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Today I'm answering a lot of emails from 1 on 1 students who had great weeks. One guy ended this week +470 pips, last week +280. Another ended Friday of this week with +118 and +67 on two different trades. And the list goes on -- more people did well this week than any other week I can remember. These are great results, and with the huge moves on Thursday and Friday (with Ben Bernanke's speech, especially), it seemed easier to get the gains.

The challenge is now to keep those gains. Getting the gains can become the easy part. Keeping the gains is what makes you rich. If you had a spectacular week last week, then consider not trading at all on Monday. Consider withdrawing some of those gains into your bank account!

Remember, it is far more difficult to keep your profits than it is to make them in the first place.

Continue reading "Superman Complex" »

Posted by Rob at 06:51 AM | Permalink | Comments (0) | TrackBacks (0) ..............................................................................................................................................

Have you seen Boris Schlossberg's new book, Technical Analysis of the Currency Markets? If you have not read it, you should. It's one of four books I recommend to every currency trader, and it is not like all the other books. There are insights in this book that you simply won't find anywhere else.

Boris is a friend, but that is not why I am recommending it to you. He is the senior strategist at FXCM, he is a brilliant analyst and an accomplished trader in his own right. He practices what he preaches. He knows his stuff. Here's a link to the book:

There is a section on alternative methods for stop losses that is worth the price of the book alone. I hope you'll read it!

Continue reading "Schlossberg's New Book is Out!" »

Posted by Rob at 03:59 PM | Permalink | Comments (0) | TrackBacks (0) ..............................................................................................................................................

I got an email from a friend today that said that even though he had been discouraged about missing out on some of the trades he planned, he realized that, at this stage, he's really just like a Carpenter's apprentice. He has to make a thousand practice cuts on the wood before he can be trusted to do some of his own work. And everything is supervised.

This makes a ton of sense. We are all too anxious to take our trading to the next level, when in reality we should enjoy the ride as we have it...and right now, you might be in "learning mode," and in a couple of months you might be getting 100-150 pips per week. But if you are in learning mode, enjoy the apprenticeship for what it is.

Continue reading "You are an Apprentice" »

Posted by Rob at 04:41 PM | Permalink | Comments (0) | TrackBacks (0) ..............................................................................................................................................