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April 13th, 2016 @ 7:45 pm by Muhammad Azeem

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4-13-2016 12-57-47 AMI took a buy trade in USD/CHF currency pair, yesterday. My trade was based on Elliott wave analysis. There was a  possible Ending Diagonal present. So, I went long and  market did move in my favour.

As price has moved in my favour, I have locked in +38 pips profit and I am waiting for the market to reach my take profit level at 0.9678 area. To me; it is now a free trade as I have raised my stop loss
and now using a protective trailing stop. For my buy trade status, entry order, trailing stop and take
profit level,see the attached screen shot of my trading terminal.

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January 21st, 2016 @ 5:10 pm by Muhammad Azeem

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aud-usd-FXITrend is finally up in AUD/USD currency pair in one hour time frame. Based on Elliott wave analysis price is printing Double Zig Zag bullish corrective wave pattern. Short term support is present at 0.6875 price level. Based on Elliott wave count, I expect price action to continue an up trend. So, a good idea is to only look for buy trades and join the up trend. However a break down in price action below 0.6875 support level will end an up trend. In such case I stop trading and re-analyze the price action in AUD/USD currency pair.

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October 14th, 2011 @ 5:54 pm by Michael Radkay

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BY <a href=”http://www.rdstrader.com”>STEPHANIE RADKAY</a>

<div style=”float: right;”><img src=”http://www.rdstrader.com/castle.jpg”></div>Long ago in the ancient land of Tradeopolis there lived a king, King Libra.  This king was a very kind, intelligent, giving, sharing soul.  The thing that was most unique about King Libra compared to any other king was he was more like a God.  His people and the surrounding kingdoms often prayed to him and bowed to him in his presence for he had such great intelligence and knew everything there was to know.  The people in Tradeopolis respected him greatly and when anyone was in need they would go to him to help solve all their problems.

One day one of his people, Fast Market Freddy, came to King Libra and told him he wanted to trade Foreign Currency.  “Ah, yes,” said the King,  “what a brilliant idea.  You know you must have money in your pocket and in the bank to do this, Freddy.”  Fast Market Freddy answered, “Yes, I have that covered, King.”  King Libra said, “You must have the emotional and physical endurance to be successful because not everyone can do this.  You will learn more about yourself than you might ever care to know.”  “I understand,” replied Freddy, “I take care of myself physically by working out and eating right.  I meditate and understand my emotions.  I don’t let them get the best of me.  I am a model citizen in our kingdom, giving to others and respecting my family.” “Perfect”, King Libra replied, “so what is it you need from me?”  “Well”, Fast Market Freddy said,” I want to know how long this will take me to learn.”  “Ah, yes,” replied the King, “to answer your question, you must go to see the three Wise Wizards, TOLI, TOLI-O and TOLI-O-O, in that order.”

<div style=”float: right;”><img src=”http://www.rdstrader.com/tol1.jpg”></div>So off Fast Market Freddy went to first seek the advice of TOLI.  He approached TOLI’s beautiful castle and knocked on the door. “What is it you wish to know?” bellowed the voice behind the door. “It is I, Fast Market Freddy, and King Libra sent me to seek the advise of the Wise Wizard TOLI.  I want to start trading Foreign Currency and I want to know how long it will take me.” The Wise Wizard, TOLI, opened the door, touched Freddy on the chin with his pointer finger and answered, “Six months.”  “Six months?” anxiously replied Freddy, “I don’t have six months to wait.  I have bills to pay, children to feed and a wife who overspends.” “I see. Since you do not appreciate my wise answer, I advise you to go see the Wise Wizard, TOLI-O.”

<div style=”float: right;”><img src=”http://www.rdstrader.com/tol10.jpg”></div>And, off Fast Market Freddy went to seek the advice of Wise Wizard, TOLI-O. He quickly approached TOLI-O’s beautiful castle and knocked heavily on the door. “What is it you wish to know?” bellowed the voice behind the door. “It is I, Fast Market Freddy, and the Wise Wizard TOLI sent me here.  I want to start trading Foreign Currency and I really want to know how long it will take me.” The Wise Wizard, TOLI-O, slowly opened the door, touched Freddy on his forehead with his pointer finger and answered, “One year.”  “One year?” Freddy started to yell, “What’s the matter with you?  One year is ridiculous!  I don’t have the time for this and you are crazy!”   “I see. Since you do not appreciate my wise answer, I advise you to go see the Wise Wizard, TOLI-O-O.”

<div style=”float: right;”><img src=”http://www.rdstrader.com/tol100.jpg”></div>Stomping his feet, Fast Market Freddy marched over to the even more beautiful castle of the Wise Wizard, TOLI-O-O.  He knocked heavily on the door. “What is it you wish to know?” softly questioned the voice behind the door. “It is I, Fast Market Freddy, and the Wise Wizard TOLI-O sent me here.  I want to start trading Foreign Currency and I demand to know how long it will take me.  Now give me the answer I want to hear!” The all-knowing wizard opened the door, touched Freddy gently on the forehead with her closed fist and quietly replied, “A lifetime.”  “Oh, you are out of your mind, TOLI-O-O!  That’s so unreasonable and no one would ever do this!  I am out of here!”  Fast Market Freddy almost put his fist through the Wise Wizard TOLI-O-O’s beautiful Golden Doors and stormed off in a huge huff.

There is a hidden message in this trader’s fable and the hint is knowing the hand signals on the trading floor. If you can figure it out, send an e-mail to info@rdstrader.com

If you are the first “new client” to respond, you will receive a free 45 minute consultation with 20 year professional trader and mentor, Michael Radkay.

Trade Strong!! Trade Smart!!and Always Have Enough to Trade Tomorrow!!

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September 30th, 2011 @ 6:48 pm by Michael Radkay

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<a href=”http://rdstrader.com”> <img src=”http://rdstrader.com/header.jpg”></a>
BY <a href=”http://www.rdstrader.com”>MICHAEL RADKAY</a>

Is it me or is this sign an oxymoron? A job is right, but isn’t a job the direct result of capitalism? Both company and employee seek a profit and the money earned is used to buy the things that all parties want and need. I do understand the motivation behind the sign as it seems our capitalist society is in need of an overhaul these days. I still believe capitalism works but it takes two to tango and both sides need to open the doors again. Banks need to start lending that “gift money” (sorry – quantitative easing aid) and businesses and employees need to follow through on their commitments.
<div style=”float: right;”><img src=”http://www.rdstrader.com/capitalism.jpg”></div>
I don’t blame the protesters for their anger at the system because obviously they are looking for a job and it seems that things these days are weighted too heavily in favor of the banks. The act of gathering peacefully while bringing a solid clear and precise message however is also a great bi-product of our way of life. The money earned in a capitalist structure has afforded us to build a country that can protect and base itself on freedom.

At least it seems in this case that citizens can demonstrate peacefully for the most part and I hope Washington is hearing the shouts and footsteps as they need to show leadership for the betterment of all involved, not just a select few. Using your freedom to protest and freedom of speech is our right and I am a firm believer that if you have something to say, “say it”, if you have something to shout; “shout it” and if you have something to do; “do it”. My  problem with this photo is that at this moment the writers of this sign are nowhere to be found in this picture? This sign needs a live face all of the time; not just part-time, otherwise it has the same effect as a text message or a resume placed on a stack of others without introducing yourself to the person collecting them and offering the job.

I have given some thought to a solution for the sign maker.  First of all you have skills. You don’t need to occupy wall street; you need to occupy your mind and use the energy you applied to this sign and this protest and focus it on how to best utilize your abilities to land the job you seek. As an educator and motivator I try and help students fulfill their goals and my message to my students is not much different to you. I just become the facilitator to help you see your skills and place you in an area that suits you best. You have the ability to create a buzz and companies love that! With your protest you received free media coverage from all of the major networks and social media outlets; brilliant!! You also have the ability to make signs and slogans to deliver a message. But this picture just looks to me like somebody who got tired of standing in the rain and placed the sign on the ground in hopes that somebody would still get the message and solve your problem. You are never going to get a job that way.

You just are in need of a few follow through skills. Since you have a knack to create a buzz and can make signs and write slogans, I have provided you with a list of sign making companies in the lower Manhattan area (since you are there) that just may want to hire you. Just make sure you are present this time, when the photo shoot comes calling your name. Also; never, never forget to leave a contact number or email on your sign so the company can get in touch, when they hire you.  I’m still bullish the U.S.!!

Here are a list of sign making companies:

A A Awning & Sign
Tel: 212 226 9828171 Bowery
New York NY 10002

Artshne Sign and Supply
Tel: 212 965 818496 Allen Street
New York NY 10002

Chung Wah Sign & Store Inc
Tel: 212 995 795666 Delancey Street
New York NY 10002

Concept Sign Incorporated
Tel: 212 966 108137 Allen Street
New York NY 10002

FedEx Office Print & Ship Center
Tel: 212 228 951121 Astor Place
New York NY 10003

FedEx Office Ship Center
Tel: 212 614 8915125 5th Avenue
New York NY 10003

FedEx World Service Center
Tel: 800 463 333920 E 20th St Grd Fl
New York NY 10003

Fortune Line Trading
Tel: 212 334 826525 Essex Street
New York NY 10002

Gilbey Graphics & Di
Tel: 212 608 4131900 Broadway
New York NY 10003

Hong Qi Sign Corp
Tel: 212 966 318895 Allen Street 1
New York NY 10002

Always Neon Inc
Tel: 212 388 987666 Delancey Street
New York NY 10002

Bowery Sign Production & Supply Inc
Tel: 212 995 1395187 Bowery
New York NY 10002

Concept Sign Inc
Tel: 212 966 108184 Hester Street
New York NY 10002

Creative Signs and Awnings
Tel: 212 625 172655 Delancey Street 1
New York NY 10002

FedEx Office Print & Ship Center
Tel: 212 253 9020250 E Houston Street
New York NY 10002

FedEx Office Ship Center
Tel: 212 353 38604 Union Square E
New York NY 10003

First Signs Co
Tel: 212 966 069071 Eldridge Street
New York NY 10002

Fu Sunsign Construction Co
Tel: 212 941 952074 Canal Street
New York NY 10002

Hester Signs Inc
Tel: 212 625 928923 Orchard Street
New York NY 10002

Hong Qi Sign Corporation
Tel: 212 966 3188101 Allen Street
New York NY 10002

<center><img src=”http://www.rdstrader.com/promote.jpg” width=”450″></center>
Twi-Light Tuesday Trading
<div style=”float: right;”><img src=”http://www.rdstrader.com/rdslogo.gif”></div>
6p Pacific. This webinar is free and there is no obligation.

* Register at: <a href=”https://www2.gotomeeting.com/register/846717043″>https://www2.gotomeeting.com/register/846717043</a>
* Professional Trader and Educator, Michael Radkay, will introduce to you how he implements his 5 rules to identify the best trade set-ups or:

EURUSD, USDJPY, USDCHF, GBPUSD, AUDUSD
EURJPY, USDCAD, NZDUSD, EURGBP, EURCHF

See the Proprietary Levels / Watch the Trades Develop / Ask Questions Live on Tuesday Nights

“We have been successfully trading live for a living, helping others become independent traders, thinkers and decision makers since 1993 using Treasuries, Equity Indexes, Grains, Metals, Energies and now the Currency Markets”, says RDS Trader LLC’s President and CEO, Michael Radkay

The Rotating Directional System (RDS) is a rule based discretionary strategy that establishes risk management first. Our style offers the trader a trend-side philosophy that predicts time and price objectives using counter-trend reversals as a guide for entries, exits and overall worth of the trade.

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July 8th, 2011 @ 3:27 pm by Michael Radkay

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BY MICHAEL RADKAY

Lets turn life’s lemons into lemonade; shall we?! Steph and I just got under-way to put in a 10 mile run on Saturday and 2 blocks from home I stepped off the curb and unknowingly sunk my foot in a hole and rolled my ankle. Finding myself flat on my face as my water bottle and hands skidded across the street my thought was;  “Down goes Frazier”. We thought we would spare you the actual photo of my foot but if you are a gapers block kind of person in need of the gory details, feel free… http://www.rdstrader.com/forex-futures-experts/anklesprain.php As a bonus if you dare, we also left a chart of the EURJPY on 070611 paralleling the bearish outcome for my foot on 070311. I am now calling it the “Sprained Ankle Pattern”!  http://www.rdstrader.com/forex-futures-experts/anklesprain.php Made some money on this trade!

My football day ankle sprains shot that memorable pain like a lightening bolt through my foot and inside my brain as I hobbled to the sidewalk. Even the most resilient consistent performers go through a bump in the road; well in my case a hole in the road leaving a nice colored purple foot and ankle.  It kind of reminded me of a chalk outline and my version of CSI-LA. Its been a long time since I had to alter my work-out schedule. Push-ups and sit-ups are back in style while my foot heals, but I have soon found myself back on the LA road-ways with walk-runs the last couple of days. You just cant keep me sitting still.

I bring this up because when you experience an obstacle a few key things happen to not only teach you a lesson but also help you get better at handling it the next time something slows you down. I knew just what to do from my football days with buckets of ice water and foot soaks and anti-inflammatory ointments to help the swelling. This knowledge has gotten me back on my feet and doing walk runs and if all goes well back to running again all within a week.

It is not much different as to how I learned to be flexible with the financial markets. The government about 10 years ago pulled the rug from under my feet. They stopped issuing 30 Year Bonds one day (the market I traded at the time). At that very moment I should have been able to shift to the next hot like-minded market of interest, which at the time would have been the 10 Year Note. Initially I didn’t budge as fear of change and fixing what I thought wasn’t broke held me in place. The inner chatter in my head kept talking me into staying; “Even if they stop issuing the Long Bond, they still have open interest going well out into my retirement years. Trade just wasn’t going to stop and I was doing great!

But I found later that the world wasn’t telling me to leave the 30 Years just then but it was actually telling me to begin preparing to trade other markets. Money and popularity of markets shifts constantly and flows to bonds or to stocks or to currencies or to gold or even to the crazy oil market. Well when I left the trading floor near the end of 2004 to trade 100% in an office on the computer I found the 30 Year Bonds only moving in tight 4 tick range. Learning how to move from market to market when I was getting the sign would have come in handy at this point. There was no movement in the 30 Years back then and as a trader you need price movement to gain opportunity. I’m not saying at the time that the 10 year note would have been a better choice as it wasn’t moving either, but just the mere sign that what the world was telling me earlier was to be prepared to move from market to market. Well now I had no choice; if I wanted to survive and thrive in this business it was time to be a true trader, which is one who can take their game to any market. I did the work and I did just that.

Well fast forward to present tense and in this case I was prepared on both accounts. Experience taught me to treat my ankle to ensure a speedy recovery just as trading other markets got me in on the right side of the “Sprained Ankle Pattern”. You will see by clicking on the link that the EURJPY  market fell hard and limped along with an appropriate retrace to short (sell) it. If you missed the first wave, price action gave you another chance to short just below the original ankle formation as prices toppled to new lows. In our book it was equivalent to a 5 rule trade anyway but the real story was the fact that these days I now trade markets that weren’t even close to being on my radar in my early days.  I didn’t even care what the <a href=”http://www.rdstrader.com/forex-futures-experts/anklesprain.php”>EURJPY</a> was doing back then. Yeah, I knew it existed and I watched currencies from time to time to help my bond trading decisions but trading something other than 30 Years was not in my vocabulary. Well, now it pays dividends to be able to use the computer and the internet for what it was designed to do, which is to help you shop the best market of the time (one that is moving) with ease and seize the opportunity. Remember that pain is temporary but learning from it and acting the next time with experience will pay life long dividends!

Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!

Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.

© 2011 RDS Trader, LLC.  Have a specific topic you want to read an article on, email us your requests! info@rdstrader.com

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR ON YOUR WEBSITE? You can, as long as you do not alter the article in anyway and include a credit that reads: Financial Experts and Mentors Mike and Stephanie Radkay publish RDS Trader E-newsletter. If you are ready to ‘Take back your power, Invest with confidence and Protect your assets’ get your free tips now at www.rdstrader.com

Click here to read the full article.

June 24th, 2011 @ 7:04 pm by Michael Radkay

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“Teed-Off or Green With Envy?
BY MICHAEL RADKAY

 

Did you ever realize when you go to a golf course your see people jammed at the driving range and wanna be golfers with their drivers trying to hit the ball 300 plus yards? Pretty common scene. I look at the packed in driving range and then take a glimpse over at an empty practice putting green. Typical scene as well.

The reason in my opinion is that putting is not a glamorous part of the game as it takes finesse and touch, but the driver speaks a loud language as you can GRIP IT AND RIP IT! Nobody seems to want to slow down and think and analyze the break of a putt. Too easy, right or is it too hard? Grip it and rip it or touch and finesse, which side of the fence do you swing on? Sounds like advertising doesn’t it?; as you never see commercials saying they have the best golf ball for putting; you only hear about the best ball that will ensure you drive it straight and long…mmmmm…

These things are not too much different than what you see advertised in trading the forex, futures or stock markets as well. Trade the reports!, Trade the FOMC!, Trade the Unemployment report with a Pro type of thing. CNBC even has a clock countdown before these reports are expected adding to the excitement. Advertising and marketing teaches you to go after in my opinion the wrong thing initially. Have you ever heard the saying “Drive for show and putt for doe $$”? Nobody seems to listen to those golf pros that shout those words. Wanna be golfers yell at their instructors to teach them how to hit the Big Dog like John Daly, Tiger Woods and now Rory Mcilroy.

Nothing feels better I guess than taking a big swing with those sledge hammer drivers in hopes of connecting to hit the long ball. I have watched people take a big bucket of balls and attempt swing after swing as balls fly way left and way right and some even dribble 2 feet away. Occasionally you see a nice one but then things soon get right back to the norm as balls fly way left and way right and dribble 2 feet in front again.

It is the same in trading, teach me how to make a million trading those FOMC reports or Unemployment numbers when the action is quick and fast and pays huge dividends. You hear slogans like ‘you don’t need to know anything or our software will do everything for you”…Warning!! Warning!! I cant say it enough times how this doesn’t prepare you for the other 23 hours and 59 minutes each day. The repercussions to your trading account trying to hit the long ball all of the time is a recipe for a disaster, because when you are wrong just once (and you will be), you wont come back. Begin to take notice on the fine print on the latter half of the popular saying; drive for show, putt for doe $$. Trading the financial reports day one during the volatile moments is so much like running to the driving range or golf course and picking out the driver first thing and trying to rip it down the fairway. Good luck trying that! As far as my eyes have seen from the one hit wonders that I have come across in the trading business is that they never produce lasting consistent results. Even when the one hit wonders connect, the greed consumes them and not long after you hear or read news of their bankruptcy.

I wonder why people don’t practice putting first or our trading equivalent with $0.10 pips per contract? The pendulum motion in a putting stroke is a fraction of the big driver swing but nonetheless the beginnings of the same motion. Just as a $0.10 pip per contract is the same game as the $10 pip per contract. Same price action just only a fraction of the cost while you gain your confidence and your swing.

As you control your putting rhythm and finesse you get better and better. You begin to place yourself in a position to sink the putt or at least get yourself in a 1 to 2 foot radius for a 2-putt at worse (a great goal!). Slow your roll so to speak :) that’s how we roll :) Reward yourself with the driver at the range or on a live round, if you can 2-putt everything on the practice green. Then begin to increase the pendulum motion at the range and hit the wedge, then the 9, 8, 7, 6, 5, 4, 3, 2 irons and then the hybrid wood, 3 wood and finally the driver (notice how its last). Your confidence will be better as you get in a groove with the easier to hit irons first. As you begin to trust your swing at the range you will naturally move up to the harder to hit clubs with experience and begin to create something that will last a lifetime and produce lasting results on the course.

Wait a minute; am I talking about trading? I think so…start with the motion of learning the environment on a practice account (practice putting green), once you know how to use the equipment start trading on $0.10 pips per contract (the irons) and then as you see progress you move gradually up to the $10 pips per contract trades (the driver).  You will enjoy the “Show” and not get Teed-off in the beginning. Your friends will be green with envy, when you play it smart from tee to green and from open to close.

Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!

Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.

© 2011 RDS Trader, LLC.  Have a specific topic you want to read an article on, email us your requests! info@rdstrader.com


WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR ON YOUR WEBSITE? You can, as long as you do not alter the article in anyway and include a credit that reads: Financial Experts and Mentors Mike and Stephanie Radkay publish RDS Trader E-newsletter. If you are ready to ‘Take back your power, Invest with confidence and Protect your assets’ get your free tips now at www.rdstrader.com

Click here to read the full article.

June 14th, 2011 @ 9:12 pm by Michael Radkay

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By Michael Radkay

Have you ever been in a situation where somebody told you to do something and you didn’t do it and the outcome would have been outstanding? You might even hear the person saying; “I told you so! How about the times you took the advice and it was absolutely the wrong thing to do? How do you feel at those moments? Generally it feels like in both circumstances that you got punched in the gut. You didn’t even want to be a boxer but the financial gut punches thrown around in trading at times sure can feel like you are in the ring. Second guessing yourself takes so much energy. Should I? Shouldn’t I? Maybe, I don’t know, I think so, Are you going to do it?

I bring up this point because whether you take somebody’s advice, right or wrong, it’s their advice. You are off the hook. The problem becomes that when you don’t invest anytime in learning for yourself that you will always have to rely on that advice. Gotta get me some of that Guru, right? Personally I would rather receive some tips from somebody who knows and then get my butt in the game and do it myself. You will never reach any of your trading goals, if you don’t start making some personal calls yourself, acting on them and hanging in there for the result. Do you think Michael Jordan kept asking his college Coach Dean Smith to tell him how to shoot the ball? No! He learned the game and took it to a new level by trying, failing, trying and succeeding. Do you think Warren Buffet calls his Finance Professor and asks him about Supply and Demand? He understands the business and took investing to a new level by trying, failing, trying and succeeding.

Believe me; there is no greater feeling than making the call, acting on it and it paying off! That is such an adrenalin rush! The winning idea eclipses any calls that you may have made prior that resulted in loss along the way. This is the same path that has lead us to accomplishments in the investing arena. We have learned what to do and what not to do from earlier punches, adjusted our technique and have grown. We look back at what was once thought of as painful to now view it as a treasured lesson that we wouldn’t change for the world.

I’m not telling you to put your hand on a hot stove literally, but you have to put it on there in order to know what you are dealing with. It will eventually happen anyway when you work around fire, so start building the callous. Showing up to class and listening isn’t going to get it done. You will never be dismissed from the daily gut punches that will be thrown at you along the way if you want to be the one calling the shots. Instructors can tell you to duck and give you tips to strengthening your core but you will need to get in the ring eventual. When you get in the professional ring whether its trading or any other business you are competing with the best in your field and you will have to at some point withstand a 15 round bout.

Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!

Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.

© 2011 RDS Trader, LLC. Have a specific topic you want to read an article on, email us your requests! info@rdstrader.com

Click here to read the full article.

May 19th, 2011 @ 6:12 pm by Michael Radkay

Click here to read the full article.

Would you ever fly a plane without checking the gas gauge before take-off?

Would you ever fly a plane without knowing how to fly?

Steph and I went on a private plane not long ago and the pilot (our friend) gave us the checklist of things to do before take-off. He let us read off each step while he tested all of the key parts on the plane. Yes, this included checking the gas gauge. We were so relieved with the way he approached the pre-flight with us because we got a chance to see the steps he took. The pilot was able to check what he needed to check and at the same time he made us feel comfortable before getting into the plane with him as we went through the list successfully together. I don’t think anybody, passenger or pilot would like to go fly without checking the equipment and most important of all know how to fly the plane.
I bring up this point and relate it to trading because flying and trading have some similarities. You are the pilot in trading. It is 100% on you. No free rides in the passenger seat if you choose to push the buttons yourself. Mistakes in trading wont kill you literally but financially not knowing how to use the equipment let alone checking the equipment before using it can mean financial suicide. It surprises me so often that traders that come to us for help don’t even know how to use the equipment that well and have been trading and losing real money and quite often big money!! This is equivalent to taking off in a plane, not knowing if the plane works and on top of that not knowing how to fly. People often think; its just buying and selling, prices go up and down, how hard can it be, right?

When I routinely work with clients one on one I screen share with them and begin to teach them not only how to apply a strategy but I especially begin to focus on teaching how to use the software to implement the plan. I might even out of nowhere throw a curve ball at a student when we are on a practice account. I get the student short the US Dollar as its been great play to short the US dollar with low interest rates and debt piling up out of control (nothing new). We will be humming along and all of a sudden without warning I say the Fed just raised the rate, what are you going to do? Your mind might say the right thing, but as you try and cover the short as prices begin to soar your hands don’t know where to turn because you don’t know how to do it under pressure.

You might have the best trading strategy in the world in your head but don’t go into the fight without knowing how to use the equipment that is necessary to make it successful. It surprises me all of the time the low scores people give themselves when I ask the audience to rate their knowledge and confidence of using the software needed to trade.  I have been putting on trades on the computer everyday using software for the last 9 years. In the beginning I made mistakes and donated unnecessary dollars to the man living inside of my computer but my goal was to control the controllable so I can free my mind to think clearly under pressure. There are enough uncontrollable things that can happen in the market  so begin to fix and master what is in your control and do it now while your account is intact.

So often new traders go on a practice account and try to make money day one. We feel this is the wrong approach at first. Begin to push “All” of the buttons on the software and become familiar with what they do and how you might be able to use them in your approach.  Learn to ride the bike so to speak before doing wheelies and riding no-hands. After you get familiar with the software then begin to create scenarios and see how fast and accurately you can act when turbulence hits (i.e pushing buttons several times and realizing you compounded the problem several times out of nervousness in the moment and in a full fledged panic you kicked the chord out of the socket killing the power on your computer and not knowing where the phone number is to call in case of emergency;  just to name a few that cost some thousands).  Be careful when opening the overhead bin as baggage may have shifted during flight :) As you become a master using the software then implement your strategy to trade with live money. How long this all takes is up to you!!

Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!

Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.

© 2011 RDS Trader, LLC.  Have a specific topic you want to read an article on, email us your requests! info@rdstrader.com

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR ON YOUR WEBSITE? You can, as long as you do not alter the article in anyway and include a credit that reads: Financial Experts and Mentors Mike and Stephanie Radkay publish RDS Trader E-newsletter. If you are ready to ‘Take back your power, Invest with confidence and Protect your assets’ get your free tips now at www.rdstrader.com

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