Omar carried a few exercise with our attendees to finalise the steps they need to take to evaluate and maximise their trading strategy.

He also asked the attendees to get into groups and find fellow traders that they could get together with after the Summit and continue to evaluate and measure each other’s progress. Someone to be accountable to for their goals.

In this mornings session Glen went through a comparison of Covered Calls vs Naked Puts.

He compared the two in relation to risk, return, protection.

More from Glen in the video.

You don’t need to be able to predict the future to profit from commodities – however we can use the past to make future logical decisions.

Whilst adhering to strict risk and money management rules, we can take advantage of commodity markets by using logic, support and resistance and psychology to enter and exit once key levels trade.

As traders at times we have a expectations. These expectations tend to distract us. Think to yourself “I will have no expectations as to the results of a trade.”

The best mindset to have as a trader is to have no expectation of results and no speculation on what the markets will do.

It is very freeing to relieve yourself of the pressure of making a decision. If you follow your plan and your strategy you can remove the emotion of having to make a decision.

For us to be successful as a trader we need to be committed. Our edge comes from having a sufficient number of trades in our favour to have the edge cut in. Trading is a balance of probabilities and as a result we can’t have any expectations we cannot predict the markets.

More from Darryl in the video.

In typical Summit style all attendees came out in their best dress ready for an evening of dancing, laughter and off course the 2011 Lifestyle Summit Draw. The Draw carried 10 prizes ranging from iPads, a week holiday in Coffs Harbour, 3 months with an LTS specialist and the big ticket item $10, 000 into a trading account.

A big congratulations to all the winners from last night.

Omar broke up portfolio strategies into three-portfolio categories conservative, moderate and aggressive strategies

With a conservative portfolio a strategy to consider is keeping your money in cash. Omar also discussed how you could take advantage of the option to convert your super, if it is invested, into cash by contacting your Superannuation provider.

In a moderate portfolio you can make use of a hedging strategy. A hedging strategy can make the difference in your account between big losses and moderately acceptable losses. When you are considering a hedging strategy you need to know where to place your orders.

In an aggressive portfolio you should have certain portion of your portfolio into Cash. You should also consider having your portfolio in investing in parts of the market that are going down.

More details in the video.

Glen’s experience in options and derivatives spans over 15 years.

He began explaining how call options are similar to the concept of putting a pair of shoes on lay by.

Glen covered the basics of options and broke down the theory of Options into practical examples for our traders.

Glen also went into detail on the five strategies that the Lifestyle Option’s software makes use of.

More in the video.

As forex traders we can’t trade only on fundamentals. We can take advantage of charting or automated trading systems to determine what we do in the Forex market.

Chart patterns can be used as a predictive tool and can give an indication of market movements. Charts are also flexible as you can view them daily, weekly or monthly.

Steve also discussed how you can use different strategies on charts to define support and resistance levels for your trading strategy.

To find out more from Steve and charting making sure you log into the Forex trading pit every morning on www.tradingpits.com.

The world of trading, as we know it has changed. The new frontier is a world of auto trading or robot trading.

This type of trading relies on a computer and a series of algorithms to place trades on your behalf. This will remove the “fear of loss” and the “anxiety” that traders face on a day-to-day basis.

Automated trading will present new opportunities for our traders, however due to the way we are wired we will always have questions. Will the system work? What if it crashes?

As a company we will only produce and give to you what we believe works and works well.

More in the video.