Trading’s Inner Voice

Think you’re pretty sharp but, still can’t catch a break trading the markets?

The reason: Trading is just 20% intellectual and a whopping 80% psychological.

To succeed, you’ve got to sync your trading with your emotions and achieve the inner calm and confidence that translates directly into better decisions and ideally higher profits!

In this very special interview, author of ‘The Inner Voice of Trading,’ Michael Martin will teach you how to find your inner voice as a trader, so you can crisply execute your trading strategies WITHOUT hesitation.

http://netpicks.com/innervoice

Specifically, we’ll cover…

Traders are humans first: How your trades reflect the human propensity to pursue pleasure and avoid pain
Choosing strategies you can sustain over time: How to find trading approaches you can tolerate—and consistently execute
Letting go – You don’t need to be right all the time: Stop seeking validation from your trades—that’s not what they’re for
Reducing your losses through self-discipline and surrender: How emotionally aware traders improve performance by keeping their losses small
Throw in some great case-studies from some of the world’s foremost traders and you’ll discover how integrating reason *and* emotion can make better trades… and make you a better trader.

http://netpicks.com/innervoice

Please join us on Tuesday, November 8th at 12pm Noon EST (New York Time) / 9am PST / 5pm GMT as Mark and Brian sit down and chat with special guest & author, Michael Martin.

http://netpicks.com/innervoice

Don’t Put All Your Eggs Into One Basket

…you know the old adage. Diversification is key – not only to sustain your profits but also keep your sanity in the day trading markets.

In this installment of our NetPicks Free Educational Webinar Series, we’re going to tackle this subject head on.

We all know as long term traders that diversification is important, and that it is necessary to prevent wild swings in your account size.  Most long term investors employ some form of diversification, but many day traders do not. Specifically, we’re going to cover…

• How even profitable trade plans experience drawdowns and periods of loss, and how this often has the effect of shaking traders out of the plan… and tell you how this situation is AVOIDABLE.
• How the addition of even just one or two additional trade plans can greatly improve your equity curves.
• How to select different trade plans and point to a couple of resources available to assist in selecting different markets.
• How to find the trader’s ‘Holy Grail’ through Diversification.

Our goal is that through learning all of the above will instill a greater confidence in your trading, and help fight the psychological battle that all traders, and in particular day traders, face each day.

Free Ultimate Trade Analyzer Webinar and Software Download”

In this free webinar, our NetPicks coaches go over what exactly backtesting is, and what the process is to get started.

Backtesting isn’t nearly as confusing or time-consuming as it once was. With new tools like the Ultimate Trade Analyzer and enhancements in trading platforms, it’s easier than you think.

Come to this backtesting tutorial where we’ll educate you on not only why it’s so important to backtest but we’ll take you from start-to-finish on how to do it yourself.

The result will be increased confidence in your trade plan whether you’re trading our systems, someone else’s or your own, and a clear path to your trading goals. Doesn’t matter if you day trade, swing trade, trade for a living or a hobby – regardless of what market or broker you&’re with, backtesting matters.

Best of all, we’re actually GIFTING you a copy of the Ultimate Trade Analyzer Simple – so you can get started right away! Just sign up right now for your seat and copy of the UTA Simple and we’ll see you soon…

Click here to get your logins to this free day trading webinar!

NetPicks Educational Day Trading Webinar Series

In this installment of NetPicks Educational Day Trading Webinar Series, Coach Shane Daly is here to show you how to trade without indicators! Shane shows you how to use indicators that target turning points so you can learn price action. In addition our day trading expert coach will also cover: multiple chart trading, higher time frame trends, entries on lower time frames, using lower time frame for better entries on higher time frame setups, support and resistance, and two indicators: macd and stocks.

Enjoy your free webinar and be sure to sign up for future webinars by CLICKING HERE!

Are there really ‘secrets’ to successful trading? In our 25+ years of personal trading experience and our 16 years of investment education, we can tell in all honesty that there really *are* key secrets to trading success.

Whether you trade Forex, Futures, Stocks or Options – these secrets cross all boundaries and apply to every trader (us included). So take a listen below and see if you’ve got what it takes…

It’s the question we as traders all want the answer to, and while there are many reasons out there, I’m gonna be focusing on one reason many traders don’t succeed: the inability to deal with their losses.

Failure comes with any ambitious endeavor, whether you’re starting a new business, taking on a project, or competing in a softball game: day trading is no different. The key to succeeding as a day trader is dealing with failure and brushing off losses, so that you can stick to your trade plan and win in the long run.

Watch this short video, where I’ll explain to you how to deal with your losses and trust in your trade plan and yourself so that you can take those trades to the next level.

- Ron Weiland: Known as “Coach Ron” has mastered the art of forex swing trading

MoneyShow.com, leader in daily market insights and discussions of the hottest trading topics, chose our very own Will Feibel, TradeStation programming guru and stand out NetPicks trading coach for an exclusive one on one interview!

While at the latest New York Traders Expo, MoneyShow listened as Will  went over the 3 aspects that make a successful trader.

Click Here to Watch the Video!

I remember years ago when I started trading, my office chair was my second home. Like many of you, I was obsessed with “getting it”. My travels to the gym became less frequent as I stayed glued to the screen. I wish I was exaggerating but I’m not. There was always another piece to the puzzle. The big move was just around the corner. I have to babysit this trade. Needless to say, breakfast started to become an afterthought. Lunch was a five letter word.

Pathetic, isn’t it? Letting blips on a screen take over my life. A little bit of that scarcity mentality where the next big move, is the last big move. Thinking that “secret” that would put me over the top was in the next thing I read. I know, you are nothing like this.

Just in case you are though…..read on.

Probably the most dramatic change for me was my absolute disregard for a healthy morning. Coffee, just doesn’t cut it. There are countless studies stating that a proper breakfast goes a long way in keeping you healthy. Not just in body, but in mind. Concentration tends to suffer when the body is craving nutrition. After hours of fasting while asleep, it is a no brainer that the engine needs a refill.

Our mood changes when we have not put something in our belly. That little loss you just took has now turned into the end of the world. You jump out of your trade plan and right into a trade to make back what you lost. Irritable becomes the right word to describe your new personality.

You want to put your body in the “right frame” to trade at peak performance? Refuel.

Here is something that you can put together in about 90 seconds that will give you that much needed morning boost.:

• One serving of oats placed into a microwaveable container
• Pour just enough water in to cover the top of the oats (you can instead use egg whites
• from a carton…my favourite)
• Microwave for 1 minute
• Pour one cup of skim milk or water into the blender
• Scoop in the oatmeal
• Put in one – two servings of protein power
• Blend for 30 seconds

Now you have can drink a healthy breakfast or snack while you set up to trade. You can mix inberries, banana, yogurt, a type of healthy fats like Udos 3-6-9 blend…anything that will improvethe nutrition in the drink. Just one thing….drink it from something you can swish. The oatmealloves to settle on the bottom. Quick and easy. Enjoy.

- Shane Daly: Forex Expert Extraordinaire from the Great White North

How do you get to the next level of your trading? One of the key elements is accountability. Traders need to have someone to help them stay on track to keep following their trade plan. We can all talk ourselves into or out of a trade, beat ourselves down over a loss or talk ourselves up after a win, but to truly evolve your trading plan you must have someone to hold you accountable. Watch this video as Coach Ron takes us to task to hold ourselves accountable to our trades:

- Ron Weiland: Known as “Coach Ron” has mastered the art of forex swing trading

One of the toughest events that a trader will face is missing out on a move. You have probably already had it happen to you. What I find very interesting is traders will usually feel more “pain” if they stand aside according to their plan then they would when using a discretionary “standing aside”.

For this post, I wanted to bring back a blog entry I made the week of March 7, 2011. While I have been toying with taking extended weekends by not trading on Fridays, skipping this day was more of a frustrated type of decision. The previous 4 days were mostly hours sitting staring at slogging price action. I will let the article speak more on this below.

Last week was a pretty muted week for the EURUSD currency pair that I like to day trade. It wasn’t just me that found it to be that way. Fellow Coach, TJ Noonan, also observed that it was a “tumultuous week”. It was, except for the day I did not trade, March 11, 2011. Using the full power of the Seven Summits Trader and the trade plan for the EURUSD pair that comes with it, you managed to pull out 100 pips on the Friday which, if trading one standard lot, banked you $1,000.00 minus spread. Not a bad day! To some traders, slogging through some tight range trading leading up to Friday would make it a day they would regret missing.

I am sure there are many traders who stood aside on Friday after being frustrated with the previous four days. Now, they were not great days but the week still ends on a high. That is what the SST does very well…cut your risk and even pull out some profit on tight price action.

There is a belief that traders kick themselves more for missing a winning trade then they do for taking a losing one. I can’t remember where I read that but it makes sense when you look at it from a pure psychological viewpoint. Traders will sit there and think of how their account would have grown. How they would have been right (you do know that is one of the demons… the need to be right). The fact is, if you are still having pangs of regret when you miss a big winner, you are still at risk of losing it all.

There is always another train coming down the track.

Unless there is removal of the tracks, you can be assured that sometime soon, another train will be rolling down the line. Trading is the same. You may miss a move – a winner or even a loser but the fact is, the market will be here tomorrow. Having a “scarcity mentality” does not suit a trader very well. The markets won’t dry up and there will always be money available behind the candles ready to join your account.

To make this point even stronger, look at the following chart:

This is Sunday night (March 13) as I am writing this. This chart shows a short trade on the EURUSD (the same pair that left the station on Friday). With a 25 pip risk, I entered this trade with a high probability setup. After triggering in, price toyed with my entry a little and then dropped. At +50 pips, I closed half of the position (Blue up arrow. 2-1 reward to risk) and moved my stop to breakeven. With having a free ride now, I have another target way down the curve.

See, there is no reason to beat yourself up if you miss a trade. In fact, there is no need to curse yourself for taking a loss. Another train is gearing up to head down the line and if you follow a sound trading plan, strategy, psychological handle, there is no reason you can’t be on it.

- Shane Daly: Forex Expert Extraordinaire from the
Great White North