Naked Forex: High-Probability Techniques for Trading Without Indicators

Naked Forex: High-Probability Techniques for Trading Without Indicators







This is a book that I have been wanting to read for awhile, but it always seemed to get pushed down my reading list. Well, it got pushed all the way back up to the top when I received a box from none other than Walter Peters.
If you have never heard of him, I interviewed him on the Podcast in Episode #7 and he is currently the most watched interview on the Trading Heroes YouTube channel.











Before I begin the review of this book, full disclosure…yes, I got this book for free and I do make a small commission if you purchase through this page. But I would not review this book unless I thought it was well worth reading. I don’t have time to spend on writing reviews for crappy books…period. To see more books I recommend, check out the Library and Book Club.

















The Most Important Section Of This Book
Let’s start at the top. Walter is a psychologist by training and it really shines through in this book.
Unfortunately, psychology is not sexy to most aspiring traders, so it is usually placed at the end of trading books. It is no different in this book.
This being the case, I would actually recommend that you skip to the end of this book and read the psychology section first. It really is that good.
In particular, I liked what they write about the “circle of doom.” I see so many traders get trapped in it and I have been in it myself. There are also other topics such as: runners/gunners, gaining confidence and becoming an expert, which I found very useful.
The Rest Of The Book
But the rest of this book is not chopped liver either. I would recommend reading the entire book from cover-to-cover. Besides the section on psychology, there were two other sections that I found particularly informative.
First, the trading strategies are explained very well. They are simple and make sense. However, what I liked the most is that the book takes the time to explain the reason behind why they work.

Most books just say: look for this setup…then do this. But I liked the fact that this book explains what you should be looking for before the setups that might invalidate them.

However, the book doesn’t stop there. It goes one step further and encourages you to test the strategies using tools like Forex Tester 2. The trouble that I have with many trading courses is that they expect you to take them at their word that their strategy works. You just have to start trading it and you will be golden.

But I have learned from experience that if you do not understand the system well and understand the drawdowns, you will not have the confidence to stick with it. This is what causes people to jump from system to system until they finally think that this Forex trading thing doesn’t work. Backtesting can help you really understand how a trading method works.

Second, I really liked the way that Alex and Water lay out a road map for deciding when you are ready to move on to the next step. For example, how do you know when you are ready to open a live account? How do you know if you should keep demo trading?

They provide very specific parameters that will let you know when you are ready for the next level. Of course these are just guidelines, but they make a lot of sense and give you something to shoot for.

What Is Naked Trading Is Appealing And Why Do It

Naked trading is basically their flavor of price action trading. It is when you use price action alone to determine when to enter and exit trades. No indicators and no complicated chart setup.

If you have ever been confused by indicators or complicated trading systems that require several different criteria to be met before you can take a trade, then Naked Trading can be a breath of fresh air. I am currently testing some of the strategies myself.

Their strategies include: The Big Shadow, Wammies /Moolahs and more. I especially like the Trendy Kangaroo.

Some traders think that trading automation means that they have to create a trading robot that handles of all of their trading. It identifies the setup, enters the trade and manages the exits.

This is pretty damn appealing at first and you are probably thinking that this is something that you want to try. I don’t blame you, it appealed to me at one point. It still does, to a certain extent.

Making money while you sleep is the ultimate business.

But creating a trading robot is like getting married in Vegas while you are drunk. It always sounds like a good idea in the beginning, but it rarely ends in a happily ever after.

At least for the average trader.

When you get down to creating a fully automated robot, it is actually pretty scary. If you don’t know programming, you will either have to learn, or put your faith in a developer.  Most people opt for a developer, I sure do.

Before you find a developer however, you will need to quantify your trading system so that a computer can understand it. Something that may be obvious to the human eye, may actually be really hard to define to a programmer.

Take pin candles for example. What is the ideal ratio of wick-to-body? How long should the total length of the candle be? Should it be a up or down candle? That’s not even getting to the entries and exits yet.

Even if you find the best developer in the world, there can still be bugs that can blow out your entire account. Maybe your trades don’t exit like they should if you have more than two trades open. Didn’t test for that?

Well, your trades might stay open longer than you expected. You might login to your trading account one day to find that it has gone to zero.

Not The Only Way

While this is one type of trading automation, it is not the only way. Don’t get me wrong, fully automated trading can work if you know what you are doing.

Like any other trading method however, it has to fit your personality and skill set. I honestly believe that only a small percentage of traders are cut out to be fully automated.

But what about the rest of us? Is there any way that almost any trader can get the benefits of fully automated trading without having to battle the fully automated beast?

I believe that the answer is yes. I call it Incremental Automation. This post will explore the concept of Incremental Automation in Forex trading. I will show you how to start simple and take your trading from partially automated to full automation. The great thing is that even partially automated trading can provide tremendous benefits.

When This Works

This will only work when the method you are trading has defined entry, management or exit signals. They don’t all have to be clearly defined, but the ones that will be automated need to be. Even if you are trading a very discretionary system however, Incremental Automation may still work for you.

Incremental Automation Defined

So what is Incremental Automation and how does it work?

It is simply the process of automating parts of a trading system and adding as many automated components as possible, until you reach the Maximum Automation Point (MAP).

The MAP could just be automating your entry signal with an indicator. You could also have a robot only handle your exits. The degree to which you automate is up to you and will depend on your trading method.

The Simplest Forms Of Automation

Let’s start with a couple of things that you can do right now. The first thing is to create price level alerts.

You can begin by setting an alert when the price of a currency pair hits a historical high or low. These areas can be major turning points in a currency pair.

Since most people use Metatrader, I’ll use that as an example.  To setup a price level alert in MT4, click on the Terminal icon, then click on the Alerts tab. Then right-click on the alerts window and click Create from the menu.

Then setup the type of alert that you want and the price at which you want to be alerted. Text message alerts and push notifications are the easiest way to get notified when you are on the go.

Before you start relying on the alert, be sure to test it out. For more information on how this works check out the MQL4 documentation.

Many mobile apps also have this capability. Here is what it looks like on the Oanda iPhone app:

How to Get Started With Incremental Automation In Forex Trading

You might forget that limit and stop entry orders are also forms of trading automation. Set your entry levels beforehand and you don’t have to worry about watching the trades closely. The only thing that you do have to worry about is canceling pending orders if they are no longer valid.

Automation Through Indicators

If you need to get more complex alerts, custom indicators are the next step in the Incremental Automation process. They provide you with more flexibility than simple price alerts, but they do not take the extra step of actually executing trades.

This is as far as most independent traders will need to go. Using custom indicators with built-in alerts can greatly reduce the number of trades that you miss.

In order to create your first custom indicator, be sure look around for a programmer who has a good reputation and can create what you need at an affordable price. Websites likeElance can also be another source of good talent.

You can also look around the MQL4 Source Code Library to see if there are any existing solutions that you can use. Remember to thoroughly test any indicator that you use.

Indicators may not be as dangerous as Expert Advisers because they do not execute trades, but there can still be bugs.  Monitor your indicators closely for a few weeks to uncover any flaws.

Automation Through Expert Advisors (EAs)

If you have been able to automate your trading signals, now it might be time to start automating your entries and exits. Just like with the rest of this process, you can choose the degree to which you automate.

You may want to enter trades manually, but have an EA exit the trades for you. Or you might want the EA to manage moving your stop. Whatever the case may be, EAs do not have to be used to completely automate your trading.

Conclusion

Consider how you can automate pieces of your system and incrementally get to a level of automation that you are comfortable with. Fully automated trading isn’t for everyone.

But you can still benefit from using it in pieces. I hope that this post has helped you look at automation a little differently. When used correctly, it can help you spend less time in front of the screens. It can also help you diversify your trading strategies and watch multiple systems at the same time.

Why Exposing Scams in Forex Trading Is The Worst Thing For Your Trading

I feel very fortunate to have this blog.

In general, the people that I have crossed paths with in the trading world have been nothing short of amazing. People like Walter Peters, Colin Jessup, Adam Jowett, Chris Lori, Rafael Veron, Chris Capre and many, many more have given me inspiration, support and guidance, many times at crucial points in my life.

This blog post is the result of conversations that I had with a couple of these traders.

No matter how legitimate a trader or educator is, there is always the tendency for people to say that they are a scam. I think this goes for any topic that deals with money. Through my contact with these traders, I feel that I have become quite good at spotting the real deal and a fake. I’m not saying that I will be 100% right, but I can usually sniff it out after a few questions.

But should we be overly concerned with exposing scams? When we do this, is there more going on than we realize?

In this post, I invite you to take a deeper look into the idea of what is a scam and is not a scam. I think you will find that the extremes are very clear cut, but still a very, very small piece of the pie. There is actually a whole lot of gray in the middle.

Much more than you may have thought.

To take it one step further, I believe that our readiness to call something a scam is actually detrimental to our development as traders.

Real Scams Exposed

Let’s get this out of the way first. Yes, there are some straight up scams out there. And yes, you must protect yourself against them.

A recent one that comes to mind is the kid who said he made $72 million dollars trading stocks. He was featured in New York magazine and became famous overnight. It turned out that he never made a dime and all his profits were made in a paper trading account.

I guess it wasn’t that bad because he didn’t actually take any money to invest. It wasn’t right, but the worst that probably came out of this was that his friends won’t give him money to go on a beer run anymore.

Then there are convicted ponzi scheme maestros like Bernie Madoff, Lou Pearlman and of course, Charles Ponzi himself. These were gigantic scams that defrauded investors of millions of dollars. This is the scary stuff that you really have to watch out for.

There are also smaller players who do pretty well for themselves, at least for awhile. If you remember the Adrian Shiroma story, he was pretty pissed that I exposed his scam and started doing all kinds of fun stuff with my picture on the internet.

I actually got an email a few months ago from a reader who gave me his alleged real name and said that the authorities are chasing him through the DR somewhere.

More on that in a bit…

My point is that there are some real scams out there, so I’m not saying that they don’t exist.You do have to be careful. However, I believe that calling something is a scam is the worst thing you can do for your trading career.

Not Scams

Then there are people who have really honed their craft and are super reliable from an education and/or trading standpoint. For the purposes of this post, they are boring.

They are fine upstanding members of society and are certainly what real trading and education is all about. But sometimes, even these people can get pulled into the gray area. If not by actual trading or education performance, then by pure public perception.

The Gray Area of Exposing Scams

Now we get into the area where investments and/or people may or not be a scam. Generally post people lean towards thinking that someone is a scam, for whatever reason. Before you jump to conclusions, really think about the nature of trading and education.

A Bad Year

Trading has its ups and downs. That is a given.

A trader can simply have a bad year. It happens to the best of them. It probably happens to you. Sometimes there are also events that are out of a trader’s control.

‘Nuff said.

Too Much Pressure

One of the professional traders I talked to said that it is fairly common for a good trader to start managing money or a signal service and begin trading poorly. They simply don’t handle the increased pressure well.

Could this be classified as a scam? I don’t believe so.

But that doesn’t mean that they aren’t basically good traders or educators. Rafael told me this story in our interview, of a woman that he raised money for because she had an amazing track record. She could double her account every one to three months, like clockwork.

But she was only trading a $10,000 account. When she got more money (much more) to trade, she couldn’t handle the pressure. She almost lost the whole account before getting back to breakeven and returning the money to the investors.

Was she a bad trader? No way.

She just wasn’t mentally prepared for the stress of the bigger dollar amounts. The same could go for a trading educator who isn’t prepared for the mental stresses of a signal service. You could still learn a lot from them as an educator, but their recent track record could suck because of the added stress.

So before you call someone a scam, take a look at what is really going on behind the scenes. It may not be what it appears to be.

You Don’t Have To Be A Good Trader

This can be a tough pill to swallow and I must admit that I used to be against any advice that came from someone who wasn’t trading for a living. But the fact of the matter is that someone doesn’t need to actually be a good trader to help people trade well. They just have to have a good understanding of what trips traders up and how to fix it.

To give you an example from outside of trading, take a look at the NFL. In 2009, Mike Tomlin became the youngest head coach to lead his team to a Super Bowl victory. But he has never played professional football. His experience consisted of playing wide receiver for the College of William and Mary.

Similarly, Bill Belichick is one of the most successful coaches in the history of the NFL. He only played Division III ‘ball at Wesleyan University in Connecticut.

So don’t ignore trading psychologists and coaches. They can probably teach you a thing or three.

A Scam Is Ultimately Your Responsibility

Yes, scams are completely your responsibility. If you got scammed, it was up to you to do your research on the investment or education and take the proper amount of risk.

So the next time you call something a scam, check your ego at the door. In order to call it a scam, you must have conclusive evidence. If you are in the very large gray area, then it is on you to do your due diligence and limit your risk.

If the risk is too high, simply walk away.

Conclusion

The bottom line is that by calling something a scam, we waste our precious time and mental capital on an endeavor that does not positively affect our trading. A good example is the Adrian Shiroma story.

While writing about the scam and ultimately bringing it down did help a lot of people out, it consumed a lot of my time and I was very concerned about the type of stuff that they would write about me on the internet.

Luckily the scammers were hacks when it came to creating anything online, but it was still mentally draining to file another DCMA every time they put my picture up somewhere else. I was better off focusing on improving this site and creating better products.

Similarly, when you waste your time bashing something/someone for being a scam, you waste your time and do not keep your mind open to the possibilities. By quickly shutting out these opportunities, you limit your ability to learn and grow.

So simply decide if an opportunity is worth the risk or not and don’t go all-in. Only put a small portion of your total capital at risk.

Even if you are completely sure about the opportunity, don’t let an unforeseen event like the recent Swiss Franc tumble cripple you.

If you did your best to research an opportunity and it does turn out to be a scam, then you take an acceptable loss and move on. Just like a Forex trade. Hopefully you learned something from the experience.

Calling something or someone a scam too quickly can cause you to miss out on excellent opportunities and introduces a negative, poverty-based mentality into your psychology. Remember, that there can be a lot more going on behind the scenes than you may realize.Stay positive and understand the risks.

How To Use The RSI Indicator In Forex Trading

The Relative Strength Index or RSI was developed by J. Welles Wilder and published in his book New Concepts in Technical Trading Systems, in 1978. It is one of the most well known and widely used indicators. It is included in almost every charting software on the market today.

But you may not know exactly how this indicator works or how it can be used. This post will get into how it is calculated and a few different ways that it can be utilized to execute trades.

The Calculation

RSI is a momentum oscillator, meaning that it measures directional price momentum and moves between a minimum of 0 and a maximum of 100.

It is calculated as follows:

RSI = 100/ 100-(1+RS)

Where RS = average gain / average loss

The recommended setting for this indicator is 14. So all of our examples will be shown over 14 periods.

RS is a little confusing, so let’s clarify it. The most recent period is calculated in the following way.

The most recent average gain is calculated like this:

Average Gain = Sum of Gains over the past 14 periods / 14

A gain is defined as a period where the close is higher than the open.

The most recent average loss is calculated like this:

Average Loss = Sum of Losses over the past 14 periods / 14

A loss is defined as a period where the close is lower than the open.

After the most recent calculation, the following 13 periods are calculated like this:

• Average Gain = [(previous Average Gain) x 13 + current Gain] / 14
• Average Loss = [(previous Average Loss) x 13 + current Loss] / 14

So the most recent price action carries more weight in the calculation. This is similar to how an exponential moving average is calculated.

But that is only the RS calculation. The rest of the equation normalizes the indicator so that it oscillates between 0 and 100. When the indicator is 100, all 14 periods were gainers and when the indicator is 0, all periods were losers.

How To Use The Indicator

The purpose of the indicator is to alert traders to possible overbought or oversold conditions on the chart. This potentially signals turning points in the market.

The default overbought setting is 70 and the default oversold setting is 30. Whenever the RSI hits 30, it represents a possible buying opportunity and when it hits 70, it is a possible sell opportunity.

Just like with any other indicator, it will not be 100% accurate. It only represents an opportunity. You will have to use your judgement as to when to take a trade.

When It Doesn’t Work

In strongly trending markets, RSI can stay overbought and oversold for extended periods of time. If you were to take every single signal in these conditions, it would lead to huge losses.

For example, take this EURCAD chart. If you too every single overbought signal, it would have resulted in at least six losses and probably more.

Therefore, if you are using the RSI, your risk management plan must include a contingency for limiting losses in a strongly trending market. Limiting the number of consecutive losses or a maximum percentage loss are two ways to do it.

You can also use concepts such as divergence and support/resistance to try to find the very best signals. Let’s take a look at how this works.

Divergence

The first way that you can potentially filter out lower quality signals is by combining the concept of divergence with overbought and oversold conditions. This may filter out false signals, but may also cause you to miss out on opportunities. Thus is the nature of trading, there are no free lunches.

In the chart above, price continues to move higher while RSI makes lower highs. This ultimately signals a drop in price. Again, this will not happen all the time, but it can give you a clue as to what is about to happen.

Support And Resistance

Finally, support and resistance within the RSI itself can be used to signal the end of a trend. Let’s look at the strongly trending chart that we saw before, but from a support and resistance point of view.

While price is in a trend, you will notice that RSI continually runs into resistance until breaks out and resistance becomes support. This signals a turn in price and an end of the trend.

You will also notice that there was a false breakout, but the RSI did not stay above the resistance line. Even if you took a trade on the false breakout, you probably would have been able to make the loss back on the next break.

Conclusion

So that is how the RSI indicator works. Some people tend to dismiss it because it is so simple. But often the simplest tools are the best.

It isn’t perfect, but with some practice and testing, it might work for you. I would recommend exploring it and seeing if it fits your personality. Never trade it live without testing and demo trading it.

If you would like to get alerts in Metatrader 4, whenever RSI goes to overbought or oversold, purchase our Simple RSI Alerts indicator. You can get alerts on your screen, audio sound on your computer, email, text message or push notification on your smartphone.

3 Ways to Diversify Forex Trading

3 Ways to Diversify Forex Trading







Forex trading is a lot of fun…when trades are going your way. But when you are on a losing streak, it can seem like forever since you saw your last profitable trade.

It can be a grind that seems like it will never end. You are only one person. You can only make so many trades a week.


If you are tired, you cannot expect to trade well.


If that is your only source of income, all your eggs are in the preverbal basket…

…and that basket can be very fragile. This is what makes diversification so attractive.


But is it really worth doing? Is it too risky?

The Diversification Argument



There are two sides of the coin, when it comes to diversification.


Some people say that you should be really good at one thing and only do that one thing. Others say that you should have a specialty, but be willing to diversify, just in case your one thing is not doing so well, at the moment.


Only you can determine what is right for you. But I personally feel that a limited amount of diversification, in areas that you understand pretty well, can help a lot. So in this post, I will show you three alternative investments and how to use them to diversify Forex trading.


Remember, past performance does not guarantee future results. You are 100% responsible for your own actions. These are just ideas, not trading or investment advice.

Lending Club















I have written about Lending Club in the past, but I believe that this is a great way to diversify your investments. Sure, it is riskier than putting your money in a bank, but the return is also much better and it is not as risky as Forex trading.



If you have never heard of Lending Club before, it is a peer-to-peer lending website. This means that you make personal loans to other people on the site.

Risks


Of course, there is some risk and just like with bank loans, borrowers could choose to stop paying. Since your loan is not secured by anything (like real estate), there is really no recourse to get your money back.



You must understand this before you invest in your first loan. But before you get too freaked out, keep in mind the potential benefits.

Potential Benefits


The benefit is that you get a higher interest rate (minus fees), that a bank would normally get. People who need to borrow money get a lower interest rate (compared to the bank) and don’t have to deal with the stuffy bank employees.






However, unlike regular personal loans, you can risk as little as $25 per loan. So if one loan goes belly up, it’s not a huge loss. Lending Club puts many people together to fund one loan.



You can also set it up so that a small amount of money is automatically withdrawn from your bank account every month, into your Lending Club account. Then, you just have to login every month or two and allocate your money to new loans.


This takes advantage of the magic of compounding and is super easy to do. I think you will be surprised at how fast your account starts to build momentum.

My Results



I first started using Lending Club back in 2011. Since then, I have done 42 loans and there hasonly been one default.


The screenshot above showing a return of 8.06% is the actual return from my account. My goal was to make between 8-10% and I am hitting that goal.



I could get a higher return, but I prefer to stay on the safer side of the scale. Some loans pay 15%+, but they are also much riskier.


If you want to learn how I choose my Lending Club loans, my complete strategy is in the original blog post. It might not be the best way to do it, but it has worked out pretty well so far

Forex Signals Services and Expert Advisors (EA)

There are a lot of these sites out there nowadays. Sites like Etoro, MyFxBook and others allow you to track the results of traders on the site. If you feel comfortable with the results, then you can “copy” their trades into your trading account.





Expert Advisors or EAs are automated trading programs that you can download and install on Metatrader to do the trading for you. The program makes all the decisions and you have no input.


These are very appealing to people who are not good traders yet and can seem like the “easy” way to make money. But of course there are risks…

Risks


Most times, you do not know anything about a trader or automated program, outside of the track record they publish on the website. You may think that this is enough, but it really isn’t.


I believe that you really need to know the trader behind the numbers.

Are they serious about trading, or is this just a hobby?

How responsible are they?

Are they actively maintaining their EA?

Will they stop trading tomorrow and leave you high and dry?

What is their risk management like?



It could even be a flat out scam.



How much do you really know about the trader? I feel that this is the biggest risk.

Potential Benefits



However, the benefits are obvious. You don’t have to do any work.


Is relaxing at the beach while you make money, cliche? Of course.







Almost as cheesy as stock photos like this…






But it doesn’t make it any less appealing…

Just put some money in your account and you are off to the races! Since the money is in your own account, you can determine when you want to add money and if you want to withdraw your funds. Other investments require that you deposit your money into a company’s account.


If you can find the right trader or traders, the returns can be really good. It is similar to investing in a mutual fund or a hedge fund.

My Results

I have tried an EA in the past and I ended up net profitable. But I didn’t like the fact that:

I didn’t know how the system traded

I was left to decide which settings were best


If someone is publishing an EA, aren’t they supposed to keep it tuned and up-to-date? Since I don’t know how the trading system works, how am I supposed to determine the best settings?

Lame.


That is the downfall of almost all the commercial EAs out there. This is really unfortunate because EAs are so powerful, when in the hands of a capable trader.

ve recently come across a signal service that I believe is the solution to generic signal services and EAs. It is run by someone I personally know and have tracked for several years.


I am still testing the system in a live account, but the results are pretty good so far. Here are the MyFxBook results for the account.


My results for the month are actually a little better than the signal’s results because I joined later in the month and missed a few losing trades.






I will publish my results after I have been using it for awhile. But I feel that this will be a great way for me to diversify my trading and take advantage of the skills of other traders.

But the bottom line is, before you invest in EAs or trade copying services, be sure to get to know the person/people behind signal. If they are questionable or you don’t get a good vibe from them, move on.


There is talent out there. You just have to separate the skilled traders from the ones who have simply been lucky.

Learning From Other Markets








What, there are other markets besides Forex?!

Yes.




As most professional traders say, good trading is good trading. It doesn’t really matter which market you trade.


The same principles that will make you a good Forex trader will also make you a good stock or options trader. Of course, the actual strategies will vary, but concepts like solid risk management and being patient are the same.


So it can help to study trading strategies that were built for other markets. You don’t necessarily have to trade those markets. But learning something new can give you ideas and get you excited about trading again.

Risks


The obvious risk is that you could get distracted with too many different trading systems. I see it all the time.



This is how people get stuck on the Trading Silodrome and usually never get off. They just keep learning new system after new system and never master any of them.



But constant learning can have tremendous benefits, if you understand how they fit into the bigger picture.

Potential Benefits



When your head is buried in the EURUSD for weeks on end, it can get a little monotonous. At some point, you may think that you know everything about that pair and there is nothing left to learn.


Of course, that is never the case and there is always something to learn. But at that point, you are simply burnt out on the process and need to recharge your batteries.



That is where looking at other markets can give you a fresh perspective. You can examine the same strategy, but I believe that it is actually more beneficial to study an entirely different strategy.

My Results



As you probably know…in the past, I have traded almost every major market. Stocks, options, futures, Bitcoin…you name it and I have probably traded it.



However, I have chosen to make Forex my specialty for a variety of very compelling reasons. But it is easy to get stuck in a Forex-focused rut. So from time-to-time, I like to get educated in other markets.



I am currently studying a course by Superman. No, not the comic book superhero, but the stock trader.



His real name is actually Paul Scolardi. He has a phenomenal track record and he is primarily a swing trader.



This is important because while I feel that it is important to study something different, it is also important not to stray too far off the ranch. I know that I am built to be a swing trader, so I need to study other swing trading methods…even in other markets.


You may want to study day trading strategies, and that may be a good diversion. It depends on how your mind works. But I think it’s largely a waste of time.



I don’t know if I’ll trade stocks too. But the education that I’m getting from Paul is a great change of pace and I’m having a lot of fun.



One of the most important things that I look for in a teacher is their trading psychology. What do they do to keep themselves on track?



So figure out how you can keep trading interesting, without getting too distracted. If you have any other ideas about how to do this, I would love to hear about it in the comments below.

Conclusion


So regardless of how your trading is going right now, you should consider diversifying into other areas. This will allow you to leverage the expertise of others and to make income that does not depend on your personal trading.



Diversification may not be for you, but I hope that this post has at least opened your mind to some of the possibilities out there.