Someone contacted me via Twitter to ask their thoughts on Knowledge to Action as a business to help educate them for Forex trading. My reply is below.
Want to be the next Warren Buffett? Invest like a girl. Need to buy this book for me!
Over the period of trading madness where I did everything wrong I learned quite a bit and created these “rules” for myself. I use these rules as well as the rules that Knowledge to Action provides.
I have traded against the trend, I have traded without checking the news first, I have traded without working out my risk/reward ratio, I have stacked trades on one currency pair thinking that it was a sure bet…
I noticed a few days back that the EUR/USD and AUD/USD pairs were heading south. I had a bit of a think about the AUD/USD and the positive vibes this currency pair has at the moment and decided to place an Income Generator trade Long.
If I had stuck to the rules like Knowledge to Action teaches you I would have been stopped out on Monday with about 20 pips of loss and could have entered the trade again today.
Jane (The Blonder Trader) highlighted in the email the rules of the Knowledge to Action Forex Sniper strategy which I had not applied that could have saved me from losing money. Some of the rules are so basic I had to reflect on what kind of mindset I was in last night. I can only assume I was too lazy (and cocky) to the research that we are told to do to find the setup for a trade.
Top Knowledge to Action Trader Coaches, Tom Franklin and Jonathon Fletcher share the best ways on becoming a profitable trader
It goes without saying that unless you have a healthy body and mind you will not succeed much at anything let alone live the life you want.
Knowledge to Action stresses big time about risk management and money management. Their 3 strategies for Forex trading all include a “setup” process that includes analyzing the trade for risk versus reward.