Trading Success Formula

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Trading Success Formula

Last updated on March 26th, 2020

When I hear from traders, which generally means emails about trading success, there are a few things I am in tune with. These “things” help to make it is easy to spot the ones who are worth the effort (in my humble opinion) to spend the time responding with a well thought out response to whatever questions they have asked.

Which leads me to state that it is the questions that are asked that determine my response level.

When I see questions such as “how much do you make”, “is it easy to trade” or questions along those lines, I personally tune out. Those types of questions will have answers that will have nothing to do with your ability to find any level of success trading.

Much preferred are questions about risk. I like those questions because keeping your eye on risk can help ensure some longevity in this business. In fact, describing yourself as a risk manager first will help you keep the importance of risk management in the front of your mind. Without a professional approach to managing your risk capital and trade management, the risk of ruin will always be lurking in the shadows.

The questions asked however are only a part of the equation of trading success.

The Success Formula Is About Attitude

For me, the main player in the success formula is attitude.

Without question, attitude plays a massive part in the ultimate success for someone looking to tackle the markets (it can be argued that to tackle anything, attitude is a key player). There is actually a formula that I saw years ago that is imprinted in my mind. I want to share it with you because not only does it give a clear measure on how to achieve success…..but also how to measure yourself on that path.

Success=A(LTV+D+E/T)

In this post, we are going to look at the first two variables inside the brackets.

LTV is Long Term Vision.

What this really means is that you have in place a mindset of the long journey. You are not the one looking for home run trades this week or next. You are not looking to make a million dollars in a year like some of the ads on the internet state. You have accepted that simply breaking even is a step in the right direction and that profitability could still be months (or years) away.

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You fully understand that trading is a business that can provide a lifestyle that many only dream about. You know you can trade any place (well, almost) in the world. You know that it offers time with your family and allows you to focus on what is truly important in our lives.

You also know that it will take time. After all, it takes a doctor, lawyer or any other high paid profession literally years to make the big bucks. All those years are spent training and perfecting. Moving up the ranks.

LTV is about realistic expectations.

It is about knowing you can possibly blow up your account. At the very least, you know you will make rookie mistakes (even the professionals still make errors) and will have losses….perhaps a string of them.

You WILL lose money.

That however does not deter you. You EXPECT to lose. You actually expect to lose on every single trade which forces you to risk a percentage of your account that will allow you to withstand the string of losers that will come.

The truth is most people fail. The only way to truly fail is to quit and there are plenty of stale accounts sitting on the brokers books that people just gave up on once the balance was minimal. Most traders don’t make enough to support themselves but it is extremely possible to add a nice additional income.

You expect success (I mean with certainty) but also expect some pain along the way. Knowing that it will be bumpy but are committed anyhow, can sustain you through the rough patches.

Remember though, TRUE commitment is rare in life.

D is for Discipline.

Google the true meaning of that word and one thing that will stand out is that at the core of discipline is rules. There are rules in trading and many of them are set by YOU and your method.

  • The discipline to follow the rules of your system.
  • The discipline to follow money management practices to proven an account blow out.
  • The discipline to work on the psychology of trading and working out the demons that affect all of us.

The biggest thing I find in terms of discipline is that traders have a strong inability to be consistent with the trading rules of their system. They want to out think their method and the markets instead of following what should be a positive expectancy system of trading.

Failing discipline will have you taking marginal trades with too much risk. It will have you taking revenge trades and allow greed and fear to run your trading business which usually means running it into the ground.

Without discipline, you will not have a chance.

In my next post, we will wrap this up. In the meantime, go over the two topics above and see where you fit into them. You may find you are not giving yourself enough time OR your expectations for your experience level is just not based in reality. You may find yourself doing foolish things in your trading that are outside your rules.

Start working on those. See where you stand by writing out both of them and give yourself an honest evaluation.

Since many traders like to use indicators (usually the wrong way) for their trading method, Netpicks has put together a free and vital “Indicator Blueprint” to put you on the right track when using an indicator for your trading decision. Get access to the PDF and videos by clicking here.

Trading Success Formula

Trading success formula is a free binary options trading software. The developers of this system tell traders that they can make money like top professionals without having high-end training programs and math degrees.

Today I will review the system and let the binary today readers understand the role this could play in our daily trading.

Trading Success Formula

The trading success formula webpage consists of a video, testimonials and a short introduction to the features. The video on the front page tells us that the software as a trade copier and that there is a millionaire trader on the other end providing his real trades. The developer and trader will be following is named William Sheffield. He tells us that he did a PhD in applied mathematics or Stanford in 1994 and then started a career as a system design engineer at Merrill Lynch 17 years ago. It does look like he is new to the binary options space because I have never been acquainted with him or seen any of his trade history.

William tells us that in 1999 his trading success formula was able to predict market movements with an accuracy rate of 87%. Then he shows us a Forex back test and a bunch of trader testimonials and tells us this is what he calls proof. Sadly, this is not proof because this is a binary options trading system so Forex back test is not tell the story and considering it was glossed over quickly I would be surprised if it had nothing to do with the strategy at all.

Today I can’t give a recommendation to the trading success formula because I’ve not tested it myself yet. This is another free binary options trading software so please approach it with caution as these types of systems have hurt my readers in the past. I will revisit this review in a couple of months to see if the software ever took off. I find most systems that I review lately limp out of the gate and then dissipate quickly after that. I would say that 90% of the binary options releases right now are not being talked about after a month which is not a good sign because winning systems are talked about for years. If you have anything you would like to add to this review please leave your comments and concerns below the article. I hope that you spend time here looking around the website in finding out what is currently winning for the binary today readers.

Trading Success Formula in Forex

Hello There Forex Traders!

Today is Friday, which means we close yet another week of Forex trading. Hope you all had a fantastic week and collected tons of pips.
Our Forex trading room sure has gathered a ton of them. We capitalized very nicely on the AUD and CAD weakness. Take a look at this example of a trade taking place live when recording.

Examples of trades this week:
AUDCHF short +33 pips / 2:1 R:R
GBPAUD long +170 pips / 1.7:1 R:R
GBPAUD long +250 pips / 2:1 R:R
USDCAD long +58 pips / 2:1 R:R
GBPCAD long +62 pips / 2:1 R:R

The total of all the trade calls adds up to more than 1,000 pips and 12 units of reward to risk. Make sure to join TODAY! https://tradingstrategyguides.com/trading-room-page/

CHASING THE MARKET
One of the most common and biggest mistakes Forex traders tend to make is chasing the market. You might even wonder what on earth does this really mean. Or not even realize that you have created this nasty habit.

Chasing the Forex market is when a Forex trader is in need of a trade, independent of the fact whether the current market conditions are suitable and correct for their kind of trading./

Or in other words: the need for taking a trade is more urgent and powerful than the will to wait for the valid trade setup. That means that regardless of whether the market conditions meet the specifics in their trading plan or not, a trade is needed and must be found regardless of the cost.

This behavior is often exhibited at specific times, which we will discuss in more detail now.

MARKET IS MOVING

Often Forex traders tend to get nervous and hyperactive when the market is moving quickly. Nothing is more exciting than watching a currency pair move fast. And the temptation to jump on and catch a few pips could be very appealing and irresistible to avoid. Also, in many cases, the currency has already traveled already a lot of pips down or up and the Forex trader regrets having missed a particular move.

This regret could lead to the trader becoming impatient and either taking an undesirable with the trend trade or a speculative early counter-trend trade. Both in fact, have a high probability of turning into a losing trade.

The remedy is always the following: remember that a Forex trader is focused on analyzing what opportunities lie ahead of themselves, not how much has been missed. A Forex trader only reviews and uses past pricing data to make an informed decision, not to reminisce on missed pips. By doing that, an emotion of greed and impatience is created, which undermines profitability. Never ever should a trading decision be made based on the fact that they regret not being in any particular trade. In fact, it could better to walk away from that chart as soon as a Forex trader detects any of such sentiments.

CHASING DUE TO OTHER FACTORS

Here are some other factors that could be the reason for chasing the market.

1) The Forex trader is treating trading as a hobby and not as a business. This is someone who is trading because they like to trade just because it seems exciting (but I don’t think they would be reading this article so if you are reading this article, then that excludes you!).

2) When the Forex trader thinks that the market might do a particular movement in the market without a genuine trading plan. The trader does not want to miss the pips of a trade which they envision happening. Emotions then drive the trader to take a setup which does not qualify in their trading plan, just because they do not want to miss a trade that might happen.

3) Often enough a reference to recent history is a driver of decision making. Internal thoughts in the mind such as “yesterday the trade did exactly as I thought” or “last week I missed that great trade” apply and play around with one’s own psychology. This is not desirable as a trader bounces back and forth between various options with a very short-term reference.

FOREX TRADING = TRAPPING

Forex traders must never ever chase the market. This is a sure recipe for disaster. In case a trader is chasing, then they are in almost all cases too late to react and anticipate. Let me explain in more detail.

It is vital to realize that a currency pair that is on the move is riskier to trade. Every Forex trader must plan the trade ahead. Never ever should a Forex trader trade a setup just because candles are moving. The goal is to be prepared and anticipate movements. All traders need to realize that when a currency pair is moving fast, the reward to risk ratios are decreasing rapidly and so are the chances of the currency pair moving more pips before it makes a retracement. By jumping in a trade that is moving, the likelihood of a lower reward to risk ratio is high and the chances of a continued move without retracement is smaller. Only seasoned and experienced traders can attempt this.

Use this as an example (!): it is similar to taking a train. When waiting for a train, train passengers are advised to wait at a train station and the for the train to have completely stopped before boarding the train. Passengers who attempt boarding when the trading is picking up speed could still manage, but when a train is in full speed then the action would be very risky and only one of the best stuntman on earth should attempt this. The same holds true in the Forex market.

All trades should be planned when the market is standing still and not when a market is on the move without a pre-planned idea what to do and what to look for. Traders can then carefully consider if they are looking to trade a break out trade, a retracement trade, a reversal trade, a range trade, a continuation trade. The point is that the trade must always be planned when a train is at the station, not when the train is traveling with 300 miles an hour.

Read more here information on the path of becoming a Forex trader and at what stage you might be in!

MINDSET

The best trading occurs when traders have both the mindset and trading mentality of a trapper when approaching the Forex market.

1). They are ambushing the market at specific planned spots and conditions.

2). Nothing is at random, everything is planned.

3). In a certain way, they are literally planning a trap for the market to walk into.

4). They are in control of the trade plan & actions and do not let the market toil around with their emotions when trading.

5). They are, in fact, waiting for the trades to come to them, and not the other way around. They are not chasing the market, they are not impatient, fearful, nor undisciplined; they are patiently waiting for the right circumstances to emerge before trading.

6) They are not thinking nor concerned about what the market can and might do. They are coolly viewing and analyzing what the conditions of the market are and then comparing that setup to the desired market environment. If those are aligned and the market is offering sufficient odds of success and reward to risk ratios, then the trade plan is executed without any emotional disturbances.

Do you, as a Forex trader, find yourself chasing the market? Or have you been doing so without even realizing it? Do you think the above realizations would help you as a Forex trader? Please write down your feedback down below in the comments section!

That wraps it up for the day. Don’t forget to take a look at the following before you leave:
Sweet Forex Setups.
Tim’s article on EA’s.
GBP trades ahead.
CAD economic news.

Wish you all Good Trading today and a good weekend later on!

Thank you for reading!

Please leave a comment below if you have any questions about this Trading Success Formula!

Also, please give this Formula a 5 star if you enjoyed it!

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    Binarium

    1st Place! Best Binary Broker 2020!
    Best Choice for Beginners — Free Education + Free Demo Acc!
    Sign-up and Get Big Bonus:

  • Binomo
    Binomo

    2nd place! Good choice!

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