21 U Unusuall B Butt A Achievable hi bl Ways To Trade Forex With Success
ď śTrading forex has to be the best vehicle to date to make money online without breaking a sweat. You can be trading g stocks,, futures or option p to which you are most familiar with but right now I am only skill with forex trading.
ď śYou can sit comfortably in a chair facing your laptop or for the aggressive, aggressive facing your multiple screens in a air conditional environment. ď śIf you like me prefer some background music, I have an ipod plus a stereo playing the best of Mozart.
ď śI might get hissed or flame for the easy part on the trade forex with success but before I step into this stage of ease and abundance I had in the p past the most frustrating path I ever made throughout the 7 years of my journey. ď śHaving said that I would like to present to you my years of experience into small ll trinket t i k t on ways to t best b t trade t d forex f with success.
ď ś1. You Can Trade Forex With Success By Knowing Where The Market Is Going To Do Next ď śIs this true? The market has no bias, bias it does not side the bears nor the bulls. It has more or less discounted any y news into its direction. So how do we profit from it? We plan our risk appetite aka k stoploss t l and d anticipate ti i t it its di direction. ti There is only probabilities, if anyone tells you they can predict the market. market Run
ď ś2. You Can Trade Forex With Success Without Having To Take A Loss ď śIs there? If you ask those that make the most money, money be it running a business in the form of direct sales, retail sales, business to business. The one thing g that is common among them is adaptability. Make changes to market d demands d and d that th t means cutt your losses l and hold on to your profits.
3. Losses Are An Unavoidable Component Of Trading. Trading Is it? As mention in point 2, you need to be flexible in order to succeed. succeed Big names like Donald Trump, Robert Kiyosaki y and Disney y failed more then once. But they won’t be here if they quit? Quitters Never Win And Winners Never Quit
ď ś4. Do You Find Yourself Planning Trades You Never Execute And Executing Trades You Never Planned? ď śMe too and why is that? Market changes that is why y or your y emotions flip? p Whatever it is there was never a strict rule to trade successfully. Different people l do d it diff differently tl as llong as it iis profitable. The next few points illustrate this highly well. well
5. I Have To Plan My Risk Appetite Before I Enter A Trade. Trade Who says? We can use mental stops only and only after years of placing only, a physical stops. As the action and reaction of the market is unpredictable and volatile. Beside your broker don’t guarantee price d li deliverability bilit in i times ti off high hi h participation.
6. I Wouldn’t Even Bother Putting On The Next Trade If I Wasn Wasn’tt Sure That It Is Going To Be A Winner Ain’tt you smart aleck? Yes Ain Yes, hunters hunt their prey by waiting for it to come to them. Snipers p can only y shoot 1 bullet at a time so they have to narrow their target. So do you need to find home run t be to b profitable? fit bl ? Sadly S dl yes. Most M t often ft then not you need to find those trades that will run in our direction in order to cover those losses that don’t.
7. The More I Learn About The Markets’ Behaviour, Markets Behaviour The Easier For Me To Execute My Trade Is it true for you? Piano prodigies are a result of umpteen practise isolated with no noise, no distraction. Genius are born blessed with tendencies but without horning on to their skills they are nothing more th then llucky. k I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times. - Bruce Lee
8. My Methodology Tells me Exactly What The Market Condition Is And Tells Me Where To Enter Or Exit Great! For those of you who doesn doesn’tt maybe is time to explore this part of condition where y your trading g lacks in? I have written a post on where market will trend? And the tools to anticipate when it might i ht trend. t d Maybe M b that th t would ld help? h l ?
9. I Find It Extremely Difficult To Close My trade Or Reverse The Position Even When I Have A Clear Signal g Really don’t fret you are not alone? You know Stephen Covey “7 Habits of Highly Effective People” (affiliate link). Well one of it is you must have the end in mind. If you do not close the position and hold on to the little profits or losing trade, imagine the profits you might missed out because you like your ego. For the female, I think is pride.
ď ś10. In Order To Have Consistent Success I Need To Endure Drastic Drawdowns On My Equity. ď śTrue? If that is the case, case maybe you should explore the other way? In order to experience p fairly y huge g profits, p I must have periods of consistent stop loss in place. No one can predict where the market k t will ill go and d if does d how h much h it will trend.
So your job is to add more zeros into your account by looking forward to more direction in your favour regardless of how many y heartbreaks the market gives g you. You learn to walk by falling down, not by crawling - David Skysummers
ď ś11. When I First Started Trading I Knew I Would Experience Alot of Pain in Order to Succeed ď śNever expect right? Me too too. In the world of advertisement too much hype and promises have been dangling p g g in front of us to lure us, to salivate our senses. Can you remember any recentt advertisement d ti t on miracle i l pill ill or on being a patient in some hospital?
They will never tell you the side effects after taking their drugs and the smell and stench or the service level of their staff. Know of any successful people that ever illustrate to their audience how dark their days were in order to be like them? I had to repair my laptop screen and buy a new vase during my time of darkness. So don’t fret you are not alone.
12. I Often Find Myself Feeling That The Markets Are Against Me Personally Mr Market (affiliate link) has no bias, each day he runs up and offers you to either buy your profits or sell your losses. Most of the time i you should h ld iignore hi him because b his hi behaviour is psychotic. But once in a while, Mr Market (affiliate link) would be depress and beg you to buy his share. Most often then not he would become so manic that he offers an insane price for your greed. That’s where you should sell.
13. Sometimes I Just Can’t Help Feeling That I Am A Victim Of The Market This is the whole advertisement issues as well as the loser mindset. I’m sorry if this hurt you but if you felt helpless and proclaim yourself lf a victim i i what h that h would ld do d is i to accept that you are not in control of your life destiny and your well deserved riches of life, the world. Only when you take control of the reins of your life. Cut the string from the puppet master would you then be able to make changes to better your life.
14. After So Many False Breakouts And Losses I Find It Difficult To Put On Another Trade Or Took Profits Very y Early y Are you experiencing it now? Take the time off from trading, g take a new hobby. y Read books on non fiction. Go out with family and socialise. You deserve the b break. k
ď ś15. I Take My Profits Early Because That Is When The Market Makes It Avaliable ď śI do that sometimes, sometimes do you do it often? The reason most new traders took profits earlier is because they y do not know the current market condition. Obviously if a major news like NFP reports or FOMC minutes i t are imminent i i t you can choose to profit your profits or take your money. money
However if those are not on the schedule and the market is trending why do you need to leave to much on the table? Picking tops and bottoms are never the lifeline of retail traders but the bloodline of market makers. So why y don’t learn how to trade like the Professionals?
16. I’ve Learn To Identify Patterns That Define A Market Behaviour And Profit From This Opportunity How the world interact with each other and how normal people get recognise g g internationally y have evolve ever so fast. But humans will never change. Greed, fear and regret will always l presentt it itself lf in i th the fform off behaviur or series of action. Learn from those trails and you will find yourself benefiting in a whole new way.
ď ś17. When I Trade I Usually Try To Stay Focused In One Time Frame. Frame ď śMechanical traders love these method as they get to leave their emotions aside. aside Unless you are comfortable letting a robot to run y your money, y you y are better of learn to trade discretional. Dr Alexander Elder higly recommend to t d within trade ithi the th th three ti timeframe. f
ď śThe centre one is where your signals are triggered The higher timeframe is triggered. whether the signal are in tune with the market or spitting p g in the wind. ď śThe smaller timeframe is where you get the best price for your buck.
ď śThe noise level in the lower timeframe are filled with spooks and scares. scares I have yet master the art of getting the least amount of drawdowns however y you can check out Lance Beggs, he is a master of guerilla trading aka scalper extraordinaire (affiliate ff links).
18. Trading Successfully Requires A Degree Of Mental Flexibility Unreachable For Some Nonsense never heard of it before. Nonsense, before When you set the ceiling too high you will never be able to reach it in one bounce. But if you have a series of steps or ladder to stack above one another you might i ht find fi d th thatt ceiling ili ttoo llow. Never N mold your limits, you never know what you can do. do
ď śFor some it can be taking profits too early is it you need the money? Maybe early, you need to learn to generate income from somewhere to nurture y your trading g curve? ď śFor others it could be stubborn to cut your losses, is it you always ace your exams? Maybe you should learn t volunteer to l t t h to help l those th unfortunate, f t t they would keep your humility grounded.
ď ś19. There Are Times When I Felt Right About The Market However I Often Have Difficulty Acting On Those Feelings g ď śCongratulation you have become highly competent p and y yet you y still have the stigma of losses. If you still have wounds yet recover from those huge hits. I highly recommend d ttake k th the time ti off. ff Just J t like lik in i a relationship that gone sour.
In order to move on you need inject fresh faces, faces let go those ashes and venture out. After 7 years I’m I m surprise I too succumb to it. So take as long as you need or better y yet, do more then fail more, fail faster, fail better.
ď ś21. Trade One Thing Good And The Money Will Follow ď śImagine if a Trading God were to granted a wish on being able to instantaneously acquire one trading skill, what skill would y you choose to trade forex with success?
Anything More To Add? For your information this new found revelation at point 9 came as a surprise as I never thought g of this whenever I have a losing trade but because I am guiding you, I learn something new. So if you wish to know better or get more skilled at something, something teach. You won’t know what you are going to get. g Trade well, take massive action, profit easily.David
Published on Dec 17, 2012
Trading forex has to be the best vehicle to date to make money online without breaking a sweat. You can be trading stocks, futures or option...