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Forex Day Trading Success

THE BEGINNER’S GUIDE TO DAY TRADING SUCCESS
A Step by Step Plan by Troy “TJ” Noonan

This is just a sample. Get all the forex swing steps for free. Get your FREE “Evil Genius” Trading Cheat Kit Right Now By Clicking Here!

Note to the Reader: This guide assumes that you already have your forex trade platform and that you have funded your trade account with our minimum recommendation of $5000. By following these easy steps below, you will be well on your way to mastery of the 3 main areas necessary to succeed in trading: methodology, risk management and trade psychology. UST Trade Management Software. Discover the Ultimate ‘Recession-Buster’ for the Markets - Swing Trade into Profits… in Just 10 Minutes a Day!” Click here

Stage 1: Create Your Foundation
Establish your reason for trading. Hopefully you will have edited your reason down to 3 simple words. “TO MAKE MONEY!”

Understand that in order to achieve your reason for trading (see number A.) you must accept the fact that you have to first learn how to not LOSE money. How do we do that? By not losing the forest amongst the trees.

That is to say, strive to accept the fact that we make money from the “edge” that our trade system (aka: methodology) gives us over time. We do not make money from any one individual trade or small series of trades.

Notice I said “strive.” I did not say “accept!” Chances are, you are NOT ready to accept this fact but you ARE ready to strive to accept it. In order to actually accept this critical fact, you must first learn to take internal ownership of the methodology. If you skip this important step, you will be merely taking a “leap of faith” thinking that the method will work without actually trusting it. It will then rear its ugly head once you are in a trade as your inner self will fight against you. This will undoubtedly lead to your undoing and can only be prevented by Stage 2.

Keep it simple: Use the Power of Quitting (POQ). If you don’t know what that is, please contact one of your friendly neighborhood UMT Coaches. Once you’ve done that, combine POQ with a strict time limit each day. I recommend trading from the open of the US Session and quitting with POQ or, at 11:00 am CST (whichever comes first). If you are trading other markets or in other time zones, use the same concept and have a time-based circuit breaker combined with your POQ rules. Commit to this and you will dramatically reduce the risk of failing. You can find UMT Coaches here: UST Trade Management Software. Discover the Ultimate ‘Recession-Buster’ for the Markets - Swing Trade into Profits… in Just 10 Minutes a Day!” Click here

Stage 2: Striving to Accept the Way to Make Money as a Trader
Seek a beginner’s market where you can risk 2% or less per trade with a $5000 account. I suggest the Nasdaq emini 144 tick chart. Why? Because you can trade 1 contract and your average risk per trade will be less than 2% per a $5000 account. It also trades beautifully with UMT. Don’t take my word for it though, lest you run the risk of that fatal “leap of faith”. Prove it to yourself intrinsically so you can finally trust in it and accept the edge that it will give you. How?

Manually back test! Make sure you back test correctly. You can do this by posting at least 100 trades (200 is better) in your spreadsheet. Make sure you use one of the UMT Owner’s Club spreadsheets so that your statistics will be accurately tracked. This is critical: if you do not know the correct way to back test, contact our UMT Coaching Team to find out how, as it is beyond the scope of this brief guide.

Witness the results of your back test. Note the losses as they relate to the winners. Notice key stats and results like the Most Consecutive Losses and Largest Draw Down Period. I refer to this as the “One Step Back” mode. After you complete this, then take the “Two Steps Forward” mode that follows. Take note of how your internal self reacted to “uncomfortable” set-ups. Then notice the net profits that occurred through your 100+ trades, despite your discomfort and the losses that happened throughout. You should be thinking, “Wow! This really does work.” You are beginning to accept. You are beginning to believe. You are beginning to take internal ownership of the system that will be your main tool for achieving your reason for trading. What was that again? Don’t ever forget!

Be serious and realistic! Rome wasn’t built in a day. Don’t think you can take internal ownership by short-cutting this step by step guide. There are only short cuts to busting out your account… not to growing it. Realize that successful trading is NOT some place you magically arrive at overnight. It is a day to day, trade after trade business journey.

Stage 3: Practice Makes Perfect
Forward test. Now you are ready to simulation trade this market. Sim trading is NOT the same as real trading nor do we expect it to be. But it does serve a valuable purpose: it allows you to perfect your craft by learning how to execute your trades in real time, while still adding trades to your spreadsheet, building your data set even beyond your back test. Also, you are reinforcing and perfecting your knowledge of the UMT in real time action.

Sim trade for a few weeks to a month. Once you feel you have a firm understanding of how the UMT works (meaning that you can recognize all the trade set-ups AND you can execute them) you are now ready for the final step before actually going live.

Commit to taking 25 consecutive mistake-free trades, live, in your sim account. A mistake can be anything including: execution errors, 2nd guessing, moving your stops and targets outside of your plan, missing an entry, not adjusting around a key level, etc. If you make a mistake on the 24th trade for example, you must start over at 1 again. Consider this your “dress rehearsal.”

This is just a sample. Get all the forex steps for free. Get your FREE “Evil Genius” Trading Cheat Kit Right Now By Clicking Here!