Becoming a Better Trader: How-to Videos
The ‘Becoming a Better Trader’ webinars are held every Thursday, with an alternating schedule between lessons and Q&A sessions.
The purpose of the ‘Becoming a Better Trader’ webinar series is to help traders in their development and get to the core of what makes a trader successful. While we are all drawn to financial markets because of their uncertainty and potential rewards, there are critical components beyond just the ‘fun stuff’ (i.e. charts) which need to be understood if one is to set themselves up with the best chance at having long-lasting success.
The following library of videos are aimed at traders of all levels from the beginner looking for a place to start to those with advanced skill-sets and ample experience. The topics are divided into four main categories – risk management, trading psychology, process, and analysis & strategy. All of these put together create a strong foundation for anyone serious about firming up their basic understanding of trading or for those who are looking to take their game to the next level.
- Principles of Risk Management - Risk management is one of the most important aspects to successful trading, but far too often it’s overlooked. Job #1 for a trader is to always keep yourself in the game. A sound strategy and the discipline to follow it will go long way towards ensuring you stick around. Principles of Risk Management
- How to Handle a Drawdown - Part of trading is losing, that’s just a fact that everyone must accept straight away. So, naturally, experiencing drawdowns is also going to be a fact of the business one must accept. As you can see below, a trader spends a large amount of time in a drawdown, even during extended periods of profitability. How to Handle a Drawdown
- Trading Well? Caution Ahead - Often, traders become overconfident during periods of good trading and become sloppy in execution. Oversizing and deviation from typical trade set-ups are common mistakes made when riding a winning streak. Trading Well? Caution Ahead
- Adjusting for Changes in Volatility - In this webinar, we discussed volatility and adjusting expectations accordingly. Volatility is mean reverting and as such our trading should reflect this. If there is one certainty in markets is that volatility will rise and fall, over and over again. Adjusting for Changes in Volatility
- Fixing Mistakes, Working on Weaknesses - This may sound obvious, but this is an overlooked area of trader development – identifying weaknesses and turning them into strengths. It’s one of the reasons many trading mistakes are made over and over and over again. Fixing Mistakes, Working on Weaknesses
- Cultivating Confidence - A lot of traders approach the market without having a defined game-plan, that is, not having a full understanding of what their methodology is for identifying trade set-ups as well as what type of strategies they want to deploy to exploit their identified edge. Cultivating Confidence
- Using Emotions to Your Benefit - To begin today’s session, we first examined the age-old cliché – “Don’t trade with emotion.” For starters, this is not realistic and really shouldn’t be attempted. We are not robots and so we should not try and act like one and suppress what is going on inside our head. Using Emotions to Your Benefit
- 6 Mistakes Holding Traders Back - Today, we discussed common mistakes traders make and ways to overcome those issues which undermine trading performance. We did a run through of six, but it was really a few more layered within the broader scope of mistakes outlined. 6 Mistakes Holding Traders Back
- Understanding How Biases Impact You - In this video, we discussed several cognitive biases which impact traders and the decisions they make, and ways to help overcome them. Understanding How Biases Impact You
- Trading Clichés, Fact or Fiction? - In today’s webinar, we discussed several trading clichés and whether they are true or not. Additionally, we discussed ways to address these vague expressions which we so frequently hear. Trading Clichés, Fact or Fiction?
- How to Create a Trading Plan - The importance of a trading plan can’t be overstated, yet the number of traders who don’t have one far outnumbers those who do. Without a comprehensive plan of attack it is easy to get off course. Your plan doesn’t need to overly detailed, a couple of pages or so will do. How to Create a Trading Plan
- What Is Your Trading Style? - In this webinar, we addressed the question, “What is your trading style?” It’s a loaded question, so we broke it down into smaller questions which make up the larger one. Having a full understanding of what your trading style is, and what works (and doesn’t) for you is very important. What Is Your Trading Style?
- Reduce the Noise, Keep It Simple - In this webinar, we discussed the importance of having a narrowed approach to trading to avoid noise which causes indecision. All too often, traders will pile on numerous types of analysis thinking that ‘more is better’, but really ‘less is more’. Reduce the Noise, Keep It Simple
- How to Set Goals - Goals are an important part of setting out to accomplish anything we put our minds to, but an overemphasis in trading on profit objectives, especially with time constraints, is a recipe for frustration. Focus on following various rules as goals should be the objective. How to Set Goals
- Creating Consistency - In this webinar, we discussed the importance of consistency in everything we do in trading, from the type of analysis and usage of tools to trade execution to risk management. It may seem entirely obvious that inconsistent results come through inconsistent actions, but it’s easy for inconsistencies to occur when dealing with an uncertain animal like financial markets. Creating Consistency
- Preparation is Paramount - In this video, we discussed the importance of preparation and how to plan for each day and week. First and foremost, each trader should have a trading plan, one which they can quickly read through at the start of each week to keep them stay focused on the process they follow to identify, execute, and manage trades. Preparation is Paramount
- 6 Things to Know Before Entering a Trade - There are numerous ways of approaching the market, but there are a few key factors which traders should know before they pull the trigger on a trade. Traders should ask themselves a few basic questions to ensure they are giving themselves the best possible chance. 6 Things to Know Before Entering a Trade
- A Checklist Before Entering Any Trade - In this edition, we discussed the various questions one should ask themselves before entering a trade. The idea is to answer these questions with the goal in mind of properly identifying opportunities which you should gravitate towards and those which really the ones aren’t perhaps you truly want to be involved with. A Checklist Before Entering Any Trade
- Reasons Traders Fail - In this video, we discussed five main reasons why traders fail. Poor risk management, no game-plan (or insufficient), overly complicated analysis (not a narrowed approach), thinking about results too much (not on the process), and a lack of consistency. Reasons Traders Fail
- Rules to Trade by - In this webinar, I shared a few core tenets to trading that I have learned over the years. Some of them might seem a little cliché, but many clichés are worth a lot if considered carefully and of course applied correctly. We started off with the most important facet to trading – risk management, of which without none of the rest matters. Rules to Trade by
Analysis and Strategy
- Basic Building Blocks for Creating a Strategy - There are too many combinations of factors which work in building a strategy to say any one is right or wrong. The key is to having sound logic behind the trade set-up that makes sense and consistency in executing. Basic Building Blocks for Creating a Strategy
- Identifying Support and Resistance - Support and resistance lies at the heart of technical analysis. There are numerous forms of support and resistance, and not everyone will agree on how to spot important levels or even on how to use them. But what we discussed today should help start a foundation for new traders while also bringing to light perhaps some new angles for more experienced traders. Identifying Support and Resistance
- 3 Principles of Price Action Analysis - Price action lies at the heart of technical analysis and is a simple, yet powerful way to identify trading opportunities. We examined in depth with examples the three main tenets of price action; trend, support & resistance, and market reaction. 3 Principles of Price Action Analysis
- Identifying Trade Set-ups - In this webinar, we delved into the trading process and a few favorite trade set-ups. We looked at several recent examples of trades utilizing trend and market conditions, support & resistance, candlesticks, and chart patterns. Identifying Trade Set-ups
- Utilizing Multiple Time-frames - In this webinar, we discussed how to use multiple time-frames and take a top-down approach when analyzing markets. This not only helps put the prevailing winds at your back, but can also guide you towards better entries, thus improving the average risk profile of a trade (as we always discuss, risk management is paramount to trading success). Utilizing Multiple Time-frames
- Trading Reversal Candlesticks - Simple candlestick patterns can be an excellent way to identify key inflection points in the market by visual representation of areas of important supply (sellers) and demand (buyers). These formations can be used as a signal for taking a trade (or avoiding one), as well as guide for stop placement and improving the overall risk profile of a trade. Trading Reversal Candlesticks
- Trading Breakouts and Pullbacks – Part I - Today, we discussed two general types of breakouts – simple price level breakouts (support/resistance) and those involving various types of chart patterns. Not all set-ups are created equally, with some presenting more attractive risk/reward opportunities. Trading Breakouts and Pullbacks – Part I
- Trading Breakouts and Pullbacks – Part II - Today, we discussed several types of pullback scenarios, with three main categories – post-breakout, mid-trend, and after a trend reversal for a counter-trend trade. We covered the various aspects to identifying the highest probability set-ups and looked at several examples, examining both the analytical and trade management side of these set-ups. Trading Breakouts and Pullbacks – Part II
- Maximizing Breakout and Pullback Strategies - Today, we discussed how to combine breakout and pullback entries to take advantage of a chart set-up and maximize your risk/reward profile for increased robustness. There are times when an initial set-up will present an opportunity to trade along the path of least resistance in multiple entries to increase profit potential whole mitigating risk. Maximizing Breakout and Pullback Strategies
- Classic Chart Patterns – Part I - This webinar was part-one of a two-part series on classic chart patterns, with today’s focus on three simple, but effective chart patterns. The ‘Head-and-Shoulders’ formation, both its bearish and bullish variations, rising (bearish) and falling wedges (bullish), and double tops and bottoms. Classic Chart Patterns – Part I
- Classic Chart Patterns – Part II - Chart patterns can be a powerful way to identify trading opportunities. In part I, we looked at reversal patterns, today we looked at neutral and continuation formations – triangles, bull/bear-flags, continuation head-and-shoulders, and rectangles. Classic Chart Patterns – Part II
- High Probability Chart Patterns - In this video, we discussed high probability chart patterns. More specifically, the ‘head-and-shoulders’ formation and its variations which resemble the classic set-up but aren’t considered by textbook definition to be a valid H&S set-up. High Probability Chart Patterns
- Setting Stops, Targets, and Tying in Risk Management - In this webinar, we looked at the importance of identifying stops and targets based on logic, not made up numbers; and how to properly assess risk using these concepts. Setting Logical Stops & Targets
Resources to help with your development include the 'Traits of a Successful Traders', 'New to Forex', and 'Building Confidence in Trading'; along with tools such as our trader sentiment page, trading forecasts, and webinars covering a host of topics.
---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.