{"id":29185,"date":"2013-07-17T13:10:41","date_gmt":"2013-07-17T17:10:41","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=29185"},"modified":"2018-11-20T09:14:57","modified_gmt":"2018-11-20T14:14:57","slug":"forex-trading-how-do-you-stay-on-track","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/forex-trading-how-do-you-stay-on-track","title":{"rendered":"Forex Trading: How do You Stay on Track?"},"content":{"rendered":"<p dir=\"ltr\">Before I get into the lesson \u00a0I just want to mention that I now have a book deal and am in the process of writing a book about forex trading. \u00a0I invite you to help me write a book that will offer a great deal of value by giving me feedback <a href=\"http:\/\/unconventionaltrader.com\/?p=20\">here<\/a>. \u00a0This is your chance to contribute.<\/p>\n<p>I work with new traders on a regular basis. \u00a0I show them how to analyze the market, how to assemble a perspective and how to act on it in a way that makes sense in terms of the risks they have to take. \u00a0After I give them some pointers and show them how to interpret the current price action, they are excited, ready to take on the world. \u00a0And then, when the market presents them with a new situation, they can\u2019t adjust. \u00a0Why? \u00a0It is because they have not fully developed their market listening skills. \u00a0That\u2019s ok though because they have access to people like me who can keep them on track as the market changes. \u00a0So if you are on your own with no mentor, then how do you stay on track?<\/p>\n<p>Trial and Errors<\/p>\n<p>I spent a number of years struggling to become a consistent trader. \u00a0Year after year with nothing to show for it but knowledge of methodologies and systems that don\u2019t work. \u00a0I spent a great deal of time working with a momentum indicator that was supposed to be the solution to everyone\u2019s problems. \u00a0It wasn\u2019t. \u00a0I spent countless hours experimenting with combinations of different indicators only to consistently get caught in losing trades. I would repeat the same mistakes over and over with little improvement. \u00a0When I thought I was on the right track, I would soon learn that I wasn\u2019t and felt as if I had to start all over again, a number of times. \u00a0To put it lightly, it sucks. \u00a0My most experienced trainee Morgan has asked me, \u201cHow are you still trading?\u201d I\u2019m extremely stubborn and don\u2019t know any better.<\/p>\n<p dir=\"ltr\">If you don\u2019t have a mentor, you can do yourself a huge favor and pay for one. \u00a0If you can\u2019t afford one, then you will have to have the extra internal fortitude to make it through the harsh learning curve on your own. \u00a0I would recommend finding good analysis to follow as one way to gain some perspective in these markets. \u00a0I am going to be publishing some analysis for free <a href=\"http:\/\/bit.ly\/tviewprfle\">here<\/a>.<\/p>\n<p>Another exercise that you should implement is the building of your playbook. \u00a0One of the cornerstone\u2019s of SMB\u2019s training success is getting students to document their trades in such a way that not only can they learn from them, but others can evaluate them much more effectively. For example, when you initiate a trade, you should automatically take a screen capture of your chart. \u00a0Is a picture of the chart at the time of the trade enough? No. \u00a0You want to write your reasoning on the chart. \u00a0What type of trade is this? Scalp? Day Trade? Swing Trade? \u00a0What are the primary reasons for this trade? Pattern? Reference pivot support? Can you describe what was present in the data at the time that validated your trade entry? \u00a0You don\u2019t have to write a book. \u00a0All this information can be answered in a sentence or 2. \u00a0How does the trade play out? \u00a0Make sure you have a record of the process from entry to exit.<\/p>\n<p>What benefits does this exercise offer when you are at it alone? \u00a0You can go back and see what you were thinking at the time and compare it to the outcome. \u00a0Was there anything in the data that could have given a more accurate clue? \u00a0What about impulsive trades that you should have known better to take? \u00a0They usually stand out right away and help you recognize when you are about to make one. \u00a0If your excuse for not recording trades is that you have too many to record, guess what? \u00a0That\u2019s a problem. \u00a0In the forex market, opportunities are not overly abundant so most likely you are forcing trades.<b><\/b><b>\u00a0<\/b><\/p>\n<p dir=\"ltr\">This exercise is one that will help keep you aware of your actions and better help you decide if what you are doing has any possibilities. \u00a0And if not, you can always find a mentor and show them what you are doing for further insight. \u00a0It can only help.<\/p>\n<p>Either way, as a newer trader, you need guidance. \u00a0Whether you find your own way (have fun with that and hold on to your hair), or if you employ someone keep you in the right track, you will need constant review and realignment. \u00a0We do this for our traders at SMB and is one of the reasons why they are able to improve and actually trade with confidence. \u00a0If you are not sure whether it is worthwhile to invest in an education, you need to ask yourself if you are ready to invest years of your time without any certainty of results. By hiring a mentor you can reduce your learning curve into a year or less and have an effective means to track performance.<\/p>\n<p>Learn more about our training <a href=\"http:\/\/bit.ly\/smbhome\">here<\/a>.<\/p>\n<p>Want to see real trades reviewed? Our archive is <a href=\"http:\/\/bit.ly\/archpge\">here<\/a>.<\/p>\n<p>&#8212;<br \/>\nMarc Principato, CMT,<\/p>\n<p><a href=\"http:\/\/stocktwits.com\/SMBForex_Marc\"><img decoding=\"async\" alt=\"\" src=\"http:\/\/twitter-badges.s3.amazonaws.com\/follow_me-c.png\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/risk-disclaimer\">Risk Disclaimer<\/a><\/p>\n<p>*No Relevant Positions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before I get into the lesson \u00a0I just want to mention that I now have a book deal and am in the process of writing a book about forex trading. \u00a0I invite you to help me write a book that will offer a great deal of value by giving me feedback here. \u00a0This is your chance to contribute. I work &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/forex-trading-how-do-you-stay-on-track\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1030,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2076,2051],"tags":[939,1390,2092,383,151,1664,745,3111,1050,56,18,3081,653,38,4690,3228],"class_list":["post-29185","post","type-post","status-publish","format-standard","hentry","category-marc-principato","category-smb-forex","tag-analysis","tag-forex","tag-forex-training","tag-futures","tag-market","tag-mentor","tag-playbook","tag-price-level","tag-question","tag-smb","tag-smb-capital","tag-trade-setup","tag-trader-training","tag-trading","tag-trading-education","tag-trainee","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Forex Trading: How do You Stay on Track? | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/forex-trading-how-do-you-stay-on-track\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forex Trading: How do You Stay on Track? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Before I get into the lesson \u00a0I just want to mention that I now have a book deal and am in the process of writing a book about forex trading. \u00a0I invite you to help me write a book that will offer a great deal of value by giving me feedback here. \u00a0This is your chance to contribute. 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