Forex is more risky than the stock market but nearly 12,500,000 people in the United States today own common stock.

This fact, so briefly stated, is of first-rank importance. For it summarizes one of the profound and far-reaching shifts in American social and economic life in the twentieth century. Never before in our history have so many of us owned so much of the nation’s industrial wealth, so much of its productive capacity, so much of its profit potential.

In the minds of most, the stock market was a vast trap for the unwary. Like all public images, this was inexact, but not without a basis in reason. Time and again in the tumultuous capital expansion of the nation that began after the Civil War, small investors had been whipsawed in the market struggles of the tycoons, and panics and depressions had shrivelled their bright dreams of prosperity. Sober citizens were appalled by the insanity of the rampant speculation of the Twenties. Everybody knew someone who had been scorched in the holocaust of the Crash, and those who were not wiped out were nonetheless inclined to blame Wall Street for the depression which followed.

For most people, capital investment meant buying a home. If there was anything left over, it went into insurance and the savings bank.

The myth died slowly. Recovery from the depression consumed most of the Thirties. The Second World War lasted until the middle Forties. Throughout this period, the stock market continued to do business at the old stand, but at a greatly reduced volume. Reflecting the times, it pulled itself back uphill to a respectable peak in 1936, considerably short of the 1929 summit, but still the highest point since the Crash. It dropped sharply in the 1937 recession, staggered up and down uncertainly for several years, and then retreated under the impact of the war. From 1942 on, however, despite occasional setbacks such as the 1957 recession, the trend has been steadily upward.

The nation emerged from the war hardly conscious of how greatly the basic economy had changed. Production for war had forced a gigantic expansion of industrial plant, much of it with the aid of Government funds. High tax rates and controlled profits encouraged further investment in facilities. And liberal post-war settlements enabled corporations to buy Government-built plants cheaply or to depreciate them quickly, thereby reducing or eliminating what might otherwise have been a burden of long-term debt. The net result was a stupendous increase in the book valuein the fundamental assetsof a great number of companies.

Furthermore, consumer wants were ravenous. Having gone without for five years, Americans were ready to buy everything in sight. Industry, untouched by so much as a single enemy bomb, was able to convert swiftly to peacetime production. The boom began. New automobiles, new houses, new electrical appliances began to fill up the empty spaces in American lives. And with these familiar, much-missed items came new ones, virtually undreamed of before the war: television, hi-fi, sports cars, antibiotics, tranquilizers, frozen foods, synthetic fibbers and fabrics, plastics, electronics, andfor the on-rushing futurepeacefully applied atomic energy. Radio Corporation of America announced that four-fifths of its current sales volume derived from products that were non existent a decade before. By the Fifties, economists were estimating that more than a third of the nation’s gross national productthe total value of all its goods and serviceswas due to research and development of the past ten years.

Many elements have combined to bring this about. Until the end of World War II in 1945, stock ownership was for all practical purposes the privilege of the well to do. Only the man of wealth could afford to buy stock in significant amounts. Only the man with surplus funds could afford to ride out market slumps and the temporary loss of income and value. And only the few initiates were really educated and informed about the behaviour of markets and the ground rules of investment.

Now the Forex is just as accessible to ordinary investors just as stocks and shares are to investors.

It is essential to get some good Forex software from the beginning to succeed with Forex trading.

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Most people ask us when we feel is the right time for them to stop compounding/reinvesting and take their money out of a program. This is a tough answer to give. It all depends on the program that is invested in and the rate of return. Usually we recommend the following for the below 3 categories:

Type #1 HYIP – Low stable payers (Pays between 2-7% per week, 8-28% per month). This type of program is probably one of the safer types around. More likely than types 2 and 3, these are actually investing funds in Stocks, Forex, or other stable programs. This means that they will most likely be around for quite some time. Even if they do end up as a ponzi, their lifespan will be much longer then types 2 and 3. We recommend that you Invest a sum of money and then compound half of your returns until you get back your principle. Once you have recovered your principle continue to compound/reinvest but this time at a rate of 60-70% of your returns. If the program sticks around, you should be able to profit quite a bit. Once you receive 250% return we recommend that you stop compounding and look for another program.

Type #2 HYIP – Mid range paying moderately secure program (Pays 8-16% per week, 32-64% per month). This type of program is probably the most popular among investors. They feel secure since the payouts are not too high, but also feel like they are going to quickly make a return on their investments. Many of these programs actually invest in other programs, forex, stocks, etc, however many are just ponzi’s. We have found that most of Type 2 HYIP’s are a mixture of both ponzi and investment program. They more then likely invest members funds in a variety of ways, but most of the time find it impossible to pay out such high returns with the revenue they are making. This forces them to become part ponzi and use some of the new members funds to pay off old members. In the case of the Type 2 HYIPs, we recommend you compound/reinvest only 20% of your returns until you get your principle back, then once you get your principle back you simply stop reinvesting and just let the program run it’s course.

Type #3 HYIP – High paying, relatively insecure programs (Pays Over 17% per week and over 65% per month). These are usually the programs which are more then likely daily payers. For example 3%, 5%, 10% per day or even more are offered. 99.9% of the time these are atleast part ponzi, and will most likely end within 3 months. These programs begin with the admin knowing that he will have to run a part ponzi program to succeed. It is nearly impossible to earn such high returns in a short period of time like most of these programs claim. The higher the daily return the less likely the program will last. If you dare to gamble your money in such programs, we recommend that you only invest one time and do not reinvest or compound your earnings. The lifespans of Type 3 programs are usually extremely short and those who invest right when the program opens are the ones who will walk away happy.

All in all these are just some of our opinions. Performance may vary. Stick to these guidelines and investigate HYIP’s before investing in them.

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Is there a need for help for traders, or is the situation one where the high percentage of traders that lose money is simply due to them still being in the learning curve and suffering the losses as a normal part of paying your dues? In this article we are going to investigate the matter and determine if there is sufficient evidence to support the hypothesis that trading is indeed addictive.

So what constitutes an actual addiction? There are two categories of addictions, physical dependence and psychological addiction. There is a considerable amount of information on both and certainly beyond the scope of this article, but a brief summary follows

From Wikipedia, the definition of addiction includes:

Psychological addiction, as opposed to physiological addiction, is a person’s need to use a drug or engage in a behavior despite the harm caused [emphasis added] – out of desire for the effects it produces, rather than to relieve withdrawal symptoms. . it becomes associated with the release of pleasure-inducing endorphins, and a cycle is started that is similar to physiological addiction. This cycle is often very difficult to break.

Also,

Psychological addiction does not have to be limited only to substances; even various activities and behavioral patterns [emphasis added] may be considered addictions if they are harmful.

From Merriam-Webster Online, the definition of addicted:

1 : to devote or surrender (oneself) to something habitually or obsessively

So an addiction could be described as a person feeling the need to repeatedly engage in a particular behavior to satisfy a desire for the emotional effects that is has, the feelings that it produces. It is a desire that they have rationalized into a need, to which they have surrendered control, and they have allowed the behavior to develop into a habit. This is physiologically compounded by the endorphins released into the system that provide a physical feeling effect as well. Lets look at some of the necessary practices (behaviors) of trading to achieve consistent profits and some of the behaviors exhibited by many traders and see if they fit the above.

One recognized critical practice for profitable trading is good risk management. At the heart if this is making sure that the risks you take are measured and calculated risks. You want to keep your losses small when they occur and avoid them all together when possible (such as NOT getting into bad trades). Key tools commonly used for controlling potential losses include risk / reward calculations and stop loss orders. Risk/reward calculations are necessary on every trade so that you know whether each trade is a sound business decision. Stops are used so that then a good trade is placed but the market doesnt do what youd expected. With the leverage in trading that can work for or against you, risk management is essential.

General money management is another critical practice to make sure that your trading business will still have the doors open months and years from now. It includes risk management but the focus is on a larger scale and a broader scope, such as looking at what percentage of your available capital you are placing on any given trade, regardless of the details of the specific trade.

These practices may appeal to the intellect, but how they feel is where traders get into trouble. There are several common mistakes repeatedly made by traders that bring large losses, missed profits, and ruin for many. These mistakes run in direct conflict with the known and established good practices for consistent and profitable trading, yet are made over and over again by the same traders. Since they are repeated, it would be reasonable to say that they have become habits. Lets examine these habits from the perspective of the emotional response for the individual.

Trading without a plan, also known as entering a trade without an exit strategy for the trade. The trader doing this is usually not following a technical system and is going more on their hunches than sound calculations. This right here is an indicator that they are allowing their feelings to dictate their actions more so than their reasoning and rationale. If the market moves in their favor, it reinforces the decision to follow their intuition and feeds the ego in being right. Another very elemental factor is suspense. If one has the trade planned out and there are no surprises, it takes all the suspense out of it. Why do people love a good mystery novel or movie? They love sitting on the edge of their seats and reveling in the suspense of it all. When you know the end of the story it takes all the fun out of it and who wants that?

Refusal to use stops. The comment often heard by brokers is No, I dont want to get stopped out. Ill just watch it. This is true for initial stops and quite commonly for trailing stops after the market has moved in ones favor. The trader is putting a lot of energy in to their feelings hope and anticipation. The ego is also being fed here, knowing that the market will do as they desire. As the move goes their way, they are experiencing a tremendous thrill, plus the validation they desire about them being a better trader than they truly are. When the market moves against them, the opposite feelings are amplified and only create a greater need to be validated. This also again, involves a lot of suspense and anticipation.

Over-trading regarding frequency, A.K.A. trading too often. Usually in this circumstance the trader is feeling the need to satisfy their perception of lack. They may have just experienced a string of losers or a very large loss and now feel that they have to recoup their losses and absolve themselves for the previous errors. They are feeling bad about themselves and rather than do what they know is right, they simply want to have the bad feelings go away.

Placing trades that are too large for the account. One of the more interesting aspects of this particular mistake is that besides the greed factor, people get a bit of a thrill going against the rules and particularly stepping outside their comfort zones. The simple act of rebelling or being adventurous is what many got a taste of when they first got into trading and how it is so different from what theyd ever done before. The new territory has its appeal and stepping out of the norms and standard rules has a strong gratification associated with it. Of course the greed factor is pretty strong here as well. Only risking 2-5% of your account and the prospect of a measly couple hundred dollars just doesnt match up with the big numbers one had in mind with trading, or whats heard often in the ads for the various trading systems available. When youre only making $800 on this trade and you see and an that claims I made $9,700 on my first three trades!!!, that reasonable profit you made just isnt very satisfying.

One thing worth pointing out right now, and it directly relates to our subject is the fact that people will make mistakes. People only knowingly repeat them when there is a problem. If you get up out of bed in the morning and stub your toe on the footboard of the bed, you wouldnt stand there and keep smashing your toe again and again. Youd stop, unless of course there was some sort of additional response that was strong enough to compel you to do it repeatedly until your foot was completely mangled. Youd only smash your thumb when hammering a nail once before you changed how you were holding the board unless something was wrong.

In comparing the repeated trading mistakes with the established good practices, it is in the emotional responses of the mistakes being made. Suspense, personal absolution and validation, excitement, feeding the ego, being right. These can be very powerful and provide enough stimulus for the person that it over-rides their better judgment. The actions involved in the two sets are in direct contrast regarding both the financial results and how they feel to the trader. Knowing the outcomes for a given trade, keeping the risk small, managing money wisely these are boring and provide no suspense. Lacking surprise and done with a knowing, good trading provides a much lower emotional confirmation of a traders ability on the emotional level. When youre good and you know your good and produce consistent results, those consistent results are not a huge celebration. When youre a rookie and you do well, it is much more gratifying, especially if you hit a big one. Thats a huge ego feed.

There is an inverse relationship between the discipline necessary for good trading practices and the emotions involved in unhealthy trading. The discipline itself runs 180 degrees against the satisfying emotions and denies them to the trader. That is one of the primary reasons that so many traders struggle with the emotional aspects of trading. It is the way that they are trading. They are trading in a manner that fuels their emotions, and established poor habits both active and emotional habits. If they would focus on establishing healthy trading habits and practices, follow the established wisdoms and observe themselves in their trading, do the simple things that they are supposed to do, their emotions would not flare up so badly and they could begin to break the cycle.

Trading itself is not addictive. There are a great many traders that trade in a healthy manner and enjoy the lifestyle that goes with it. There are aspects of trading that set the stage for the individual to become addicted to trading unwisely. So it is not in the activity itself. It is the focus of the individual and the habits that they establish early on in their trading that determines whether or not they become addicted and suffer.

It is up to the individual to be aware of themselves and their practice to safeguard against addiction to poor trading. Education, assistance and proper guidance would be the best recommendation for traders, and these should be pursued as early as possible. The longer the habits are in place, the longer it takes to break them and re-establish healthy trading practices.

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Everybody hates to lose and unfortunately no one is blessed with the ability of foresight, therefore losses are an unavoidable part of trading. When we enter a trade we will either be right, or wrong, and even if we broke-even we’d still be classed as being wrong – as nobody enters into a trade just to break-even! When unsuccessful traders encounter a string of losses they begin to engage in self-destructive patterns that help them escape the pain they are experiencing.

Bring to light these self-destructive actions that can help you realize what you are doing before it takes hold of your physical health. If you find yourself already engaged in these patterns hopefully this article can help you to get you back on track as quickly as possible.

What are the destructive patterns?

If you find yourself caught in a string of losses or a bad performing week/month be sure to monitor your behavior. It is during this time that you will be at your most vulnerable. You will begin to indulge in activities that at first seem harmless, but upon excessive use (or in time), begin to cause physical damage to your health.

Ask yourself the following question: during drawdown periods do I find myself over-indulging in these activities:

Food (especially junk food – e.g. chocolate, ice-cream, chips)?

Sex (includes viewing pornography)?

Alcohol?

Drugs (includes excessive smoking)?

Laziness (find it difficult to wake up in the morning)?

Entertainment?

All of the above taken in excessive doses can be detrimental to your own physical health (some even in small doses!).

These activities above during your losing period are only covering up the pain of confronting the true issue, and your body tries to rid the emotional pain by trying to “fix” it with physical pleasures. Unfortunately it is going about it in the wrong way, so what should you do?

Firstly… REALIZE WHAT YOU ARE DOING AND STOP IT!

You need to realize what you’re doing and you need to STOP doing it immediately! You can either decide to stop, or you’ll be forced to stop when your body eventually breaks down and prevents you from any form of movement. It will be much more beneficial to you in the long-term if you can decide to stop *NOW*.

Once you have stopped you now need to figure out a way to solve the pain – not by cutting out or neglecting it, but by staring it in the face. Bring your problems out into the light, be honest with yourself. There can be no growth without pain; you are experiencing the emotional pain, now it is time to find the error and therefore your growth.

Begin Your Review

The review process begins in two separate areas: You & Your System. Here are some checklists for you to go through to find out where the problem could lie:

“YOUR SYSTEM” CHECKLIST

Was your system thoroughly tested prior to trading it (or paper traded if you do not have the capacity to program your system into back testing software)?

Did you test with out-of-sample data?

Do you even have a system???? If you do not, how do you even know if the method that you are trading is even profitable??

Is your system’s code correct?

Did you over-optimize your system? (What have we discussed about over-indulging?)

Did you paper trade your system prior to placing capital on it?

Did you trade with a small amount of capital prior to placing the rest of your funds on it?

Do you know the system’s limitations?

Did you properly drill your system? (See our blog article on why I am the system designer from hell)

“YOU” CHECKLIST

Is the current drawdown you are exhibiting with your system normal?

Are you comfortable with your system’s historical drawdown performance?

Are you fully aware of the risks involved with your system and the instrument(s) you are trading?

Are you trading with funds that you are comfortable risking?

Are you relying too heavily on your performance?

Have you set realistic goals?

As you can see there are generally two areas that you need to explore: the mechanical aspect – your system – and the emotional aspect – you. Both can be responsible for making the way you feel the way you do. It will either be an error on the system’s side with how the system was tested and/or programmed, or it can be your own psychological profile not being comfortable with the system’s performance.

Your Answers = Change = Your Growth

What steps should we now take? Now that we have begun a corrective process where we have stopped the evil nature of our over-indulging ways to take control we should continue our “corrective nature” by invoking our findings and taking ACTION in correcting our errors.

If the problem was mechanical – fix it, if the problem was emotional either go about setting up new thought patterns, or change your current system. The answers lie in whether you need to expand your knowledge in system development, or whether you need to grow emotionally as a person.

Unfortunately there is no easy road, and even if there was everybody would be doing it. Hopefully this article has made you ponder over some of your behaviors during drawdown periods, be sure to keep an eye on yourself and as always take care of your body, because there’s no use in making all the money in the world when you don’t have the physical capacity to enjoy it

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The performance report of our e-mini S&P Trading System Coin Collector shows an average profit per trade of $36 over the past 733 trades:

In between March 14-21, 2005 the system was over performing and we realized $963 in profits with 17 trades. These yields to an average profit per trade of $57, way above the “expected” average profit of $36 (see below):

When daytrading system you have to keep in mind that you are working with averages:

If your back testing shows an average profit per trade of $36 then you can be almost sure that the system will not suddenly jump to $57 average profit per trade.
In trading we have good weeks and bad weeks. Losses are part of our business. After a slow week there might be an extraordinary week. After a winning streak we will realize a loss.

Looking at the performance of that week a correction was inevitable. And it happened: Tuesday, March 22nd, we realized a loss of $712.50.

Such a loss hurts. You quickly forget all the nice profits of the past week and focus on the loss. You may start questioning your system and think that it stopped working, and so you stop trading. You start looking around for the next system. You don’t give the system a chance to come back to “normal”. You see an extraordinary week like the week from March 14 – 21, 2005 and think that you will continue making profits like this forever.

When reality hits you, you stop believing. But take a look what happened after the loss.

Here’s the performance report of the 2 weeks combined: The “good” week and the “bad” week with the loss of $712.50:

Now take a look at the first graphic with the performance the system is supposed to make.

We are right on target!

The average profit is back to normal, and so are the winning percentage and the profit factor.

Within two weeks the daytrading system normalized itself. That’s exactly what you should expect from a robust trading system.
The next step is finding a market that’s suitable for you.
Selecting a market
You can trade stocks, forex and futures.
Depending on your account size “stocks” might not be an option for you, since you need at least $25,000 in your account to daytrade stocks.
Forex trading is very popular, but if you are new to trading I must warn you:
The Forex markets are extremely volatile, and you can easily make (or lose) thousands of dollars in a day. Many Forex brokers offer “free quotes and charts” and “no commissions”, but keep in mind that nothing is for free: You are paying a spread, i.e. you can NOT buy a currency and immediately sell it for the same amount. It’s like at the exchange booths that you know from your holidays: You exchange $100 into 80 Euro, but when you change the 80 Euro back into dollars, you only receive $96.
Same when trading Forex: You are paying at least 2 “pips”. This amounts approx. $20, depending on the currency pair you’re trading. Another disadvantage of Forex trading is that you are NOT trading at an exchange: There is no “Foreign Exchange”. You are trading against your broker: If you are selling, then your broker is buying from you and vice versa. And that’s why your broker is giving you the quotes for free: He can basically give you *any* quote since there are no regulations. Scary, isn’t it?
Let’s take a look at futures trading:
Futures markets are regulated and you pay very low commissions. They are highly leveraged, since you can trade the whole index worth $66,500 with an account as small as $500. So you can achieve an enormous leverage of 130:1. There are many advantages, especially if you’re trading the index futures:
Index Futures are traded electronically and you can enter the orders through your computer, without ever calling a broker.
You are getting very low commissions. That’s important to keep your costs down and increase your bottom line.
You have a high leverage of up to 130:1.
You are trading some of the most liquid and popular markets in the world, hence you will experience little or no slippage.
Depending on your broker you might get quotes and charts for free.
My recommendation:
If you’re new to trading I strongly recommend starting with the futures markets. It’s way easier than you might think, and if you follow this guide then you’ll have no problem getting started in futures trading.

Selecting a timeframe
Let me be brief on selecting a timeframe, since you’ll figure this out very soon:
When you select a smaller timeframe (less than 60min) your average profit per trade is usually relatively low. On the other hand you get more trading opportunities. When trading on a larger timeframe your profit per trade will be bigger, but you will have fewer trading opportunities.
Smaller timeframes mean smaller profits, but usually smaller risk, too. When you are starting with a small trading account, then you might want to select a small timeframe to make sure that you are not overleveraging your account.
Most profitable trading systems use larger timeframes like daily and weekly. These systems work, too, but be prepared for less trading action and bigger draw downs.
My recommendation:
Therefore I strongly recommend that you stick to smaller timeframes like 60min and below. In addition you shouldn’t hold any positions overnight in your first couple of weeks of trading, so stick to daytrading.
Selecting a trading style
Basically there are 2 different trading styles:
Trend-following
When prices are moving up, you buy, and when prices are going down, you sell.
Trend-fading (or counter-trend-trading)
When prices are trading at an extreme (e.g. upper band of a channel), you sell, and you try to catch the small move while prices are moving back into normalcy. The same applies for selling.
Most indicators that you will find in your charting software belong to one of these two categories: You have either indicator for identifying trends (e.g. Moving Averages) or indicators that define overbought or oversold situations and therefore offer you a trade setup for a short term swing trade.
So dont become confused by all the indicators and trading approaches that are out there. Make sure you understand what the indicator is measuring and what category it belongs to.
Here are some examples of popular trading approaches:
Trend-following
oCrossover of Moving Averages
oTurtle Trading
oParabolics (e.g. SAR)
.
Trend-fading
oOverbought/Oversold Oscillators
oBollinger Bands and Channels
oTurtle-Soup Trading
My recommendation:
In my opinion trend-fading is actually one of the best trading styles for the beginning trader to get his or her feet wet. By contrast, trend trading offers greater profit potential if a trader is able to catch a major market trend of weeks or months, but few are the traders with sufficient discipline to hold a position for that period of time without getting distracted.
Detailing Your Trading Plan
By now you know how much money you want to make, how much you are willing to risk, what market you are going to trade in which timeframe, and what trading style you’ll use. In this section you will learn how to detail your plan by adding specific rules for entries and exits.
Entry Rules
Entering the market is easy. You have the following possibilities:
You can enter the market based on certain conditions,
e.g. prices move above the previous day high or
prices cross the 100-day moving average.
You can enter at a certain time,
e.g. you are ALWAYS entering the market at the open or
you are entering at noon.
A combination of both,
e.g. you are entering if prices cross above the 100-day moving average, but only between 8:30am and 12:00pm.
There are dozens of books, magazines and websites that offer you countless entry techniques. But as a famous trader once said: “The exit is more important than the entry”. So let’s take a look at exit rules.
Exit Rules
Lets keep it simple here, too: There are two different exit rules you want to apply:
Stop Loss Rules to protect your capital and
Profit Taking Exits to realize your profits
Both exit rules can be expressed in four ways:
A fixed dollar amount (e.g. $1,000)
A percentage of the current price (e.g. 1% of the entry price)
A percentage of the volatility (e.g. 50% of the average daily movement) or
A time stop (e.g. exit after 3 days)
I usually dont recommend using a fixed dollar amount, because markets are too different. For example, natural gas changes an average of a few thousand dollars per day per contract; however, Eurodollars change an average of a few hundred dollars a day per contract. You need to balance and normalize this difference when developing a trading system and testing it on different markets. Thats why you should always use percentages for stops and profit targets (e.g. 1% stop) or a volatility stop instead of a fixed dollar amount.
A time stop gets you out of a trade if it is not moving in any direction, therefore freeing your capital for other trades.
Other Elements
Entry and Exit Rules are the basic elements of your trading plan, and if you have a rather small account then that’s all you need to get started.
Later you want to add additional elements like
Money Management
How much money are you going to risk per trade?
When do you increase the contract size?

Diversification
How many contracts will you trade with ONE day trading strategy?
When will you add a second strategy? What kind of strategy?
In which markets will you diversify?

Payouts
When will you start withdrawing money from your trading account?
How much?
All these elements are becoming important when your account size grows, but in the beginning you can omit these elements to make it easier.
Authors name
Markus Heitkoetter
Author’s Info:
Markus Heitkoetter is a 19 year veteran of the markets and the CEO of Rockwell Trading. For more free information and tips and trick how to make consistent profits with online daytrading, visit his website www.rockwelltrading.com.

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