The Value of Mobility

Just recently, I found myself away from home (and therefore my desktop) for about three weeks out of the last seven. I did have prior knowledge so I have a laptop. This is about the first time in ten years since I have owned a laptop and I must say that considering what it has done for me, along with the proliferation of Starbucks locations (and their free WiFi service). I am not yet the type of trader that can leave my positions running for days without checking and managing them, so the ability to operate when I am not at a desktop computer is invaluable for me. I know, I could still check my phone and call in (I won't talk about the lousy phone app that my broker provides), so instead I'll just say that I am happy with my new mobile solution. There is nothing worse than a missed opportunity, and this should cut down on those.

Selling JPY, dual setup AUD/JPY and EUR/JPY

Going long on both AUD and EUR vs. JPY

A few minutes later, I have a couple of decent confirmations to stay in...

Aiming for the next big figures on both, but as it is a Sunday here in the Western Hemisphere, and action in Asia at the start of the week can be subdued and range-bound, I will probably move both to break-even as soon as it is reasonable and take what I can get. Either way, it is money in the bank.

AUD/JPY Bullish for now...

It is a bit late to share this idea, because the time to buy would have been 100-140 pips ago, when I did, but here it is. Good data out of Australia last yesterday and good ADP data, and good ISM data = AUD/JPY up.

In theory, based on ADP data earlier today, the NFP should be okay, and it could go higher. I have a target of 82 to 83, but who knows. Of course the trade balance data out in 20 minutes is pointing south so I may just collect my 100+ pips and call it a week on this pair.

Mentoring a New Trader

For those who can impart the basics of trading and the psychology of market behaviour, helping someone learn how to trade can be as rewarding personally as it is for the student. For the student, a careful and disciplined application of their new skill set can change their life. For the teacher, the rewards are many. First, there is a reinforcement of the skill they have already honed in the market. Next, the teacher's own trading rules and respect for the market will be relearned and reinforced. Finally, there is a satisfaction to improving someone else's life.

Direct trading advice (as I have learned from my own mentors), should be avoided; a consistently successful and established trader should be able to spot their own opportunities for the duration of their trading careers. In addition, direct trade advice will carry with it, the possibility that the trade will go badly, and potentially sour an otherwise good relationship. Part of learning how to trade is learning to take both responsibility for ones losses and personal satisfaction for one's success. Trade ideas on the other hand can be given freely but with the disclaimer that results are not guaranteed. Often, the best way to teach someone about operating in the market is to show examples of market behavior, and extrapolate possible outcomes.

Much can be learned about trading by direct observation and the very action of taking a continuing series of trades; there is no substitute for direct experience. Researching from a variety of resources including books, forums, and encyclopedias can help tremendously, however, often the most interesting lessons can be learned directly with consistently successful and established traders. While this last source of knowledge might seem out of reach for those students who do not know anyone personally or cannot afford a trading coach, the knowledge is obtainable with some effort. Many recorded webinars and videos can provide a trader with a non-interactive source for this information. Topics include everything from technical analysis to market psychology to building trading strategies and everything in between. Furthermore, many brokers and several websites provide access to live and interactive webinars hosted by traders, analysts, and other experts for a whole host of topics relating to the market.


Finally, a newly minted trader, with a fresh perspective, can show their teacher new information and ideas obtained through their own research and experiences. As with other skills in life, you never stop learning.

An additional note of caution, be careful about choosing who you share knowledge with, trading is a full contact sport and carries with it risks both financial and psychological...