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Forex System Development Workshop

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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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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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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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Questions, Queries, Feedback