One of my all-time favorite sayings is "money saved is money earned", and I believe that was a great saying to live by this past year, especially towards the end. Like many of you, I was stopped out of almost all of my trades by the Trade Triangles in early October, avoiding devastating losses and living to fight another day. But then there was the flip side, the urge to jump back into some trades. And I can tell that the urge to jump back in the markets is strong amongst our fellow members.
This is where patience comes into play. As I do every day, I followed my game plan and scanned the market because even in a down market there are trades to be made, but I wasn't finding anything that fit my criteria. It's been frustrating, but then I reminded myself to be patient, the market will come back to me at some point. It just so happened that it didn't in October and then I thought of that saying "money saved is money earned," and I didn't feel so bad. After all, I could have pushed and ended up with significant losses.
I know I'm not alone either, I've been talking to our fellow MarketClub members all month answering questions like, "should I change my plan?", "what are you looking at market wise?", "is it ok to trade new weekly Trade Triangles vs. Monthly ones?", "what do you think is going to happen next." I'll take a crack at answering these questions. Continue reading "Patience Is Critical To Your Success" →
If you follow our blog, then you are definitely familiar with trader Larry Levin, President of Trading Advantage LLC. We have gotten such a great response from some of his past posts that he has agreed to share one more of his favorite trading tips as a special treat to our viewers. Determining the direction of the market can be tricky and just plain confusing at times, but Larry’s expert opinion keeps it simple and straight-to-the-point.
If you like this article, Larry’s also agreed to give you free access to his award winning book.
Today he’s going to talk about how setting your limits can help you avoid sabotaging yourself.
I think trading with a specific plan is one of the most sensible things a trader can do. It helps you learn and identify key areas to watch for in a market. More importantly, it helps you avoid sabotaging yourself because it helps keep your emotions in check. One of the key components of a trading plan is knowing your exits. One way to close an open trading position is with a limit order.
Limit orders target a specific price level – they won't be filled unless the market trades there
Limit orders are pretty straightforward once you get the hang of them. They are contingency orders. The market has to trade at a specified price level before it is even possible for the order to get filled. Even then, there is no guarantee that it will get filled. Continue reading "Trade with a Plan – Setting Your Limits" →
The most important structural part of a house is usually unseen. If the foundation of a house is cracked, not level, or deteriorating, the home is no longer safe. The family living inside is at danger and the first priority of the owner should be to get the foundation fixed.
Many have a vague plan for Investing, but do not have a solid, non-negotiable trading system in place. Your trading system covers everything from your tools and entry strategy to your risk management. It answers every question before it needs to be asked.
In Forex trading, the market can be brutal. It is commonly stated that 95 or more percent of traders lose in the Forex Market which speaks to the difficulty of trading it. That is why it is essential to build a personal and successful Forex Trading System.
There are many aspects to a successful system, but today I want to focus the importance of Trade Management.
Before I jump into the details, though, I want to hit on the importance of a good entry strategy so that you have something to use your Trade Management with. Continue reading "Do you have a Forex trading plan?" →
Happy New Year from the MarketClub Team
A New Year is upon us and for many, that also means changes in their trading habits, a new strategy, or implementing a new game plan. Whatever your New Year's trading resolutions are, we hope you will find the Trader's Blog to be a helpful resource in 2013.
Every Success in 2013.
Adam and the MarketClub Team
From time to time, we here at the Traders Blog will feature a person or product that stands out in the trading world. Today that trader is Alan Knuckman of the Wizard.com. Alan will be sharing part of his Trend Trade and break out trading strategy. Be sure to comment below with your thoughts and questions.
Hello traders I’m Alan Knuckman, Senior Market Strategist. I can be seen every week on financial television networks such as CNBC, Bloomberg, FOX Business and Reuters. I’m blogging today about my favorite trading strategy and my weekly trend breakouts for the week of November 14th. This week I’m also going to discuss how I use options to trade this strategy.
As I mentioned last week, with over 20 years plus experience in the markets, it has been proven to me that the real money is made on trading breakouts candidates that are going in the same direction as established trends. There are two parts to this established trading strategy. Continue reading "The Trend Trade & Breakout Strategy – Part 2" →