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Thursday, December 24, 2009

Don’t get carried away this Christmas

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Thursday 24th December 2009 Issue 1021

Don't get carried away this Christmas

Dear Subscriber,

I know it's almost Christmas, and you may have had your Christmas do last night, so I'm not going to be overly technical today.

We're in that time of year of excess.

It's sometimes spontaneous, but it's not always healthy.

We all know, when all's said and done, we'll all take stock and then make a plan to get fit again.

Trading forex can be like this too.

If we're not careful, we can get carried away.


Your first £112 profit is scheduled for next Friday


Before you go for lunch next Friday, check your inbox for one simple email and follow its simple instruction. Then go to lunch as normal.

Come Monday you could collect your tax-free profit of £37, £64, even £112. It's that simple.

Get the email sent to you.


It's so easy to get carried away

We can be so eager to profit that we make too many spontaneous trades. And it's not good for us.

If this sounds familiar, please take note and plan to take action after Christmas.

If you do trade already, can I ask you, do you have a clear trading plan?

What's a trading plan, you might ask?

Well, a trading plan is when you have a clear strategy or system to trade with.

I'm not talking about robots here - don't get me started on those.

I'm talking about a trading system or strategy, which identifies trade entry points with clear stop loss and profit targets.

It's quantifiable and can be written down. It should be simple too, and measurable.

You should be able to test it, in demo first and get comfortable with it.

You should be able to easily see when there is a trade opportunity. It's just as important to see when there is no trade.

I encourage you to seriously consider getting a trading plan.

You see, having a trading plan is so much better for you.

When you have a trading plan or system, you can control your spontaneity.

We can all fall prey to spontaneity because executing a trade is so easy.

It's just so easy to press the buy and sell button and hope for the best.

But it's not so easy to press the right button at the right time.

But when you have a definite trading plan or system it can help you focus.

I have found this is the best way for me to trade.

I don't worry if there is no trade. I just go and do something else.

I can always come back later.

Having a trading plan is better for you

When there is a trade, you simply place your order knowing exactly how much is risked. You're not worried, your stake size is included in your plan.

You can comfortably go about your business.

This means there is no guess work. This removes stress and makes you more confident.

You are not depressed by a losing trade. It's expected from time to time, using any system.

Nobody likes losses, but with a good trading plan losses are soon recovered.

The profits come and you take it in your stride, knowing that's part of your plan.

I believe this is the way to trade.

Best wishes,



Richard Hill
Editor
Forex Round-Up

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