Million Dollar Traders was on BBC2 last night. What a great introduction to city traders and how unpredictable the Stock market can be! So thats why I trade the Forex and not the Stock Market then!
Some of the trainees have aspirations to trade full time including a retired man who was interviewed stating that he wanted to use his savings to trade from home after the series had finished. With the availability of great trading from home facilities avaialble to anyone, anywhere in the world and anytime day or night – trading from home, especially within the Forex market is a real possibility.
Well I guess it was pretty bad timing as the program was filmed last year when Freddie Mac and Fannie Mae announced financial meltdown in the US so the newbies couldn’t be trading at a worse time! However the familiar ‘frozen finger’ inability to place a trade was prevalent so too was emotional attachment and emotional reactions, loss of confidence etc to trading which most newbies go through – including myself…….oh yes some good ‘ol roller-coaster days but have managed to keep it together long enough to have learnt and come through the other side.
Having said that I haven’t been able to do it trading the UK Stock market – Forex is where its at as far as I’m concerned so hats off to the guys in the program for trading the UK Stock market through one of the most difficult periods in a generation.
Trading psychology and risk management as emphasised in the program are essential key factors to get right when trading any market. Building this into your strategy, giving yourself targets such as the ’3 srikes and your out’ rule will make this easier to deal with. Don’t allow yourself more than 3 trades to go against you in one trading period. If that happens finish for the day there.
Trading any market has the ability to wipe out your money, savings and future. As the Million Dollar Trader program is showing, trading without strategies is like playing with fire. Formulate a good solid trading strategy before you open any position – it will also make you more confident as knowing you have done your homework is good for your trading mindset.Mail this post