Okay, if last week was all about the basics of ‘what to do’, this week we’re getting into more detail about ‘HOW we do it’. This is where the magic happens. Sid started introducing the various ‘tools of the trade’. He explained that there are various tools that we can use to give us the best chance possible of making profitable trades.  Today it was trend lines and I am feeling calmer again as I completely understood the lesson. Just have to go off now and draw a few. One thing, once again, Sid went out of his way to emphasise that these tools are no guarantee of total protection against a bad trade. The purpose they serve is to flag up PROBABILITES of whether a currency is going to rise or fall and then it is up to our own common sense to make the call and decide whether or not to place the trade. By using the tools, it takes some of the guesswork out of it in that we are better able to judge the likely movement of a currency on the grounds of probability rather then possibility – after all, anything’s possible –  but, as in life, there are no guarantees. So once again, Sid presses home the point about safeguarding capital through conservative trading.  If you’re not getting the message by now I’m not sure you ever will! Read More→

So today is a Bank Holiday in the UK so I had time to catch up on the Monitor Set-Up lesson I had hanging over from Friday. Oh my God, I nearly had a melt-down. What was I saying about being a plate spinner?  Anyway, I managed to get to the end and then found a video that summarised what we’d just been working through. That made it much easier to understand although I will need to practise laying out my various charts in a way that suits me.  It’s just a case of becoming familiar with all these things.

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I left the monitor set up lesson to the weekend but, in the end, I didn’t manage to look at it because I had a weekend of football; not me you understand, my eight year old. Friday night training, Saturday morning playing a couple of matches, Saturday afternoon an end of season presentation event for one of his clubs (he won Players’ Player – so proud) ’ which I was organising as the club’s administrator and then a football festival on Sunday morning. By Sunday afternoon I ended up going to bed for a couple of hours! Anyway, when I got up I took a couple of minutes to listen to Sid’s summary recording of the week. Sid addresses the point that some people may be feeling frustrated at the speed at which the course is going. If some people are feeling like this then I’m not among them.  I like the speed at which the course is going.  I’m feeling in control and that increases my sense of confidence. I’m really enjoying the course as each new facet unfolds before me and I’m happy to have the pace dictated by Sid.  I don’t see the point of being impatient. The course lasts four weeks and the content has obviously been evenly distributed across those four weeks.  Also, one of the key points being constantly rammed home during this course is about learning patience in order to trade safely and ultimately profitably. Maybe patience over the pace of the course is a good place to start that lesson!

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Ah, so today I find out that it’s not all down to me how much I trade. My broker will have a say too if I am ever daft enough to sail too close to the wind. But, if we follow the lessons Sid is teaching us and never trade more than 6% of our capital, and never more than 2% (1% while we are learning) on any one trade then this should never happen.  To be honest, it had never occurred to me that I could have more than one trade ‘live’ at any one time; it’ll be like being one of those plate spinners that used to appear on 1970’s Saturday night family entertainment shows in the UK. Right now the thought terrifies me as I can’t imagine having to keep an eye on multiple trades. I’m sure this becomes second nature but, in the early days, I definitely plan to play it safe. No running before I’ve learned to walk. To be honest, I didn’t really grasp all the finer points on leverage but I know that the lower the leverage the safer I’ll be and anyway, it seems that most of it I don’t need to know anyway and that’s fine with me.

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The course material emails have been arriving in my inbox between 10.15pm and 11pm so I was on the lookout for day three’s last night and it duly arrived.  I checked it out and it was a video.  Nothing too strenuous so decided to watch it there and then.  In it, Sid goes into lots more detail about how to manipulate and change your trading graph to enable to you extract lots of information that I’m guessing is going to help me become a much better and safer trader in the future. No doubt all will be revealed in the coming days and weeks. Then there were a few pages to read about mindset, saying how Forex trading isn’t about working harder or longer hours but about waiting, patience and discipline.  This point has been well made on the web site and in the free e-book but Sid goes into more detail here on why it’s essential to adopt this mindset if we are to become safe and consistently profitable traders. I figured that that was enough for one day so off to bed. Read More→