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New Year - New Beginning

Mon, 04 Dec 2023 06:44:17 GMT

80% of Success is Just Showing Up!

Does the headline sound familiar? Every year you make your wishes and say I will hit the gym starting in January. I will lose that winter weight. I will get my bonus. I will finish that project or start that project. I will etc etc etc… Yes January is the start to new year and hopefully a more improved you.

Don’t let the headline just become words. It’s December 2023 and by now you should have your 2024 goals planned out at a bare minimum but also have your two-year, three-year, five-year and ten-year plan written down. This is your road map.

Your goals should be written down using the acronym S.M.A.R.T.

S: Specific

M: Measurable

A: Attainable

R: Relevant

T: Time-Bound

The easiest example is to lose 20 pounds by July 31 ^st , 2024. It’s specific, measurable, attainable, relevant, and time-bound. Do this procedure with all your goals.

Now, in my opinion there are two key steps to take to ensure your goals don’t become the same at the end of 2024…empty words and promises but instead you achieved them. The first is to change all your goals to commitments.

Commit Commit Commit. I used to write down my goals every December and at one point in my life it felt like I was writing the down the same goals every year. I don’t know about you but I do save my commitments and review them later and everything I wrote was the same or similar. Does that sound like you? Well, one year I changed them from goals to commitments and my life has never been the same.

When you view them as commitments, I believe you work harder and function different towards achieving them. You need to read them every day and always be working towards achieving your commitments.

The second step is the hardest but also the easiest. YOU JUST NEED TO SHOW UP! What does that mean. Just Show Up! Even when you are tired, force yourself to make some progress. Start that first page, watch that lesson, etc Even if it is for 5 minutes, progress is progress. It takes 10,000 hours minimum to master a task they say but then again everyone had to start somewhere. Michael Jordan got cut from his High School Basketball Team and is one of the greatest players to have ever played the game. Woody Allen said "80% of success is just showing up!"

I end with a quote from Tony Robbins - " Where Focus Goes, Energy Flow!" So focus up and let the energy go where you need to. Write down your commitments, read them every day, and JUST SHOW UP! Don’t keep writing down the same goals every year. Make 2024 different and your best year ever!!!

The Road to Success in Forex Trading: The Discipline Imperative

Mon, 23 Oct 2023 04:39:48 GMT

Discipline - A Key to Success in Forex Trading

Forex trading is a financial endeavor that attracts individuals from all walks of life. The allure of potentially substantial profits has drawn countless people into the world of foreign exchange markets. However, amidst the promise of prosperity, the Forex market is also notorious for its volatility and the risks associated with it. It is here that the significance of discipline in Forex trading becomes apparent. In this article, we will explore the art of becoming a disciplined Forex trader and delve into why discipline is an absolute necessity for success in this intricate field.

I. Understanding Forex Trading

Before we dive into the essence of discipline, it's crucial to understand what Forex trading entails. The Forex, or foreign exchange, market is the world's largest financial market, with a daily trading volume that exceeds $6 trillion. It involves the buying and selling of currency pairs, such as the EUR/USD or GBP/JPY, where traders speculate on the exchange rate fluctuations. Success in Forex trading isn't merely about luck; it requires skill, strategy, and, above all, discipline.

II. The Elements of Discipline in Forex Trading

Discipline in Forex trading involves the commitment to a set of principles and practices that guide your decision-making process. Here are some key elements of discipline in this field:

Risk Management: A disciplined trader understands the importance of risk management. This involves setting stop-loss orders and determining how much of their capital they are willing to risk on a single trade. Without proper risk management, traders can quickly lose their entire investment.

Trading Plan: Creating a well-defined trading plan is a hallmark of disciplined traders. This plan outlines the trader's goals, strategy, and the criteria for entering and exiting trades. Following the trading plan religiously helps to avoid impulsive decisions driven by emotions.

Emotional Control: Emotional discipline is a significant aspect of Forex trading. The market can be highly unpredictable, causing emotions like fear and greed to influence trading decisions. A disciplined trader acknowledges these emotions but does not let them dictate their actions.

Continuous Learning: Forex markets are dynamic, and staying informed is crucial. Disciplined traders are committed to ongoing education and improvement. They continuously study the market, develop new strategies, and adapt to changing conditions.

Patience and Persistence: Success in Forex trading doesn't happen overnight. Disciplined traders understand the importance of patience and persistence. They are prepared for setbacks and losses, knowing that they are part of the journey to success.

III. The Importance of Discipline in Forex Trading

Minimizing Risk: Forex trading is inherently risky, and without discipline, these risks can become overwhelming. Discipline allows traders to mitigate risks, set stop-loss orders, and exit losing trades before significant losses occur.

Reducing Emotional Biases: Emotional discipline is crucial because emotions can lead to impulsive and irrational decisions. Trading based on emotions can quickly erode capital. Disciplined traders follow a well-thought-out plan, reducing the influence of emotions on their trading decisions.

Consistency: A disciplined approach fosters consistency in trading. This consistency helps traders build a track record and gain the trust of investors if they are managing other people's funds. It also allows traders to refine their strategies and learn from their successes and failures.

Staying Informed: Discipline keeps traders engaged in continuous learning and adapting to market changes. Stagnation in trading strategies can lead to losses. Staying informed and adaptable is essential for long-term success.

Achieving Long-Term Success: In Forex trading, short-term gains can be overshadowed by long-term losses. Discipline ensures that traders have a plan in place to maintain their trading activities over time, increasing the likelihood of long-term success.

Becoming a disciplined Forex trader is not a guarantee of success, but it is a vital ingredient for achieving success in this high-stakes arena. The Forex market is unforgiving to those who lack discipline. By adhering to risk management principles, creating and following a trading plan, controlling emotions, and staying committed to learning and improvement, traders can enhance their chances of success.

Discipline in Forex trading is not only about making better financial decisions; it is also about developing a mindset that allows traders to navigate the complex and unpredictable world of foreign exchange markets. To attain lasting success as a Forex trader, one must be steadfast in their dedication to discipline, and it is this very discipline that separates the thriving traders from the ones who fall short of their aspirations.

Navigating the Emotional Rollercoaster of Forex Trading: Psychological Loss Stages and How to Overcome Them

Wed, 13 Sep 2023 03:08:14 GMT

Learn How to Handle Your Emotions and You Can Become a Better Trader!

Forex trading is a dynamic and potentially lucrative venture, but it's also a realm where emotions often run high. Traders often experience psychological stages of loss that can impact their decision-making and find themselves on an emotional rollercoaster, especially when facing losses. Understanding and managing these psychological stages is crucial for maintaining emotional stability and making rational trading decisions.

These stages are not universally recognized or formally defined, but they are commonly discussed in trading literature and among traders. We'll explore the four common psychological loss stages in forex trading and provide guidance on how to overcome them.

1. Denial: In this stage, traders may initially refuse to accept that they are experiencing a loss. They might hold onto losing positions, hoping that the market will reverse in their favor.

Denial can be dangerous because it can lead to significant losses if traders don't take timely action to limit or exit losing trades. To overcome this stage, traders should develop discipline and a predetermined exit strategy, such as setting stop-loss orders, to minimize potential losses.

2. Anger: After acknowledging their losses, traders may experience anger and frustration. They may blame the market, brokers, or external factors for their losses. This emotional response can lead to impulsive and revenge trading, where traders take excessive risks in an attempt to recover their losses.

Anger can cloud judgment and lead to irrational decision-making, making it crucial for traders to recognize and manage their emotions during this stage. To cope with anger, traders should consider taking a break from trading, practicing relaxation techniques, and seeking support or advice from experienced traders or mentors.

3. Bargaining: In the bargaining stage, traders may seek ways to make deals or compromises to recoup their losses. They might overtrade, use excessive leverage, or employ risky strategies in an attempt to break even. This often results in further losses and can compound the emotional toll.

Traders should avoid the temptation to overtrade or chase losses during this stage and instead focus on maintaining discipline and adhering to their trading plan. Seeking professional guidance or participating in trading communities can help traders gain perspective and avoid risky behavior.

4. Depression: Depression can occur when traders feel overwhelmed by continuous losses and a sense of hopelessness. It may manifest as low motivation, self-doubt, and a lack of interest in trading. Prolonged periods of depression can have a severe impact on a trader's mental and emotional well-being, affecting their overall quality of life.

It's essential for traders experiencing depression to seek support, whether from friends, family, or mental health professionals. Additionally, taking a break from trading and focusing on self-care can be crucial for recovery.

It's important to note that these stages are not experienced in a linear or predictable fashion. Traders may move back and forth between these stages as they navigate the challenges of forex trading. These psychological loss stages, including depression, are part of the emotional journey that traders often experience in forex trading. Recognizing these stages and actively working on emotional discipline and risk management can help traders navigate them more effectively.

As you grow as a trader and overcome the challenges listed earlier, you will learn the one of the most important psychological stages, which is Acceptance. Acceptance is the final stage, were traders come to terms with their losses and accept them as a natural part of trading. They focus on learning from their mistakes, managing risk, and sticking to their trading plan. Acceptance is crucial for maintaining emotional stability and making rational trading decisions and becoming a better trader.

Developing one’s emotional resilience and discipline is essential for successful trading and effectively managing these psychological stages of loss plus learning to accept by closing losing trades earlier and letting winners run. In doing so, you will increase your chances of long-term success in the forex market.

Filtering Out Noise in Day Trading

Sun, 06 Aug 2023 06:13:38 GMT

Effective Strategies to Filter Out Noise to Enhance Your Trading!

Forex trading, a fast-paced and exhilarating venture, demands sharp decision-making and a keen understanding of market trends. However, amidst the rapid influx of information, it's easy to get overwhelmed by noise - irrelevant data that can cloud your judgment and impede your trading success. In this article, we'll delve into effective strategies to filter out noise and enhance your trading experience.

1. Define Your Trading Strategy

Before you even open your trading platform, define a clear and concise trading strategy. This serves as your roadmap, helping you stay focused amidst the noise. Are you a momentum trader, a breakout specialist, or do you prefer trend-following? By identifying your preferred approach, you can filter out information that doesn't align with your strategy, eliminating unnecessary distractions.

2. Choose Reliable Information Sources

In today’s age, information is readily available from various outlets like Bloomberg, Fox News, CNN, Investing.com, Forex.com, myfxbook.com, and there are the squawk services and lastly add in social media like Facebook and X(formally known as Twitter) to just name a few. However, not all sources are equally reliable. Many outlets have many opinions and for every bull you find, you will find a bear. Seek out reputable financial news outlets, official company announcements, and well-regarded analysts, and for true data, pay attention to the releases from the various national banks. Follow thought leaders in your niche and consider subscribing to newsletters that offer valuable insights. Filtering out noise starts with a strong foundation of accurate information plus your ability to understand how the fundamentals work.

3. Utilize Technical Analysis Tools

Technical analysis is an essential tool for day traders. It provides a structured approach to interpreting price charts and patterns. Utilize indicators such as moving averages, relative strength index (RSI), Bollinger Bands, as well as Support and Resistance to identify trends and potential entry/exit points. By relying on a combination of these or at a minimum of one, you can avoid getting swayed by emotional reactions to noise.

4. Set Clear Entry and Exit Points

One of the primary sources of noise in day trading is emotional decision-making. Establishing precise entry and exit points based on your trading strategy can help you avoid impulsive decisions caused by market fluctuations. Having a well-defined plan allows you to execute trades confidently, regardless of the noise surrounding the market. An additional point with this topic is regards to your stop-loss. Once you set it, never change it. Why? This is your fail safe to protect your capital. One a trade that has gone against you, this is the point where your trade idea is now void.

5. Limit the Number of Monitored Instruments

The financial markets offer a plethora of instruments to trade. If you are a stock trader, there are thousands to look at. Even if though the Forex market has 38 currency pairs to watch, depending on your broker, you may be able to trade some indices, metals, energies, and crypto. However, monitoring too many at once can lead to information overload. Focus on a select few instruments otherwise known as trading only a few pairs that align with your strategy and expertise. This not only reduces noise but also allows for a deeper understanding of your chosen assets, enhancing your trading precision.

6. Practice Patience and Discipline

Successful day traders understand the importance of patience and discipline. Noise often arises from chasing quick gains or reacting to short-term market fluctuations. Maintain a disciplined approach by adhering to your trading plan, resisting the urge to deviate based on momentary noise. Don’t just practice patience and discipline, but rather make it part of your everyday routine when trading. Don’t chase the trade…let the trade come to you. Remember, successful trading is a marathon, not a sprint. The majority of the time, the biggest winners and best trades, come to those who used patience and discipline to wait for the trade setup.

7. Implement Automation and Alerts

Technology has greatly evolved over the last 20 years and you must leverage technology to your advantage. Trading platforms offer automation features that can help you execute trades based on predefined criteria. Additionally, set up alerts for significant price movements or news events. Furthermore, there are apps that you can use to send alerts based on criteria such as when a particular asset hits a certain price reducing your screen time and noise you will encounter. Automation and alerts allow you to stay informed without constantly monitoring the markets, reducing the impact of noise on your decision-making process.

8. Filter Out Emotional Bias

Emotions can easily cloud judgment and lead to impulsive decisions. It's crucial to cultivate emotional intelligence and mindfulness when day trading. Recognize your emotional triggers and implement strategies to manage stress and anxiety. Emotions fall under trading psychology and the topic of trading psychology can be discussed in depth for hours. You must find a way to eliminate your emotions when trading. Techniques like meditation, journaling, and regular breaks can help you maintain a clear and focused mindset, allowing you to filter out noise effectively and make better trading decisions. The ability to control your emotions takes years of practice. Just remember that you will lose and that is ok. Just make sure your winners are bigger than your losers and you win more than you lose. (This is part of why you never move the stop-loss. If the stop-loss gets hit, your trade idea is wrong. SAVE YOUR CAPITAL).

In closing, day trading is a thrilling endeavor that demands a systematic approach to filter out noise and make informed decisions. By defining your strategy, relying on reliable sources, using technical analysis tools, and practicing patience and discipline, you can navigate the noisy landscape of the financial markets with confidence. Remember, the key to successful day trading lies in your ability to remain objective, stay true to your plan, and filter out the distractions that can hinder your trading success.

We hope you enjoyed this educational article and that it helps you improve your trading. Remember, day trading involves significant risk, and it's important to continuously educate yourself, practice good risk management, and be prepared for both profits and losses. If you are just starting out, it is best to start with a demo account first and master your tradecraft.

High Risk and Advisory Warning: Any advice or information is educational in nature and general advice only – it does not take into account your personal financial circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here Prosperity Forex, its employees, directors or fellow members. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The Harsh Reality - Why Most Retail Traders Fail and How to Triumph over Failure

Sun, 09 Jul 2023 07:54:22 GMT

Find the Way out of the Harsh Reality of Forex Trading!

The foreign exchange market, commonly known as Forex, offers tremendous opportunities for retail traders to participate in the global financial market. Forex trading, a thrilling pursuit promising financial freedom, has captivated the hearts and minds of countless individuals. Yet, for the majority, the dream of prosperity remains elusive. It is no secret that the majority of retail forex traders experience failure. We will delve into the reasons why most retail forex traders fail and explore strategies to overcome the staggering odds. Prepare to confront the harsh realities, but fear not, for within this brief article are some major keys for traders to increase their chances and transform failure into success.

The Pitfalls of Retail Forex Trading

In the quest for quick riches, many retail forex traders find themselves ensnared in a web of pitfalls. Emotional decision-making, no knowledge, lack of discipline, overtrading, along with poor risk management and unrealistic expectations serve as the foundation for the downfall of many traders. The allure of easy money blinds them to the complexities and intricacies of the forex market, leading to a host of critical mistakes.

First and foremost, emotional decision-making grips traders tightly, causing them to abandon rationality. Fear and greed become their guiding principles, clouding judgment and leading to impulsive actions that amplify losses. Moreover, the inability to control emotions hinders the ability to stick to a well-thought-out trading plan, compounding the devastation. Emotions often cloud judgment and lead to poor decision-making in forex trading. Greed can drive traders to take excessive risks, aiming for higher profits, while fear can prevent them from taking necessary risks, resulting in missed opportunities. Impatience can cause traders to enter trades prematurely or exit profitable positions too soon.

Secondly, the lack of proper education and understanding of the forex market is a common pitfall for retail traders. Without a solid foundation in fundamental and technical analysis, traders may struggle to identify profitable trade setups and make informed decisions.

Thirdly, overtrading is a common mistake that arises from the desire to constantly be in the market. It leads to impulsive trading decisions based on short-term fluctuations and can
exhaust traders both mentally and financially. A disciplined approach is crucial in forex trading and most retail traders lack great discipline.

And lastly, inadequate risk management is a significant reason for failure in forex trading. Without proper risk management strategies, traders expose themselves to unnecessary risks that can lead to substantial losses. Risk management involves determining an acceptable level of risk for each trade, setting appropriate stop-loss orders to limit potential losses, and calculating position sizes based on risk tolerance. Without a robust risk management strategy, traders are gambling away their hard-earned capital. Lack of patience and the constant search for instant gratification push traders towards reckless trades and unrealistic expectations, causing catastrophic losses.

Overcoming Failure: The Path to Success

Though the path may seem treacherous, overcoming failure in retail forex trading is not an insurmountable task. With dedication, education, and a resolute mindset, traders can rise above the masses and forge a path to success.

To overcome failure in forex trading, traders should prioritize education and continuous learning. They can start by familiarizing themselves with basic concepts such as currency pairs, leverage, and margin. Understanding fundamental analysis, which involves analyzing economic indicators and news events, and technical analysis, which focuses on chart patterns and indicators, is essential. Various online resources, books, and reputable educational platforms offer comprehensive courses on forex trading. Traders can take advantage of these resources to enhance their knowledge and skills, and stay updated with the latest market trends and strategies.

Developing a well-defined trading plan is crucial for consistent success in forex trading. The plan should outline specific trading goals, such as monthly or yearly profit targets, as well as risk management strategies. It should clearly define the trader's preferred trading style, whether it's scalping, day trading, or swing trading. The plan should include guidelines for entry and exit points, incorporating technical indicators, chart patterns, or a combination of both. Money management rules, including the maximum percentage of capital to risk per trade, should also be specified. Regularly reviewing and updating the trading plan based on market conditions and personal experiences is essential for continuous improvement.

Successful forex traders prioritize risk management as a fundamental aspect of their trading strategy. Determining risk tolerance is a critical step in managing risk effectively. Traders should assess their financial situation, their ability to withstand potential losses, and their emotional capacity to handle market fluctuations. Setting appropriate stop-loss orders for each trade helps limit losses if the market moves against expectations. Additionally, position sizing should be based on a calculated risk-reward ratio, ensuring that potential profits outweigh potential losses. By incorporating risk management into their trading routine, traders can protect their capital and sustain long-term profitability.

Patience and discipline, the antidote to failure, must be cultivated and cherished. Patience and discipline are invaluable traits for forex traders. Patience involves waiting high-probability trade setups that align with one's trading plan. Traders should avoid the temptation to trade frequently and understand that not every market condition is suitable for trading. Discipline comes from sticking to the predetermined trading plan and following established rules and strategies. It requires avoiding impulsive decisions driven by emotions or short-term market fluctuations. Practicing patience and discipline enables traders to make rational decisions, capitalize on favorable opportunities, and avoid unnecessary risks.

Emotions, once wild and untamed, can be tamed and controlled. Cultivate self-awareness and mindfulness to recognize and manage emotional triggers. Practice patience, for it is the key to preserving capital and avoiding impulsive decisions. Surround yourself with a supportive community of like-minded traders who can provide guidance and encouragement in moments of doubt.

The Final Step: Persistence and Resilience

In the world of retail forex trading, success does not come overnight. It demands persistence and resilience in the face of adversity. Embrace failure as a stepping stone to success, for it is through setbacks that we learn and grow. Review your trades, identify mistakes, and adapt your strategies accordingly. Celebrate small victories and remain steadfast in your pursuit of excellence.

Seeking guidance from experienced traders and engaging with trading communities can greatly enhance a trader's learning process. Mentorship programs provide a valuable opportunity to learn from seasoned professionals who have already navigated the challenges of forex trading. Interacting with like-minded traders in online forums, social media groups, or local meetups fosters a supportive environment where traders can share experiences, exchange ideas, and provide feedback. Joining trading communities can also expose traders to different perspectives and trading styles, encouraging continuous learning and growth.

Setting realistic expectations is crucial for long-term success in forex trading. While significant profits are possible, it is essential to recognize that consistent profitability requires time, effort, and experience. Forex trading is not a get-rich-quick scheme. Traders should approach the market with a focus on continuous improvement and a willingness to learn from both successes and failures. Unrealistic expectations often lead to impulsive and risky trading behavior, ultimately increasing the chances of failure. By maintaining realistic expectations, traders can reduce pressure, make rational decisions, and stay committed to their long-term trading goals.

Remember, education is the cornerstone of success. Armed with knowledge about fundamental and technical analysis, risk management, and trading psychology, traders empower themselves to make informed decisions. Never underestimate the power of continuous learning in the forex market.

In closing, the failure rate among retail forex traders can be attributed to factors such as a lack of education, emotional decision-making, inadequate risk management, and a lack of discipline. By addressing these issues through education, developing a trading plan, embracing risk management strategies, practicing patience and discipline, utilizing demo accounts, seeking mentorship, and maintaining realistic expectations, traders can significantly improve their chances of success. Forex trading requires continuous learning, adaptation, and a disciplined approach. Maintaining realistic expectations is crucial for long-term success. Forex trading is not a guaranteed path to instant riches. Setting realistic expectations and recognizing that consistent profitability takes time and effort can help traders avoid impulsive and risky behavior.

The journey of a forex trader is a marathon, not a sprint. Stay committed, motivated, and focused on your goals. Surround yourself with positivity, and believe in your abilities. With time, experience, and the lessons learned from failure, you will emerge stronger, wiser, and ready to conquer the forex market. With the right mindset and strategies, traders can overcome failure and ultimately achieve their trading goals and long-term profitability in the forex market.

Finding Your Mojo!

Mon, 05 Jun 2023 02:52:34 GMT

Various strategies to help you reconnect with your inner motivation aka your Mojo!

Have you ever experienced a time when you felt completely motivated, energized, and enthusiastic about pursuing your goals and dreams? You were in a state of flow, effortlessly tackling challenges and achieving remarkable results. This is what we commonly refer to as having your "mojo." However, there are moments in life when that sense of motivation and passion seems to elude us, leaving us feeling stagnant and uninspired. The good news is that finding your mojo is entirely possible and within your reach. In this article, we will explore various strategies to help you reconnect with your inner motivation and reignite the fire within.

Define Your Passion

The first step towards finding your mojo is to identify your passion. What activities or topics make you feel alive and excited? Reflect on what truly inspires you and brings you joy. Whether it's a hobby, a cause, or a specific field of interest, clarifying your passion will provide a solid foundation for finding your motivation.

Set Meaningful Goals

Once you have identified your passion, it's essential to set meaningful goals that align with it. Goals give us a sense of direction and purpose, igniting our motivation to take action. Ensure your goals are specific, measurable, achievable, relevant, and time-bound (SMART). Break them down into smaller milestones, allowing you to track your progress and experience a sense of accomplishment along the way.

Embrace Self-Discovery

Sometimes, we lose our mojo because we have drifted away from our authentic selves. Take the time to engage in self-discovery. Reflect on your values, strengths, and interests. What activities or behaviors make you feel most alive? By aligning your life with your true self, you will naturally tap into a wellspring of motivation and enthusiasm.

Seek Inspiration

Surround yourself with sources of inspiration. Seek out mentors, role models, or individuals who have achieved success in areas that resonate with your passion. Read books, listen to podcasts, or attend events and workshops that fuel your motivation. Connecting with like-minded individuals and absorbing their stories can provide the inspiration you need to find your mojo.

Cultivate a Positive Mindset

A positive mindset is essential for maintaining motivation. Practice gratitude for the things you have accomplished and the progress you have made so far. Celebrate small wins along the way, as they will keep your motivation alive. Embrace challenges as opportunities for growth and learning, rather than seeing them as obstacles. Surround yourself with positive and supportive people who believe in your potential.

Take Care of Your Well-being

Physical and mental well-being play a crucial role in finding your mojo. Prioritize self-care by getting enough sleep, eating nourishing food, and engaging in regular exercise. Create a routine that allows you to recharge and rejuvenate. When your body and mind are in optimal condition, you will have the energy and resilience to pursue your goals with enthusiasm.

Take Action

Ultimately, finding your mojo requires taking consistent action. Break down your goals into actionable steps and create a plan to move forward. Start small, but start somewhere. As you make progress and experience small victories, your motivation will naturally build momentum. Remember that motivation often follows action, so don't wait for the perfect moment—take that first step today.

Embrace Failure as a Learning Opportunity

Don't let setbacks discourage you. Embrace failure as a stepping stone toward success. Learn from your mistakes, adjust your approach, and keep moving forward. Failure provides valuable lessons and can fuel your motivation to overcome challenges and achieve your goals.

Create an Inspiring Environment

Design an environment that nurtures your motivation and creativity. Surround yourself with inspirational quotes, images, or objects that evoke positive emotions. Organize your workspace to minimize distractions and optimize focus. A visually appealing and inspiring environment can significantly impact your mindset and help reignite your mojo.

Engage in Regular Reflection

Take time to reflect on your journey regularly. Set aside moments for self-reflection to evaluate your progress, reassess your goals, and realign your actions with your passion. Reflecting on your achievements, challenges, and lessons learned will keep you connected to your motivation and allow for continuous growth.

Step Out of Your Comfort Zone

Challenge yourself to step outside of your comfort zone. Growth and motivation often thrive in unfamiliar territory. Pushing your boundaries and trying new experiences can spark excitement and reignite your mojo. Embrace the discomfort, embrace the unknown, and embrace the potential for personal and professional growth.

Give Back and Help Others

Contributing to the well-being of others can be a powerful source of motivation. Find ways to give back to your community or support causes that resonate with your values. Whether through volunteering, mentoring, or simply acts of kindness, helping others not only makes a positive impact but also connects you with a deeper sense of purpose and drive.

Finding your mojo is a deeply personal and transformative journey that requires self-reflection, exploration, and a commitment to taking consistent action. By aligning with your passions, setting meaningful goals, cultivating a positive mindset, prioritizing your well-being, and embracing the process of self-discovery, you can unlock your inner motivation and reignite the fire within.

Throughout this journey, it's important to understand that finding your mojo is not a one-time event or a destination to reach. It's an ongoing process that evolves as you grow and evolve. Embrace the ups and downs, the successes and setbacks, and view them as opportunities for learning and growth. Allow yourself the grace to adapt and adjust your course as needed, recognizing that flexibility and resilience are key to maintaining your motivation.

Moreover, finding your mojo is not a solitary endeavor. Seek support from like-minded individuals, mentors, or a supportive community. Surround yourself with positive influences and individuals who believe in your potential. Their encouragement, guidance, and shared experiences can provide valuable insights and inspire you to keep going, especially during moments of doubt or uncertainty.

Remember that motivation is not something that always comes naturally or effortlessly. It requires effort, commitment, and a genuine desire to pursue your passions and dreams. There will be days when motivation feels elusive, but by implementing the strategies outlined in this article and staying dedicated to your personal growth, you can reignite your mojo and tap into an endless source of inspiration.

So, embrace the journey of self-discovery, celebrate your victories (no matter how small), and learn from your challenges. Embrace failure as an opportunity to learn and grow. Step out of your comfort zone and explore new horizons. Find joy in helping others and contributing to something greater than yourself. With each step forward, you'll gain momentum and confidence, and your motivation will flourish.

Remember, finding your mojo is not about achieving perfection or reaching a predetermined destination; it's about embracing the process, enjoying the journey, and living a life aligned with your passions and purpose. So, take that first step today, and allow your mojo to guide you towards a more fulfilling and extraordinary life.

Change Your Mindset for 2023

Thu, 05 Jan 2023 08:37:35 GMT

Do you struggle achieving your goals?

Happy New Year and welcome to the start of 2023. It is with great hope that you all had a great 2022 and your 2023 is off to a great start. However, if you haven’t written down your goals and commitments for 2023 yet… maybe you want the same challenges and headaches you had in 2022 in 2023. If you don’t want the same as 2022, you are behind the curve in making 2023 your best year yet. However, if you have already planned out your goals and commitments for 2023, congratulations to you for taking the first step.

As for those who haven’t done their goals yet, the time is now. But first, go back and look at your goals for last year and the goals from previous years. Does it look something like lose weight, make more money, have freedom, etc. and every year after year it’s the same thing but you never reach your destination even if you were S.M.A.R.T. when developing your goals.

The diagram to the right is S.M.A.R.T. When writing a goal, you should try to follow the S.M.A.R.T. Method. You’re not putting down lose weight. Instead, you are going to lose 40 pounds by October 2023 which is 4 pounds a month. This meets the criteria of being S.M.A.R.T. because it is specific, measurable, attainable, relevant to your health, and has a time bound put on it.

But as you look back at your previous goals and year after year you never achieve them, is it the goal or is the mindset?

Something as simple but extremely hard as losing weight is not the goal but rather your mindset that gets in the way. It is you as a person and your mindset you have to achieving it. There is a belief that some people are just predisposed to having a great mindset for achieving the goals and commitments they set. However, for those that don’t have this predisposition, it is time to start thinking differently.

Ask yourself these questions…What if you actually succeeded in achieving your goals? What would your life be like? Now use that as a vision to motivate you every day. There will be days you don’t want to focus but every day you must ask yourself these questions and use it to motivate you.

Remember, the old saying…Rome wasn’t built in a day. Although it is cliché it is a key phrase to remember this year as you achieve your goals by changing your mindset. If you goal is losing weight, don’t expect results right away. If you want to make more money via a side hustle, it takes time to build a brand and reputation to create consistent sales.

On this same topic, it needs to be said of the iceberg metaphor. People only see success; they don’t see the hard work that it took to get there. As you look at the iceberg picture, see what is below the water line? These are just a few of things you will go through as you make your way to the top and get your success.

As this article wraps up, the last piece of advice in changing your mindset, is TO BE STRRONGER THAN YOUR EXCUSES. Your goals don’t stop because it is the weekend. You’re tired, your goals don’t care. You have money problems, no one cares. Only YOU can truly fix yourself. So be stronger than your excuses. Go the gym even when you are tired. Lean on people for support and to help push you this year to achieve your goals once and for all.

As you navigate through 2023 trying to accomplish and hopefully accomplishing your goals, the biggest challenge will be your mindset. You need to find something that will keep you motivated every single day. No one is perfect and there will be obstacles that get in your way. Do the best you can, as often as you can, as consistently as you can.

Have A Great and Prosperous 2023!

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Be Stronger Than Your Excuses

Sat, 01 Jan 2022 00:30:13 GMT

Make 2022 Your Year!

It has been a decent amount of time since an article has been written and there is no excuse. Yes, it is true that personally, 2020 and 2021 have been extremely difficult due to challenges and issues arising from the Covid Pandemic and going from lockdown to lockdown and mandate to mandate and the changing emergency policies every week.

However, these are excuses, that people including myself, used as a crutch to feel good about the misplacement of time and energy on items that did not matter when the time and effort should have been placed on items that were important and truly required the time and energy.

As 2021 closes, please take a moment to reflect on the choices you made. Are you where you want to be? Could you be in a better place if you made different choices? How many of your 2021 goals did you achieve…one, two, three, none? Were you like the many with diets and workouts that only lasted a couple of weeks then right back to your old self? Do you see where I am going with this mindset?

If you want a different outcome in 2022, a few key items need to change. First and foremost, stop calling your goals….GOALS! Start referring to your goals as COMMITMENTS! When you are committed to something…your focus, your energy, your drive, your passion, tends to be greater and dramatically increases your chances of success at achieving those commitments. When it’s a goal, you can just say I’ll start next week, I’ll start next month, etc. Your commitments need to be SMART!

S = Specific

M = Measurable

A = Attainable

R = Realistic

T = TimeFrame

Don’t just commit to losing 20 pounds in 2022. Instead, commit to losing 20 pounds by September 30 ^th , 2022. It will make you focus. Then, break it down that you will need to lose 2.22 pounds per month. This is just an example. For entrepreneurs, don’t say I want to make $250,000 next year. Say I want to Net $250,000 by December 31 ^st , 2022. Then break it down further to month, week, day, etc. The more specific you can be, the greater the focus you will have with it. This will allow you to stay on track and make necessary adjustments to the plan to achieve the commitments you want.

However, you won’t achieve any of your commitments if you don’t change your ways. If you go into 2022 with the same mindset of 2021, then achieving your 2022 commitments won’t happen. If you want different results, you need to do things differently. The old adage is if it isn’t broke, don’t fix it. There is some truth in it but if the plan is not achieving the results you want, then you need to change the plan and mindset.

Most commitments can be achieved but you need to be realistic. You can’t make your first million dollars without first making the first $100, then $1,000, then $10,000, then $100,000. You get the point with that. However, without time, energy, and effort….nothing will be achieved.

So, I end with this thought….BE STRONGER THAN YOUR EXCUSES! You’re tired, worn out, exhausted, broke, in debt, overweight, ugly, etc. Everything can be improved but your dreams don’t care about your excuses. Change your mind to BE STRONGER THAN YOUR EXCUSES and push yourself more than you have before. Get a second job, go the gym, read, become an entrepreneur…keep pushing yourself until your commitments become a reality but it won’t

become reality unless you stop making excuses and start giving massive action. Put in the effort and action but more importantly, BE STRONGER THAN YOUR EXCUSES IN 2022 and have an awesome and very successful year!!!!!!!

The Holy Grail of Trading

Tue, 28 Apr 2020 22:39:32 GMT

What is It?

Well first, let me begin by saying that there is no Holy Grail of Trading….if there was I would be a multibillionaire now and would be selling the strategy for a huge price! However, there are things that you can do to aid in your profitability when trading regardless if you are trading stocks or trading the forex market.

The number one thing is you can do is to have a profitable strategy. The strategy can even have a losing winning percentage and yet still bring in money. The keys of the strategy are that it needs to have a set of rules to follow. For example, it should have rules for your entries, exits, stop-losses, and take profits. These should also be broken down further by longs (buying) and shorts (selling). Secondly, the strategy needs to be repeatable. There are further steps that need to be defined such as time you will trade, risk and money management, etc but that is for another time.

Is that it? Not that easy! You also need to define yourself as a trader. Are you an intraday trader? Swing trader? Day Trader? Etc. But that is for you to decide. Once you have the strategy, you as a trader have two very things to accomplish. One, learns all the ins and outs of the strategy and its nuances. Two, and this is probably the most important key of this entire article…..be CONSISTENT!

CONSISTENT is an adjective defined as acting or done in the same way over time, especially so as to be fair or accurate. Or defined as unchanging in nature, standard, or effect over time. You need to be consistent in your trading which means you follow your rules of trading and your strategy. You don’t jump from one strategy to another strategy. You don’t risk 4 lots on 1 trade and risk 20 lots on another. You don’t just randomly enter a trade. You follow the rules and stay consistent.

Consistency is a mindset. Having consistency as a mindset will aid your trading in so many ways. There are many ways that it will help but staying consistent and following the rules of your strategy it will help to create emotionless trading. When you can trade emotionless, you are in the zone. It has taken several years to get to that point and yet I still have emotions run from time to time because I violated the rules like risk more than I should. (A Big No No)

In ending, there is no holy grail to trading, but you can learn to become consistent in trading by having a profitable strategy with rules that you follow to the letter. This will help improve your trading dramatically. The more consistent you are...the better trader you will become!

I hope this little insight helps you to become a better trader. If you are interested in learning to trade, especially the FOREX market, then reach out to info@prosperityforex.com to learn the PFX Strategy. We have some specials currently, but they won’t last long!

3 Common Trading Mistakes

Thu, 02 Apr 2020 23:46:49 GMT

How to Avoid Them!

Everyone wants to be successful. Everyone wants financial freedom and happiness. Achieving success can be easy or it can be hard. Most people find it very hard or at least that is what it seems to me. As a day trader, success is much harder because there is much more added stress including emotional stress. However, achieving success, no matter what field you are in, can be made easier by having a solid foundation to rely on.

One of the biggest issues I see with new traders or those that are barely making a profit is that they make key mistakes because they don’t have a solid foundation. Of all the mistakes made, there seems to be three common mistakes that traders and sometimes seasoned traders make. If you can correct these mistakes, the chance of success will greatly improve for you.

1. Traders have no set trading plan. Traders just randomly enter and/or exit, don’t have a specific time they trade, and haven’t done any analysis. Another big issue is traders jump from strategy to strategy without learning all the ins, outs, and nuances of it. Does this sound like you?

a. If you are going to start a business you need to have a business plan that outlines everything like what you are going to do, when you will operate, marketing, swot analysis, etc. This is why you need a trading plan. Your plan will tell you what strategy you will use, what trading session aka what time or times you will trade, how you will enter and exit, etc. The more detailed you can be on your plan, the better your rules will be, and the greater chance of success.

2. A lot of traders have no risk management. Risk Management is extremely important if not the most important skillset to have. Risk management with trading is how much money you are willing to risk per trade. There are other factors that are in play like stop-losses and take profit. I see too many traders base their risk on how they feel. They see a trade setup they like and risk 10 standard lots and the trade goes against them and ultimately the trade loses. Then they take a trade setup they don’t feel that great with and only risk 2 standard lots and it goes for 2:1 or even a 4:1 winner. However, the account is still negative because the losing trade had a bigger risk and the winning trade didn’t make up the difference. Therefore, you have to work twice as hard or more to get back to even.

a. You need to create a solid risk management plan that details how much you will risk. You can say that you will risk 1% of your account balance on every trade or you will trade a certain lot size base on account size, etc. I personally, trade a specific lot size but the lot size will change depending on the stop-loss size. This enables me to risk the same amount per trade. Furthermore, you always want to shoot for a minimum of 2:1, Reward:Risk. This way, you can still win 1 in 3 trades and at bare minimum breakeven but still be able to grow your account. Remember, the goal is to be able to trade the next day. The more detailed and stricter you can be with your Risk Management, the greater chance you have at protecting and growing your account size and creating the ability to trade the next day.

3. The last common mistake most traders tend to make is with their expectations. They think they can get rich quick and they won’t lose money. New traders see all these young traders driving lambos and living in mansions while flying private. Their expectations are unrealistic. Trading involves a high level of risk and you can blow an account very fast. I have blown several accounts and even the greatest traders in the world have blown an account or two.

a. So how do you correct your expectations and make them more realistic? You need to change your mindset. Yes, psychology is involved, but instead of going and talking to a therapist, you can do the easy steps. Video record yourself for a day and then review the video so you can see how you are behaving. You can see the mindset you have and then work to change it. Additionally, set realistic expectations. Understand that trading is not get quick rich. You steadily grow your account and as your account grows, your risk will grow, and then more profitability.

In closing, the key to all of this is to have self-awareness. You need to see the mistakes and errors being made. Yes there are things that can help such as a coach, mentor, getting a sound strategy, but at the end of the day, it is your responsibility to ensure you are not making these common mistakes.

If you are a new trader or a struggling trader or just looking to improve, Prosperity Forex can help you. Send us an email to info@prosperityforex.com for free information on how you can start improving or taking the step towards financial freedom through trading the forex market.

Surviving the Coronavirus

Tue, 24 Mar 2020 21:28:07 GMT

A Blessing in Disguise?

Surviving the Coronavirus….A Blessing in Disguise?

The coronavirus is extremely serious and I hope everyone that becomes infected with it is able to survive and keep on living. My thoughts and prayers go out to the families that have lost a loved one to this pandemic and to those currently fighting the virus.

The United States is currently going through a very difficult time but this virus, isn’t just limited to the United States, it is a global pandemic. This virus is very serious because one, there is no current vaccine and cure, and two it has a high contagious rate. Due to these reasons, this virus has become a huge global pandemic where Heads of States are ordering people to stay home and self-quarantine. Currently, there are a few hundred thousand infected and several thousand deaths from it.

Yes, I agree with you that the future isn’t bright and we don’t know where it will go. Schools are shut down and probably for the rest of the school year. Businesses are closed except for those that are considered essential like grocery stores, hardware stores, and medical just to name a few.

We must all do our part to survive this pandemic by following the orders set by our officials. This will help aid in defending the spread of the virus and keeping the global population safe and healthy. I ask you to please be socially responsible and play your part in helping to stop the spread of this virus.

Now we don’t know how many will be infected or what the final death toll will be. We don’t even know what the economic toll will be? We do see governments are increasing quantitative easing to help their economies. But will it be recession, depression, or life as normal? We will only know once we are out of this and Governments and States reopen for full business for a decent time. However, we can use these orders to stay home and be quarantined as a blessing in disguise. A blessing?

Yes, I agree that this Coronavirus is serious and I will be honest and say I’m quite scared on what the economic impact will be because of this pandemic. However, if you stay proactive, despite being home, you can use this time to further many projects, goals, knowledge etc. The key is to keep your head about you and not fall into the pandemic worries and get very anxious. What you need to do instead is Increase your action and increase your activity! It is much easier to keep the momentum going rather than getting started. But you have the time now, so start the momentum train and start taking action on a project or goal you have wanted to get done.

Have you ever wanted to learn how to trade? Have you ever wanted to learn how to sell online? Did you want to learn to code? You now have the time to improve yourself and/or learn a new skill set.

If your goal is to become a full-time trader or entrepreneur, look at the opportunity you have before your right now. Your schedule (for most people) is completely open right now. The world has stopped, and you have been given a free pass to live as a full-time trader for the next weeks and/or months! Who knows how long this pandemic and orders will last? It could be weeks or even months. We are currently living in an unprecedented time. So, instead of binge watching something on Netflix, take advantage of your free time and get the momentum going on something that will improve yourself. Develop a routine that will help you get success during this time.

People are stuck at home and thus you see hardware stores completely busy as people are taking care of home projects. So, now is the time to double down on your craft. Improve your skills, your mindset, and your routine. Act as if you have been doing it for years. You are just becoming a better master at your craft.

I encourage you to get fully aligned with your goals in whatever fuels your spirit. Now is the time to get ahead while others (most) are either watching the news or steaming media and chilling. Netflix and chill? Not for me!

How will you capitalize during this time?

If you are interested in learning to trade, then drop a line to info@prosperityforex.com or text “4X” to 1.702.970.9443 for free information on how can profit during these unprecedented times.

I want to give a huge thank you to all the first responders, doctors, nurses, and those working at essential stores to giving your time and effort to aid in dealing with this coronavirus. It is greatly appreciated! I hope we all stay safe and healthy!

It's That Time of Year....Again!

Wed, 29 Jan 2020 08:11:36 GMT

Why Traders (People) Give Up, Quit, & Fail!

We are nearing the end of January 2020 and it is that time of year AGAIN where many many people give up on their goals they set for the new year. Why do so many people do this? Why do so many people give up and fail? Well, there are many reasons that it could be, but in my opinion, the reason is a collection of three main categories.

1. You set "Lip Service" goals. Lip Service Goals sound great in the moment. Such as "I'm going to go the gym this year and get my six pack abs." Or, I'm going to make one million dollars trading. They sound great in the moment, but in reality the goals aren't that important and thus 28 days later, there has been no progress to achieving the goals.....so they give up, quit, and fail on achieving the goals.

2. They have a short-term mindset. Everyone wants to have things happen quickly but it NEVER does. You wan't those six pack abs you seen on fitness buffs, but you've spent the last 30 years (or however long you have lived) building your current body. You need to understand that getting those abs won't just come in 30 days but because you have only lost 2 pounds and don't see any results....you give up, quit, and fail on achieving goals. What about the million dollars. Being real with you now. Unless you have a six figure or seven figure trading account, getting that million dollars won't just happen in 30 days. You need to grow your account, manage your risk, plus so much more. It is achievable, but guess what? IT WILL TAKE TIME!

3. Lastly, you don't have a structured plan to achieving your goals. How many days will you go the gym? Are you going to do cardio, weights, or both? What currency pairs will you trade? What times and days will you trade? How much will you risk? These are just basic questions that need to be answered and I'm willing to bet that those who give up, quit, and fail this month, have none of these questions answered.

But don't fear, you can correct the challenges and issues...hit the reset button...and get the results you want. You will need to make some changes though.

1. When you setting your goals, you have to figure out your why....Your DO, BE, and HAVEs. I do this not only every year, but every month as well. The goals never change but sometimes you will need to change your script to get their. Going the gym three days a week is producing results but not as fast. So let's go the gym five times a week now. The object of DO, BE, and HAVE is to get extreme clarity on what is truly important to you. When something is truly and very important to you, you will find a way!

2. Stop thinking in short-term mindset and START THINKING IN LONG-TERM GOALS! It took years to build the body you currently have and it won't change overnight. Don't jump into trading and expect to make millions of dollars. There are financial advisors and traders that have losing years. It is the long game we are after. But in order to have success with the long game, you need to break it down. Break it down by quarterly and monthly. What this allows is for you to adjust your script to stay on track or get back on track to hitting your goals. Plus setting smaller goals, makes it look more attainable and will keep you more motivated. A million dollars in a year or $2,740 per day. What sounds more attainable?

3. Lastly, you need to have a structured plan. This is the area you want to be extremely detailed on how you will achieve you goals. Don't say you will go to the gym more...rather, say you will go the gym four days a week and spend 30 minutes on cardio and 30 minutes lifting weights each day you're there. More detail!

Visualize your goal and the behaviors needed to achieve your goals, then execute.

Break it down! Break it down! You want to make one million dollars this year. Well that is $83,333 per month or $19,231 per week or $2,740 per day. Then you break it down by risk level and how many pips or points you need to make to achieve it.

It doesn't stop there. You need to surround yourself with like minded people. You want to be good at trading but you hang around your friends that go to the bar. What you do is be around other good traders. There are so many groups, forums, and platforms that can all that to happen. You want to have motivation at the gym? Get a trainer or a lifting buddy. You need to keep leveling up and in order to do that, you need to be around people that are better than you and will push you to succeed.

Lastly, the most important aspect of all this......IS TO BE ACCOUNTABLE!!!!! You need to be accountable to yourself and your actions. Don't bullshit yourself. Stay true and be a hard critic of yourself. This will allow you to see the areas that need more focus and improvement so you can achieve your goals in 2020.

I hope this article helps you with keeping on track to achieving success in 2020. If you are looking to get in to trading Forex or a struggling trader, then check us out at www.prosperityforex.com or send a text to 1.702.970.9443 for free information. Happy Trading and Happy Pips!

Success in 2020...

Mon, 30 Dec 2019 06:22:56 GMT

This is a subtitle for your new post

Success in 2020..How to Get IT!

The end of 2019 is very near and at the same time we are ending a decade and beginning a new year and new decade with 2020. I hope a lot of you are like me and have reflected not only on the past year, but also the past decade. You’ve taken a look at your failures and successes and yes it can be depressing when you reflect; especially if you say “if I only did this or that, I would be where I wanted to be by now”….How many of you said this? The best part is that the past is your past. It cannot be changed, but you need to learn from it. Even better, is that 2020 and the new decade is the future and YOU can design the outcome. The future can always be changed. Now, it is up to you decide on what you want and how you are going to get there.

However, it’s not just as easy as writing down some goals on a piece of paper and “trying” to achieve them. If you want SUCCESS in 2020 and for the years to come, then follow the outline and you might just have a chance at obtaining success.

1. Yes, I’m going to say to write down your goals. But you goals must be S.M.A.R.T.

S = Specific

M = Measureable

A = Achievable

R = Relevant

T = Time-Bound

For example, don’t say I want to get healthy in 2020. Instead, say I want to lose 20 pounds and be able to run an 8-minute mile by end of June. It accomplished all of being SMART. But more importantly, you need your WHY to each goal.

2. Your WHY is one of two of the most important aspects of every goal because it is going to give you the motivation and drive to see your goals through to the end. WHY do you want to be healthy in 2020? Is it because of an early sign of a health condition? WHY do you want to be a successful trader in 2020? Is it because you want to have financial freedom to live the life you want and provide to your family in the way you dreamed of? Just having a goal is great and you need to be SMART with each goal, but you need to have the WHY to pursue that goal.

3. Create a plan to achieve your goal. How many days will your run? How many days will you workout? Etc. How many days will you trade? What pairs will you trade? What times will you trade? What is your risk reward? Etc. I could define this even more but as you see, you want to be detailed as possible. A goal without a plan is just a dream. So, make a plan and stick to it.

Now, you need to execute your plan. Sounds easy, right? Not so fast…Yes, the SMART Goal, Your WHY, and the PLAN are the precursors to a great beginning. But, without the right mindset and environment, you will fight a battle you will never win.

Your mindset and environment combined are the most important key to you achieving success in 2020 and the new decade. As I closed out the group for 2019, I brought the new mantra for 2020….SUCCESS IS MY DUTY! SUCCESS IS MY RESPONSIBILITY! SUCCESS IS MY OBLIGATION! Everything is is impossible until it’s possible. Without having the right mindset, you will let distraction fall into place instead of working towards your goals. This is why your environment needs to be right as your mindset. What do I mean?

You cannot be successful when you are hanging out with people that don’t want to grow and change. These people will bring you down. The old saying goes “misery loves company”. At first, I didn’t think this to be true, but it is so true. Not in terms of misery, but rather those that don’t want to grow and change, will try to bring you down to their level. This is where it gets hard in decision making. You must decide what is more important. Do you block those people from your life, limit the time with them, or continue to hang-out with them? For me, if they are not on the same growth path nor have the same motivation as myself, I’m sorry, they are blocked from my life for the most part. I might see them on holiday, but I’m not going to waste time with them when I could be spending it on achieving SUCCESS. This may be hard to hear but in reality, they are not paying your bills, YOU ARE!

Same goes for your significant other or partner or family support structure. If you want to achieve and accomplish your goals at the fastest rate possible, you must have them supporting you and respecting your decision. I don’t mean supporting you financially, you are grown person and should be able to pay your bills, rather, I mean supporting you with the same motivation you have, making you be accountable to yourself, keeping you on track, etc. I made a very hard choice this past year to remove people from my life because the support they offered wasn’t allowing me to grow. I was having to deal with their negativity and the boos. I still talk to them every once in a while, but they are no longer in the inner circle. I don’t relay information to them because I’m on a different path and that is ok. If you want to grow you need to have people on the same wavelength as you in terms of drive, motivation, and growth no matter what your goals are. Find a gym partner to keep you motivated and help you lift more or run faster. Find a mentor/coach to push you master trading, go over your trades with you, keep you honest and be real with yourself.

Lastly, build a routine. I know routines can be mundane but what they do is keep you on track and focused on achieving your goals. Get so busy with your routine, that you don’t have time to let distractions fall into place. Here is what my routine looks like. I wake up and immediately have breakfast. While I’m eating, I check to see if there are any questions from any of my groups. Then I go to the gym for an hour workout. This gets my blood pumping so I am amped for the rest of the day plus my focus is hyped. I come home, have a snack, then get showered and dress so I am ready to work for the rest of the day. I then look at the charts and see what I’m looking at for the next day of trading, work on other business-related tasks while I listen to a podcast to gain knowledge. I then have a coaching call for the group, follow up on emails, and then dinner with my girl. We then hangout for a few hours before she goes to bed while we each read. I then go into my last phase of trading the London session. After a successful or losing day, I usually end with more reading to let my brain calm down so I can get a solid night of sleep about 6.5 hours and then repeat. Of my routine, I didn’t say I watched tv. Why? Because watching TV gets me no closer to my goals and just fills my time with wasteful information. If I pass on something, it is a night out of entertainment where I can be around other people and be engaging.

In building your routine, remember the 80/20 rule. 20% of your efforts will give you 80% of your results. This means to put the majority of your efforts into the top 20% of things that can bring you closer to success. I focus on gym and trading and business as this drives my income and keeps me healthier and focused. All the other mundane tasks can be handled other times, but these three things for me are handled every day no matter what.

Ask yourself if you are happy with where you are. If you are, great and I’m elated for you. But if you’re not, then make the necessary changes so you can have SUCCESS in 2020 and your best year ever!

A few tips to make success a reality in 2020!

1. Stay motivated and hold yourself accountable. It is key to know your WHY and use that as your motivation. Just because you may be tired and don’t want to do something, remember your WHY and use that to push through being tired and accomplish what you want. The great entrepreneurs never gave up. They kept working.

2. Get so busy working on your goals, that when distractions arise, they won’t be able to derail your path so success.

3. Follow the 80/20 rule.

4. Keep your mindset and environment right. Avoid the negativity so you won’t get derailed from success.

5. Once you are going, then up the effort 10X to get even more productivity.

Combine everything and you can achieve your success in 2020. From our family at Prosperity Forex to yours, we wish you a great and prosperous 2020. SUCCESS IS OUR DUTY!

If you are looking for successful strategy or looking to learn how to trade in Forex, then reach out to Prosperity Forex. You can email us at info@prosperityforex.com or send a text directly to 1.702.970.9443 for more information. Prosperity Forex will be with you every step of the way!

Goal Setting!

Tue, 10 Dec 2019 09:33:15 GMT

Have you planned your 2020 out yet?

2019 is about to close and it is that time of year again when we get to do two very important things. First, we get to assess the goals we set out to achieve in 2019. Secondly, we get to layout the new goals for the new year and draw our success map. Some say it is just as easy as like the picture...Dream Big, Set Goals, and Take Action! However, there is so much more, much more.

Let's discuss the first part. When you are assessing your goals in 2019 (this might be more exciting for some than others), look at those you achieved and those you failed. Be honest with yourself on both, but at the same time use it as a reflection period to dissect your year and see what needs correction. More focus? More detail? More??? You get the point.

Now as we proceed to the new decade, 2020, I'm a firm believer that you can't just say these are my dreams and goals for 2020, and let's get to work. For some people, this may work, but I believe for the vast majority, they will fail if they take it on like this. For example, how many people have a new year resolution and goal of dropping 25-50 pounds and show up day 2 of the year to the gym, not day 1, because they are hungover, only to last a week or maybe two weeks at obtaining their goal. They ultimately fall back into their routine and never obtain their goal.

So, how do you fix the failure? There are four main areas to focus on with not only setting your goals but achieving them. First area - Set SMART Goals. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-Based. Don't just write down I want to be healthy and in shape. Instead, write down I want to lose 25 pounds of fat by June 23rd to improve my health. Don't just write I want to be a successful trader. Instead, write down I want to profit an average of $1,000 in the market every week with a win percentage of 60% or more so that I can achieve financial freedom for myself and family by end of the year. See the differences in the goal setting. Be SMART with you goal setting.

Now, that you were SMART with your goal setting for 2020, you need to create the plan on how you will achieve your goals. You can just say I'm going to take action. How will you take action. Will you go to the gym 3x or 5x week? Will you lift weights or cardio or both? Will I trade the London Session or New York Session? How many hours will I trade? Etc. See where I am going with goals and plans. Be specific! That way it's clearly outlined and now you are able to see the success happen before it does.

But I said there were four main parts? The last two are the biggest because they deal with your action. Comfort zone and Mindset. First, goals are set to make you better and the only way you get to become better is through change. In order to change you must get out of your comfort zone. It takes 21 days to develop a habit! So, regardless of the gym or trading or any other goal, commit to staying the course a bare minimum of 21 days. But you can only accomplish this through your mindset.

Having the proper mindset is the final and most important aspect to achieve your goals. Without it, your action will only be in your comfort zone and your goals will only suffer and ultimately fail. Only you can motivate yourself to change your mindset. A short story long...I was slightly on the heavier side and I was not happy with the way my body was starting to look. A dad bod? Come on now. I can't have that. I was already going to the gym but it wasn't the gym that was the issue. It was my diet. So, what I did was got coach (fortunately I knew this person a really long time and knew of his habits and success stories). We set a specific goal and created a specific plan. I changed my eating habits which was incredibly hard. I went from pastas and pizzas and loads of sushi to chicken and veggies. I do have other proteins, but where I am going with this is that, it is really hard drastically change your habits. I was only able to change my eating habits through my mindset. It was able to keep going and now, I have lost my weight, look and feel healthier, plus I have more energy. Only through mindset and being goal oriented will you be able to change. I had to get out of my comfort zone and change my habits and one of the best ways you can do that is to have a coach. Someone in your corner to help motivate you and keep you on the path.

No matter what goals you want to achieve in 2020, be SMART, have a Plan, get our of your Comfort Zone, and most importantly, HAVE THE RIGHT MINDSET! Then, you are on your way to achieving your goals in 2020! If you want to be a FOREX trader then come check us out.

We at Prosperity Forex believe that everyone can obtain their financial freedom. It just requires the right mindset and being out of your comfort zone along the way. That's why with our program we have daily coaching calls for the team and personal 1 on 1's for every trader. If you find yourself looking for a great coach and mentor or just trying to figure out where to start, then come over to Prosperity Forex and let us guide you. We will help you set your goals being SMART plus be right there, every step of your journey. There is no perfect time to join, but rather the perfect time is when YOU want to succeed so badly and see the results of your hard work come to fruition aka MINDSET!

Your Trading Edge

Tue, 19 Nov 2019 20:12:36 GMT

Understanding Its Importance!

In our previous posting, we talked about the foundations of success in forex trading. You must have a strategy, master the strategy, hold yourself accountable, have patience, and lastly must have discipline. Now putting it all together, what does it mean?

It means you have a Trading Edge! The biggest question is your trading edge profitable? But what is a profitable trading edge? Before we get into detail, developing your trading edge is utmost important. You develop the foundations of success in forex trading because it the cornerstone to all successful trading methods, but more importantly, all trading mindsets. So, what is a profitable trading edge?

A profitable trading edge is what successful and profitable traders use to their advantage, in the market, to make money. It comes from a series of rules and systems aka your trading strategy, that tells when and how to trade based on the scenario you as a trader sees in front of them.

Your trading edge develops over time through many trades just not one or two or three trades. I like to use baseball as a reference. You take 1,000 at bats (1,000 trades) and you strike out 650 of those at bats (lose 650 trades), but the other 350 at bats you hit home runs (win 350 trades). This gives you a batting average of .350 and by baseball standards that is Hall of Famer stats. In Forex, you are winning slightly better than 1 out of every 3 trades.

The point of that example is that YOU WILL HAVE LOSSES, but can still be a great trader in the forex market. Losses are part of the game and part of your trading edge. You know that you have an edge in the market and through taking enough trades, you will eventually make a profit. There is more involved with risk, stop-losses, take-profits, and lot sizes, but that will get covered in a later post.

So, stop focusing on the present moment. Yes, it is important to focus on the trades you take and making sure that each trade meets your rules for taking the trade, but what I mean is that you need to change your mindset. It is important to realize that your edge is built over many trades just not a few because you don’t know if you have four losses coming up next or seven wins. All you know is that you have an EDGE over the market, and overtime, through enough trades, your account balance will profitably grow.

You want to keep your mindset built on being a great trader with profitable trading edge. In order to accomplish this, you must understand that your trading edge works and through enough trades without breaking rules, you are able to produce a profit. So, when you lose three trades in a row, DON’T break your rules! Rely on your foundations, stick to the rules, and understand that your profitable trading edge is developed over many trades not just a few. And just like baseball players keep practicing and training to get better and increase their stats in a positive way; you as a trader must do the same with reviewing your trades to correct and improve your strategy over time to increase your winning percentage and account size!

If you find yourself looking for a profitable trading edge, or just trying to figure out where to start, then come over to Prosperity Forex and let us guide you. Our strategy has an EDGE in the market and we are not perfect, but through enough trades, we have a produced solid gains and minimized our losses. There is no perfect time to join, but rather the perfect time is when YOU want to succeed so badly and see the results of your hard work tom to Fruition. PFX has a simple, easy, and profitable system to learn and implement. Click here if you are ready to level up in your trading and life!

What it takes.....

Fri, 01 Nov 2019 01:02:35 GMT

The Foundations for Success in Forex Trading

Nearly every day, I meet new people whether it’s through social media or out in public that are interested in making money through Forex! They are either interested in investing, supplementing their income, looking for job-replacing income, or want to prepare for retirement. One of the usual questions that always gets asked is what does it take to trade Forex successfully?

Well for those of you that are experienced, you know that the answer is just not simple. There are so many things that need to be done and furthermore, what is the definition of success? I can show you traders that have losing winning percentages but continually grow their accounts. I can show you traders that have high winning percentages but lose money. (Everyone knows why this happens)

However, you can set yourself up for success with some solid foundations.

1. First and foremost, you must have a solid trading strategy. You can create a trading strategy yourself but you will need to test it both backwards and forwards and continue to edit the strategy until it consistently makes you money. Or you can be like most people and buy a strategy, but please make sure it makes you money.

2. You must master the strategy. Mastering the strategy means knowing the rules for entries, exits, risk, plus so much more. You must learn all the nuances of it like when it turns from bullish to bearish or bearish to bullish. You want to ensure you are on the right side.

3. Hold yourself accountable. Don’t blame the market. The market is always right. Blame your strategy, your entry, your exit, etc. In my coaching calls, I stress more importance over the losers than the winners. Why? I want to know why I got that trade wrong. Was it my entry, did I put my stop-loss to close, etc. The more you can learn from your mistakes, the better trader you will become. So, keep a journal and track your trades but also review your trades, especially your losers!!!!!!!

At this point, people are like, sounds easy. Let’s do this. Well, not so fast. The foundations are key but you must have correct behaviors and the right mentality to trade. I for one, thought it was just this simple and in being honest, I blew several accounts in the beginning. I didn’t have good strategy nor did I master the strategies that I used. I jumped from one to another in hopes of finding the holy grail of trading….and lost and lost and lost. However, after I corrected and fixed my foundations, I had to look further to become successful and you will too!

There are several key behaviors and mentality you will need in order to become a successful forex trader. The main and most important behavior to have is DISCPLINE!!! Discipline applies to other behaviors you need to have.

1. Patience. You must learn to wait for the setups. That means to follow the rules of your strategy to a t. Don’t just randomly enter a trade. You should have not only a bias but more importantly, you should have a set of rules for pulling the trigger on the trade but having patience to wait for the setups and rules is extremely important!

2. You must stay disciplined to dedication. If you want to succeed at anything, you must be dedicated to learn everything about the processes of trading. You can just jump in and expect to succeed. It like going on a diet because you want to lose weight. Well it took you how many years to get where you are now…don’t expect the weight to fall off in 30 days. You stay dedicated to hitting the gym, cardio, and eating healthy to get down to your desired weight. Same thing goes for trading. You practice, learn the processes, and then steadily grow your account.

The last two behaviors which one of them is repeated from above are confidence and honesty/accountability. Confidence comes from having successes regardless of how many or how small but learning a repeatable process that has proven successes will yield confidence. Confidence is key to trading because without it, FEAR will set in and you will end up taking bad trades, not taking any trades at all, and/or missing beautiful setups. Learn a process, master everything about it, then practice and go live.

Lastly, you must be Honest with yourself and your capabilities. Understand that there is no perfect trader out there. I have a saying…there are two kinds of traders: those that will be humbled by the market, and those who have been humbled by the market. You must be honest and hold yourself accountable to achieve the success you want.

Professionals especially the really successful professionals, no matter what avenue, don’t become professional/successful because it is easy. They succeed because they had the drive and passion to put in the TIME and EFFORT to reach the top! Don’t underestimate the amount of all of the above that is needed to succeed.

If you find yourself searching for the next holy grail, flipping between strategies, or just figuring out where to start, then come over to Prosperity Forex and let me guide you. I’ve been just like you with blowing accounts and losing money but now I am on the other side a profitable trader. There is no perfect time to join but rather the perfect time is when YOU want to succeed so badly and want to see the results of your hard work come to Fruition. PFX has a simple, easy, and profitable system to learn and implement. If you want to learn more, then click here.

Optimism

Wed, 03 Jul 2019 22:06:43 GMT

Do You / Should You Drink the KoolAid?

Every day, every week, every month, and every year….we are dealt cards and depending on how you deal with those cards dealt, will determine a lot of your potential outcomes.

You can take the sorrow path and play the woe is me card and just accept what is (glass half empty mentality) and keep on the path you are going and either fall farther or just stay in the current rut.

You can the positive approach (glass half-full mentality) and be optimistic. Optimism is the hopefulness and confidence about the future or the successful outcome of something. In my opinion, optimism is the most powerful tool on the market and being optimistic no matter what happens is the really the only way to live life but at the same time succeed in life.

In trading, everyone in the beginning has optimism because you see these traders both professional and retail living the high life driving Lamborghinis, living in mansions, drinking expensive bottles while having table service only working a few hours a day. But…then you get hammered in the market and blow your account. You now are like WTF!!! Right? You, now have two options: 1. Keep optimistic and keep fighting to you have that life you want! 2. Give up and quit. All traders started on the bottom and many of the successful traders have blown several accounts in the beginning.

Life presents the same issues. There are too many to cover but in essence the same rule applies. You can stay optimistic or you can quit and accept the consequences/results. Remember, the harder the cards you are dealt, the sweeter the victory. The more epic the battle, the more powerful the event.

I was dealt extremely hard cards and sometime in the future I may share it but I had two choices. I had optimism and took the latter of the two and fought and continue to fight. I refuse to accept what is and what will be. I know what I want and am willing to fight for all of it, as you should be too.

So, do what you need to do. Find help, seek support, keep fighting your hand dealt and always stay optimistic and always drink the koolaid of Optimism.

RISK & REWARD

Mon, 20 May 2019 20:19:35 GMT

Is It Important?

This is a highly talked about topic within the industry. A ton of educators and traders have varying degrees of Risk Management and at the same time, have different feelings on what the risk:reward ratio should be and I am no different. However, I would go as far to say that most would agree that having a bare minimum of 1:1 is the worst you should aim for.

But before get into better Risk:Reward ratios let’s talk about why this is. I love to play blackjack at casinos. It is one of my bad vices but I have rules I follow but If I risk $10 on my bet and I win, I get $10 plus get to keep my original bet. It’s a nice one to one Risk:Reward. Even better is when I hit blackjack on the deal, I get even more money off my bet. With that being said, would you bet $10 to win $5 on a game of so-called chance? I don’t think so….Why? The reward isn’t even to the risk.

In another example. Let’s talk Real Estate. Why do you buy a house? For better accommodations, as an investment property, to have an asset, or all the above. Now you buy said house for $200,000 Cash. After fifteen years, you decide you want to sell. What would you sell it for? $100,000? $150,000, $175,000? $200,000? Or $250,000? If I had to guess on what you chose, I would say $250,000. The answer Is easy because you want the most return. Now assuming selling conditions are good as well as your financial status, you would shoot for the $250,000 selling price. However, anything below $200,000 now that house just cost you money. What a bad investment!

In the forex market, the bare minimum, no matter what to shoot for is a 1:1. Is that Ideal? No because you are required to win a lot of trades to not only have a winning average but at the same time, keep your account size growing in the positive direction. Ok, ok, I get it. Right now, you are probably saying to yourself, this is basic stuff that I know, what in the world is the point of this?

Well last night, I was scrolling through Instagram and saw a post about a trade idea. Now based on the information that was seen, the trade could have gone either way but, that’s not what got to me. The trader decided to go long with a take profit of 22 pips and risk of 38pips. Is this a good Risk:Reward? The trade did go in his direction but however, if he would have done the minimum of 1:1 he would gotten more pips too because it spiked up. 16 extra positive pips on your trade can be huge depending on what lot size you are trading. But now if he would have lost the trade. He is down 38 pips. He takes another similar trade and wins but the trader is still down on the day because their Risk:Reward can’t even make up for the original loss. Which brings me to my next point!

I like to tell people to always shoot for a 1:2 on your trade. If you are risking 5 pips, aim for a 10 pip win. If you are risk 20 pips, aim for a 40 pip win, and so on and so on. This will allow you to have a lower winning percentage but, more importantly, be able to grow your trading account and be profitable. Why because if you lose one trade on a 1:2 of 20 pips. But then you win the next trade on 1:2 risk 20 pips, you just made 40 pips on trade and are net 20 positive pips for the day.

Take a look at the chart below

Requirements To Break Even:

Risk	Reward	Win Rate %
1	10	9 %
1	5	17 %
1	4	20 %
1	3	25 %
1	2	33 %
1	1	50 %
1	0.5	67 %
1	0.3	75 %

So the better Risk:Reward scenario you opt for, the lower winning percentage you need to have to breakeven. However, if you opt for the lower Risk:Reward scenario you better be really good, otherwise say goodbye to your account. We want to be able to trade the next day and grow the account at the same time!! So as the saying goes…

Let your winners run and cut your losers early!!!

Your Mindset

Wed, 01 May 2019 09:44:40 GMT

A Vital Key to Success in Trading & Life

Mindset...A vital key to success in trading and in life!

Why?

Well first let me say that I am neither a psychologist nor a psychiatrist but I am reflecting on my personal experiences in hope that I can pass down my lessons learned so that you can better yourself and reach your potential. Mindset is only part of success but is a vital key because it helps to train you to have discipline which both go hand in hand and together, they can have very strong effects on you ability to achieve the goals that you want.

You mindset has to be just like the picture shows...Let's go! You can't have excuses. Excuses are blocks that get in the way of you reaching your potential. And the saying is true that excuses are like #?!*%$, everyone has one! So why use them? Ask yourself what is more important....your goals or that TV show you want to watch.

I get asked a lot of questions but one question is how do you stay focused all the time? It is easy...what is more important? I would rather struggle now so I can live how I want later. Late nights, early mornings, multiple projects, etc. But in order to have the right mindset, you MUST have discipline. Without discipline, you might have good productive days but the other days just plain lazy takes over.

Now, I do agree that you must have a balance in life. Otherwise, you will get burned out and ultimately fail. That is not the point. When I say a balance, I mean you must have time to relax and recharge. So every week make sure you have time to do so, whether it is getting in a game of golf, traveling with your significant other to some place, going to the beach etc. For me, I hit the gym everyday to keep my mind fresh and body healthy but the weekend specifically started, I always have a few hours to relax with my girl and do things together whether we are hanging with friends or just chilling out on the porch.

When you trade, make sure you are mentally ready to do so. Have you been disciplined in your prep work? Have you made sure you are ready to do so with out any distractions? Have you review your charts and planned your trades so you can trade your plan? But with out having the discipline to do the work, you can't have a solid mindset because then you will say, I didn't do my homework. I'm not ready. I'm too tired. ETC!

So do you want success? I'll answer for you...Of course you do! So stop wasting time..be discipline in your life so you can have the right mindset and now LET'S GO!!!! You must have both discipline and the right mindset to be succesful but you won't get success without having both the right mindset and discipline. So happy trading and get those pips!

The SECRET to SUCCESS in Trading Forex

Thu, 28 Mar 2019 19:18:08 GMT

How to be Successful in Trading Forex

Yes, I know what you are thinking….he is crazy. There is no way to beat the big banks. However, I assure you it is not an exaggeration. All I ask is you read the entire article and think about it deeply and then actually implement the insight you are about to receive.

The secret to success in trading forex comes down to a few things which we will discuss shortly. The biggest changes that will be required will be in your behavior and how you think.

First, let’s talk about the MINDSET:

1. You should be able to trade emotionless and we all know that is hard to do because you are risking your money to try and make some profit. But in order to trade emotionless, you must first have a trading plan and a proven winning strategy that has a set of rules to follow. You need to switch your behavior from “Damn, I can’t believe I missed that trade, let me try and catch it” to “oh well, there is another setup coming I can take”. You need to be patient and have discipline to follow the rules of your trading strategy. This will not only keep you out of bad trades but more importantly will improve your results.

2. Take a week off to change your mindset but while you do that organize your trading area, adjust your trading plan, clean your charts, etc. The more prepared you are, the better you can be having emotionless trading.

3. You must change your definition of trading success. Don’t compare yourself to others that have been trading for years and are trading multiple standard lots on pairs making tens of thousands of dollars a day. This can be you but it takes time to build your account and get to that point. Remember, managing risk is just as important as following your entry and exit rules! Thus, the reasons for having a great trading plan and great trading strategy. But what is your definition of success? If you think about it, $200 a day in profit is over $50,000 in a regular salary. That’s more than most people make in a year. Yes I know we all want that Lamborghini lifestyle but be patient, grow your account, and eventually you can have it.

Second and Most Importantly, STOP GAMBLING AND LEARN HOW TO TRADE PROPERLY!!!

As the old saying goes, if you treat trading like a business you’ll get paid like a business. If you treat your trading like a hobby, you’ll get paid like a hobby. Even in business, there are bad days….low revenues and with trading means you didn’t make the money you wanted or even less, had a losing day. But that is ok. You must understand that there WILL BE LOSING TRADES and even sometimes a LOSING DAY! But ask yourself, did you follow your plan. If yes, then great it was just the market was against you. If no, then you are the only one to blame. Some of the greatest traders in the world have a winning percentage of just above 30%. If you think in baseball terms, that is hall of fame status.

So, it is imperative that you have a solid trading plan and winning strategy that you use to trade. Follow the rules of your plan and strategy to the letter and you’ll find that you will have better results.

March Madness Special: Get $400 off PFX Elite Forex Training. Now only $99 for limited time. Click here to get access and become part of a winning team and take control of your trading and life!

FOMO - FEAR OF MISSING OUT!

Mon, 04 Mar 2019 03:40:16 GMT

HOW TO AVOID IT!

FOMO aka Fear Of Missing Out! This is probably one of the biggest issues surrounding all types of traders but affects the rookie traders more heavily. Before we get into how to avoid it, lets talk about what FOMO is and how it affects you as the trader. FOMO is our enemy and even seasoned traders deal with. It influences our decision-making on the trades we take.

FOMO is a root cause of making you jump into traders too early or late to......closing winning trades way too soon because you and I don't want to give back profits. Or even worse, risking too much because patience is lacked in growing your trading account. But what causes this phenomenon known as FOMO?

There are several causes. Impatience, No Rules, High Expectations, Lack of Confidence and vice versa Over-Confidence. The biggest of these that I have seen and dealt with personally are impatience and no-rules!

Impatience is not waiting for the setup and you just randomly enter because you fear the price might run away but this stems from having no-rules. When you don't have system or a set of rules that you follow for entry, stop-loss, take profit, exit, etc, your default mode is FOMO. The other three causes listed can be beaten with ease but it takes experience and knowledge. And speaking from experience, I have dealt with all of these personally multiple times.

But, how do you, I, we fix these causes so we don't deal with FOMO again?

Like they say...practice makes perfect and you don't become a pro overnight. I tend to use Michael Jordan as an example a lot of times, but when he gets cut from his high school basketball team and yet goes onto to become arguably the greatest basketball player to ever play, then it can greatly be argued that practice makes perfect.

It just isn't practicing, but rather the first step to take is to develop a repeatable trading system that is based on a set of rules you define for entries, exits, stop-loss, times and timeframes you trade, and risk management just to name a few. Now, more importantly, you must stay be very strict to your rules. If you break your rules, there is tendency to lose the trade but more often than not when you stick to the rules, you tend to get a favorable outcome.

Why do you need this system...well one each teaches you rules to follow and helps with your trading but more importantly when you follow the set of rules you created, you basically are teaching yourself to have patience and wait for the rules to be triggered to enter your trade. Patience is one of the hardest lessons to learn because of FOMO but as long as you have a strong system with rules, and follow them strictly, you force yourself to have patience and wait for the setup.

There is always another trade setup coming. You just need to wait and have patience. In doing so, you can beat or at least limit FOMO to minimal events. If you treat trading like a business, you will get profits like a business. But if you don't and want to gamble, go to Las Vegas and give the house your money!

Happy Trading and Happy Pips!

PFX

The SIX KEY PILLARS of FOREX

Mon, 18 Feb 2019 07:31:59 GMT

There are SIX KEY PILLARS of FOREX and knowing how they apply to your trading can greatly help you get success in trading the largest market in the world...FOREX! The six pillars as seen above are Fundamental and Technical Analysis, Risk Strategy, Trading Journal, Strong Mindset, and One Strategy.

When it comes to analyzing the market, there are traders that say technical analysis is king, while others say fundamental analysis is king. However, my opinion is with those that say a combination of both is best. However, arguments can be made for and against both. Fundamental Analysis is why a currency moves a certain way..up or done such as Interest Rate differential while technical analysis is used for entries. However, if you must error to one side, I like to error on the side of technical analysis.

Why you ask?

Because in every book that is taught out there with fundamental analysis (using interest rate decisions as an example), when the central bank raises the interest rate it is bullish for the currency. Yet...how many times have you seen an interest rate increase and then seen the currency just sell off? I've seen it a few times and vice versa when interest rate is decreased and the currency turns bullish.

So having an understanding of why a currency is moving a certain way aka fundamental analysis can add to your confluences in technical analysis to pull the trigger on the trade you want. But being successful in forex is much more then knowing how to analyze the market.

You must have a great Risk Management strategy. You want to keep your hard earned profits don't you? Then you need to develop a strategy that ensures you are taking proper risk on trades but most importantly, the strategy you develop is to protect your account from being blown-up! You want to be able to trade the next day and get those pips and profits. But what is the proper risk on trades. Most say it should be based on your account size, percent of risk you want to take - 1%, 3%, 5%, etc, and your stop-loss. I agree with the statement but the risk is completely up to you. If you have more confluences then normal, do you risk more? Well.....thats up to you!

But just as important in risk management is tracking your trades. You can have a trading journal but the key is to use it. Track your trades...what pair, what direction, why? etc. Then use it as a learning tool and review your trades. Do you review daily or weekly or monthly? I prefer daily but I think it comes down to how many trades you are taking on a daily, weekly, and/or monthly basis. When you use it as a tool, you'll start recognizing good setups more but also saying away from those setups that tend to cost you. It's a great tool to implement!

One of the most important pillars that is rarely talked about is having a strong mindset. I could talk about this forever because it is purely on the psychology of trading. The key is what everyone says it is; to trade emotionless. You want to have a set of rules that you follow for each trade you take. If the check-marks don't hit every rule then don't trade it. What this allows is for you to take the emotion out of the trade. Every good trader has a set of rules he/she follows. Basically, its a set it and forget it mentality because they all know they will have a losing trade here and there. And the rules...what should they be?

Well....it's based off of your strategy. Determining your strategy comes down to what type of trader you are. Are you swing, day, or intraday trader? The key is to only use one strategy. Master that strategy first. Learn all of its nuances, develop your rules, get your confidence with it. Then what is next? Get profitable with it. Don't, I repeat "Don't" keep jumping from one strategy to the next. All you will do is confuse yourself even more and the effects of that are a blown account or multiple losses in a row. Read PFX's Blog Post - The Shiny Object Syndrome for a more in-depth look at why jumping is bad...Just DON'T JUMP FROM ONE STRATEGY TO THE NEXT.....MASTER ONE STRATEGY BEFORE ADDING TO YOUR TRADING ARSENAL.

If you want to see how the team at Prosperity Forex handles all of this, then check us out at www.prosperityforex.com .

Happy Pips & Happy Trading!

PFX

SHINY OBJECT SYNDROME

Sat, 09 Feb 2019 01:40:58 GMT

Is the grass always greener on the other side?

The Shiny Object Syndrome. What it is it? How does it apply to trading? Ironically, when you turn Shiny Object Syndrome into an acronym you get SOS, which is the universal call for help! When you have Shiny Object Syndrome aka SOS you are looking for the next best thing to HELP YOU get what you want. This syndrome is heavy amongst entrepreneurs but I go as far to say that everyone has experienced it some way or another. It is one of the most common problems for traders.

Traders are always looking for the next best system. Whether it be the next automated bot, the next strategy, the next promise of successful trading making millions! Traders are always looking for the next hottest thing to improve their trading, make them successful, turn their losers into winners, etc.

I’ll admit, I had this syndrome too. I was constantly changing my focus… jumping from one strategy to the next. Trying to find a way to make my winners bigger, my losers smaller, and increase my winning percentage. However, this did not work. What happened my account started going down and eventually I blew my account! When you change direction every time you see something that looks better, will only leave you confused and going around in circles, wasting valuable time, and ultimately leading to a blown account.

Anything worth doing is going to take time. Jumping around from one idea to the next doesn’t allow your original idea to have the time, the energy, and attention it needs to become successful. The grass is not greener on the other side…the object isn’t shinier.

People who have nice grass, do so, because they have nurtured it. They watered their grass, gave it fertilizer, did research on how to grow grass…basically, invested time and energy. The same goes for your trading system. The longer you spend looking for that perfect system, the more time you will waster enhancing your own.

Stop wasting time and energy looking for the perfect system out there. THERE IS NO PERFECT SYSTEM! If there was, governments would be buying it. There are 100s of strategies and systems out there. Successful traders have invested hours, days, years, into their strategies learning all the nuances to create it and then stuck with it, nurtured it, and improved it when they could. If you want to be successful find a strategy that fits your needs and style. Then invest time and energy into it… learn everything you can and grow with the strategy.

Once I learned this lesson and put focus on my strategy…the grass started getting greener…MUCH GREENER!

People have wasted years of searching only to find out that they just need to water their own grass!

My Biggest Mistake

Tue, 22 Jan 2019 20:12:24 GMT

When I began the journey into the world of Forex, I thought I could get rich really fast. Looking at chart and seeing the price move and making a decision to buy or sell, seemed easy. Add the leverage I could use and I would be driving that Bentley in a couple of months. Right?

How many of you have thought that same thought! I have made many mistakes through my trading career, but my Biggest Mistake, which was a great cost to me financially, was jumping around from strategy to strategy….Pivot Points, RSI, MACD, Stochastics, Bollinger Bands, Support Resistance Zones and even getting worse; custom indicators telling you when to buy and sell. $$$$ just gone. This was compounded even worse by not practicing the strategy, just going live with it.

Jumping from one strategy to the next strategy leads to inconsistent actions and inconsistent profits. What does that mean? Bye Bye Money in your Account!

Want to have consistent actions and consistent profits?

Fast forward till now and after a very costly lesson, it is very important to stick with one strategy. Don’t jump from strategy to strategy. There are a lot of strategies out there to use and choose from. No matter what strategy you use, MASTER IT!

How do you master your strategy? By first practicing on a demo account. Track your trades but more importantly watch how the strategy works and figure out all its nuances….Please don’t do what I did and just go live. Practice with it until you become CONSISTENTLY profitable. After getting great with one strategy then you can build your trading arsenal. But that is not all you have to do.

The other part of your strategy is you need to have good money management aka Risk Management. Without proper money management, you are ultimately just gambling with your money and the house aka broker, always wins. Sure you’ll have days that were good but the odds are, there will be more losing than good. Want to become a great trader? Then, MASTER a strategy and have great risk management!

When you Master a strategy and have great risk management, you have patience and wait for the setup to show itself. You won’t be trading just to trade, you’ll be trading higher probability setups and not blowing your account!

Want to know more, check us out at www.prosperityforex.com for more information.

New Year - New You!

Fri, 04 Jan 2019 00:00:00 GMT

How to Set Your Goals

Happy New Year!

Yesterday, I asked whether you achieved all your goals last year. Whether or not you did, almost everybody can do better, including me.

So I want to help you start this year off right with a tip to help ensure your success: proper goal setting and intentioning.

When you think about what you want to accomplish, most people just have a vague idea in their heads, usually about some nebulous future state, and no timeframe. "Someday I'll be in better shape." "Someday I'll get that raise / ask her out / take that vacation / build the business I've always dreamed about." But "someday" may never come.

But there is a trick to setting and accomplishing your goals that almost ensures your success. The more specific you can be about what you want, when and how you will get it, and why you want it - and writing it all down - the better your chances for success.

The SMARTer you can make your goals, the better.

Specific - State not just what you're going to do or accomplish, but also how you're going to do it.

Measurable - Include a metric for success. What can you measure to say that you've accomplished your goal, and use to track your progress along the way?

Attainable - Your goals need to be something realistically attainable. If your goal is so audacious that you can't imagine how you'll attain it, then break it into component pieces until you reach goals that you know you can reach.

Relevant - Your goal needs to be relevant and make sense in your life.

Timely - "Someday" never comes. Start today, and create goals with specific timeframes.

It's not enough just to have goals. They need to matter in your big picture. They need to fall into your why.

FIND YOUR WHY.

Why will accomplishing this goal matter in your life? How will you feel once you've accomplished this goal? What does it mean for you, your family, the world?

WRITE IT DOWN.

Writing down your goals forces you to make it real and specific. When you think about your goals, it's too easy to drift off without getting into the specifics that will help you make your goal a reality. When you write it down, it forces you to figure out the specifics, the timeline, the language, and codify how and why accomplishing this goal matters in your life.

DO IT NOW.

If you don't set your goals and intentions now, when will you?

Stop whatever it is that you're doing, take out a pen and paper, or even just a Word doc or notepad on your computer and write down your goals for this year.

Ideally, you will come up with specific goals for all aspects of your life: health, family, relationships, career, spirituality, etc. Think about every aspect of your life you want to work on. Come up with a vision of what you want and a goal and plan to make it happen.

Now, I know that level of goal-setting can be a bit much - some folks will spend hours or days codifying and clarifying exactly what they're wanting to achieve. So if that's too much, just break it down. Write down one PERSONAL goal, and one PROFESSIONAL goal.

Rather than simply daydreaming about the future, take charge, create your vision, and make it happen.

Here's wishing you a happy, healthy, and prosperous 2019!

~Lee

P.S. Once you have your goals, I WANT TO HELP YOU ACHIEVE THEM!

I know that one of the hardest parts of building the life you want is figuring out how to get started in the first place, which is why I created Prosperity Forex

Prosperity Forex will give you the step-by-step instructions and resources to help you:

Learn how to trade the Forex Market
Improve your trading - Entries & Exits
Improve your emotions in trading
Learn new useful skills
Transform the life you have now into the life you want to live

When you're ready to take the next step, contact me to get started with Prosperity Forex!