Millionaire Mind Intensive (SG) - Day 1

Just want to share what I've learnt today... Some key concepts include:

1. Your money zone is your comfort zone. To expand your money zone, you have to change your mindset to win the money game.

2. FINANCIAL FREEDOM
= Working Income + Savings + Investments + Passive Income + Simplify

3. Separate your income into different accounts for specific purposes

4. Always Pay Yourself First. Our part-time business is managing and investing money, and creating passive income streams.

5. Do a declaration by touching your heart (or chest) and point to your head and say 'I have a millionaire mind'!

6. Your Physical world is a printout of your Mental, Emotional and Spirtual World. So, to permanently change your outer world is to first change your inner world.

7. The Process of Manifestion:
Thoughts -> Feelings -> Actions = Results

8. 3 methods of Conditioning:
Verbal Programming, Modelling & Specific Incidents

9. Motivation for money should be based on purpose and joy vs. fear, anger or proving yourself.

10. 'I rule money, money doesn't rule me.'

11. 3 steps to change:
Awareness, Understanding & Reconditioning

Finally, How You Do Anything is How You Do Everything!

21 pips on Thanksgiving Day!

Today the US market is closed for Thanksgiving Day. And I have not been trading for a couple of days because of a couple of reasons.

I went JB Jusco to learn how to create Flash on tuesday evening. Then when I was happily back from dinner and learning Flash, I was caught up in a minor road accident. I ran up a kerb at high speed and the whole car bottom was severly damaged. Thus, I was busy running to Toyota and LTA for inspection and application etc etc.

Anyway, this is one trade on my favourite GBP/USD currency pair. Result is not as fabulous as before, probably because the US market is not open. Anyway, it's 21 pips!

Trading Thoughts from Joe Ross

I just read an article from Joe Ross. He is a REAL trader, author and trading educatormore than 48+ years in position trading of shares, and futures. He daytrades stock indices, currencies, and forex. He trades futures spreads and options on futures, and has written books about it all - 12 to be exact. Joe is the discoverer of The Law of Charts™, and is famous for the Ross hook™ and the Traders Trick Entry™.

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His article includes 36 thoughts; but I have extracted some really good ones below:

2. Always determine a stop and a profit objective before entering a trade. Place stops based on market information, not your account balance. If a "proper" stop is too expensive, don't do the trade.

3. Remember the "power of a position." Never make a market judgment when you have a position.

4. Your decision to exit a trade means you perceive changing circumstances. Don't suddenly think you can pick a price, exit at the market. The Market Has Character.

6. There are times, because of lack of liquidity, or excessive volatility, when you should not trade.

8. There are at least three types of markets: up trending, range bound, and down. Have different trading strategies for each.

9. Up market and down market patterns are ALWAYS present, merely one is more dominant. In an up market, for example, it is very easy to take sell signal after sell signal, only to be stopped out time and again. Select trades with the trend.

10. A buy signal that fails is a sell signal. A sell signal that fails is a buy signal.

11. It's always easier to enter a losing trade.

13. You are superstitious; don't trade if something bothers you.

16. Read today's paper tomorrow. When you read yesterday's paper each day with the knowledge of what the market already did, you will affirm that this mornings paper with yesterday's news has nothing to do with today's market.

22. Confidence kills. Remember, you really don't know anything. Respect the market every second of every day. Expect the unexpected. Always know your position and exit your trade immediately whenever you feel uneasy.

25. Don't stop trading when your on a winning streak. "When your hot, your hot."

35. When you make a mistake of discipline, whine like a fool to anyone that will listen. Errors in discipline are mistakes you will keep on making for many years. Wearing ashes and sack cloth may help extend the time before you do it again.

36. If you squirmed and moaned while you read this list, then you share two obvious characteristics with many of us:

A. You have traded long enough to recognize that you (not the market) make mistakes, and you try to overcome them.

B. Now this is ugly, you have become part of the market and you can never leave. No matter where life takes you, you will always check the market and always want to continue being a part of it. It's like that first true love, it will always be there no matter what the distance, no matter whether they are alive or dead.

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Some ideas are so bluntly simple, and yet traders around the world just don't see it.

Highly Volatile Markets

The market is too volatile over the past 2 weeks. Typically, traders and investors alike see market going up one day and trending down the other and call it a volatile.

To me, a volatile market is where the market is going up and down within the same day, just like this:

You can definitely profit from market like this, but the probablilty is lower. Whatever 'sensitive' news is brought to the table, who knows how the market will react. Stay out of the market like this. Take note of the market and take profits!

65 pips on GBP/USD

Another 65pips on my favourite GBP/USD today within 3.5 hours!

p/s: Been busy preparing for my new venture these few days. I'll reveal more along the way!