MercenaryTrader.com

I found something that I believe it highly valuable for all traders... 

MercenaryTrader.com

I found a link to MercenaryTrader in a book by Peter Brandt, which is also in the list of my top trading books. 

Ok, that's it. I felt like sharing this. Great stuff.

Back to basics - Trend Following and Channel Breakouts

Trend Following - and a specific system well-defined

"Trend is your friend" and trend following systems provide an edge, and forex is the right market to trade the trend following systems because it often trends... lots of good books and pro trades say this.

OK, great, but many people including myself ask: "Fantastic, sounds good, I buy it, but how?"  How exactly to trade? How do I do "trend following"?

Read on for my take on the channel breakout system, as defined by Courtney Smith in his book called: "How to Make a Living Trading Foreign Exchange: A Guaranteed Income for Life".

It offers a specific, almost mechanical set of rules to trade forex, in a trend following method, on an end of day basis.

Price Action by High Quality forex trading

Price Action trading system

This is my take on "price action" trading. There are many places with similar approach described, and I make no attempt to be innovative here. This is what works for me, and I learned it from many sources, other traders and mentors.

This is what I call Price Action at its core, in a nutshell, simplest, best to make trading Effortless. Now, am I consistently profitable trading this method? I wish I could say yes, let me say , in all honesty, that I believe I am on track. Read on to see a complete approach defined here, incl. how to get organized.

Become consistently profitable in Simulator first

The power of simulated trading

Get a year of trading experience in a few hours!

A very powerful tool available for us on a learning journey to become consistently profitable trades is a trading simulation software.

With a good trading simulator you can "trade" on historical charts. What is great about this is that, unlike in demo, you can fast forward the time :-)  Of course, to get the value of learning, we should not "cheat".

You can literally get a year of experience in a few hours. This is a fantastic way to learn and test your trading system, before you go live.

Enjoy the process and keep learning

Enjoy the process

Today I felt like sharing some of my recent insights on trading.
Here they are: enjoy the process, keep learning.

Let me elaborate a little bit. Becoming a consistently profitable trader is hard, few people are able to achieve this, it requires significant and consistent effort, and it takes time. Given this reality, it is much better, and you will be more effective, and certainly more likely to persist, if you enjoy the process. What to do to actually enjoy it?  Well, it is a matter of mindset and attitude isn't it? Surely we should take out the monetary pressure away, while we learn. Trade small size, focus on high quality execution, not on making money.

Trading quotes

Collection of my favorite trading quotes

This list is a continuous work in progress. I will be adding new trading quotes as I find them.




"Persistence is instrumental to success. Most people faced with the early failures of some of the Market Wizards would have given up" - Jack Schwager


"Market success is a matter of finding the methodology that is right for you, not finding the one true methodology" - Jack Schwager

Books added to top trading books list

I added two new books to my list of top trading books. 

"One Good Trade" and "The Playbook" by Mike Bellafiore.

See my recommendation added at the end of my post on top trading books.

Both books by the author are very good. While he talks about prop trading desk, trading U.S. stocks and ETFs on a 1 minute charts and "tape reading", while I trade forex End-of-Day, so a very different approach, but everything about trading mindset, psychology, how to think, how to develop, how to learn - I am finding all of this very relevant and helpful for high quality end of day forex trading, which I do. 

You can also visit their blog.