When I met Mark I was enormously impressed with his FTSE trading abilities, so much so that I decided to recommend him to my clients. John Piper
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Dear Trader, Yesterday I received the latest article from 'View From The Bridge''. The publication is written by a fellow trader and I always enjoy reading his alternative take on important economic events. If you would also like to benefit from these publications please click on the below link and sign up. Its all free and previous articles can also be read. Latest Article from View From A Bridge RULE BRITANNIA If you have never heard the rendition of this anthem of anthems (up there with "Jerusalem") at the Last Night of the Proms you will not understand the British psyche and the glue that binds this nation together. We have been branded the pariah of Europe for rejecting the treaty amendments, proposed by Germany and reluctantly seconded by France, which, in the great scheme of things, will achieve the square root of very little. Alexander Graf Lambsdorff, head of Germany's FDP group, part of the European Liberals, says it was "a mistake to let the British into the EU". Over here some of us would lay the blame for accession at Edward Heath's door... "Britain must now renegotiate its relationship with the EU," he said. "Either they do it on their own initiative, or the EU refounds (sic) itself - without Great Britain. Switzerland is a model towards which Britain can turn itself." Bring it on! Meanwhile Daniel Cohen-Bendit, joint leader of the Greens in the European Parliament has labelled Mr Cameron "a weakling". That's up there with being savaged by a lamb Geoffrey Howe style, although Danny la Vert is in all probability a vegetarian... Surprisingly it was the French newspaper Le Monde, seemingly keen to avoid further damaging relations between the French and English, which spoke to its readers of all the things they love about the UK, which, it said, are "impossible to number"; but they gave it their best shot. "From the concept of habeas corpus to the BBC, to Elizabethan poetry to John Le Carre, from rock to the invention of the Sixties, from London springtime concerts to Wimbledon, via Liverpool FC." And all that from a French newspaper! Well one thing is for sure; we will "never walk alone"! That this meeting of small minds has been hailed as a triumph - German Chancellor Angela Merkel said that the European Union summit achieved a "breakthrough" to a "lastingly stable euro" - leaves me lost for words, but not expletives, although I will spare your blushes dear reader. She would like you to believe, as obviously she does and presumably along with the 25 other governments that can find no other place to hide, that by March the "fiscal compact" will be in place. This includes a cap of 0.5% of GDP on countries' annual structural deficits and "automatic consequences" for countries whose public deficit exceeds 3% of GDP. As of now, including Germany, not one EU country matches up to these targets and it's all going to get resolved in three months? The markets, expecting something approaching a frisson of decisiveness, spent Friday like stunned mullets. And with Christmas rapidly approaching may well take to the mulled wine and other festive "remedies" and call it a day until the New Year. At which time they will all realise that nothing, absolutely nothing has been done to address the solvency of the European banking system. Which anthem will they play at the Last Night of the Euro I wonder? How about the Doobie Brothers and "What a fool believes"? "But what a fool believes ... (s)he sees" - a lastingly stable euro? Mark Austin
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Mark's FTSE trading service is designed for educational purposes only. There is a risk of loss in all trading. Spread Betting carries significant risk and should only be undertaken by those who can afford to lose some or all of their investment. Past performance is not indicative of future results. Before investing, or if in doubt about the suitability of an investment please seek independent financial advice. Mark's FTSE trading service is authorised under an arrangement with t1ps.com Ltd, which is authorised and regulated by the Financial Services Authority and can be contacted at 3rd Floor, 3 London Wall Buildings, London EC2M 5SY. | ||||
Dear Mark,
I have recently been approached by Harriman House, a well known publisher, to contribute to a new book covering the 10 essential rules of investing. The book will focus on various specialised fields within this industry. My chosen subject will be ''day trading''. The book is due to be released, in early 2012 and at this stage I would like to share with you my top 10 essential rules for day trading.
SURVIVING DAY TRADING - TRADING TIP NO.11
10 insights from a professional trader on how to profit and make a living out of day trading.
1. PREPARATION IS KEY
Do all your preparation before the market opens and avoid unplanned trades. They will not lead to success in the long run. Discipline is vital in this profession. You can't control the market but you can control yourself. The worst event that can occur to a new trader is winning from an unplanned trade. The reason being that he/she will be more likely to hang onto a bad trade in the future in the hope that this trade will also turn into a winner. We all know where this leads and it's usually to an account with a balance of zero. The after effects also give way to all kinds of psychological problems such as fear and lack of confidence, so traders avoid at your peril!
2. THE GAP
Understand that trading the gap is the most reliable day trading strategy there is. This is the bread and butter trade for most professional traders.
3. YOUR MARKET HAS ITS OWN PERSONALITY
Know your market's personality and its internal dynamics. There is more to trading than just indicators
and bar charts. Each market will have unique behavioral patterns, which can be exploited over and over again.
4. TURN YOUR ATTENTION TO THE MARKET AND NOT YOU P&L ACCOUNT
When trading, focus on your chart price and not your profit and loss account. If you have done your preparation there should be no need to focus on what profit or loss has been made whilst the trade is active. Your stop is a pre-determined level of risk so let it do its job and your exit target is not based on how much profit the trade is currently earning you. Applying this concept will reduce common emotional problems such as cutting profits too early and allowing a loss to run.
5. QUALITY NOT QUANTITY
Being a day trader doesn't mean you have to place multiple trades every day. It's a common misconception that large quantities of trades have to be placed in order to succeed in day trading. Over trading is just a byproduct of greed and impatience. If there is no set up for the day, which meets your criteria, take the day off. A day trader only needs 2-3 good trades a week to make a healthy living out of this profession.
6. 1ST OF THE MONTH - NOT A DAY TO BE A BEAR
Avoid selling stock indices on the 1st of the month. These days have a bias to the upside and large funds often commit new cash monies on these days.
7. PERSERVERNACE - FORTUNES DO NOT COME TO THOSE WHO GIVE UP
If you are placing a trade from a strategic position with a tight stop accept that it may take a few attempts to successfully climb on board a winning trade. Taking a few small loses should not be an issue in day trading and in the long term strengthens your mind and protects your capital from further loses.
8. SIMPLE
Simple is better. Your core system/strategy should be as simple as possible. In my experience the more complicated a system , the less chance of success. This will allow you to apply some discretion to your trading -so you can adapt to changing market conditions.
9. NEWS
Large news events often produce the worst bull and bear traps in the market. Recognise major news releases but accept it's impossible to predict how the market will react to the news.
10. LARGE EGOS HAVE NO PLACE IN TRADING
Avoid looking for that one big move. Too many traders obsess with trying to catch that one big move and the majority fail miserably. Largely this is down to ego. In reality the markets trend only 20% of the time and for 80% of the time they are range bound. Develop strategies that can profit from these conditions. Overtime, consistent profits will stack up.
All the best,
Mark
My website is www.markaustintrading.com
Mark Austin Trading is now established as one of the UK's premium FTSE trading services and here's here's what one of our members has to say-
"Not a bad day all in all after a difficult start - bagged two binaries one in the morning and then one in the afternoon session - and made a good profit with the opportunities that developed - I must say that the learning curve of information you e-mail to me as a subscriber is invaluable and I look at and study each message and compare it with the chart on my monitor - and watch it develop into something that seems quite amazing to me as everything unfolds on the monitor as you suggested - and through the course of the day I watch and listen to your 'you tube' lessons and take in as much as I can - I'm not saying I remember it all - the knowledge that you give we the subscribers is fantastic and is much appreciated."
Steve
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