Free Stock, Commodity, Forex Trading Tips & Education Articles

Plan a trade and trade a plan

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trade plan

Without doubt, no trader will last long if he doesn’t plan ever trade. But there is absolutely no point in making a plan for a trade if you are not disciplined enough to follow it.

A plan should cater for every eventuality. As Richard Dennis (Turtle fame) said, ”Don’t worry about the prices are going. Worry about what you are going to do when they get there.”

Thinks about what is being said here. Once you put your money down on a trade you cannot control the prices. So stop worrying about what could happen and concentrate on you trigger points and what you will do when these points are violates. By doing this your trading stops being emotional and now becomes very sysrematic and stress free.

There may never be a better time to invest in junior gold miners

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Never Good Time

With the price of gold as it is, penny share miners cannot believe their luck. Previous cycles have gone something like this: the gold price rises; opportunists take the chance to raise cash to go gold prospecting; they spend the cash on geological surveys, rock sampling and some exploratory drilling. Then, by the time they have found some gold, its price has subsided. Nobody is interested, and they cannot raise the money to get any further.

This time it is different. Not only is the gold price high, but many of the world’s biggest gold miners have given up on the struggle of finding new reserves. Instead they are relying on buying into the discoveries made by small adventurers.

Mine construction needs finance, but today the chances of attracting a rich big brother have never been better. In addition, the financial forecasts look rosy. Most gold projects launched two to four years ago assumed a gold price of $650-$850 per oz. At that level, all things being equal, they would be a commercial proposition and yield a decent profit.

But changes to the gold price make little difference to the cost of developing a mine. Every dollar on the gold price adds to the forecast profit. No wonder the gold sector is hot! And no wonder gold mining companies are beating a path to my door – literally!

Business Quote

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Own Diretion

“The wisest men follow their own direction.”

How Can the top traders keep it so cool when the risk are so high?

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high risk

1. They decided a long time ago to take responsibility and find out what works.

2. They have a system that fits them.

3. They plan every trade down to the finest detail.

4. They have put the ground work into this system and continue to do so.

5. They have complete confidence in both the system they follow and in their own skill to flawlessly execute it.

6. They definitely view trading as a game in points and stopped counting the money a long time ago. Most of the top traders are very wealthy so if they aren’t trading for enjoyment they’d simply retire.

7. Finally they learned a long time ago that they alone can not control the market. Most of the top traders have a life out-side of trading. Realizing the importance of keeping it all in balance.

The world is full of people

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world people

“The world is full of people looking for spectacular happiness while they snub contentment.”

5 Uncommon Rules of Wealthy Traders..

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five rules

1. They plan every single trade. EVERY SINGLE ONE. 2. They stopped trying to pick tops and bottoms years ago 3. They are patient with winners – and ridiculously impatient with losers. 4. They trade one market. ONE 5. Their benchmark for success is anything but money