EuoDoo Radio is live!!!

I am really proud to announce that a new page in Euodoo’s history is here.  This project has taken a little longer to get off and running then we expected but it is finally here.

Today starts a new feature for EudooTrading.com and that is the addition of Euodoo Radio and our radio show “Trading Places”.  This week our first interview will be of @FaithMight.  Lydia has been a great source of information on Twitter and through her personal blog and StockTwits, that we could not wait to interview her.  Here is the link to the interview and throughout the coming months you will be returning to hear other interviews that are soon to hit the ‘airwaves’.  Please let us know what you think.  I think you are going to love what you hear as much as I enjoyed doing the interview.

May I just say that I am deeply honored that these individuals would allow me and EuodooTrading to interview them.  Thank you Thank you Thank you.

TraderCisco

Inspiration from John Wooden

Yesterday a very inspirational figure in American Sports History died. He was a champion, winner and an inspiration to many of the students who learned basketball from him. He did much more though then teach them basketball, he taught them how to be true winners in life.

I thought it would be worthwhile to share some of his motivational quotes. We forex traders are a spirited bunch and we are in a profession that takes skill and a strong desire to succeed. This is not a career where we can sit back and skate by, rather it takes discipline and hard work. I hope you enjoy the words of John Wooden.

Do not let what you cannot do interfere with what you can do.

Failure is not fatal, but failure to change might be.

It isn’t what you do, but how you do it.

Consider the rights of others before your own feelings, and the feelings of others before your own rights.

Don’t measure yourself by what you have accomplished, but by what you should have accomplished with your ability.

If you don’t have time to do it right, when will you have time to do it over?

It’s the little details that are vital. Little things make big things happen.

Success comes from knowing that you did your best to become the best that you are capable of becoming.

The worst thing about new books is that they keep us from reading the old ones.

If you’re not making mistakes, then you’re not doing anything. I’m positive that a doer makes mistakes.

Never mistake activity for achievement.

You can’t live a perfect day without doing something for someone who will never be able to repay you.

“Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are.”

The people who turn out best are those people who make the best out of the way things turn out.

It is amazing how much can be accomplished if no one cares who gets the credit.

Discipline yourself and others won’t need to.

Tell the truth. That way you don’t have to remember a story.

“Remember this your lifetime through:
Tomorrow there will be more to do.
And failure waits for all who stay
With some success made yesterday.
Tomorrow you must try once more,
And even harder than before.”

Talent is God given. Be humble. Fame is man-given. Be grateful. Conceit is self-given. Be careful.

TraderCisco

A little help from your friends…

OK lets have a little fun.  I’ve got two posts that I’m ready to write.  Notes taken, application ready to be given.

Here is where you come in.  I want you to tell me which one you would like to read first.  So please comment and let me know.

First up:   “Is Rube Goldberg your Forex Mentor?”

Second:  “Analysis of the Lighthouse Trade- Finding Success as a Forex Trader”

Please comment and let me know which post you would like to read and I will write that one first.  Let the commenting begin!

TraderCisco

Lost Nails and Little Details

Forex trading has been great fun, a business that has taught me many things about myself and how to enforce discipline.  Trading forex is also about recognizing mistakes and how to make adjustments.  I’ve been trading price action for some time now and when it comes to the forex market a nursery rhyme has helped me keep on track with my day trading.

For want of a nail the shoe was lost. For want of a shoe the horse was lost. For want of a horse the rider was lost. For want of a rider the battle was lost. For want of a battle the kingdom was lost. And all for the want of a horseshoe nail.

Lost nails and little details…

Without question we have all seen the consequences of how a small event can have such a large effect on the outcome.

What really inspired me to write this was a forex trade that I took a loss on sometime ago. The lesson stuck with me, and tho I would most likely repeat the mistake, my hope is that the little rhyme will play over and over in my head so that I limit my mistakes when trading forex.

So what happened? Well I took for granted how important to have my stop where it should be.

Forex trading can be a brutal master but when we are confronted with its punishment, how will we respond? Not so long ago I found a beautiful long setup entry on the AudJpy, it was a long term swing trade with the only downside being that the resistance for the trade was right at 100 pips. I am comfortable with larger stops on a swing if the trade will provide the proper ratio of return, and so, I entered the trade and placed my stop 100 + pips away enough for the broker spread and resistance. However…..

I learned a long time ago that your forex trading stop should always include support or resistance, broker spread, and an undefined ‘fudge’ factor that allows for the little tests that come along the way. What occurred on this trade was I got a little chippy. Somehow someway, my mind told me, “hey, you are a long way on this stop already, 100+ pips is plenty, no need for the ‘fudge factor’ this trade will NEVER come all the way down here”.

Well…. as you can already expect. The pair went 3 pips past my stop, turned tail and ran like a scalded dog, well past my 1 to 1 ratio and closer to the 2 to 1 ratio I wanted.

Lost nails and little details….. How dare I get chippy with a stop, whether 10 pips or 100. Those little details took me from a payout of lets say for giggles of 4% to a loss of 2%. That is a 6% swing for 3 pips… Lost nails and little details….. When you continue to make mistakes like this, imagine the loss of your account, imagine how the little details can keep your account from turning into what you desire.

So what do we do, well we plan properly and accordingly and follow our rules regardless of the circumstances. When the little details are not allowed to fall to the wayside, we go from failed traders to successes, all because of one little nail.

TraderCisco

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