We had a Live Webinar the other day!
It was about our Xedan vs Manual Trading on Nadex. It started out with a great explanation of our Xedan Trading Bot. And included the importance of implementing our Dex Fx Markets manual trading strategies, using our signals on Nadex. The discussion panel consisted of some of our senior traders. And believe me, it was an informative and energetic conversation! Because it was all about our Xedan Auto Trader Bot and manual trading.
So, who will win this fight between the Xedan Auto Trader Bot and manual trading on Nadex? Tune-in, to this Live Webinar, Xedan vs Manual Trading on Nadex below. Listen, as we discuss the outcome of this never-ending battle between two great trading strategies. Because you might just be surprised, as to who will finally wear this “Crown of Victory!”
Prepare, Practice, Perform & Pace
Now literally I came up with these on the fly because I want you to remember them and I really do like the letter “P”.
But let us break them down so you have a better understanding of what I am trying to relay
Just like anything you need to be ready for what is about to come. Trading can be difficult unless you are prepared for what is about to come. So let me prepare you.
- Here are some truths.
- You will not become rich overnight
- You will learn to see things you didn’t think you could like market moving and such
- You will LOSE
- YOU WILL WIN
- You will get mad
- You will be frustrated
- You be happy and think you have superpowers
- You will never ever think it is enough.
- And most of all you will Question everything.
Well that was what to expect to really prepare you need to do the following. Before you read on every trader is absolutley different so this is a guide line for you to begin with then fit to your life.
- Make a time and place that you devote to trading.
- Close the door
- Remove all distractions facebook youtube and such
- Turn off your phone
- Use an alarm clock to set the time you need to trade.
- Schedule your time according to the news
- Investing.com is the best
- Comfortable clothes and environment.
- No need for suit or fancy clothes
- Make sure your tools are ready
- Have a template of websites you need to be efficient
- Prepare your environment every day before trading
- Be on Time.
- Have your Money management strategy on the ready- over trading sucks
- Once you are done trading collect your data. Transfer to your spreadsheets and analyze your successes and losses
- Call it a day and close everything out and don’t think about it until next time.
The above is just a small list. It may expand or lessen but every trader is unique as we said so add only what is absolutely needed..LESS is MORE
As you begin your mentality to prepare yourself to trade you need to do one thing before you trade any live money.
Of course, practice.
A Demo account can be your best friend or worst enemy you decide…
They say someone needs to do something 10,000 times to be a master at it.
Well I have accomplished that feat several times over with practice trades. LOL
- Apply the learning phases to Practice accounts is very important but there are some rules to practicing that you should follow that are not so obvious.
- Trade the Strategy exactly
- Do not stray from the chosen strategy once chosen unless it has been exhausted.
- Do not trade multiple strategies, this will cause confusion and an overworked brain to switch back and forth to multiple lines of thought.
- Trade the Lowest volume possible
- We tend to try and go ALL IN on some trades because we think the act of consistency is showing a winning balance and not winning trades that give us a good balance.
Example. Trading one contract at a time on NADEX will give you the basis of being able to scale easily by seeing the numbers . At the end of 100 trades or one month you can see that you have a balance of $1000 you can clearly then know to scale to $2000 you simply need to add one contract to each trade.
But if you have multiple contract amounts it is hard to see the scaling availability.
Check your losses for simple mistakes and then let it go.
A loss can be damaging but if you follow a method of checking to make sure you didn’t make a simple mistake of picking the wrong direction or trading during news then you must let it go as a loss in the strategy.
Too many times we try to find a way to remove the loss from our strategy thinking we can see a pattern…Trust me …I know… LOL
What you have to do is trust the strategy will have losses and if you followed the strategy properly its ok to lose. Do not assign a number to it per say just move on to the next trade setup and remove it from your brain.
Check your WINS for Simple mistakes and then Let it go.
Dejavue? YEP all over again.
Wins can be just as damaging as a loss. You can make bad habits happen with simple mistakes that result in a win, all the whilke thinking you may found a new strategy and you act on it.
Trust you will have wins but if you make a mistake and trade and you are rewarded with the win do not give it any weight and resume your search for the right trade next set up.
Practice like you will Perform
In the next section, perform you will begin your journey into Live money in most cause we try and give you as much practice as possible to handle all kinds of scenerios. Though most people fail this transgression due to one thing They did not Practice like it was live.
If you want to Play with Fake money, go play Monopoly…
Seriously to practice you must do it like you would live. If you are going into trading with $2,000 trade like you would in demo like you have only $2,000…
Though the suggestion above of trading the lowest volume in contracts should alleviate this, some still wonder over to the darkside and try trading 100 contract every once in a while.
This will mess with your mental frame work when it comes time since it will alter your data and natural trading ability.
SO Keep IT REAL…
Time now to get your grove on. Use what you have learned and pull the trigger on your first LIVE trade. Here is a list of things to expect and set up.
- Create the mentality that the money is expendable
- You may lose your first trade.
- You may win your first trade
- Trust the strategy
- Trade lowest volume
- Follow the incremental crawl method ( highlighted later)
- Never jump ahead on contracts.
- Murphy’s Law is always Watching.
Now there are many more things to anticipate but that was just a few. Know that if you become very good at trading in demo you are more than likley to good in Live money. Though the first few dozen trades you will question everything you do to challenge if you are ready.
My best advice is to strive through it and keep following your strategy until you have reached your first Money or time goals. That is what we will cover next.
You have been trading live. You have been doing well. YOu think you are unstoppable…
This is point most traders Fail and I MEAN HARD FAILURE.
Most taders have great intention at this point they think that adding volume is simple just nubers to a a bottom line..Though the brain is not ready.
So let us get it ready.
Apply the incremental Crawl method.
This is the method that has saved me from many a ruined account.
Since we are trading with the lowest volume we can only go up in volume form here but when do we know to add more?
We simple increase the amount of volume depending on our increasing balance.
When we use Nadex it is easy to figure out..
Take the average amount that you risk …Mine is $70 per trade.
Times that by 10 that = $700
For every $700 in my account I can trade one contract.
This gives me a 10% trade per risk ratio that I would have to protect my account.
I can not increase the amount of contract I do until I hit another level of $700
Example iof my account is at $700 and I trade and earn another $700 that would be $1400 I can then trade 2 contracts at the level of $1400
Wait what happens if You lose at the $1400 level with two contracts?
Go back to trading 1 until you what?!
That’s right get to over $1400 Simple.
Make sure to not over trade because you have extra time or need.
We tend to over trade because we have a few extra minutes at the end of a day or we have a need to make more money..You need to set a goal either on time or money per day.
Set yourself a goal of time or money.
I prefer a hybrid of both. I give myself two hours to trade or $200 make or $200 to lose. Makes it easy for me to control my time and energy.
So in closing you are now fit with the 4 P’s LOL go and Profit please while perfecting your Posture within the Past time of Perfection…
PHarewell..I know that one was a stretch
First off You must have a real conversation with yourself.
Here are some questions you need to answer
- How much money do you need to make?
- Full time trader
- Part time
- Long term
- How much time do you have to devote to trading.
- One hour
- 2 hour
- All day
- No time.
- How much money do you have to devote to training not trading?
- How much do you have ready for trading.
Now let’s break them down.
How much money do you need to make?
Know how much money you need to make either being part time or full time is not so much about the dollar amount but more about the sense of the way you make it. Whatever the number is “Double it” then you will never be short on hitting the mark….
A part time trader- I call “Gap Traders” They trade to fill in a gap of financial need from their regular income to there long term portfolio ..(no long term portfolio no worries we can help with that.)
A full time trader- applies his needs to cover his main portion of income and necessity to pay his expenditures.
A long term trader- Is someone that trades their portfolio in the anticipation it will grow and compound over a long period to be able
Each of the above can be considered a style of trading but together they are a full system of portfolio building goodness…
Learning how to assume each role as you work throughout your portfolio is very important. Each one of these roles are designed to further its division but also comes with its challenges.
Part time Challenges
Not enough time to watch and let mature your trades so they have to be a little higher risk
Full time Challenges
Time management is a skill and sometimes we get very distracted or too hyper focused on any one thing and spend a lot of time fighting ourselves within our time period.
Long Term Challenges
It is hard to see the profit through the trees and forest . It takes a long time to see the profit become making real efforts. we are on the hunt for long term rewards with short term site.
How much time do you have to devote to trading?
Along with the above solutions your trading times are very crucial too little time and you are taking risk in your decisions too much time and you may be over trading.. Myself as a Master Trader, spend about 2 hours a day looking at charts and my system in order to make the level of money I want to build for my portfolio. I then spend maybe another half an hour a day managing my investments balances and withdrawals …Yes withdrawals… I make money and I use the money I make LOL
- 2 – 4 hours a day full time
- 1-2 part time
- 1 to 2 hours long term
If you do all three no more than five hours a day sitting in a chair.
If you said you have no time well then I would move on …anyone that thinks they are going to get something for nothing put in is mistaken and disillusioned and you are acceptable to being scammed and or taken advantage of. Every investment I have ever seen takes time and energy to make happen.. So have a REAL CONVERSATION with yourself of what you really want.
How much time and money do you have to devote to training, not trading?
Continuing this sense of time how much time and money do you have set aside for learning?
First off let me be clear…Learning and training are two separate things in my mind.
Learning is the act of reading , watching and/or hearing things being done ..
Where Training is the act of doing these things in a safe and productive environment.
The time and money you devote to these things are easily forgotten or they are wrapped up in ROI (Return on Investment) thoughts.
This can be dangerous since it puts a sense of urgency to make things happen.
Set yourself aside the funds and time to learn and train in the system
I tell people that no matter what the monthly cost is of a program set aside 3x’s the monthly amount for the average person to learn the system and train with them efficiently.
5x’s if it takes you little to learn something…
Training is a tough nut to crack on how much but I usually tell my clients that it will take 30 to 60 days for a full time trader to learn the right habits and thoughts in order to find their consistency.
Now let’s talk Brass Tax
How much money do you have to devote to trading?
This is the toughest question for most because they think I can answer it LOL…Well I can but only for me.
The best I can help you is to establish the connection you have with your money.
In most cases, the more money you have in your Trusted account , exchange or broker the more buffer you have for your trading style.
With so many variables such as what type of trading you are doing the time you devoted and the desire of what you want it is tough to signify the exact amount. But help is here.
Once you decide what type of trader you are simply now look at your needs for money per month and give it life with a number…
Example You need 3k a month…
Then you need at least 9k in your balance each month.—ouch or not?
In the example above if that number made you go umm NO that hurts. Then lower the amount you need down to what makes the balance number not hurt.
In this section of money one thing will help all of your trading once you decide is to now think of the money as GONE> yep fell right through the cracks of life and is gone.
Not that it would but it could if things go bad with you, your system your life or whatever. If that number you just lost makes you angry or feel way too uncomfortable then Lower the number until that feeling goes away.
When it comes to money keep your money for trading and your money for your education separate. Think of your money for training as price of admissions this will help you avoid trying to push yourself to recover the money you spent for learning the system and making your trading style in the negative even before you start.
This Real Conversation you just had with yourself is just the Tip of the top of an iceberg for you.. If you get past this conversation with the want of moving on then you are that much closer.
Trading is not easy …You are going to lose at times. And you are going to win at times. Each has it’s learning challenges. But the goal is the following equation:
Patience + Discipline = CONSISTENCY + Volume = GOAL
We are on the hunt for Consistency to met our goal what that goal is..well that is completely up to you…
Look forward to seeing you again ..
And as always
News forecast Sept 22nd to Sept 27th
Times to avoid
Watch this video to see how Maxx prepares his week.
Forecast for the week.
A relatively uneventful week
The first time to really avoid for the dailys and atms is not till thursday morning.
Thursday, September 26, 2019
|08:30||USD||GDP (QoQ) (Q2)||2.0%||3.1%|
|10:00||USD||Pending Home Sales (MoM) (Aug)||1.0%||-2.5%|
These two times meeting like this could push the signals into an unfavorable time.
This is the only time during the week that there could be an issue with the daily signals.
Now this is still a light week for the news side of things but simply go through the week and look for anything three bull or more than 2 instances of two bull at any one time.
Monday, September 23, 2019
|03:30||EUR||German Manufacturing PMI (Sep)||44.0||43.5|
Tuesday, September 24, 2019
|04:00||EUR||German Ifo Business Climate Index (Sep)||94.5||94.3|
|07:00||BRL||BCB Copom Meeting Minutes|
|10:00||USD||CB Consumer Confidence (Sep)||134.0||135.1|
|22:00||NZD||RBNZ Interest Rate Decision||1.00%||1.00%|
|22:00||NZD||RBNZ Rate Statement|
|23:00||NZD||RBNZ Press Conference|
Wednesday, September 25, 2019
|10:00||USD||New Home Sales (Aug)||660K||635K|
|10:00||USD||New Home Sales (MoM) (Aug)||3.9%||-12.8%|
|10:30||USD||Crude Oil Inventories||1.058M|
Thursday, September 26, 2019
|08:30||USD||GDP (QoQ) (Q2)||2.0%||3.1%|
|08:30||USD||GDP Price Index (QoQ) (Q2)||2.4%||2.5%|
|08:30||USD||GDP Sales (Q2)||2.5%||3.0%|
|08:30||USD||Goods Trade Balance (Aug)||-77.33B||-72.46B|
|08:30||USD||Initial Jobless Claims||212K||208K|
|08:30||USD||Jobless Claims 4-Week Avg.||212.25K|
|08:30||USD||PCE Prices (Q2)||2.3%||2.3%|
|08:30||USD||Real Consumer Spending (Q2)||4.7%|
|08:30||USD||Retail Inventories Ex Auto (Aug)||0.3%|
|08:30||USD||Wholesale Inventories (MoM)||0.2%|
|09:00||RUB||Central Bank reserves (USD)||531.2B|
|10:00||USD||Pending Home Sales (MoM) (Aug)||1.0%||-2.5%|
|10:00||USD||Pending Home Sales Index (Aug)||105.6|
Friday, September 27, 2019
|08:30||USD||Core Durable Goods Orders (MoM) (Aug)||0.2%||-0.4%|
|08:30||USD||Core PCE Price Index (MoM) (Aug)||0.2%||0.2%|
|08:30||USD||Core PCE Price Index (YoY) (Aug)||1.8%||1.6%|
|08:30||USD||Durable Goods Orders (MoM) (Aug)||-1.2%||2.0%|
|08:30||USD||Durables Excluding Defense (MoM) (Aug)||0.1%||1.4%|
|08:30||USD||FOMC Member Quarles Speaks|
|08:30||USD||Goods Orders Non Defense Ex Air (MoM) (Aug)||0.1%||0.2%|
|08:30||USD||PCE price index (MoM) (Aug)||0.2%|
|08:30||USD||PCE Price index (YoY) (Aug)||1.4|
|08:30||USD||Personal Income (MoM) (Aug)||0.4%||0.1%|
|08:30||USD||Personal Spending (MoM) (Aug)||0.3%||0.6%|