Lessons from the Pros

India Markets

Where Do I Start?

I am in London this week, teaching a Professional Forex Trader Course at the Online Trading Academy center here. A student asked me a question that I often hear repeated in most classes, “Now that I have taken the course, what do I do next?”

Taking the course is the easy part, putting what you learned into practice and becoming a successful trader is the difficult portion. My recommendation is always the same, you need to start by putting together your trading plan and show it to your Online Trading Academy Educational Counselor.  Those Educational Counselors are there to guide you on your path to trading success.  They cannot begin to guide you however, if you do not take the steps necessary to help yourself.

A student has been bombarded with a lifetime’s trading education crammed into one week.  We put so much into the course in order to prepare you for what the markets may throw at you.  You need to review your notes and create a plan based on the material you learned in class.  Sort through the notes you have taken in class and contact your instructor if you need further clarification on something.  Once you have sorted through your notes, you need to sit and organize them into a detailed trading plan that you can use for your trading.  Sample trading plans may be available from your instructor or via the XLT lobby.

Students often ask me what they need to be successful in their trading.  I tell them that they need to build consistency.  To become consistent in the markets, you need to be able to duplicate your successes and repair deficiencies.  To form a habit and become consistent with it, you must perform an action about 400 times.  Since there are not even 400 trading days in a year, this requires many years of practice to build those good habits.

In order to become consistent before you build the habit, make sure that you have a routine you have developed and written down.  This routine can be as simple as a checklist of what websites or steps you will take to prepare for trading.  When a trader forgets to do something on their checklist, it is usually the one thing that costs them money for the day.  To avoid missing anything, create and follow a checklist to ensure you do all of the steps necessary to trade properly.

Again, if you need assistance in creating this routine, you will find assistance in the XLT lesson days and in the documents available for download.  Online Trading Academy provides the tools you need to achieve trading success and we stand ready to direct you to those tools.

DISCLAIMER This newsletter is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results. Reprints allowed for private reading only, for all else, please obtain permission.

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