Forex Training Blog

I conduct frequent interviews with Forexmentor members so that their stories can be an inspiration in your own trading.  My latest interview is with Dave who I privately coached last summer (July 2008). Dave’s understanding and his adherence to the basic fundamentals of trading is very commendable. In my opinion, this focus is directly responsible for his faster-than-normal progress.

As in other interviews, please listen carefully to his attitude and mindset, and how he overcame what he called a fairly “random” approach prior to our coaching session, and settled down to tremendous consistent approach - something that’s difficult to master for a lot of traders.

The full interview can be heard by clicking the following link:http://www.forexmentor.com/coaching/interview-dave-1008.html

My role here at Forexmentor is to provide personal coaching to traders by keeping them on track. I also offer several other products that you can check out below.  Please don’t hesitate to call for a chat if you’d like some help with your own trading, it would be my pleasure to talk with you!
Enjoy the interview!

All the very best,

Vic Noble
Personal Coach
info@forexmentor.com

You know the story of the tourist in

New York who asked: “How do you get to Carnegie Hall”? The answer of course is: “Practice, practice, practice.”

I have been thinking about trading and what we do as we try to learn to be successful traders. We read books, attend seminars, watch webinars, videos, and various other materials. Perhaps we even work with a mentor. Then we just start trading. Perhaps, we do so in a demo or practice account, or with a micro mini account where we don’t risk very much money. But what we do, is we jump right in and try to play the Sonata.

From my music experience, and what I know about the education and training of just about any other activity, whether it be a sport, a language, a vocation, or a profession, this is not how complex activities are learned. We should be trying to understand trading in small, separable pieces; small skill sets that we could practice and learn independent of the whole. Then we should put them together in a way that builds on what we are learning until finally we have a complete trading methodology. The different ways we develop and learn those skill sets and the different ways we put them together might yield a different methodology for each of us, one that fits us as individuals. Perhaps the process of studying and practicing the individual skill sets will in itself assist us in discovering the eventual trading methods that best suit us.

What are the small skill sets we could identify and practice? Here are a few that I think might work: Identifying support and resistance; entering a trade; when to exit a trade; reading and understanding price action; finding reversal patterns; scaling out of a trade; top down analysis; following a plan with discipline; keeping a gain from becoming a loss. This list is only a first cut. I am not even sure that a meaningful practice session could be developed for each of these. But you have to start somewhere and as far as I know, this is new ground.

Full article is available at:
http://www.forexmentor.com/forex-trading-articles.html

Dick Thompson
Forexmentor User Group Leader

Seattle WA