Category Archives for "Blog"

Fear of succeeding in Forex ….it’s a real thing.

In today's tip, I want to talk a bit about fear.

And specifically the fear of succeeding.

I know what you are probably thinking. How in the world can you be afraid of being a success?

Well, apparently you can.

And I was like that once too.

When I first got into trading, I knew I was going to be successful.

But I had to really push myself to do it.

And then when I was starting to become a success at trading, I would literally self-sabotage myself.

I was reading an article this morning saying that this actually happens to many traders.

The start doing well, making money, and then something happens, a little bit of doubt creeps in, a little bit of fear from this and that, and all of a sudden, they go through a massive drawdown.

But not a natural drawdown from the market. A drawdown based off of what they were doing (or not doing).

They ended up purposely sabotaging themselves.

This is something I could wholeheartedly relate to. Because THAT WAS ME.

Being successful can be scary. Especially if you have never been a success at something before.

But you can get over it.

Do you know what the word fear means?

It is an acronym for:

False
Evidence
Appearing
Real

So what that means is that we are making up some story in our heads, and at some point….we believe them.

Maybe we think that if we have all this money coming in from trading

…our spouse will leave us.

…or maybe it is that to be a success we need to spend 15+ hours per day in front of our monitors.

…our taxes will be out of this world

Whatever the story is, it's not real.

We get this story which produces a fear, that will, in turn, cause you to take actions to screw yourself.

Don't do this.

A few of the ways I overcame this was

+ through meditation

+ daily affirmations

+ spending time with other super successful people

+ NOT spending time with people who were not successful

+ I also had my friends and family encourage me

A combination of these things, and maybe other things you think of can help.

But success can be yours if you want it bad enough and you don't end up self-sabotaging yourself like I used to.

Right now I am actually recording a video series for my Inner Circle called “Mindset Mastery”.

It will be expansive in subject matter on training your mind the right way in order to be successful.

The ONLY WAY to get this course (when released), will be to signup for the Inner Circle this month.

And only this month. If you sign up next month than sorry, you will have to purchase it separately.

So Join the Inner Circle today.

Here is the link:

https://karmasenge.com/inner-circle

Take Care,

Karma

The best thing about Forex was the way it changed my life

It's true.

Forex literally changed my life.

Before currency trading I was in real estate investing. While I liked it, I didn't love it.

I didn't have a real passion for it.

In fact, there were many days I despised it.

Then came (options) trading. 

While I was doing something I liked better, it still didn't “click” if you know what I mean.

But when forex entered my life, it was love at first buy. lol

Doing this whole trading thing, I knew that I needed to do it correctly if I wanted the outcome I knew I wanted.

…I wanted to not have to go do anymore investor meetings. 

…I wanted to stay home with the family.

…I wanted to work from home, doing something on the interwebs (yes that is how it is called now 😉

So I had to do it right.

Since forex, my life quite literally changed.

I moved out from the small 1100 square foot rental I was in, and moved into (now) a $3 million 9284 square foot home on 3 acres.

I used to own a 1997 broken down Toyota Camry that would barely get me from point A to point B.

Now I have multiple Tesla's, a Rolls Royce and 3 beautiful Mustangs.

I was working 105+ hours per week. 

Now I am working less than 10.

I used to have to do things by myself. Now I have a team of people to help me.

I am not bragging here.

I am just trying to show you the POWER Forex can have….IF YOU DO THINGS CORRECTLY.

Don't do them correctly, and you will be losing so much money it will make your head spin.

So let me tell you how you do things the right way.

Click the link below and join the Inner Circle today.

https://karmasenge.com/inner-circle/

I will walk you through every single step holding you by the hand to show you the right ways to do things.

Even things you think are the right method for something, may not be.

Like the whole 2% rule that everyone talks about…..it's crap!

I will show you what actually works.

Not theory or someone's Bullsh!ttt ideas.

SCIENCE and MATH based FACTS!

If you do this, this is the outcome type stuff.

So if you want to finally put 2 and 2 together for it to actually work out to 4, then Join the Inner Circle.

You have nothing to lose. And everything to gain.

There are no contracts, and you can cancel at anytime.

Click the link below:

https://karmasenge.com/inner-circle/

Take Care,

Karma

WTF

Email from a trader

The subject line was HELP ME, I'M DROWNING

Karma, please please help me. I don't know what to do anymore. Every simgle time I place a trade no matter what I place it always goes wrong. I am sure if I could place a buy and sell trade at the same time on one currency pair, both would somehow hit my stops. 

I have placed 6 trades recently and every single one has stopped out. What do I do? I have lost so much money that I am scared I will lose it all. Tell me what to do and I'll do it

STOP TRADING

That is my answer. Just stop trading.

At least for a little bit.

I know that might not be the answer you want, but it is what I got.

You need to figure out WHY you are losing each trade.

+ Is it your system just sucks and is not profitable?

+ Are you repeatedly screwing up your order entry?

+ Are you revenge trading?

+ Not following your trading plan (If you even have one to begin with)?

+ Are you a trend trader that is trying to trade in consolidation?

+ Or is it just the market cycle you are in and the market really is just hitting you hard?

You have to figure out why you are losing. Don't just continue to trade your money and toss it down the drain.

Oh, and btw, if you have lost only 6 trades, and are close to losing it all, your money management SUCKS.

I lost 19 trades in a row back in August 2015 (yes, apparently that is possible lol), and still didn't lose even 20% of my account.

So if you only lost 6 trades and lost a large portion of your sh!tt, something is wrong.

If you need help, and I mean REAL help…things like a PROPER money management system and truly want to know the proper way to do everything in trading, join me inside the Inner Circle.

I take care of my traders and teach everything I know, without holding anything back.

So if you are interested in becoming a world class trader…

Here is the link:

https://karmasenge.com/inner-circle

Take Care,

Karma

BTW, speaking of money management, if you are using that bullsh!tt 2% rule nonsense, you are most likely losing more money than you ever imagined.

That is not real money management.

I actually teach you how you can go from making less than 10% per month, to over 100% per month without taking on more risk, and with taking the exact same trades.

So if you want to learn the real way of money management, click the link below and join the Inner Circle.

https://karmasenge.com/inner-circle/

how much cash do you have?

Yesterday I was at a very large bank teaching a bunch of traders my method for consistent returns.

And on one of our breaks, one of the traders came up to me and asked me a question I never thought I would hear from a “professional” trader.

He asked “How much money should I start with if I wanted to trade for myself“.

This would only be the 500,000,000,000 time I have been asked this question.

But I didn't expect it from a Pro.

You see, he had always traded for this company, and never for himself.

And he was thinking about leaving and doing things on his own, so he could spend more time with his family.

I can sure understand that.

So the question comes down to how much money do you need to start trading…

The answer is….

It depends.

…How much actual trading experience do you have? (For this guy, he had tons, so he was good there.)

…Are you looking to make a full time living off of your trading?

…How much money do you need to live off of? (Bills and stuff like that)

…What is the average win rate you have for your system? (You personally, not the average 10,000 other people make)

…How much money do you make when you win, and how much money do you lose when you lose?

Questions like these will help narrow down what you need.

All you need is a little math, that's it.

When you figure that out, and factor in that you still need extra to continually grow your account, you will have your answer.

Could this mean you only need $100 to start?

Sure.

Or you might need half a million.

Again, it depends.

For a more detailed analysis of the money required, and all the step-by-step guidence to figure it all out, join the Inner Circle today.

There are no contracts and you can cancel at any time (no questions asked).

Here is the link:

https://karmasenge.com/inner-circle

Take Care,

Karma

Consistent Profits…Best Practices

One of the most common types of email I get from traders are questions concerning consistency in their trading.

And it is almost always the same question…”How do I make money consistently?”

To me, this is focusing on the wrong thing….Money.

I know everyone does this to make money. But you have to understand that making money is merely a byproduct of doing other things consistently.

This is similar to someone getting shot by an arrow and won't let the doctors help save their life until they know who shot them.

Again, focusing on the wrong thing.

Here are a few things you could focus on:

…Consistently sticking with your trading plan

…Consistently looking at your charts the same way

…Consistently applying proper money management

…Finding a consistent way to deal with stress

…Consistently using checklists and frameworks so there are no mistakes

…Consistently backtesting to make sure your system works

…Consistently reviewing your previous trades

…and so much more

If you do the things that I mentioned above (even though it is a short list out of many), you don't need to ask about consistently making money. Because you just will make money.

Focus on the right things.

If you want to learn more about what to focus on so that you can be a massively successful trader, then consider joining the Inner Circle

Here is the link:

https://karmasenge.com/inner-circle

Take Care,

Karma

Scammed AGAIN!

An email from someone on my mailing list:

“Karma, I have been following you for quite some time now. You are pretty much the only person I truly pay attention to. Your words speak true to me and I can tell from your voice that you are honest and have no problems telling it like it is. But I am still reluctant to join you and your Inner Circle. The biggest reason is that I have tried a ton of systems out there and have been scammed many times. The last time was just a month or so ago. How do I know without any doubt that I wont be scammed once again? How do I know who is real or not”

My 100%-not-to-be-questioned answer:

Don't trust ANYONE.

Yes, Including me…….Hell, especially me.

+ Don't trust someone just because they show you a ton of “Proof” that they are making a ton of money. That sh!tt can be made up easily.

+ Don't believe someone just because they show you a lavish lifestyle either. You'd be surprised that many of those idiots just rent a place for a few days and film and take pictures to last them a year. (But none of it is theirs).

+ Don't believe someone just because they are “honest” about their flaws. (candor is a powerful marketing ploy)

+ Don't believe someone just because they are popular or the next “rockstar” in your chosen field.

 

So what DO you believe?

Demonstration!

It is the single best way to prove beyond a shadow of a doubt who is and is not full of crap.

I don't claim to be the end all be all of Forex knowledge.

Fact is, my system will not work for 100% of people out there.

Just the ones that are willing to put in the work.

If you are a push button junkie that wants to get rich by watching some stupid indicator and press a button when it says to, my system is not for you.

But for the rest of you, my stuff works.

Want to know if I am full of crap?

Put my stuff to the test.

Listen to my podcasts,

Read everything on my blog.

Watch my videos online.

Put it to the test.

Did it work for you? Did you connect with the information?

If not, don't join the Inner Circle.

If it did help you, then you know don't you?

Now go check out the Inner Circle.

 

Here is the link:

https://karmasenge.com/inner-circle

Take Care,

Karma

Fundamental Analysis Resource List

I have been bombarded with emails recently asking for resources on where one could go to research fundamentals.

So I have put together a small list below of places you might go, and places I go, in order to do my Fundamental analysis.

Here is the list:

+ Bloomberg

+ Forex Live

+ Karma's Protopage

+ Central Bank News

+ RANsquawk

This is just a small list.

But a valuable list at that.

Use this list carefully and weigh the information you take in carefully.

Not everything you read is “Truth”. But opinion.

Take everything with a grain of sodium chloride…   lol (That's salt if you didn't know).  🙂

Hope this helped.

If you would like a metric ton of various resources for different types of analysis, along with another metric ton of education, join the Inner Circle today.

Here is the link:

https://karmasenge.com/inner-circle

tomorrow

Yesterday I went with my son to an art show here in town.

It was blistering hot outside and had to walk for more than half a mile looking at art and other cool stuff.

I actually LOVE going to art shows and such.

Anyways, I had a discussion with him about when he was going to set up his new business selling luxury watches.

His response was…to say the least, underwhelming.

It all came down to the “I'll do it tomorrow” type of response.

I HATE that.

Procrastination is one of my pet peeves.

I told him that if you are going to do something…..DO IT.

Don't wait and put it off.

That is what losers do.

And I don't want anybody to be a loser.

Especially my son, or anyone reading this.

How many times have you put off doing something only to later on, go “I should have done that”?

If you are like the majority of the population, probably a bunch.

But, I have a feeling you are different.

Are you different?

Are you the type of person that takes action to get what they want out of life?

To have what you want?

Or…are you the type of person that makes excuses and complaints about why they are putting off something?

If you are reading this, I don't think that is you….At least I hope not.

Never put off until tomorrow, what you can get accomplished today.

That is a HUGE rule of the 1%….The SUPER successful.

Be like them, and you will have what they have.

If you are that type of person, join the Inner Circle and let's get you on the road to trading success.

No more waiting.

Waiting is for losers….and you are NOT one of them.

You CAN do this.

You CAN be a super successful trader that makes consistent returns.

Even if you think you can't, I can help you.

Here is the link:

https://karmasenge.com/inner-circle

Trader Expos

This is going to be a real quick email.

I was just wondering if you did the whole, Traders Expo or conferences thing?

I am asked constantly to speak at these events and have done it for years.

But honestly, I just don't feel the need to do it anymore.

BUT, if you like these events and go to them regularly, I might reconsider.

Comment below and let me know.

Karma

P.S. Here is a shameless plug for my Inner Circle.

It's only the best, most valuable, education you can get.

I still have no idea why you haven't joined yet….

…Only thing I can think of, is that you aren't committed to your own success.

And you really need to be.

Think of it this way…

Are you where you want to be financial?

Are you where you want to be with your lifestyle?

Can you afford to take a trip to 37 different countries and not have to look at your bank account?

If you said “No” to ANY of those questions, you owe it to yourself to get the best trading education at a fraction of the price other so called “Guru's charge”

Click the link below to subscribe.

https://karmasenge.com/inner-circle

 

6am

So yesterday I told you that I was up at 4am pondering a thought.

Well I am still up 2 hours later…..and now it's time to work.

Now a question I normally get is what do I do when I get to work?

…Like what is my “Traders Day” like?

Well, let me tell you.

  1. First thing I do (concerning trading), is check to see what my trades have done during the night.
    Did they close? Are they still opened? Hit stop? Or hit target?
  2. Then I record anything that happened in the night into my journal. (I journal EVERYTHING)
  3. After that I look for trade setups.
  4. If I find one, I will mark it down on a scratch pad and get back to it after I look at all the other currency pairs and time frames..
  5. When I come back to it, I analyze it, and if it meets my criteria, I place a trade on it.
  6. Then throughout the day I come back to my charts to look for anything new, place trades, or journal something that happed.
  7. And then I go do other stuff.

I don't spend 15 hours in front of my charts anymore like I used to.

You can do that if you want…

…I just don't want to do that anymore.

I would rather spend it with my wife and family doing fun activities like traveling, or rock climbing, etc…

THAT is the lifestyle I WANT to live.

Do what I want, when I want. And cost doesn't matter to me either.

If you would like to live the life you want, and make that life by trading….

Then you need a leg up, and a mentor that can guide you.

Click the link below and join the Inner Circle today and get the guidance you need.

Here is the link:

https://karmasenge.com/inner-circle

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