A common question is “When should I Cancel my Pending Orders”, well that is going to be determined on a case-by-case basis.
However, in this video I am going to show you a trade order I had to cancel, and walk you though my though process, and logic for doing so – which you can then apply to your own trading.
I hope you enjoy the video, and I hope it helps you with your future trading decisions.
Jonathan
Hi Fellow Traders,
I’ve been trading for about three years. I’ve spent over $20,000 on education with a host of so called experts that claim they’re the one’s that truly understand how to make money in the Forex markets (MTI, Forex Mentor, Trade Empowered, and many more. On top of the 20k for education, I had lost about $50,000 with my trading, with those losses continuing to grow until about 8 months ago.
I was just about to throw in the towel and admit Forex was not for me, and I stumbled across The Forex Guy website. I decided I’d give it one more try before I pack it in and cut my losses, and I enthusiastically jumped into swing trading using all the training and tools TFG provides.
I can’t tell you how extremely grateful I am to have found TFG! I’ve been consistently making money… FINALLY! In fact I’m almost back to break even which feels great having been down about 70k.
Having spent a lot of money and committing an enormous amount of time, I thought I’d share a few of my observations in hopes that it could be helpful others. So here goes the top 4 things I would have done differently if I knew then what I know now.
1. Don’t assume you are smarter than the statistics!. There is a reason why every legitimate trading educator says to start your trading with a practice account. I thought to myself, Ahh, well those other guys are just not as smart as me, so I can trade with real money right out of the gate and I’ll be profitable – wrong! It takes time to get good at trading and it’s NOT about how smart you are. You will not be the exception that makes money right out of the gate as it’s more about psychology and mental discipline than intelligence. It takes time to attain the right mindset for trading. Don’t use real money till you are consistently making profits with your trading.
2. Most of the trading strategies I learned from other educators were not really “wrong” even though they had proven completely ineffective. They were simply ineffective due to the timeframe I was trading them on. The single most beneficial thing I’ve learned (which makes everything else I’ve learned actually become useful) is that none of those trading strategies work with any consistency on less than a 4 hour timeframe. When I took the TFG advice and started applying my knowledge to the daily timeframe – Everything Changed! Try it yourself and you will see. I never trade the hourly charts any more, as at that time frame there are no predictable results with any trading strategy that I’ve every heard of. At that timeframe the markets are simply too random. This one change in my trading shifted me from a loser to a winner in the forex markets!
3. Be a disciplined Trader. Trade only very high probability setups, and only enter one or two trades at a time. I used to have 5 or more trades open at once and I have found I am far less profitable than sticking with only entering the very few highest probability trades. I used to worry about missing the big trade so I was afraid to try to improve my position with retracement entries. If the retracement entry doesn’t happen and you miss that trade… don’t worry about it… there’s always another great trade right around the corner. Stick to only the very best trades and ensure you get a good risk to reward trade entry.
4. Don’t micro manage your trades. This was very hard for me as I love to analyse the markets and I enjoyed continuing to review and modify existing trades. Any experienced trader knows what happens when you chase the market…. it will eat you alive. That’s exactly what you are doing when you move your stops and take profits and continue to respond to the waving market. I watch TFG rarely move the SL or TP, and he only does it when there is a technical reason to do so. He is patient and waits for an inevitable result in most cases without intervening. Think your trade through and commit to it when you enter the market… allow it to either hit the TP or the SL. Keep it as simple as that.
I no longer obsess about the market and am not glued to my computer as I used to be. I can spend time with my wife again, and I now have “a life” outside of trading. Surprisingly my spending far less time trading has actually improved my results considerably! Checking the markets at a strategic time even just once a day is really enough if you’re a swing trader following the rules that Dale teaches.
One last observation… all the past training and memberships I have had required constant financial commitment, from monthly dues for access, to the ongoing fees for use of tools like the trading software you must use to work with their proprietary systems. Those fees just get bigger and bigger and start to eat away at you. I always used to think to myself… if these trading coaches are really good at trading, why do they need my constant financial support? Think about it… shouldn’t they be able to make a living as a trader rather than through charging monthly fees to all the students? So refreshing to see that TFG has a most reasonable one time fee (I’ve paid more for a single indicator) that provides a lifetime of benefit with access to all the wonderful tools available to members. How is this possible… cause Dale is a excellent and profitable trader who actually shows the results of his trades on a REAL account (something that no other guru or teacher I’ve followed has ever done). It’s clear that Dale can make a great living from trading while I wonder about many of the other teachers out there.
Well, that’s my story and I’m sticking to it. Hope this is helpful to someone out there should Dale wish to post this. Regardless, I want to extend my most sincere gratitude to you Dale for helping me turn my trading around after years of struggle.
Kind regards……………Jonathan
Replying to: Jonathan
Wayne Allen
Hi, i just happened across this reply and i have been on the fence about joining the site. On one hand TFG approach to trading really does resonate with me compared to other educators out there,…. however i was a bit put off because compared to other forex educators, he doesnt seem to put himself out there as much which then got me thinking … is the site even as active.
Anyway, after reading your review, i have decided to take the plunge and take advantage of reduced lifetime membership deal,…. so this is a belated thankyou for allowing to get off the fence.
Steve Epperson
Thanks again for another great video.