to complete the trade, etc. The two bad things about simulation is that it is not LIVE. I said two. the simulators I have worked with all fill the orders easily or with great difficulty. This is not how the real world works. Unfortunately, the bias is to easy fills. This gives a very false impression to the novice, they simply do not know any better. The other half to the LIVE problem is that there is no money at risk. Again psychology comes into play. It is amazing to me that many have risked large sums of money in business or in investments with little emotional response yet, the very aspect of trading with real money will cause sweaty palms and heart palpitations. Simulation, paper trading or play-dough is very necessary but needs guidance and insight from an experienced tradertrainer to avoid these pitfalls. What steps should a new trader take to minimize hisher risk of losing capital Every one he can. Seriously, there are some simple steps to minimize risk that all should employ, especially the beginner. Keep share size small until you are sure. novice or experienced. test the waters, add to winners. Increase share size slowly with experience and comfort. Decide and if it doesnt perform as expected, decide to get out. simply put, When in doubt, get out Set stop limits. both on the individual trade and for the day. I already mentioned my in trade stops but how about this as a daily quit point - 1 of risk capital down, quit for the day. This tells the beginner that if he has 50,000 buy power he should quit if he loses 500.00, whether it be in the first few minutes or near the end of the day. Stop Losing Find out WHY. Leave internet stocks, ipos and volatile stocks to the pros. Yes, an internet stock may soar 20 points but it can fall that easily too. I have seen too many accounts melted down because of a mistake in judgment. When these guys move, they really move quick and the novice tends to focus on the problem, not the solution. There are plenty more methods. avoid trading during major announcements, dont add to losers, be patient, learn the characteristics of one or two stocks and dont stock hop. to mention a few. What should a trader do to improve hisher skills and performance Learn everyday. Make a plan and stick to it until the plan does not work. Then modify the plan and work it again. Write down every trade with why you took the trade as the most important aspect. Then review and analyze why it worked or didnt. Write down a list of disciplines, review it every week and re-write it. Writing is important, you tend to fool yourself with mind games, but if it is right in front of you, in print, it is hard to lie to yourself. Start simple and develop your disciplines over the course of your trading endeavors. I have found some strange disciplines in my life I stop trading for 1 week when I have had 30 days of wins ( I tend to lose focus and think too much of myself). I do not trade the opening (Clearing). the old adage holds true for me. amateurs open the market, pros close it. I do 1 week (minimum) of study and research before I will take a trade if I have been away from the market for more than 2 weeks (like a vacation). Ultimately, discipline will be the most benefit to the trader. new or old. How important is having a mentor or a person closely supervise the new trader for the first few months Invaluable, however, the old joke is that if I were to help you with golf, do you really want to shoot a round in the low 130s. The mentor needs to be seasoned and successful. It is tough enough for the neophyte but bad leadership or poor habits will only contaminate them. They are new, fresh. old pros have habits suited to their particular personality. I believe mentoring is wonderful but it should be done by a teacher who understands the needs of the student. Our XLT program provides excellent mentoring support for traders. Do you recommend that a log book be kept by the trader of all transactions with notes on all trades As noted above (no pun intended), log your trades and LOOK at them. It does no good to write them down if you do not go back and review and analyze. If you think it is too much writing, then I offer that you are over-trading. As experience and skill develop, you will find alternate methods for reviewing trades. Do you recommend that traders use limit orders on the buy side and stop losses to prevent large losses This is a tough question in that it is too broad. There are many times in a running market that a market order is preferable to a limit order. This is also modified by the method of trading online through a broker or with Direct-Access Trading (DAT). DAT affords you greater transparency and control. However, once dealing directly, market orders are almost unheard of as the use of ECNs require Limit orders only. Again, most experienced traders would never limit themselves to one execution route. As for Stop losses, absolutely they need to be used. Again, different methods arise. Some will actually set mechanical stops with conditional orders while I almost exclusively use mental points. I also dont tend to fool myself anymore kind of like cheating at solitaire. Novices need to use both right away. They are the beginning of the self-discipline. They are also the most often breached. Would you discourage or encourage a person who believes that trading stocks is something they want to try People are curious. Many things attract them to trading. The mystique of being a market mogul. The appeal of fast action and high risk. The deep hidden hope that they will strike it Rich. All of these, and host of reasons more, lead people to the Online Trading Academy. We are happy to answer their questions and, we hope, they honestly answer ours. We constantly strive to warn, disclose and educate these inquisitive people about the risks of this market and its suitability (or not) as a profession. Some immediately see the hard work involved and leave, with their hopes of quick profits destroyed, others want to press on. These few we try to serve to the best of our abilities. Finding a teaching, active trader is difficult. The cadre we have all enjoy teaching for teachings sake. Sounds awfully noble, but there are real rewards other than dollars and cents. To answer simply, yes, I encourage people to find out if this arena is for them, but I also stress that is not for all. Are there any books you recommend that are a must for the beginning trader I have provided a short list of books that I have read and found valuable. There are many other fine publications, articles and whatnot that I would have the beginner read. Many of the higher-level books are just that. too advanced conceptually without the basic foundation of the trading world. I also recommend the following: Investors Business Daily The Wall Street Journal Barrons Financial Times Forex - LIBOR - Swaps - the recent banking scandals explained The highest fines ever have just been imposed on banks by regulators in the US and UK for dishonest manipulation of the foreign exchange index. This Forex scandal comes hot on the heels of the LIBOR scandal and interest rate hedging product misselling. The Financial Conduct Authority (FCA) has imposed a financial penalty of 284,432,000 on Barclays for failing to control business practices in its foreign exchange business in London. This is the largest financial penalty ever imposed by UK regulators. At the same time US regulators have fined Barclays 2.3bn, by far the largest fine imposed, because it did not settle with regulators last year. It is also reported that Barclays has admitted criminal charges relating to Forex manipulation. Put simply, Barclays employees helped rig the foreign exchange market, said Ben Lawsky, New Yorks superintendent of Financial Services. They engaged in a brazen heads I win, tails you lose scheme to rip off their clients. Essentially the banks colluded to share confidential information to fix benchmark foreign exchange rates. As described in somewhat more neutral tones by the UK regulator, the FCA: This involved traders attempting to manipulate the relevant currency rate in the market, for example, to ensure that the rate at which the bank had agreed to sell a particular currency to its clients was higher than the average rate at which it had bought that currency in the market to ensure a profit for Barclays. Barclays control failings also meant that traders had the opportunity to benefit Barclays trading positions in FX options by attempting to manipulate fix or spot FX market rates to prevent Barclays clients from receiving pay-outs from the options they had purchased from Barclays. In this way the banks could arrange trades before the FX rate became fixed to ensure that those foreign currency transactions were profitable for the bank to the detriment of their customers. It is a scheme with strong similarities to the LIBOR rigging scandal. In this, banks colluded to fix the London Inter-Bank Offered Rate of interest, and then arranged trades either side of the LIBOR rate, always to ensure that when the rate moved (whether up or down) their interest rate swap trades were profitable. This scandal affected many parties with loans pegged to LIBOR, across the entire lending sector, even extending to mortgage borrowers. The rate of interest paid was being falsely manipulated for the banks own profits, yet because the LIBOR was rigged as much to bring it down as to raise it (any movement would do for the banks to make a turn) it can be difficult to show clear losses from that manipulation. Borrowers in some circumstances may, perversely, have benefitted from rate dips as much as lost out from hikes. Interest rate hedge misselling scandal Forex has fewer similarities with the interest rate hedge misselling scandal. Here the banks sold complex derivative products to all sorts of businesses, large and small any business with a commercial loan. These were parties who did not know what a derivative was, but these hedges, designed to protect against interest rate swings, left borrowers stranded paying interest rates up to 5-8 when the Bank of England base rate fell to 0.5. With no realistic ability to exit the swaphedge, harm in these cases is clear to show. The FCA imposed a scheme of redress covering smaller businesses. The irony that we have identified, though, through the work we have done in this arena is that the businesses most badly affected by these products have disappeared into insolvency. In these cases there is no entity left to benefit from the FCA scheme or pursue damages. As to redress, with Forex, court action is underway in the US. Large pension funds issued claims against the banks in late 2013. It seems that there is likelihood of showing relevant duties of care andor contractual breaches and loss in England too. Whilst it is expected that most claimants will be hedge funds and pension funds who had large sums invested in foreign currencies and were thus vulnerable to dishonest manipulation, there may also be corporates who had significant investments in foreign currency or who dealt in currency to manage exposure to currency fluctuations. They may also have suffered loss and the clear admissions of guilt by the banks may be the trigger that these parties have been waiting for. With interest rate swaps and LIBOR compensation there was a test case, Graiseley, but that settled in April 2014. This settlement will have frustrated many claimants who, too large to fall within the FCA redress scheme, were keen for a precedent to be set by that case for them to follow. With these latest fines and, crucially, admissions we expect a rush to review all relevant transactions and a renewed vigour in the pursuit of redress across all forms of bank misbehaviour. Limitation needs to be considered and advice must be sought at the earliest opportunity. About the author Hacking, cybercrime and fraud in property transactions can you recover from your solicitor When will qualified one-way costs shifting apply The following facts and figures relate to the foreign exchange market. Much of the information is drawn from the 2010 Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity conducted by the Bank for International Settlements (BIS) in April 2010. 53 central banks and monetary authorities participated in the survey, collecting information from 1,309 market participants. Excerpt from the BIS: The 2010 triennial survey shows another significant increase in global foreign exchange market activity since the last survey in 2007, following the unprecedented rise in activity between 2004 and 2007. Global foreign exchange market turnover was 20 higher in April 2010 than in April 2007. This increase brought average daily turnover to 4.0 trillion (from 3.3 trillion) at current exchange rates. The higher global foreign exchange market turnover in 2010 is largely due to the increased trading activity of other financial institutions - a category that includes nonreporting banks, hedge funds, pension funds, mutual funds, insurance companies and central banks, among others. Turnover by this category grew by 42, increasing to 1.9 trillion in April 2010 from 1.3 trillion in April 2007. - BIS Decentralised interbank market Main participants: Central Banks, commercial and investment banks, hedge funds, corporations private speculators The free-floating currency system arose from the collapse of the Bretton Woods agreement in 1971 Online trading began in the mid to late 1990s Source: BIS Triennial Survey 2010 Sunday 5pm EST through Friday 4pm EST. Trading begins in the Asia-Pacific region followed by the Middle East, Europe, and America One of the largest financial markets in the world 4.0 trillion average daily turnover, equivalent to: More than 12 times the average daily turnover of global equity markets 1 More than 50 times the average daily turnover of the NYSE 2 More than 500 a day for every man, woman, and child on earth 3 An annual turnover more than 10 times world GDP 4 The spot market accounts for over one-third of daily turnover 1. About 320 billion - World Federation of Exchanges aggregate 2009 2. About 70 billion - World Federation of Exchanges 2009 3. Based on world population of 6.9 billion - US Census Bureau 4. About 58 trillion - World Bank 2009. Source: BIS Triennial Survey 2010 The US UK markets account for over 50 of daily turnover Major markets: London, New York, Tokyo Trading activity is heaviest when major markets overlap 5 Nearly two-thirds of NY activity occurs in the morning hours while European markets are open 6 5. The Foreign Exchange Market in the United States - NY Federal Reserve 6. The Foreign Exchange Market in the United States - NY Federal Reserve Average Daily Turnover by Geographic Location 9 banks account for 75 of turnover in the U. K. 7 banks account for 75 of turnover in the U. S. 2 banks account for 75 of turnover in Switzerland 8 banks account for 75 of turnover in Japan Source: BIS Triennial Survey 2010 Commonly used technical indicators:
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