FXstreet Webinar on Regulations
Here is the much requested link to the FXstreet webinar on Forex regulations.
http://transcripts.fxstreet.com/2008/05/how-new-us-regu.html
Enjoy !
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Categories
What We Can Control
Today we were talking on TraderRadio about what we can and cannot control. So I drew this image to sum up how I feel.
Okay, Now I Get to Rant about Oil
What the crap is going on?
It's the speculators (we should tax traders' profits on oil trades)!
It's the politicians (our middle east policy caused all of this)!
It's drivers (we shouldn't drive our cars so much)!
I am kind of tired of hearing all of this stuff, and still see oil climbing. Has anyone stepped up to the plate? No. Well, I take that back: President Bush went to Saudi Arabia and asked them to increase production by 1 million barrels per day.
They said no.
Is that the extent of the work that will be put forward here? I keep hearing from people that "Europeans are used to paying this much, you should get over it!" Here's news: I am not going to get over this. We are paying more money for a commodity which enriches nations which support terrorism. We are paying more for a commodity which damages the environment. We have less money and we have more problems. Our dependence on oil is ridiculous.
Drilling in Alaska, or in your backyard, or in your bedroom, is a temporary answer. That doesn't solve the problem now. Oil is probably going to stay above $100 per barrel for a long time, and maybe never go much further than that (maybe to $75 again). The rest of the world is just using more of it. And will keep spending more money to get it.
This is a huge problem and it appears that we're all asleep at the switch.
Perhaps no one is really speaking out with any real solutions or anger because they fear the oil industry. That's logical, but it's lame. We elect people on the basis of their supposed ability to get difficult (or scary) things done. Our elected officials might worry about the effect on the electorate (don't tee off people in an election year). They might fear the middle east, or the bogey man. But one thing remains: the price is skyrocketing. Even if there is an infinite supply of the stuff inside the earth, I have less and less interest in supporting the efforts to get at it.
I am still waiting for someone to step up and really publicly start caring about this.
There is a great opportunity at this point to start to watch oil, and the rest of the energy sector, as it becomes the next bubble.
The Quest for More
Every time I work with a trader who realizes that he or she can trade profitably, the first thing that the trader starts doing is thinking about scale. Here are some examples:
If I can do this with one currency pair, imagine what I can do if I trade two! Or ten! Wow! I can make some pips just trading during the morning! What if I traded all day!
And so on. We think about increasing the scope of what we do, in order to make even more money from what we have realized we can do. The problem is that sizing up in lots, or in currency pairs, or in time to trade -- all of that is one of the hardest things to do.
A great way to ruin your performance is to make the assumption that just doing more of it will make you insanely wealthy. Next time you're tempted to increase the scope of something you do, I implore you to think instead of decreasing what you are doing. Do less. Cut down what you do. Keep it simple. Manageable. And build your account step by step, safely and sanely.
The Family of Traders
I'll have a lot more to say on this topic in coming weeks, but I just wanted to post briefly about it now, as we are on the way to Hawaii for the seminars.
It comes to mind that over the past few months I have become a better trader myself because of the family of traders that comes to the radio show, or emails me, or is part of the free seminars that we have been doing, or the web-based training that we do. What an amazing group of people who are generous and kind to one another! These people have as a main goal is not only to become better traders, but to help others do the same.
If you are new to the blog here, or to the radio show, then welcome to the family! You are part of a growing community of traders worldwide -- and it's only going to get a lot bigger, and a lot more fun. Thanks!
Boris and Kathy in London
My good friends Boris and Kathy are doing a 2 day seminar in London. It's sure to be well worth the time and money. Here is a link for information:
http://www.bktraderfx.com/site/london-seminar
I don't know anyone on the planet who does a better job of analyzing the fundamentals for the purpose of trading currency. Period. They are also both generous with their time and entertaining together -- something that matters just as much.
Thank You, Salt Lake City
We had a great time together in Salt Lake City. About 200 of you came to hang out together for a few hours, for the free Saturday morning seminar. I am for sure coming back, and I am excited to let you know about that as soon as possible.
Thanks to IBFX.com for making it possible to hold the seminar in the first place.
Things I Try to Remember
Planned, patient trading always makes more money in the long term over quick, short term manic trading.
The currency pair doesn't HAVE to do ANYTHING after the red line crosses the blue line. It can do ANYTHING, including something you have never seen it do.
Learning a lot about a few things is a marvelous way to make a career as a trader.
Your favorite currency pair and favorite setup(s) will make you more money in the next four years than every other currency pair combined.
It is possible to get 300 pips a day on the GBP/JPY. It is also possible to lose 500 pips a day on the GBP/JPY.
Trading begins before you push the “buy/sell” key.
Trading because you want to make money is an excellent way to lose money.
You trade your beliefs, even if you think you are trading a plan.
Knowing yourself will make you more money than “knowing the market.”
Great traders are sometimes lazy people.
Salt Lake City Free Seminar
The good people at InterbankFX are sponsoring and hosting a free seminar tomorrow, Saturday, May 10. I'll be presenting on three topics for about 3 hours -- psychology, risk management, and then I'll completely explain the Surprise trade strategy. InterbankFX is also providing lunch for everyone.
Here is where you can meet with us:
May 10th, 2008
SLC University Marriott (click here for more hotel info)
480 Wakara Way
Salt Lake City, UT 84108
Check-In: 9:00am | Meeting: 9:30am
I'd love to meet you in person. I hope you can come.
What Does a Trader Do?
What does a trader do?
One thing that I couldn't accept as an attorney (for the five minutes I seriously considered that as a profession) was that I'd be confronted with the temptation to make money from projects and clients with whom I did not want to work. The wealth that is created from doing a law-job is wealth that comes from the support of, allegiance to, and active promotion of a client's business.
How is trading different?
A trader creates wealth from scratch. When you produce income from trading, you are creating wealth from the following ingredients:
Charts
Fundamental information
Price
YOUR MIND
Some would argue that trading is a zero-sum game, and what you win is someone else's loss. I think that's an immature description of trading. It's far more productive to view trading as the opportunity to use your mind, your talents, your discipline, and your friendships to create wealth.
When you produce income in this way, you're not extracting (consuming) a piece of someone else's pie. You're not feeding off the labor of others, or piggybacking on the business interests of some other party. Or earning wages from the support of a cause that you cannot support. Or befriending others for the purpose of winning their business rather than because you have shared goals. The cause is the support of you and your family. Of your ideals. The cause is the charities that you support, the friendships you can foster through trading, and the development and strengthening of your own talents.
In summary, a trader is self-sufficient. The practice of using ingredients like charts, fundamentals, price, a computer, and your mind to produce wealth enhances your ability in the long term to be completely independent.
What is the Purpose of Trading?
What is the purpose of trading?
It seems clear, doesn't it? The purpose of trading is to make money. The trade is planned, entered, and exited with the goal of increasing the size of one's trading account. What other purpose would there be?
The dictionary says this about purpose:
"something set up as an object or end to be attained : intention b: resolution, determination"
What about:
The purpose of trading is to not lose money.
The purpose of trading is to practice discipline.
The purpose of trading is to use my talents.
The purpose of trading is to grow.
Or how about:
The purpose of trading is to express my true nature. I was meant to be a trader.
Maybe the purpose of trading is simply to trade. Because that is what you have been called to do, or what you are meant to do, or it's the highest expression of your nature as a producer rather than a consumer. When you trade successfully, you are disciplined, you are growing, you are using and developing your talents, you are making money, and you are creating wealth from scratch. But most of all, you are trading because it's the right thing to do for you.
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