This is Navin here! Since Garry is off today, I'm hijacking the blog to let you all know that the Urban Forex 4 Course Bundle is getting bigger!
Here's how :
I'm adding lessons this week that will cover topics on trade management. I think this is a very critical topic as I've seen many traders turn a nice winning trade into a losing trade because of the lack of education behind trade management.
The essence of trading is not making the call on which way the market is going to go but actually - what do you do with that information?
So what does that mean? :
This entire sector of the lesson will go over the aspects of what do you do once you're in the trade. I'm going to release it all at once. It will be available in Week 26 of the course.
I've been astonished by the amount of reviews we've been getting regarding this course. ( Read the reviews on our Urban Forex Facebook Page ) Let's keep going and keep growing. I look forward to how much more my team and I can improve your skills with the Trade Management section of the course!
But what's covered :
For the longest time I was focused on picking the right currency pair and focusing all my efforts on timing - "when do I get in?" It wasn't until much after when I started to piece together that even with great picks on winning pairs I wasn't able to pull out much profit or when I did I'd end up losing most of it and the trade would end up closing for a small gain instead.
So how did I adapt? :
Imagine this, (let's talk real trading) you go to a store to buy a bunch of watches because you just did some research and figured out a particular type of watches are going to be in very very high demand and you can turn a quick profit if you're able to buy it now for a lower price.
Let's put aside the feeling of whether we think the watch is ugly and amazing. You, as a businessman or businesswoman, are only concerned about value and deals. You can care less if Justin Bieber wears this or Donald Trump.
The store owner says "Ok I can give you 200 pieces for $100 each" and you look at and know in your mind that because of the soon to be high demand, prices will sky rocket to $800 per piece. You shake hands and say "Deal, I'll take it, please spit shine it and put it in the trunk of my Bentley, I'm going across the street to grab some coffee in the mean time."
15 mins later :
Store owner calls you again and says "Listen, I just got a shipment of another 100 pieces, I can give it to you for $110 each this time as few others also want this so I can't really offer it to you for $100 rate." You understand and say "Fair enough, I'll take it, you know the process, spit shine and in the Bentley please."
What's in your mind now :
As you're ordering your coffee you know you're already in profit as the demands have increased for the watches and prices should be steady to rise to your research of $800.
As you're reading the newspaper at the coffee shop :
The shop owner calls you again after 30 mins and says "Hey listen, I got my hands on 500 pieces this time and I can offer to you for $70 a piece."
You pause for a second and say "Let me call you back." You sit there and think, you've done your research that prices should go up to $800 so this must be a killer of a deal now as its even cheaper. But on the other hand you start thinking, "Why is no one else buying it, why is the price so low, and why so many pieces"
This is Trade Management :
Just because you did your research that prices will rise to $800, doesn't really mean much. You're getting live feedback from the market telling you something is up, something is not right. This is the real essence of TRADING. You can't just expect your research to always play out right? Market conditions change, adapt, move around - so should you.
The decision you make at this stage is what's going to determine if you're going to make a profit or loss from your trade.
I'm looking forward to getting you guys this section of the course, I'm absolutely certain you guys are going to love it and it will increase your performance by 3X.
With Pip Love,
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