Watch the market. Demo tradefor that day. See how you fare. Revenge is the most dangerous emotion of all. When youlose money, you will always feel the temptation to strike backat the market out of pride. This might even worktemporarily. But this will catch up with you, as you seek outtrades for the sake of trading rather than for the sake ofmaking money safely.
If you feel revenge coming on, get outof the market. Take a seat. Review your system. Even if youlose almost all of your money, you can gain it backsystematically. You will never get it back by seeking revengeon the market.
A Possum in a cage might seek revengeagainst the trapper, but we all know how futile that is. Chapter SixThe Miracle of DisciplineHave you ever exited a trade at a loss, only to find that thetrade would have been profitable only a little while later? I have. I used to make those mistakes and many others. Have you ever not stayed in a trade long enough to getthe full amount of profit from it? Discipline is the answer. Disciplined traders succeed andundisciplined traders fail. But none of those strategies are worthanything without discipline, because…The problem with most tradingsystems is that they assumeyou already possess thediscipline to implement them.
I have read just about every trading strategy book out there —and hundreds of self-help books -- and all of them haveimpacted my life positively. However, for much of my life I struggled with alack of discipline, and as long as I struggled with discipline, Iwas always almost successful at whatever I tried.
In the end, Iwas left with mountains of good advice and without thediscipline to implement all of it consistently. My successes and my failures can be traced to thepresence — or absence — of one human quality: discipline. Having perfect discipline — not perfect strategy — is the key. This book is about how to become a renown trader. Notjust a good trader.
But one of the very best. Not just a fewthousand dollars per month. I want you to be a millionairefrom your trading profits. In order to help you, I want you to. Your DisciplineQuotient — the level of your personal commitment to selfdiscipline— determines your trading profits. It is the singlegreatest factor in whether you become successful as a trader. I know that is a terribly presumptuous thing to say.
Not lying to you. Have nothing to gain by lying to you. If I wanted toexpose myself to ridicule, I could have done it in a mucheasier way by dropping my pants in the supermarket. My own journey to raise my Discipline Quotient is notcomplete. Today, I trade for a living because Igained enough discipline to become successful.
Lastly, before you dive into this book, I want toencourage you to do a few things: write in the margins of thisbook. Take notes. Think this stuff through. Send copies toclose friends and ask them to discuss it with you. Email me at: rob robbooker. I always answer everyemail that I receive.
It might take me a few days, but I willrespond. Please let me know about your journey to become moredisciplined. It is what distinguishes bad from good. It isthe Grand Canyon separating good from Great. Superiorperformance from mediocre accomplishment. Discipline breathes lifeinto every aspect of life; the lack of discipline sucks energyfrom all endeavors, characteristics, qualities, attributes,projects, goals, and people.
Life can be led without disciplinebut it cannot be led well. For a long time, I felt like a failure. I would try newtrading strategies, new ways of thinking, new goals, newrelationships — but I would never be satisfied. During thistime of my life I wanted to improve. But things seemed to stall after a while. I lostinterest in the goals, the commitments, plans, or relationships. By moving to the next project, I would re-energize myselftemporarily.
I lost a lot of money that way. I was gamblingwith my trades, my relationships, and my life. Life became for me a series of next followed by next. With eachnext, I brought back the spark of life that I had missed. However, each next brought a smaller and less enduringamount of passion. This process eventually became unbearable. It became unbearable because I lacked the discipline tofinish what I started. Someone once said that the definition of insanity is doingthe same thing over and over and expecting a different result.
My life is proof that you can try things morethan once like relationships and expect success every time,regardless and in spite of past failures. The problem with thesearch for discipline is that most of us are afraid to keeptrying the same thing over and over — we quit too quickly,and therefore we proclaim ourselves sane because weaccepted the apparent futility of our actions. Well, disciplineis all about not giving up, and trying the same right thingover and over until you get it right.
My friendsand I walked to the ice cream parlor, where I really did eat the scoop Volcano. This was a disciplined success that I still treasure tothis day. It led to severe intestinal problems, but I always remindmyself that every great accomplishment has its price. We can be mediocre at anything without discipline I haveproven this time and time again.
We can get through life justfine. We can be loved. We can enjoy our work. We canhave a pleasant family life. If mid-level jobs, mid-levelwealth, and mid-level happiness are acceptable to us, thenacquiring discipline might not be worth the effort. The nightclub ofmediocrity is a great place to meet people. The majority of allhumans unconsciously — or consciously — choose mediocrity. For a long time, I was a part of that mediocre majority. Think quickly: who is the greatest person you have everknown?
And, more importantly, this personwas extraordinary because they were — consciously or not — adisciplined person. She never played professional sports, ran acompany, or appeared on television. She was a psychotherapist in New York City.
So, if shelacked fame and fortune, what made her great? These people had years to live at most and monthsto live at worst. She counseled with these people. Most of her patients. Without expectation of reward, she served these peopleselflessly and without judging them. Think of that great person again. A person whohas influenced your life for the better. Write in the blanksbelow why that person affected your life.
Probably only one or two. Or very few. I have known very few people asunselfish as she. She could have completed a dissertation of lesserimportance. One that perhaps required fewer sorrowingexperiences. But she made a choice to do something that herheart told her to do, and she disciplined herself to completethe research. Likewise, if you choose to reject mediocrity andsettle only for superior performance from yourself, then youare putting yourself on the fringes of society.
You are willingto do what your heart tells you to do, despite obstacles,. In a sense, you are willing to standalone. Near the end of her research, as my aunt cried andtyped a bit of her dissertation , and then cried some more,she felt as alone as she had ever felt … nearly every patientshe had treated was dead. You will influence the lives of others for good. You will bean example to those around you of the fact that all of us, nomatter what, have a calling, and that you have the power tosucceed.
In this way, yeast is a leavener. She tells me that when she adds the yeast to the flourmixture, that the yeast begins to feed off the naturalcarbohydrates sugars in the flour. This produces carbondioxide and alcohol. The carbon dioxide gives the rise — itforces the gluten structure the flour mixture to stretch andexpand.
The alcohol enhances the flavor. Similarly, discipline is the great leavener of our lives. When added to our other natural attributes and our personingredients, we stretch and expand. Consider that every great accomplishment by our heroesdepended on some human characteristic. Mother Theresawill forever be known for an overwhelming ability to love andcare for others. Charles Lindberg will be known for his trans-Atlantic flight.
Albert Einstein for the Theory of Relativity. Tiger Woods for his unrivaled talent as a golfer. None ofthese individuals were known, per se, for their discipline. They were known for other qualities or for theirextraordinary accomplishments. What allowed these people to expand on their naturaltalents and abilities to the point of becoming immortalexamples of perfection in their chosen profession?
Whatfueled the personal growth required to follow their dreams? But what Iam saying that his talents would have been completelyirrelevant if he had never painted, sculpted, or writtenanything. If Mother Theresa had never journeyed to distant lands toserve the poor, she would not have exemplified her naturalcharity for the less fortunate.
But it would also be a lie to saythat you were born without any natural abilities. Whether youuse and develop your abilities is the only relevant question. Let me repeat that, because it bears repeating:Whether we discipline ourselves to use our talents should be the focusof our energy. Not whether we were born with more of a talent than. I can help you develop the ability to trade.
Hopefully, thestrategy you took all that time to develop is going to be worthsomething. I want to talk toyou about how to jump safely to the other side, and to do itbetter than anyone else. Discipline will expand on your trading abilities. It willstretch you. Discipline drove him to succeed despite initial failures.
Hisdiscipline — he often worked over 20 hours per day —stretched his natural abilities. I suppose there were manyinventors as inspired or intelligent as Edison. History provesthat few were as disciplined. My first important job came during college when Iinterviewed to become a supervisor of Italian languageinstruction at my university. I needed the money. I hadrecently become engaged to be married, and I had no ideahow I could go to school and support my family unless Ireceived an increase in pay.
I already spoke Italian. I had been a good Italianinstructor. So what did I do? First I made a list ofeverything I needed to succeed in this interview. Find out what he looks for. Practice what helooks for until it feels natural.
Play the game to win. For the week leading to the interview, I talked to everyother language supervisor I could find. I talked to everyone. I talked to the individual whom I was meant to replace. Having gathered as much information as I could, I startedpracticing the interview. Every night, I would grab anyone Icould find and I would practice the answers to my interviewquestions.
Some of these people had no idea what I wassaying in Italian. But I must have practiced at least 20 timesbefore the day of the interview. By that time, I was ready. I took that list and I disciplined myself to check off everyentry. One night, I practiced in front of the same poor person at least 15 times.
As I completed these tasks, Irealized that my natural abilities were stretched. My comfortzone was expanding: I realized that I could interview for thisjob. That I did have the abilities necessary. I aced the interview. My job was becoming unbearable at the sametime that the company was headed into its th crisis. But I neededincome, and I needed it right then.
I knew that it I focused, if I disciplined myself, I would besuccessful. I knew that if I spread out my efforts, I wouldfail. ButI remember than when I interviewed for this job, I was smiling the entiretime. I was happy to be there interviewing, because I had prepared. Imagine stepping off into thedark, into the unexplored regions of your life, without a net.
A lot of people I was close to thoughtI was crazy. More on this later. Think of a time when you succeeded. Think of a timewhen you were able to accomplish something difficult, orimportant. How did you feel back then? How did youprepare for, or make it through, that moment? Then ask yourself: What are you working on right now?
Are you on the hunt for a job? A promotion? A betterrelationship? Whatever it is, discipline can help you expandand stretch your natural abilities. Youmight have to get up early, stay up late, or move out of yourcomfort zone. But as you do those things, you will realizethat your talents are expanded. If you make that list, and you dedicate yourself to doingeverything it takes to accomplish your goal, your naturalabilities will be stretched.
Discipline is a choice. There is no such thing as a personborn disciplined. They were told that if they didnot eat the marshmallow during that one hour, they would berewarded with an entire bag of marshmallows. It turns out that the children, who at an early age had thediscipline to resist the marshmallow, were more successfullater in life in terms of financial wealth, education, andsatisfying relationships.
Help is on the way. We learned thosethings. Likewise, we can learn discipline. If you can read thisbook, you can learn discipline. In fact, the decision you madeto read it in the first place is part of your decision to do. But you are not in a race or competition to acquire more of it thananyone else. You are only in a race against yourself. If comparingyourself to other people motivates you, then by all means do it. But bewarned that there will always be someone else who appears to have morediscipline or less discipline than you.
You will always be happier if yousimply strive to improve yourself, measuring your progress against yourown abilities. When my aunt completed her page dissertation, oneweek before defending it, she breathed a sigh of relief andshut off her computer. The next day, when she awoke, shewalked to her computer and — tried to turn the computerback on so she could print the dissertation. And the computer bombed. She gasped.
Was the entire dissertation lost? Would shehave to start writing all over? First tears, then fear. What would she do? She faced allof those sorrows, all of those people she had treated — shefaced them all over again as she started to write. She finished on time. But she could have easily made adifferent choice. My wife and I tried to have children for 6 years. Finally,one January evening, when we were just a week away from.
Two months later, the ultrasound showed that hewas a boy. A month later, we decided him to name him aftermy father and I. We bought a crib, a stroller, clothes. An hour later we started to lose hope. An hour after that the doctor told us that there was nohope for our son. And later that same morning, on September 23, , mywife had to give birth — naturally — to our dead son.
Couldshe have chosen to give up? Would anyone havecriticized her? Absolutely not. Instead of taking on adefeated attitude, my wife bravely cried and pushed and criedand pushed. The doctor had told her that under thecircumstances, her labor would last 12 to 18 hours. It lasted 2. It took discipline for my wife to simultaneously lose hopethat her dreams would come true on that day, but still givebirth.
It took discipline for her to trust that another childwould come and not become furious with me, or with God,or with the doctors. She said:. Forsure, you know someone who has done the same. Failure atimplementing an exercise regimen is commonplace.
But whatmakes my failure in this arena so infuriating is that 12 yearsago, I implemented an exercise program and lived up to it for2 years! Somewhere along the way, I lost my discipline. Istopped working out. Have you ever discovered a great trading strategy,implemented it successfully, and then one day just blown thewhole thing to pieces by violating the strategy? The problem lies in the lack of Discipline. And theabsence of Discipline is always the result of the appearance ofone of these Four Enemies.
Enemy One: Fear. We fear the ability to achieve what weset out to do, so we never try in the first place failure fromthe start or we simply give up along the way failure mid-. Understanding the different kinds of fear is an excellent wayto identify which you struggle with the most. Fear of Failur.. This is probably the most common. Fear of Success.
This sounds a bit silly at first, but many ofus live with a fear of what will happen if we succeed. One ofthe saddest moments in my life was when I realized that aperson I love dearly was so afraid of having to accept successthat she decided to sabotage her own victories. People whofight this fear often are worried that if they are successful, theworld will expect more of them than they are able to provide.
Fear of the Unknown. Most of us have felt this when we getlost while driving. Once in high school, I summoned thecourage to beat back fear of failure: I asked a beautiful, smartgirl on a date. She accepted. On the night of the date, I wasso afraid of what to do on a date that I never even picked herup. When I saw her at school, I avoided her. I never spokeanother word to her.
Enough said about that experience. There are many other examples of types of fears that weencounter. Succumbing to these fears gives one a sense ofcomfort. A salesperson, when he decides to not make adifficult cold call, feels more comfortable. Of course, he has.
In this way, each of ustrades the chance for success each time we succumb to thesefears. My first job after lawschool was my big introduction to the world of finance, as Iworked as a headhunter for top-level financial professionals. I did very well at that job because every morning when Iwalked in the door to work, I picked up the phoneimmediately and started making as many cold calls as I could.
Every evening I made a list of cold calls to make the next day. I was uncomfortable when I made the calls. I felt verycomfortable, however, when I closed deals because I had beenwilling to make those calls.
Enemy 2: Distraction. Distraction is the experience oftrading what you should be thinking about for what is moreconvenient or urgent. Distraction is not bad all the time. I think allowingourselves to become distracted on a regular basis has somemerit; in fact, I find a lot of comfort in allowing myself toplay a couple of rounds of a video game in the middle of theworkday. Letting yourself go for a while can be healthy.
But it can also be destructive. After the fifth grade — and the year that I had decided,once and for all at age 10 that I was going to be a writer — Ipromptly forgot everything that I had decided. I entered thesixth grade, I started having to switch classes. I discoveredthat girls existed although they did a fine job of ignoring myexistence for the next, well, forever.
Instead of writing,which I still loved, I let the talent slip. When I becamedistracted and allowed myself to pursue other activities,instead of just writing for a few minutes a day, I established aprecedent. During that time, I did think of writing. But Istarted to become used to other things. Over time, thoseother things commanded my attention. Writing was all butforgotten. Distraction is especially bad for you if you succumb to itimmediately after making an important decision.
There are so many shows, people,projects, and goals that are competing for our attention. I have trained hundreds of forex traders across the globe,and not a few of them have bragged to me about what kindsof things they can do while trading — they play with the kids,balance the checkbook, work at a day job, or some otheractivity. In every case I have advised the trader to stop tryingto do two things at once.
But when the stakes get higher, you need to be focused. Because trading is Web-based, many traders succumb toonline pornography while trading. Enemy 3: Delay. I propose that procrastination isthe mother of regression. Iaccept that as valid. At the. Procrastination, or delay, is the act of avoiding what youknow you must do. It saps you ofcharacter. It might bring out a lot of creativity, but it robsyou of precious time, and you subject yourself to unnecessarypressure.
I think you and I are prone to do some of our bestwork under pressure. This applies to trading, too. There is a pervasive beliefamongst traders both equity and forex traders that time ofday matters little when trading — that you can make profitsany time of the day.
So, for U. Well, this is a formof procrastination: trading sleep for profits. If you want to besuccessful at trading on the foreign exchange, you have to bewilling to consistently get up and get going at the same timeevery day. Worse yet, many traders I meet with have lost substantialamounts of money by staying in a losing trade for too long —procrastinating the exit. This can drain your account fasterthan anything.
It can tear you to pieces, too. If you have thisproblem, or the opposite exiting too quickly , increased. Enemy 4: Despair. Some of ushave been more successful than others. But when it gets holdof us, it saps of us of our discipline faster than anything else. My dadexpected the very best in me — this was the same man who resolvedhis problems with my mother by yelling, by breaking furniture, andby threatening to do things much worse. I carried in my hand three Cs and two As.
I knew that if Irevealed the report card to my father, that anything was bound tohappen. I thought about running away from home that day. Instead, I showed him the report card. And he beat me. I let him hit me. He chased me down the steps ofour house no one else was home and he told me that I was stupid. He said a lot of other things, but when he told me I was stupid,well, that hurt more than anything else.
He chased me down thestairs and beat me with his boot. When he was finished, he trailed off into the master bedroom andleft me in the hall. He was still yelling at me from his room. Instead of doing any of those things, I simply returned to mybedroom and studied.
No one was going to call me stupid. I have since graduated from medical school. My dad remainedviolent. He eventually lost custody of my brothers and sisters. Our reactions to the bad things that happen to us arecompletely within our control. Choosing to lose hope would have left the letter-writerwith hardly the will to live. We are all better off that shedecided to reject the enemy of depression.
When you lose hope, you lose everything. The best solution to this is to get the helpyou need to improve your discipline and your trading abilities. You have to get upand do something. Never lie to yourself about anything. Or to anyone else, forthat matter. There is no difference between lying to yourselfand lying to someone else. What happens whenyou lose a ton of money one day? Are you going to betempted to hide that from others?
From a loved one? Rule 2: Bank Your Gains. Traders online or in print brag about The ones who can make pips on a trade are the ones who post their comments ondiscussion boards. Those are the visible guys, but you shouldknow that those are the guys who play close to the edge. Theharder you play, the harder you fall. We hear a lot about the rule of expectation and building asystem with a or a ration or whatever.
Why do we getupset when we take profit but the trade continues to makemore money? You should never feel upset about that. Never forget that. Take your gains! Rule 3: Take Your Time. Never rush into a trade on emotion. Get up early enough —or stay in front of the charts long enough — to get a feel forthe market see 4 below before you do anything.
Racing into a trade is usually the result of emotion takingover. You never want to trade based on emotion. Usuallytrades based on emotion lack the kind of analysis that goesinto profitable trades. Remember, that the market comes and goes. There isalways another opportunity. You will get another chance. Exiting an emotional trade is a disciplined move.
Rule 4: Trust Your Feelings. If you have been a diligent student of the markets, thenyou have nothing to worry about. Look at the charts. Check with trusted analysts. Rule 5: Successful Trading is Boring.
Learning to trade successfully requires a lot of time readingand in front of the computer. While making money never gets boring, watching thecharts is never much fun. Especially if you have to wait morethan a few hours for a good trade. Watch them in different timeframes simultaneously. Test different tools and indicatorsthat you have never used before. Go back in time and seehow new strategies would work. Rule 6: Exits are More Important than Entries.
Where you get out, not where you get in, determines yourprofit. Most traders are worried about how far the trade goesagainst them and start to feel quesy as soon as the trade turnsunprofitable. They worry aboutwhether the pair is reaching levels that bring out a stop loss. They also worry about whether they have taken all the profitout of a trade.
You should think more about where to get out ratherthan where to get in. More than anything else, how much you risk determines howlong you can stay in the game. Many traders get involved in the forex market becausethey want to make a lot of money quickly. This requires youto either start with a lot of money or risk a lot on each trade.
The name of the game issurvival. You will survive longer if you can whether the bigswings in the market. You should keep a trade journal and it should record, forevery trade Currency pair. Long or short. Entry price.
Stop order. Limit order. Why you entered the trade. Exit price. Pips gained. This information will help you build a history of good trades. Rule 9: Get a Coach. You should report to this coach on a regularbasis about your progress. You should show your coach yourtrading journal and be totally honest about your mistakes. Most importantly, thisperson will help you Stay committed to a system. Recognize your mistakes. Plan for correcting mistakes. Stay humble even when you are successful.
Stay grounded when you lose money. Rule Never Overtrade. These are the days that you should enter aregular order just like you always do, and then watch the tradeturn profitable, and then get out. Just handle it like any otherday. If you start to overtrade, then talk to your coach. Getyourself back in line! Chapter EightOh, crap! I just lost my entire account! So, you lost some money trading currency.
Somebody wins andsomebody loses. That was a rush. Did wonders for my selfesteem. The real question to ask yourself after you lose money is:what am I going to do about this? Most people, when they lose some money, feel thetemptation to do one of three things Give up3.
Get revenge You should go get a book about selling your stuffon eBay, to try to at least get back some of those losses. But revenge? What about revenge? And I am going to show you how to impose asavage beating on the currency market, to take back what wasrightfully yours until you made the lame mistake of nothaving a stop loss. Why You Lost Money 1:You risked too much on one or more trades.
You probably started trading currency for the same reason Idid: to make money. Most of us trythat on our demo accounts, and then we start to feelinvincible look! See what I can do! I can double my moneyin just a week! Of course, this led you to try somethingsimilar in your live account.
That was a bad idea but youalready know that now. Preferably less. Yes, you read that correctly. When you are just learning how to do this, you want to riskvery little on each trade. The time will come for you to risk agreater percentage on each trade. That time is not now. This is a money-management solution. You should never play roulette, anyway. Setting a stop loss is like zipping up your pants in themorning. To tell you thetruth, you could conceivably set a stop loss pips wide justto get 10 pips.
I have donethis before. Why You Lost Money 3:You traded on emotion, not reality. Bring yourself back down to earthbefore every trade. Make sure you take your time beforeevery trade. Especiallyat the beginning of your trading career. You can start to riskmore when you learn more. When you have a track record. Why You Lost Money 4:You just started trading with real money. Your first trades with real money are the most amazingopportunities to lose money. I felt like crawling under a rock.
Or smashing myhead with one. Here are five ideas that will helpyou avoid this It worked then, right? Be afraid ofmaking stupid trades. Email me if this is a problemfor you and I can suggest some things thathelped me: rob robbooker. Why You Lost Money 5:Something weird happened. Or your forexdealer, like Refco, declares bankruptcy.
When you get burned by a totallyunpredictable movement in the market, just sit back, relax,and ask yourself: did you only risk a small amount of yourcapital? Did you have a stop loss? If you had a stop loss andyou only risked a small portion of your account, you will bejust fine.
You goofed. Take a day off from trading. Step back. Write down why you entered the trade. Write down why you exited the trade. Write down what you should have done differently. NOT studying your worst moments is like smashing yourthumb with a finger, and then smashing it again.
And again. Ihave worked with traders who have been making the samemistakes for more than a year — have blown more than oneaccount — and then when they spend a week studying thereasons for their trades, they become profitable traders. Did you enter the trade on a spur of the moment, emotionalfeeling? Write everything down. Ask them to look at the charts. Ask them what youcould have done differently.
You should get in the habit of keeping a trade journal. The journal should include the following information:Time of entry and type of trade Buy, Sell, Pair, Lot size. Stoploss and limit orders. You have to have a plan for the trades that go againstyou! Some questions you need toanswer:How far am I willing for this trade to go against me?
What are the criteria for realizing that the trade was not a good idea? What signals are given for a trade exit? And last of all, you want to ask yourself: under whatcircumstances will you raise or lower your stop loss and your limit orders? The answer here should be that you will never adjust your stopunless you have put it so far away that you are risking morethan a small fraction of your account. I once got a bad haircut: at the end, nearly all of my hair wasgone.
I vowed to never let that happen again. Talk about witha friend who trades or write down what you would have donedifferently. Would you have avoided entering the tradealtogether? Would you have waited longer — for example, if theposition eventually turned profitable, you have learned that. Would you have double-checked the indicators? Would youhave looked closer at candlestick patterns?
Asked an expert? Once you decide what you would have done differently,then find someone who can help you keep your goal to actdifferently next time. Find a fellow trader who will doublecheckyour trades. Set goals and get someone to help you keepthem. Trading requires discipline and you can increase yourdiscipline by working together with someone.
That plan wouldinclude rules that you follow on getting in and out of trades,indicators that you watch, and maximum losses that you arewilling to withstand before exiting a trade. It would alsoinclude a method for follow up including your trading journal. Now, take those goals. And implement them. Get madabout your loss. I hate losing money. Hate it as much asanything else. Do you? If so, channel that anger and becomemore disciplined.
Channel it and develop new goals. Channelit and commit to change your trading habits so that you canmake money. But, as a goodleader in battle, plan for it. Study it out. And then attack. Unhelpful things to say to yourspouse after a pip loss,described by actualAnne Murray song titles. She sat next to me in a 7th grade class.
Most of the time, she wasmy friend. Except when we were outside of class. Outside of class, she paid no attention to me. She ignoredme. If she ever talked to me, she made fun of me, refused tospend time with me or even admit I existed. Of course thisonly made matters worse. Does the above statement answering my question, E? BTW, so I need to put my TP carefully because it is possible that when I put enter position, I could be on the correct direction I trade during the first two hour, before there's a pullback on hour 3 or 4?
Of which, could possibly change the way TDI looks like on the previous 4 hour? Sounds like a good idea Personally I don't trade with a TP level When the last trade is seperated by a blue candle or more I can already re-enter when it looks better If there was a reversal and it went 6 candles lets say If I don't get a signal to enter from the TDI on candle 1 or I pass on the trade and find another.
The only exception is if the green line bounces away from the red line I'd jump in because it's a bounce trade Never enter when green is just touching red Don't wait to enter on candle 3 or If it all looks good, I jump in It's quick At night when I enter a 4hr trade I go to bed and don't monitor the trade until the next 4hr candle appears.
If it still looks good I let it continue and go back to sleep. If not I exit the trade and go back to sleep I close all my trades at 6am That's what fits me Trade it the way you feel safest on Demo. When you find what fits you It was designed to be simple Keep it simple and don't complicate it.
Candle 2 started pulling back so I Exited pips profit POST page 72 Oh man TDI starts at 5pm angle and tweeks to pm angle The usual Two easy trades today When Stoch's does not confirm the TDI direction I trade each candle for it's individual merits If I get more than 1 candle I'm happy with it too. I like to shoot for 50 pips a day I'm not greedy. When I reach it I usually don't take any more live trades that day I trade full lots and sometimes multiple lots I'm retired and have sufficient income without any extra from trading the forex.
I do it because I enjoy it POST page 85 Your Question: sorry if this has already been covered, i know this method can be traded any pair and any timeframe, but do you have a specefic few that you prefer or are you happy to trade anything with a decent spread and good setup? Yes My favorites are the 3 Amigos Take any pair and time frame you like to trade Each pair has certain times of the day when the action starts repeatedly Write the pair down and the most active trading times that happen over and over.
When those times roll around Simple but it works I click on it and select "close the trade" If my trade goes against me pips I click to exit I've already discussed this on this thread POST page I dream about trades like these BUT look at the size of the candles on the PA POST page My 3 trades for the week I do that quite often This chart shows the candles I pass on for trades POST page i know this is a repetitive question i have to ask it again because i feel it's the heart of system i follow topic from first till now but i can not understand when we have to run into trade.
When TDI touches red it could bounce off Wait for the confirmation People have added several rules that aren't my rules POST page I get a little frustrated when people keep adding stuff and then posting it on the forum.
I repeatedly ask others to PM others on the thread with the new ideas and not posting them. At least PM me with their ideas The main entry rule is: green crossing red on the TDI within the first 2 candles for an entry I don't care what the red TDI line is doing. Did Stoch's confirm the TDI signal between the lines? The and is for the TDI and not the 5ema All this extra crap does nothing but confuse other traders and their success rate drops and they can't figure out why Everyone - Please stop adding anything That's what makes it work!
POST page Take a look at this long term chart Green has barely crossed the red line so a trade could be taken I'd rather see where the green line is going to go on the next candle before entering POST page after looking at the training charts again, I see that if the first candle doesn't cross the tdi then stay out?
Usually when the second candle opens you'll see it on the TDI. If green crosses red and all looks good Following the rules you don't want to get into the trade halfway through the second candle am I right? Yes - enter on the first two candles A few candles later you may see a bounce entry If you don't find a solid entry on candles 1 or My main point is if you can catch it at the beginning of the candle then you have more momentum If it draws back on me that much then I screwed up and didn't do my analysis incorrectly If I re-enter it will probably be on a bounce trade then you'll do the same exit trade if the trade goes pips against you and re-enter if it goes back to the initial direction, as long as the price is still within 1st or 2nd bar OR just passed due to the choppy move?
POST page Honestly folks I spent over 2 years refining this method Just follow the simple entry rules and TDI exit rules Just follow what I show you It's simple and many of you are thinking it can't be this simple so you try to add things and complicate it When you do that you create stumbling blocks for yourself Plain and simple Your trade You entered on a weak TDI green angle Previous short swings were only 1 or 2 candles going short TDI check mark exit I believe the London Session is the best sesson to trade The only reason I trade it on the 4hr charts because that's my normal sleep time.
I'm unaware of it because I'm sleeping. If my normal traing hours included the London Session I'd trade it on the 1hr charts. Then I'd trade the first couple of hours on the N. Y session on the 1hr charts too. Then I'd be off the charts until an hour or two before the London Session Put the odds in your favor for success It's like looking for the best set ups only Those things are Basic Things every trader has to learn before trading a new method.
So when you failed to make a profit because you don't know those things ahead of time So I want those who consider themselves having more than years experience to point out those important Basics using a chart which is marked up and why those things are important to consider before entering a trade. Just discuss a few things per post Then keep posting other charts POST page 2scoops asked me a long time ago what would be the most beneficial to learning this method for higher success The answer was simple Burn it into your memory I spent 2 years doing that Taking clean trades is a breeze for me Read above I can take you to water but I can't make you drink Forget other indicators.
I went down those roads so you wouldn't have too There is a handful who trade it correctly here who are rewarded nicely Remember to always consider your forex basics when thinking about entering a trade Does it look week or strong How close are we to previous hi's or lo's Are we close to levels How many candles was the last reversal Are we in consolidation Are we dealing with little candles Should take you a split second to determine these things POST page Entries POST page trade POST page Top of the morning to my dear friends.
Can't smell or taste yet but feel better.. Go back and look at any 1hr or 4hr chart. The sooner you get in the higher your adds So what Perfect set up, good air, good angle POST page I started trading full lots last year Takes the same amount of work Sometimes I would set the TP to 20 pips. If I put all of my eggs in one basket I trade both ways with success Now study each one This will pay you big time if you do this faithfully. Do it for a year minimum You will teach yourself what to look for before placing a trade See how the green line archs like a worm crawling up the red line without crossing red.
You could have stayed in the whole trade without exiting until green crossed red finally. Sometimes I add the lines to my chart because they draw PA like a magnet and it makes it easy for me to see where PA is going to go most of the time. I trade the US Open first hours on the 1 hr charts and then pretty much don't trade again until 10pm my time 2 hours before the London Open and then it's on the 4 hr charts.
I check any trades at 2am my time Pacific and then close all 4 hr trades at 6am my time Some days I don't trade like Sunday or Friday. POST page Always cherry pick and look for the steepest angles to trade If it's or and all else looks good I'll usually enter.
You can stay the trade until it crosses red and pull down pips on the longer runs Here is a trade taken on the 15 min chart. The reason I exited where I did was I had hit the 68 line going long and I wanted to go back to bed so I just grabbed what was laying on the table Isn't that breaking the 2nd color change bar rule?
If everything else looks strong, I don't wait for the candle to close I enter ASAP. POST page and counting -. Trading Made Simple BigE Eric 's posts I wanted a method that was simple, worked on all timeframes, simple rules, few indicators Module 6. I recently pulled over of the local lead generation explosion members.
Imagine being able to take 20 minutes each day to trade. A little time at night to plan your trades and. PCRF A pullback candle reversal formation is just my terminology for a formation that makes a candle in the direction of the trend, followed by a longer candle that, in this case, set a lower low and then.
In this guide there. Introduction Chapter Trading Plan Chapter Money Management Chapter 4. Moving Average Strategy Chapter 5. Stochastic Strategy. The swings seemed to. Other pairs have been tested for this strategy but were deemed not suitable. The author. This strategy is aimed at simplicity as well as high probability trades. I have been in the equity market for almost ten years now.
Booker II. All rights reserved forever and ever. And ever. The information contained in this ebook is designed to teach you methods of watching forex quotes. This is a free ebook from Frank Jones. You should not have paid for it. All Rights Reserved:. No Part of this publication. Carter www. Get in Before the Move? I m a big believer in not chasing markets. By the time. The Best-Kept Secret of Forex Many traders go through trading system after trading system, only to find that most of them don t work.
The truth of the matter is that there are many effective trading systems. Price includes consideration of individual candlestick configurations as well as the pattern, or. Introduction First of all I need to say that I did not write this ebook for me, but for each and every one of you. I hope that it will be beneficial for everybody that reads it.
The Forex Profit System. I will post updates on current charts but any trading decisions are yours. The following systems. But there. All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means,. I'm looking for a scan that will.
First, you need a charting service. Since most all electronic trading platforms have charts with technical indicators, this shouldn't be a problem. Create a 1 hour chart. In the Renko Chart time is not of concern or. Book of over 45 Spells and magic spells that actually work, include love spells, health spells, wealth spells and learning spells and spells for life Stop Chasing Happiness, Make it Find You! Here's how. Welcome to one of the easiest methods of trading the Forex market which you can use to trade most currencies, most time frames and which can.
On this book we will talk about Ichimoku Kinko Hyo indicator and will show many pictures to make it easy for you. Ichimoku Winners e-book is free on ForexWinners. Calling In Pg. Using the System Pg. Entering Your I. Number and Password B. Your Calling Record Information C. Entering Amount of. She sat next to me in a 7th grade class. I don t remember much about the class, mostly because I was spending so much.
I trade upward momentum stocks that have pulled back for a buying opportunity and my goal. Learn how to make money with trading Index Why trading? Everyday financial products worth billions of dollars are. Make money every time you share a video, also make money every time the videos you have shared get watched! Why Is This Important? You are not allowed to copy, reprint, or sell this.
If yes schedule the Live Presentation Call. It uses. Below you will find my powerful techniques using my proprietary symmetry software package that I have developed. Stay in. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise,.
In your hands now is one of the best forex trading systems you might have ever come across. The key to winning with this profitable. COM Complimentary Report!! Copyright Protected www. Methods to Trade Forex Successfully for Quick Profits This article is devoted to the techniques that are used to trade Forex on an intraday basis for quick profits. The aim is to make the trading a successful. My Name Is Chris Curry You see, I thought the key to improving my business was working harder.
So I worked harder. The 50 SMA is one of the most commonly used moving average numbers. Appendix 1: Adaptable Email Templates The following emails are included for the benefit of anybody running a similar project. They are provided as templates, so that you don t need to start all of your. Mark Minervini Interview with Tim Bourquin Mark Minervini is one of America s most successful stock traders; a veteran on Wall Street with nearly 30 years of experience. He won the U. Please note that all information is provided as is and no guarantees are given whatsoever as to the amount of profit you will make if you use this system.
Neither the seller. Follow these easy step by step instructions and you will This Version of the ebook is for all countries other than the USA. If you need the. Timing the Trade How to Buy Right before a Huge Price Advance By now you should have read my first two ebooks and learned about the life cycle of a market, stock, or ETF, and discovered the best indicators.
Give 'em hell before they take your 7 pips! Trading system for Newbie. You re about to learn about a Forex strategy that may change forever the way you look. Apt It is immaculately clean. No, not clean. Not a speck of dirt can be seen No laundry bags, no dirty dishes, no half-filled glasses. Materials High frequency words P. Checkerboard and checkers Activity Master P. Trading is hard, very hard probably the hardest thing you' 'll ever try to do in your life and that's why.
This one changed my life. It's called This powerful little lesson comes from my friend Max. In fact, we all need to know it! The Doctor-Patient Relationship It s important to feel at ease with your doctor. How well you are able to talk with your doctor is a key part of getting the care that s best for you. It s also important. Stochastic Oscillator. By Jay Lakhani www. Lane observed that as prices rise.
Chapter 1. When most people think about trading Forex, they think about watching price movements flash by them on the. If your local drive is not the C: drive, please send an email. Chapter 1 Introduction to Correlation Suppose that you woke up one morning and discovered that you had been given the gift of being able to predict the future. Suddenly, you found yourself able to predict,. Noise is the enemy. ProTrader Table of Contents 1. Areas A. Fibonacci Confluence. Log in Registration.
Search for. Size: px. Start display at page:. Leonard Gibbs 6 years ago Views:. Similar documents. I normally start trading at 5 am Pacific time. I recently pulled over of the local lead generation explosion members More information. A little time at night to plan your trades and More information. If the TDI is already Green over Red and we have a bullish pullback candles this is high probability Free Report. In this guide there More information. Chapter 1 Introduction Disclaimer: Forex Involves risk.
So if you lose money you can't blame us we told you trading involves risk. Stochastic Strategy More information. The swings seemed to More information. The author More information. I have been in the equity market for almost ten years now More information. The Moving Average.
The information contained in this ebook is designed to teach you methods of watching forex quotes More information. All Rights Reserved: More information. Forex Success Formula. Secure Your Money. No Part of this publication More information. My Favorite Futures Setups. By John F. By the time More information. The truth of the matter is that there are many effective trading systems More information. Price includes consideration of individual candlestick configurations as well as the pattern, or More information.
I hope that it will be beneficial for everybody that reads it More information. The Forex Profit System More information. The following systems More information. But there More information. More information. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, More information.
I've been reading a lot and still haven't quite found the scan code I'm seeking. I'm looking for a scan that will More information. SFT Simple Strategy. Version by Radim Frycka www. Create a 1 hour chart More information. This e-book is for educational purposes only. Nothing presented in this e-book should be taken as trading advice.
How to achieve long term profits with. In the Renko Chart time is not of concern or More information. Book of over 45 Spells and magic spells that actually work, include love spells, health spells, wealth spells and learning spells and spells for life Book of over 45 Spells and magic spells that actually work, include love spells, health spells, wealth spells and learning spells and spells for life Stop Chasing Happiness, Make it Find You!
Here's how More information. Welcome to one of the easiest methods of trading the Forex market which you can use to trade most currencies, most time frames and which can More information. Net More information. Entering Amount of More information. I don t remember much about the class, mostly because I was spending so much More information. I trade upward momentum stocks that have pulled back for a buying opportunity and my goal More information.
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By Walter Peters, Phd. CALL More information. It uses More information. Below you will find my powerful techniques using my proprietary symmetry software package that I have developed More information. Stay in More information. Copyright by Kelvin Lee All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, More information.
The key to winning with this profitable More information. The aim is to make the trading a successful More information.
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Forex Factory is a thriving business that many forex traders use to keep up with economic events. The economic calendar is just what it sounds like: a calendar that shows when economic news and reports for example, interest rate decisions or GDP are scheduled to be released. The reason you should check your calendar each morning is because certain pieces of data tend to spark significant volatility in the market. Needless to say, you want to know when these are published.
Besides, you can also click on the folder icon to see more specific information regarding each news. Put simply, when these are released, the price will often drop like a stone, skyrocket or do both. This is called slippage. Of course, the potential profits can be lucrative, and there are strategies to take advantage of these situations. Whether you want to trade or stay aside during news events is your choice, but either way, you want to know the exact time of every publication.
Before you look at the date column, note that the default time of Forex Factory is New York time. Why would you overwhelm yourself with Chinese Yuan-related news? The gray impact icon stands for non-economic events such as daylight saving time shift or different bank holidays. The Trade Explorer is an entirely web-based tool that accurately records all the statistics about your trades in the same format that is used by hedge funds and trading advisors.
To create your explorer, you need to connect your brokerage account where your trading data will be automatically imported. Please note that the explorer is only compatible with the MT4 and fxTrade platforms. You can click on each tab to view the respective data, or you can display all the four sections on the same page by clicking expand at the top right corner.
Throughout the Trade Explorer, you will spot help icons next to the important terms. Not much of a surprise, this is the overview of your trades. To be a bit more specific, below you can see the official explanatory picture from the Forex Factory website:. By default, the reported figures are calculated using the account equity. That is to say, you can easily recognize if you messed up something or if your trading approach needs improvement.
Pretty powerful. Not only does our brain process visual information more effectively than text, but visuals are also more compelling. This is especially true when it comes to financial reports. A stack of numbers on their own is not just dull but mind-numbing. Besides the basics details, you can add notes and screenshots to your trades to make yourself even more accountable. Believe it or not, you can use Forex Factory to get personalized advice from professional traders for free.
Only full members can start new threads. If you are new to Forex Factory, you must participate a little in the community to be granted full membership. This new thread will be your public trading journal where you can publish your trades plus your thoughts on them. Other FF members are able to write comments and give you suggestions. We can probably agree: leaving a comment requires more effort than hitting the like button.
Use storytelling to write an engaging introduction to your journal that people can relate to. Once you have thought up something great, you need to consistently write in your journal. We prepared a quick checklist for you about the things you should cover. Some will be from professional traders; others will be from amateurs.
Forex Factory has a ranking system to highlight members who have a lot of subscribers and are expected to post quality information. In forex, the sentiment is the combination of all the different attitudes of traders towards the different currency pairs. If you want to get a more concrete picture of the distribution between long and short positions, you can head over to Forex Factory and take a look at the sentiment indicator.
The big question is, what can you do with this data? After all, you already know the direction of the market. Why do you need more than that? One of the main tasks of the Forex Factory platform is to connect traders with the market as well as with other like-minded traders.
Forex Factory is a highly complex platform that provides curated forex-marketing information to its users in real-time. The data provided here is highly versatile as it can contain anything from trading strategies, economic data, detailed analysis reports from the users, journals, etc. Additionally, Forex Factory is also a platform that traders can use to tune out all the misinformation and other irrelevant things such as known frauds, bad trading strategies, etc that can cause harm to individual traders.
The members of Forex Factory have dedicated themselves to weed out all things that can cause harm to the entire trading community. At the end of the day, Forex Factory is simply more than just a platform to exchange or find new trading strategies. If properly utilized, this platform can help you stay ahead from the rest by keeping you updated with all the relevant information, help you find the right Forex trader, and many other helpful things that we will discuss in detail.
If you wish to learn more about this incredible platform then read on to find out how you can use the Forex Factory to take yourself to the next level in the trading world. To gain all the features of any platform, one must first gain membership. Signing up for an account with Forex Factory is free of cost. Doing this is very simple and requires no extra effort. Becoming a member also comes with its list of responsibilities one of which is to adhere to the code of conduct of the Forex Factory.
Some of those responsibilities include:. You will be required to select a public username, a password, your email as well as the country from which you will be trading. Once you have verified your account you will gain access to the full site and be able to perform a variety of activities such as:. Users can also log in as a guest but they will not be able to access the above-mentioned features. Therefore, signing up is necessary to make the most of this platform,.
The Forex Factory calendar is said to be one of the most important tools for any Forex trader. To get the most out of this feature, you must first configure the calendar to suit your needs. The first thing you need to do is set your time zone by clicking on the time display on the upper right-hand part of the calendar.
Doing this is extremely crucial to ascertain the right time of each news event that you will come across on this platform. After the time-zone has been set, you can move on to filter what kind of news you want to be shown and what currencies you are interested in. You can find the filter option on the upper right-hand part of the calendar. After you are satisfied with the preferences you have set, you can simply click on Apply Filter.
The Forex Factory calendar can be an invaluable tool for potential traders. However, it is advised to not depend heavily on one tool alone to enter the forex trade market. To stay updated on all events, ensure that you have a set time interval to check the calendar.
For e. Getting to know the market is highly crucial to be successful at trading. Keeping this in mind, Forex Factory came up with another invaluable feature for everyone called the Market tab. To save time catching up on all the information that has accumulated while you were offline, you can simply click on the Market tab on the upper part of the calendar and soak up all the necessary information regarding the ups and downs of the market. The Market tab on the Forex Factory website is a highly crucial feature as keeping an eye over your trading positions constantly will eat up a lot of your time.
Having a quick look at the Market tab saves you invaluable time. Live forex charts will be displayed on your screen showing real-time market updates for you to analyze and make decisions with. Additionally, this feature will be synchronized with the time zone that you had set earlier on the Forex calendar making it easier to make sense of the data that it provides you with. Forex indicators refer to the tools and indicators that are used by traders to forecast or predict the movement of prices on the trade market.
Indicators work by taking into account the volume as well as the price of a selected financial instrument and calculating them to predict where its prices will lead to next. The MetaTrader 4 platform allows these calculated indicators to be represented In visual forms such as graphs so that they can be understood and interpreted by everyone.
The Forex Factory allows for a huge number of indicator tools to be used on their platform to aid the traders in their investments. Such as Pipbreaker indicator shown in image. Finding a trustworthy broker can be a daunting task especially for those who are new to the whole online trading experience. People are often disheartened when they hear stories about how someone got duped from their broker or how complicated and overwhelming the process of trading via an online broker can be.
This is where Forex Factory comes to the rescue of the traders who use their platform with such doubts in the back of their minds. Using Forex Factory, you can filter out the traders that you can work with. Forex Factory provides you with a list of potential brokers who have been vetted by thousands of users. To access this feature, all you have to do is head over to Brokers tab on the top of the Forex Factory homepage and navigate through it. On this tab, you will be able to identify the brokers that you might consider dealing with by comparing numerous factors such as their minimum deposit amount, the platforms that they support, the languages they come in, their headquarters as well as their regulation details, real-time spread, which markets are available with them, etc.
Experienced traders often look for key factors such as how many countries the broker is regulated in, how easy it is to deposit and withdraw money from the broker, how responsive their customer support services are, what their real-time spread is during normal as well as major news hours etc. Like any good interactive platform that has thousands of registered users and hundreds of users online at any given time of the day, the Forex Factory has an abundance of forums available on their website.
Users can simply browse these forums to pick the brains of fellow traders who are more experienced at this craft and are willing to share their knowledge on a public domain.
Share ideas, debate tactics, and swap war stories with forex traders from around the world. Hi guys, I just want to confirm something but my brain has failed me. I want to make or lose 20 pips for a trade which is going to be equivalent to a 2%. The neocortex brain is the third, youngest brain. It is the brain of disposing of the future, the possibility of conscious planning.