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Weak

The 5 Fatal Flaws of Trading

By: Elliott Wave International

Close to ninety percent of all traders lose money. The remaining ten percent somehow manage to either break even or even turn a profit -- and more importantly, do it consistently. How do they do that?

That's an age-old question. While there is no magic formula, Elliott Wave International's own Jeffrey Kennedy has identified five fundamental flaws that, in his opinion, stop most traders from being consistently successful. We don't claim to have found The Holy Grail of trading here, but sometimes a single idea can change a person's life. Maybe you'll find one in Jeffrey's take on trading. We sincerely hope so.

The following is an excerpt form Jeffrey Kennedy's Trader's Classroom Collection eBook. [Read more...]

The Three Biggest Mistakes Traders Make - Volume 2

Why a Seminar About Mistakes?

We often learn more from mistakes than from successes. But traders tend to focus on, and are fascinated by, success – especially the success of others.

Unfortunately, the advice these pros offer on how to make money is often contradictory.

People lose money in the markets either because of errors in their analysis or because of psychological factors that prevent the application of good analysis. Most of the losses are due to the latter.

All analytical methods have some validity and make allowances for the times when they will not work. But psychological factors can keep you in a losing position and cause you to abandon one method for another when the first one produces a losing position.

Most discussions of the psychological aspects of the markets focus on behavioral psychology or psychoanalysis, i.e. sublimation, regression, suppression, anger, self-punishment.

This isn't to say such approaches aren't instructive; it's just that most people find it hard to digest and apply the information presented. But more importantly, such approaches are trying to change your natural psychology – a difficult, if not impossible, task.

WATCH NOW: The Three Biggest Mistakes Traders Make - Volume 1

Best,
The INOTV Team

The Three Biggest Mistakes Traders Make - Volume 1

INOTV

Why a Seminar About Mistakes?

We often learn more from mistakes than from successes. But traders tend to focus on, and are fascinated by, success – especially the success of others.

Unfortunately, the advice these pros offer on how to make money is often contradictory.

People lose money in the markets either because of errors in their analysis or because of psychological factors that prevent the application of good analysis. Most of the losses are due to the latter.

All analytical methods have some validity and make allowances for the times when they will not work. But psychological factors can keep you in a losing position and cause you to abandon one method for another when the first one produces a losing position.

Most discussions of the psychological aspects of the markets focus on behavioral psychology or psychoanalysis, i.e. sublimation, regression, suppression, anger, self-punishment.

This isn't to say such approaches aren't instructive; it's just that most people find it hard to digest and apply the information presented. But more importantly, such approaches are trying to change your natural psychology – a difficult, if not impossible, task.

WATCH NOW: The Three Biggest Mistakes Traders Make - Volume 1

Best,
The INOTV Team

How to Remove Your Emotions When Trading

I am always impressed by traders' emotional attachment to their positions. I too at one point was passionate about the companies and indices I bought and sold.

It took a while but after being betrayed over and over again (and losing lots of money) from these companies, I woke up.

I was not going to be successful by attaching myself to a company that I had no control over. So I embarked on a search to find a way to consistently profit in the market, just like I’ve seen many others do. I wasn’t looking for a “get rich quick” scheme, but I wanted a strategy that would allow me to remove my emotions from the process. I had reached my tipping point and my emotions could no longer be another derivative of the market. [Read more...]

"Day Trading Made Simple" now playing on Trend TV

William Greenspan has over 155 consecutive winning months using his "day trading" system. As a day trader since the early 70s, he has walked in the pits of the CBOT and CME practicing his philosophy of making "a million dollars on a million trades, not a million dollars on one trade."

Greenspan shares his strategy as well as best practices for successful trading on Trend TV

"Discipline. That's the key to success in so many aspects of life and it's the main ingredient of any successful trading plan. But, what does discipline really mean to an intraday trader?

Discipline means taking small quick losses and letting your profits ride. That's the key to all successful trading. Discipline means using stop loss orders on every trade to limit your losses and moving your stop loss orders to protect your profit. That's kinda like grooming your position. When you have a profit in a trade, you should take your stop loss order and move it first to your break-even point, and then if your trade continues to trend your way, to always protect your profit along the way. Three, discipline means following all the buy and sell signals that your trading plan or system of trade has to offer you.

In all trading you must expect losses and you must accept them gracefully, because it may take only one mistake to wipe out the profits of ten winning trades…"

To watch the full video with William Greenspan, please visit Trend TV. Once you receive your password, you can visit Trend TV anytime and watch new videos as they are added.

We hope you will be able to use Greenspan's experience to grow your profits and protect you from that one big mistake.

Enjoy,

Trend TV Team

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