Looking for the Gems

I want to share a recent conversation I had with a client last week,as it is a lesson I repeatedly keep trying to get across…

“Hi Chris,

Thanks for this I found it really interesting as although I’m not going to take up your great offer it re enforced to me exactly how I trade FX 10- 20 pips targets per day 5 lots at a time I’m in most trades for no more than 20 minutes, which has and is producing really well for me and I average around 400 pips a month total working for a couple of hours a day, this concept is exactly how I view the markets, get in get out enjoy your life.

So if it isn’t broke don’t fix it.

I spent a good couple of years trying to be in everything checking the markets all the time feeling like I missed out etc. now it’s great I’m in and out banked and done, the reason for the email is that I hope more Forex traders adopt this philosophy and stop doing like I did trying to chase every pip going it’s not good for your health! And also invariably it just fills your broker’s coffers not yours!

Keep up the good work and thanks for the updates.

Regards

Martin.

That’s what I like to hear, an independent trader who has got a plan and is sticking to what he knows works best for him. I totally agree Martin, there is no reason at all to buy James’s course, if what you have is working already. Good decision and also nice feedback…I like what I hear; you seem to be very comfortable trading this way as it suits your trading style. Keep it up Martin.”

The reason I included my reply above was to highlight the following lessons.

1. Know what you need.

•Whenever you receive “promo” emails from myself or anyone else for that matter, identify what it is you actually “need” as a trader. Only you will know where you are in your learning curve. Know what your needs are. Don’t get caught up in every promotion that comes your way. ( I send them out to everyone simply because I don’t know where you’re at as individuals)

2. Be prepared to spend.

•If you don’t have your own trading system then you will need to buy one. Unfortunately, this is just the reality of forex trading. Not everyone is able to develop their own system for themselves, and those that do, inevitably do so on the back of a system they bought and adapted to suite their trading personality. BUT DON”T BUY IF YOU DON”T NEED IT!!!

3. Be prepared to “spend” time.

•Once you purchase a forex trading system, you need time to analyse it to determine whether it fits with your trading style or not. We are all different, and so will trade different systems with very different outcomes.

•You won’t always buy brilliant material every time and unfortunately you won’t know if it is good or not unless you spend time analysing it. There is no magic bullet out there – forget it! Work hard with what you have, and you will achieve results. If you don’t get results (and you have put in the hard work) then move on and find another trading system, simple as that, but you must give it a full go to establish any real justification (not just a couple of trades). If it’s good then …

4. Stay Focused.

•Like Martin above, he realized that as tempting as it may have been for him – he doesn’t need another system. He is comfortable and happy with his results on his current trading system. Don’t make the mistake of (as he puts it) trying to fix what ain’t broke! It more often than not confuses the issue and often leads to poorer results and a lot more anxiety and inevitably confusion. There is nothing wrong with trading a number of systems – as long as you are comfortable with it…and they are different enough not to murky the waters.

5. Look for the little gems.

•With every promo/free giveaway, there is bound to be something of value…even if you have to watch a 30 minute video with the sense of “but I know all this already”. There’s always the possibility that there will be one hidden “gem”, that can “switch on the light” so to speak. Often it’s that one little gem that can make all the difference between really good trading results and staying average – so keep looking for them.

•Be prepared to sift through all the “noise” looking for those little gems. Don’t foolishly assume something is not for you, until you have made absolute certain that you have checked it out for your self.

Ok, that’s it for now. Remember to stay focused and capitalize on the trading information coming to you, without falling for every offer along the way.

Hope this helps you

Happy trading

Chris,

So with context to the above take a look at the following video of yesterdays trading with James in the Charter group…there is heaps to learn from this video. More gems then a Kings Crown

If you want to find out more about his various product offerings then take a look at this page…

Forex-Science Home Page

Personally I trade his T24…And I have made my target for this month already. Check that out at…

T24 Set & Forget Trading