Best Momentum Trading Course

Anybody who wants to learn day trading wishes to follow certain guidelines. I won’t say rules because a lot of people don’t like the word, but principles. A number of them are quite well known and a few of them are less so, but they are all vital to the successful day trader. The Forex Rebellion defines them as the four major guidelines trading.

1. The Buck Stops With You

Whether you are looking round for a day trading programme or developing your own, remember that whatever you do is your responsibility. Ask for recommendation and help by all means, but don’t believe everything you hear. People are different and their trading styles can alter very, so never follow advice blindly.

Equally, you can buy in a system but do not neglect to test it. Whether or not the guy who designed it asserts that it’ll double your money in 2 months for certain sure, you must test, because there are three possible Problems with that. One, he might be lying. Two, perhaps it used to work great but it doesn’t work any more. Three, perhaps it works for him but for some unusual reason to do with your spread or whatever, it doesn’t work for you. Your cash is your responsibility and yours alone, so put the system to work on a demo account until you are sure.

2. Be Calm

The most important enemy of any trader is their own feelings and this is especially true for the individual that wants to learn day trading. If you are the sort of person who makes bad choices under stress, you might want to think again about choosing day trading as your system. This is a fast moving world where seconds can count in thousands of bucks, so you must keep a particularly cool head.

Now just about everyone likes to think they seem to be a calm sort of person who would react way below pressure, so even if you are convinced you are going to be the planet’s number one ice cold trader, test yourself as well as your system in that demo account. If you curve off the system even once or start changing your position size, closing out early, waiting too long etc in demo mode, sorry but you aren’t prepared for real life trading when things will be much more hairy. Keep working on it.

3. Track Everything

Even though you have got to work fast when you’re using day trading systems , it is worth making the effort to scribble everything down. This is a skill you can train yourself of while in demo. You’ll be dazzled how much it helps you to understand why things went wrong or right when they did. This can enable to to tweak a marginal system into a profitable one and make all the difference to your bottom line. A simple spreadsheet recording your position, the signal(s) and the opening and closing costs is sufficient during trading. Afterward you may need to add a comment.  

4. If You Doubt, Stay Away

This is a widely known trading and investment rule. Don’t take a chance on something that nearly fits your system but not really. It may work once but over the long term this may lead to disaster. There is probably a reason why the system is set up for the signals that it has and if the market does not fit, do not force it.

Equally if you’re sick or under stress about another area of your life, it can be better to keep away from the market, particularly while you’re still a relative beginner. There will be other and better opportunities to learn day trading when you are feeling in top condition.

David Jenyns and Stuart McPhee, well known, experienced traders, discuss the merits of keeping part of one’s trading float back from active trading.

David: We have a question: do you recommend having all your trading capital in active trades or should some be kept as cash, and if so what percent?

Stuart: For example, my super fund I always have roughly ten percent in cash because, and this is probably more specific to Australian taxation law, during the year you have an obligation to pay tax, pay as you go.

But having said that, if that isn’t a requirement for you and trading opportunities present themselves, there’s no reason to keep some cash set aside. Using nearly everything in active trading is a great idea in the trading system.

David: I’m in a similar frame of mind about that. If you’re looking to trade the markets and you’ve set aside your trading float that’s your intended purpose for the money assuming you have appropriate trading candidates. My gut feeling would be you should have, whenever possible, all your money invested. Obviously, it comes back to your system, making sure you are getting the signals. You don’t want to put your money in just for the sake of having all your money in.

But I don’t see any reason to limit, oh, I’ll keep ten percent of the trading float just sitting in the account, just accruing interest, not involved in active trading. It’s part of how you structure your wealth creation; you’ll have a certain amount allocated for your trading float, you’ll have a certain amount allocated for your real estate, you’ll have a certain amount for cash in the bank. I see that separate from my trading float.

Also with regard to backtesting you can see the utilization of your trading float. You can enter your trading float in before. You can see over a set period of time whether you’re fully utilizing or partially utilizing your cash and I always try to get as close to the top of that band as possible. So I’m as close to being maxed out as possible without being maxed out all the time.

If you’re maxed out all the time and new trading opportunities pop up and you don’t have any capital available, it’s going to throw out your backtesting a little bit because with trading opportunities or investment trading you may not have been able to open.

What is the least profitable scenario and the most profitable scenario and you find that gap widens the more you fully utilize your cash.

You don’t want to be maxed out as possible when you are doing backtesting. But definitely the major part of your float should be used for active trading or trade entry.

Google ‘Technical Analysis’ on the net and you will be inundated with choices, but after much investigation I uncovered Top Dog Trading.

On starting my foray into trading Share markets, I realised that fundamental analysis was out of the question, but interpreting share charts was something I could get my head around.

What helped my decision to take the Top Dog Trading course to learn Share trading?…. A number of things besides the desire to trade better and to stop depleting my trading account with losses; was that I understood what Dr Barry Burns was imparting on his website and much or the instruction is explained on the detailed videos which makes it much simpler to get your head around. A further qualifier was Barry’s CV; it is impeccable, a business man who trades professionally, he is also a accomplished speaker and writer.

So I subscribed to his free 5 video course on learning to trade to see if I could learn from his teaching style.

Prior to this, I had already done several other courses on technical analysis covering Share trading but still did not feel confident in my analysis that would allow me to become a successful trader, all this changed once I came across Dr Barry Burns, I now feel confident that I can make the business of share trading, a success.

You will find Barry explains the principals simply and clearly, then gives upto date chart examples with all their un-predictable moves showing how to turn the rules into profitable trades. This is all done via a vast selection of videos.

With Barry’s courses I have not only fully comprehended how to trade his methods but also developed a far deeper understanding of the Share market & the associated charts but more critically the money management and personal attitudes that are such an important part of becoming a successful Share trader.

Barry’s courses are the best Share trading courses that I have found and I would strongly suggest that you give his FREE course a go. This course has 5 videos that walk you through some of the most powerful trading material I’ve ever seen.

Provided you follow the principals Barry explores, you will end up with a very profitable ratio of winning trades with tight control on the losses, so when one does lose (which all traders do) the financial pain is not too great.

I have completed the course, loved it, and gained a vast amount from it and have moved to Barry’s more advanced courses. My wish to learn Share trading will never again produce the losses of the past.

Try Barry’s Free Video Course for yourself, it’ll be the best thing you’ll do!

Here is a great free gift from Top Dog Trading, they have just finished creating a new course that gives you the most important things that turned Barry Burns own trading.

At first they were going to charge for it … but they have decided to start
the New Year by giving it away to all of their students, subscribers and readers.

Ot is just their way of saying “thank you” for your friendship, and to help you make this your best trading year.

There are no strings attached and you don’t have to “opt-in” to anything. Simply go to the site, download the PDF outline and then follow along with it as you watch the 3 videos (there is about one hour of training in all).

It’s there for you at the Top Dog Trading Blog

To access the course, just go to the front page of the blog and you’ll see the most recent post at the top of the page gives a quick introduction and then gives you the link to the course.

The post is entitled: “Top 20 Daytrader Secrets for Day Trading Stocks, Emini Day Trading, Forex and Other Markets.”

Just go to  Top Dog Trading Blog

Renowned trader David Jenyns conducts an interview with Stuart McPhee where matters of interest to the beginner trader are discussed, specifically trading the e-minis, getting a fill rate, CFD trading and using chart indicators.

David: We have been asked the question: is it practical to aim for consistently small fraction of profits day trading plans the e-minis s and p, e.g. to get two points out of the market every or most of the trading days, at the same time have risk management in place?

David: The next question is: ways or actions to ensure you get a fill rate within one to ticks when trading on a one minute ongoing chart, not previewing the market direction or preordering.

Stuart: When I think of fill and the beginner trader getting in when he wants, the thing that springs to my mind is liquidity and having active turnover and active trading plan and having a lot of buyers and sellers in that market. It’s being able to execute and get the price you want because there’s great price transparency because we’ve got a lot of participants, great liquidity and being able to get in and out when you wish.

David: Next question is: I use chart indicators to enter a trade but then get nervous when the price does not do what I thought it would. Could you provide some of your experience dealing with price action immediately after placing the trade?

Stuart: I’m considering here the idea of nervousness felt by the beginner trader about what the price does. Our stop is so far away there is no way the price is going to fall down to our stop today. So we really have no further actions required of us for this particular trade for the remainder of the trading day.

With my medium term trades, often within a few days my price is back down below my entry price. But that doesn’t bother me because it is still away from my stop which I set outside the trend channel. But the worst thing you can do is check it ten times in the ten minutes after you have bought it.

But I’ve often found as soon as you buy, off she goes, you’ve bought at the highest price, but what can you do, you’ve stayed within the rules, your stops are set, and if it hits your stops you get out, if not you stay in the trade. It’s not going to hit your stop in the next day or two.

 
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