Learning

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Learn to Trade the markets

Its a common question asked by many in the world of trading – how exactly do you improve as a trader? This week I was asked a question on one of our Facebook pages on how you go about making the transistion from demo trading to a live account which ties in nicely to how you actually improve as a trader. The challenge for many is taking shortcuts en route along the path of trading which ultimately leads them back to square one. What you need to do is have a clear identifiable path to tread & a firm eye on the result you are trying to attain. Listen in as I discuss my view on this & my experiences with people I have trained to full time trader level.

Podcast Listeners Special Offer! Swing Trading Academy now open with an exclusive offer for my listeners. Click here for details

Mentioned in todays Podcast

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading

Snapchat: damonelliott1

Swing Trading Academy

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 28,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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Its a question so many home traders are puzzled by & yet still struggle to move forwards in their trading. after all, at the end of the trading session everything looks so simple. The reason why you have so many losing trades is a bit closer than many realise. Sometimes I refer to this as the market proverbially playing mind tricks with you, tricking you into trades you know you shouldn’t but how do you succeed in overcoming this? Listen in as I discuss one of the key factors that will develop your trading.

Podcast Listeners Special Offer! Swing Trading Academy now open with an exclusive offer for my listeners. Click here for details

Mentioned in todays Podcast

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading

Snapchat: damonelliott1

Swing Trading Academy

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 27,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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The great trading dilemma; how long do you hold a trade for & the times that you do try, the market reverses a small profitable position into a losing one thus creating a very confusing cycle for traders. The challenge comes in the form of knowing when to hold & of course when to scalp but how will you know when to do either? In todays podcast we talk about optimum entry points, tips on how to find these via screenshot analysis. Also discussed are my experience on when to move stops to break even & what to look for when weighing up a trade to hold for longer.

Mentioned in todays Podcast

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 26,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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In todays podcast I’m discussing 5 important areas of you trading that you can learn from yourself. Often, traders looking for success are looking in the wrong places & whether consciously or unconsciously ignore the obvious areas which will benefit their trading. In many ways these benefits are huge but not too many people are prepared to pull back the curtain & explore these areas.

Sites Mentioned in todays Podcast

For motivational articles & videos check out www.addicted2success.com

Piptastic Facebook Page for exclusive content, “like” our page at www.Facebook.com/piptastictrading

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 26,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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Piptastic Training for Traders

Trading can be a funny thing to master or most of the time “not so” funny but in all of this there could be a sense of deja vu that we continually look for the answers in the same places. Don’t get me wrong here as for most the answers will lay in these areas but what if there are little pockets of learning that we are completely missing? Little corners of information that is so obvious yet so hidden that most would not even give it a thought?

Todays episode explores that & I’m sure will be a topic area worthy of deeper investigation in future episodes.

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 25,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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Piptastic Training for Traders

Have you ever felt like giving up on your quest for trading success?

If so, then you are not alone. I think at some point in every traders learning curve is that niggling feeling of failure that seems to chip away at your confidence.

One of the vital things to be aware of is that trading is a skill like any other & it does take perseverance to succeed especially when it seems you are closer to giving up than trading success.

Listen in as I discuss this process in a traders mentality & some motivation to help you get over it.

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at damon@piptastic.com – this show has over 24,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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It’s been an interesting year so far & one thing that has sprung to my attention more than anything is the number of traders willing to take trades with no stop loss in place or moving stops backwards if their trade is in negative territory. I’ve also seen this publicised in various articles almost glorifying it however this is not a cool wary to trade. Don’t get me wrong here, I’m not judging anyone for doing this because I believe most of us have done it at some stage in our trading however it is an issue that to ensure your long term success, must be rectified to ensure you don’t destroy your trading account.

In this podcast I’ll be discussing the use of stops & why they are so important.

Also mentioned in this podcast is Episode 16 which you can listen to here

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at support@piptastic.com  – this show has over 24,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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Being able to adapt within the world of home trading is a critical element that is often never thought about nor kneed for a lot of people ever reached however we must learn to be able to adapt to certain things around us.

I think everyone at some point in their trading careers has done the spreadsheet mathematics & can see how “easy” it is to be a bazillionaire within a few short weeks but then the markets throw a few curve balls into the equation & these are some of the situations that you must be able to adapt to;

1. Being able to adapt yourself

2. Being able to adapt to market conditions

For most people we start trading with a very rigid idea or trade plan for what we should be doing or at least think what we should be doing & it is only those that trade for any duration that realise that adapting is key.

In this podcast I’l be discussing the above areas & sharing my own thoughts on this.

Right click here & “save as” to download this episode to your computer

THANKS FOR LISTENING!

Don’t forget to subscribe to the show on iTunes to get automatic updates.

Thanks again for listening to the show! If it has helped you in any way then please feel free to share it.

Additionally, reviews for the podcast on iTunes are extremely helpful and greatly appreciated! They do matter in the rankings of the show and I read each and every one of them.

And lastly, if you have any trading related questions, please email me at support@piptastic.com  – this show has over 20,000 downloads and counting so the answer to your question could be the difference to a fellow trader!

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piptastic

Everyone has been a new trader at some stage but if the percentages are to be believed then not many break out of the initial vicious circle & make it to being profitable & consistant traders.

Breaking out of this circle is much more than just being dertimined to make it as a trader. It is much better to have an idea of some of the areas in which errors have been made or yet to be encountered so expectation levels can be adjusted & the trader can regain the right path.

Here are some of the reasons that newer traders experience frustration in their trading.

1. Expecting Instant Success

An interesting one to start with & largely because it really isn’t the fault of the new trader to expect instant success. Unfortunately we now live in in an instant gratification world where people are not prepared to wait for success.
Also, new traders are normally met with “holy grail” trading manuals exclaiming how easy trading is.

Well, it isn’t.

Anyone telling that to new traders is lying, or at least its a half truth. Trading does get easier but much like learning to drive a car it get easier with time & experience but also & perhaps more importantly getting the right guidance which suits your style in the early stages. What most new traders don’t realise is that you could have the worlds greatest trading method yet if it doesn’t suit your trading personality then it simply won’t work!

“Learning to Trade is a lifelong marathon, not a 30 day sprint” – Damon Elliott

2. Method Hopping

Most people in trading don’t give themself enough time with any particular method to gauge success.

A few failed trades here & there does not make a method rubbish.

In fact there are probably millions of ways to make a profit in the market & not a single one is right or wrong.

It all depends on what works for that particular individual.

What a new trader must do is find a method that they like the look of & can see works, then spend time getting to know it at a much deeper level. that includes studying the losses, where it lost & how, & also studying the winners for clues.

The thrust of this point is that you must get to know your method beyond the basics & keep studying it. As an example I’ve been trading pivots for nearly 8 years now & I still spend time studying movement around it continually making minor tweaks here & there & making sure that I, as a trader evolve with my trading.

3. Market Hopping

Know your markets & stick with them!

Get to know which markets operate at optimum levels & when also know when to avoid them & when they appear “not their usual selves”.

When you market hop, like methods, you don’t get to know your markets on a deeper level & instead go looking for what you think is moving.

I’ve heard many a tale of new traders venturing out onto Gold or Oil on a slow day only to get caught out in a big movement on oil inventories or similar.

As an example, we know that the GBPUSD market slows right down after 4pm GMT so any evening where it is still moving is the exception rather than the norm.

4. Backtesting

Spending too much time “backtesting”. In my opinion there is very little value in backtesting a method.

The reason is very simple – you need to train your eyes to see it in live markets which backtesting won’t do for you. The most I personally have done with backtesting when i get an idea for trade entries is to glance back over a few days & if I’m nodding more times than not, then it has legs. At that point I can observe it in live market conditions rather than keep making stats for the sake of stats.

Stats don’t equal wonga in the bank.

If you find yourself doing too much backtesting then it might be worth stopping as you could end up with action paralysis due to not seeing the moves in live markets.

5. Not using Downtime Effectively

When you are at the screens during a trading session, that is time for trading. Not analysing, not backtesting just trading.

When your session is over then you can start analysing, taking screenshots, filling in journals & log books.

With modern technology you can store hundreds of screenshots on a tablet PC plus type up your notes. This also means you dont have to be tied to your PC or mancave for long hours which can be counter productive.

Make sure you have a clear idea of what you want to achieve during your downtime.

Conclusion

Many new traders will not be aware of any of the above so hopefully any new trader will find it of use. Also, you may find yourself trapped within the circle still trying to break out but not figuring out where its going wrong so again, the above list, while not exhaustive should point you to the key areas to focus on.

In the next article we will be looking at the Top 5 mistakes of “not so new” traders

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A very interesting week last week & not just because of the insanely huge market movements.

I’ve received a few emails from traders who feel “down” or felt like they weren’t good enough to catch those massive movements in the markets however as i’ll explain in this short video, missing movements like these isn’t really a bass thing & possibly could be viewed in a good way.

For example, many of you will know that I do venture down on the 2min timeframe during the morning session to cram in more opportunities however when you start seeing 35-55 pip candles on the 2min timeframe then you know there is an issue.

Watch the video as I explain in more detail

Hope you enjoyed this video but more importantly learnt at least one thing.

Damon

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