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Forex System Development Workshop
www.fxrenew.com
Session #12 Trading in the Lion’s Den
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Welcome
G’day, Howdy, Guten Tag, Ni Hao, Вітаю, Hallo, Konnichiwa, Chào and welcome to session #12 of the Forex System Development Workshop.
Live and Interactive
Don’t be a Shy Sally or a Bashful Barry, ask questions,
take your time.
Review of Session #11
Build a set of processes that keep you in sync with the market and allow you to trade what’s in front of
you.
Review of Session #11
A rule is something like “Buy when the 20 period moving average crosses the 50 period”.
In contrast, an example of a process would be “the set of actions you take to examine the market for a low-risk idea based on your objectives, principles
and market model”.
Review of Session #11
A discretionary trading system is not a simply a “set of rules”. It encompasses objectives, principles, a market model, processes and risk management
guidelines.
Questions About Previous Sessions
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Forex System Development Workshop
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Trading in the Lion’s Den
System Development is 100% Psychology
Van Tharp said you trade your beliefs about the markets. You also trade your emotions and feelings.
Success depends on how well you cope.
Beliefs – Mental states – Mental strategies(from Van Tharp)
Why is Psychology So Important to System Development
Because mistakes and missed opportunities kill trading systems.
Types of Mistakes
• Failure to follow your rules/processes/principles • Failure to execute your trades• Trading errors such as trading the wrong size• Failure to see what's in front of you (missed
opportunities, failure to exit) • Failure to adapt your system to a changing market • Failure to change yourself
Developing a Robust Trading Psychology
• Trading processes• Core trading skills • Mindsets • Goal setting for peak performance• Mental state management • Mental rehearsal• Mind, body and soul
Your Psychology is a Natural Extension of Your Systems Processes
Your objectives, risk management, daily tasks (low-risk idea identification, etc.) are the framework for a robust
trading psychology.
Focus On Your Core Skills
It is perfect execution of these basic trading skills that will generate your results. Focus your
attention on trading well and the results will take care of themselves.
Mindsets for Discipline
• Trading is a game • Money is not important • Don’t care if you win or lose on a trade • Trading is like rolling a dice loaded in your favor • The next trade is the first in the next 1000
Learn more: FCST Lesson #15
Mindsets for Humility
• Being wrong is acceptable but staying wrong is totally unacceptable
• It’s not about being right: it’s about how much money you make when you are right
• The mind is like a parachute; it’s only good when it’s open
Learn more: FCST Lesson #15
Goal-setting as a Performance Tool
Goal setting is a management tool for peak performance. Setting stretch goals makes you
more creative and focused.
Learn more: FCST Lesson #17
Set the Goal then Forget the Goal
After you have set the goal in the preparation phase you then detach from the goal in the
execution phase.
“ A burning passion coupled with absolute detachment is the key to all success.”- Mahatma Gandhi (1869–1948)
Learn more: FCST Lesson #17
A Peaceful Mental State
When executing your system, you want to be focused on the present and in a relaxed state of mind.
This state allows for clarity in the decision-making process, non-consensus thinking and immediate action during high-pressure situations.
Learn more: FCST Lesson #16
When to Get in the Zone
Prior to making any trading decisions is when you need to be in your peak trading state.
Mental Rehearsal
Prepare in your mind’s eye before the event. Go though a blow by blow mental rehearsal before you
trade.
Learn more: FCST Lesson #17
Mind, Body, Soul
Take care of yourself to achieve peak performance.
– Put in place a self-development plan for continuous learning
– Keep the mind clear through meditation– Reduce tension through stretching, healthy eating,
exercise – Make gratitude a daily practice
Learn more: FCST Lesson #16
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Forex System Development Workshop
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The end is only the beginning
Discussion Point #1
Where to from here:• Complete the remaining course-work. • Trading is a journey of self mastery– but it’s about
making money too. • Focus on your best idea first – simplify your trading.
Discussion Point #2
On going live.
Discussion Point #3
The Forex System Development Workshop is on-going. Expect upgrades, repeats of previous sessions and new
traders sharing their approach to the markets.
Discussion Point #4
Please email in your feedback about the workshop.
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Forex System Development Workshop
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Questions, Queries, Feedback
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