Two weeks ago, I attended a business conference at Château de Courtomer in France.
From 8:00 am until 4:30, I attended meeting after meeting in different rooms in the castle.
It was productive for business and it was a wonderful opportunity for Trading Tips as I now have new and exciting ventures I'll be working on for you.
Unfortunately, during this trip. I was hit by the biggest hidden cost every professional trader dreads..
If I hadn't made this mistake - I could've paid my trip to France and then some.
Today, I'm going to tell you about this hidden cost and share the mistakes I made.
Let me explain.
Plan your trades ahead before you travel
The cost that I’m talking about is your“Opportunity Cost”.
An opportunity cost is the loss of other alternatives when one alternative is chosen.
If I hadn’t chosen to travel to the conference, I would’ve taken three trades which would’ve banked me the amount that could have paid for my entire trip to France and the United Kingdom.
But instead, I decided to put trading on hold for that time.
Lesson learnt. So here’s what I want you to do.
Go to your trading platform and see if any trades are lining up for the near future, before you travel.
Write down all of the potential trades that are lining up, and schedule them the day before.
By schedule I mean, put in your trading levels for getting in your trade. And put in your stop loss and take profit level for getting you out automatically.
If your trade has not set up the night before, make sure you find a place with Wi-fi where you can look for trade setups later on. Or do yourself a favour and buy a Wi-fi dongle. This way you’ll have internet wherever you go.
First thing in the morning before you attend your conference or meeting, logon to your trading platform and search for any high probability trades which you can set up for the day.
If you do this, then there’ll be no opportunity cost you’ll take, while you travel.
You’ll be away for the rest of the day, so unfortunately you won’t have time to check on your trades. This means you need to set proper money management conditions.
Lower the risk in case something goes awry in your trade while you’re away
It can be daunting leaving your trades alone in the market while you’re away from your charting platform…
I have two solutions for this concern.
First, lower your usual position risk that you have per trade. So if you risk 2% on a trade in general, lower it to 1.5% of your portfolio instead.
This way you’ll feel peace of mind knowing, you don’t have much to lose in case the trade goes against you.
And second, there is always a possibility of the market jumping your levels past your stop loss.
This means, you can lose more money than what you anticipated.
In this case, put in a Guaranteed Stop Loss, where you can’t lose more than what you plan to lose if the trade hits your stop loss. GT247.com is a well known Forex broker that has the Guaranteed Stop Loss option.
If you’re a regular traveler, you’ll need to consider these options to make your trading more easier to handle.
And if you miss a trade or two along the way, remember this.
It’s not the end of the trading world
Sure your results might be skewed according to what your portfolio looks like and what it should look like, due to missed trades.
But remember, the market isn’t a short term venture.
It’s a forever income generator that will make up for any missed trades you didn’t take.
I might be kicking myself now, but I know I’ll make up for the lost trades in the next month, quarter, year and so on.
| Here’s a summary for your trading while you’re away Tip #1: Plan ahead before you go somewhere Tip #2: Find a place that has Wi-fi or make sure you buy a wi-fi dongle to use to set up your trades first thing in the morning. Tip #3: Lower your risk per trade, to help you feel at easy being in the market while away Tip #4: Place a Guaranteed Stop Loss, if you’re afraid the market will jump your stop loss Tip #5: It’s not the end of the world with your trading, you’ll catch up in the medium term again. |
I want you to just print out the five tips, in case you travel and need a plan to trade while you’re away.
You won’t regret it!
Always remember,
“Wisdom yields Wealth”
Timon Rossolimos
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