GOLF AND FOREX - forex trading books online

GOLF AND FOREX ~ forex trading books online

Forex for most traders is like a very expensive golf addiction. Everyday they play their little hearts out, but never make it out of the sand trap. The more they play the deeper in debt they get.....

WHY????????

Why is it that You have a handful of traders that truly become forex masters while the rest remain amateurs???????

Its simple really........Losing traders hold on to losses, while talking themselves out of following profitable trades. It is a vicious cycle, holding losses because of fear, blowing up another account, adding money to your account with your credit card, saying this time will be different while struggling to pay bills and climbing deeper in debt. Sound familiar????????????

This is not the way this game is suppose to be played, yet for MOST traders this is the harsh frustrating reality. The brokers who trade against You count on You holding losses so that they can send their children to Ivy League colleges, drive fancy cars and send their wives to those swank salons. The more traders hold losses the better lifestyles brokers enjoy.

Forex is suppose to pay You, not be a continual vacuum hose draining Your families wealth. THE #1 CAUSE OF FAILURE IN FOREX IS LACK OF DISCIPLINE!!!

Any forex master will tell You that forex is not hard, it is the discipline to consistently trade a winning strategy even through a series of losses that is hard. Forex is psychological warfare, it creates a kind of prisoner of war mentality for the losing trader, whipsawing him around back and forth, stopping him out until he is so confused that he doesnt know which way to go. When the real trading opportunity presents itself, he is too scared to enter and if he does enter he exits too soon because he is always on pins and needles waiting for them to trick him, so instead of riding the trade for the full profit, he jumps off while he has a little safe profit.

The #1 predictor of forex failure is the inability to cut a bad trade. IF YOU CAN NOT CUT A BAD TRADE, IT IS IMPOSSIBLE TO WIN HERE. There are a ton of systems teaching You tricks and strategies; but few tell You a critical truth that if YOU CAN NOT CUT A BAD TRADE, then eventually You WILL SURELY LOSE no matter how big Your starting balance may be.

A healthy prosperous trader is different in that he sees a good set-up and enters, if he sees that the advantage is lost, then he recognizes it for the trap that it is and quickly gets out, preserving as much capital as possible for the better trade. A trading star realizes that he can always earn back whatever was lost and even more.

If You take a hit, dont consume Yourself with the amount loss, CONGRATULATE YOURSELF for being smart enough to save your wealth to take advantage of the trading opportunity that will allow You to increase wealth.

It is an old but very true saying, especially in forex, A STITCH IN TIME SAVES NINE! In other words cutting that bad trade will save you from digging a deeper hole in the sand trap of debt and allow You to begin to build instead of deplete Your familys wealth.

All successful traders trade with superior discipline. LACK OF DISCIPLINE IS THE KILLER IN THIS GAME.

The best thing about forex is that You dont even have to be that smart to do it. Any man of normal intelligence with the patience to wait for a good trade set-up, the strength to cut a bad trade and the patience to ride profit to fruition can do well here.

EXPECT TO SUCCEED IN FOREX. IF ANYONE ELSE CAN EXPERIENCE SUCCESS HERE, YOU CAN TOO!

YOU CAN ABSOLUTELY DO THIS (^_^)

HAPPY PROSPEROUS TRADING 2012!

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FINDING THE PERFECT ENTRY - best forex trading books reviews

FINDING THE PERFECT ENTRY ~ best forex trading books reviews

While finding the perfect entry is the fantasy of every trader. There is no such thing. It is pure myth. If you get an exact top/bottom it is more luck than science. We have many indicators to help us to do this, but finding a good entry point can still be a challenge.

While there are no perfect entries; there have to be entries that put the odds of success in our favor

I think the secret to getting a good entry is the waiting. I get more profitable trades than losses because I am willing to allow the trade to come to me. As a trader I do more waiting than trading. Many people dont get that, but the secret to getting your best market entry is in the waiting.

Here are some things that might help. Mark Yesterdays support and resistance , if you are near yesterdays support when you enter the market and price is moving in a bullish fashion, there is a high percentage that you can take your trade long for a good ride. If you exceed yesterdays high and you get a reversal, then you are probably in for a sweet ride to the down side.

If you are at a midpoint, you might want to wait for a pullback or bounce for a better entry. If you have enough distance from your support or resistance, then most of the time you are safe to follow that short term trend. This works best on a non trending or slightly trending market. In a trending bull market, sometimes you will dip down to just below the high of the previous day all the way down to the low of the previous day before price continues on in its bullish pursuits. In a trending bear market, price might rally above the previous days close and in rarer occasions all the way to the high of the previous day before reversing.

Never buy near yesterdays top or sell near the bottom unless you are in steps. If You sell near the previous days top or buy near yesterdays bottom, you are much more likely to get a break even trade if the market doesnt do what you expect.

Here is a great link that will show you roughly what your pair is going to do hourly and daily. It also shows you the times that your pair is most active:

http://www.mataf.net/en/tools/02-01-volatility

This is only a guide, compare it to your charts to see how accurate it is overall.

Guys, you can do this and play with the big dogs, but you must educate yourself and employ the kind of discipline that puts you in the winners circle.

YOU CAN DO THIS (^_^)

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TIPS FOR FINDING GOOD TRADES ON A SMALLER TIME FRAME - forex trading audiobooks

TIPS FOR FINDING GOOD TRADES ON A SMALLER TIME FRAME ~ forex trading audiobooks

People find many ways to be successful in the market, some use price action, some use trend lines, some use moving averages and other indicator, some use the news and some use support/resistance, etc. Whichever method You use to bring You success, supreme discipline will make it even more successful. REMEMBER: Your biggest opponent to market success stares back at You from Your own mirror.

Since you never know what the market is going to do, always be prepared to cut a trade that has moved against You. If You are telling yourself, it will come back that is a trade You should have cut.

With a good signal, You are only likely to get 2-6 trades per 24 hour day that yield 30 pips or more on the EUR/USD.

Since the market doesnt trend most of the time, it is a good idea to master other forms of trading.

Lets talk about ways to increase your odds of getting some of those trade set-ups.

Know Your candlestick reversal patterns.

Understand support and resistance.

Understand trend lines, moving averages or any other indicator that you are using.

The more things You have confirming Your analysis the more likely You are to have entered a successful trade.

Example:
A hammer at a point of previous support that closes above a major moving average, at a Fibonacci retracement, with a MACD cross and an oversold Stochastic. That is a pretty extreme example, but more confirmations You have to Your advantage the better.

Always be sure that your flagship candle closes prior to entering the market, because like the hammer in the paragraph candles can drastically change form in the last minutes or seconds of a candles closing.

Considering that You have so few really great trades in a day, You need to put as many odds in Your favor as possible.

Try to trade the more active liquid markets

If You are in a range bound market be sure to identify resistance and support. Only counter-trend off of resistance or support with proper candlestick confirmation.

Trade in harmony with an established trend.

Swing trade swing highs and swing lows in a swinging market.

Wait for a candlestick candle to close confirming a signal.

Have 2 or more things confirming Your analysis.

Take good candlestick reversals within a trend and against the trend. In an established trend You will have corrections and retracements, getting a strong reversal signal in harmony with the established trend usually makes for a good entry.

No trend goes on forever, at some point trends take hard dips and reversals. Candlestick reversals make valuable entry signals in these situations. The more confirmation to that signal the better.
If the next candle engulfs Your entry candle, GET OUT!

Often times reversals at the beginning of a trend is a trap. The more established Your trend; the more likely it is to reverse with proper reversal confirmation.

Trend lines and moving averages are good temperature gauges, they help identify a trend that has already started or they can show market strength or weakness. A price break and close above usually indicates strength and a break and close below shows market weakness, but these can also be market shake outs.

KNOW THAT UNLESS YOU ARE A GREAT SCALPER, YOU DO NOT NEED TO BE IN THE MARKET ALL DAY. AFTER A GOOD RUN, YOUR TRADE IS LIKELY TO RUN OUT OF GAS. Use this time to rest and wait for the next trade. YOU USUALLY DONT GET GREAT TRADES BACK TO BACK. THERE IS USUALLY A WAITING PERIOD IN BETWEEN GOODTRADES. LIKE A BUS SCHEDULE INCLUDES WAITING PERIODS BETWEEN BUSES, SO DOES THE MARKET BEEN PROFITABLE TRADES. THERE IS A WAITING PERIOD, SO WAIT; OTHERWISE THE MARKET WILL TAKE BACK THE PROFIT IT GAVE YOU!!!!

THE VERY BEST SET-UP CAN FAIL. THE MOST IMPORTANT TOOL IN A SUCCESSFUL TRADERS TOOL BOX IS THE CUT SCISSORS TO CUT A BAD TRADE QUICKLY!!!!!!

THE DIFFERENCE BETWEEN A SUCCESSFUL TRADER AND THE UNSUCCESSFUL TRADER IS DISCIPLINE!


If You get tricked, CUT THAT TRADE SHORT AND TRY AGAIN LATER!

DISCIPLINE WILL DO FOR YOUR FAMILY WHAT DESIRE WONT!!!

YOU CAN DO THIS (^_^)!

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WHY DO WE HOLD ON TO LOSSES - best forex trading books for beginners

WHY DO WE HOLD ON TO LOSSES ~ best forex trading books for beginners

Why do we as traders hold on to our losses???????

Hope,
Fear,
Anger,
Apathy,
Confusion,

When we see ourselves on the wrong side of a trade, we hold on with the thought that the market will soon come back in our favor, because most of the time it does. Hope, one of the greatest gifts GOD has given us, can get you killed in the market.

The fear that when we let go of that loss, price is going to come back in our favor and we would have taken that hit for nothing.

The thought that we cant take this loss, because we dont want to give back some of our profits. Then the loss becomes so large that we really cant afford to take it, so we leave it in the hands on the market hoping for mercy. In that situation, believe me the market is going to run over You every chance it gets, and will wipe You out as many times as possible. As generous as it is on the right side of the trade, it is a ravenous beast with no mercy on the other.

You have done all of Your analysis right, You have waited for a proper trade set-up and everything says that You have the advantage, You get in the market and the trade goes against you, and You are madder than hell because You were right, so You refuse to cut the loss. Let me say that the market loves that, because Your anger is only giving them more of your hard earned money. Your analysis can be 100% perfect and the market can still go against You, because the market will do as it pleases. It leads and You follow, but make no mistake, the same market that lines your pockets so fully can also turn on you like a mad dog.

Another thing that happens when a loss becomes too large is that thought that "I should have cut it at $100.00, now it is $1,000.00". Then the apathy sets in and You just dont care what happens any more. If it comes around fine, or if I get wiped out so what, whatever, then You turn off your screen and You do something else, but You cant stop worrying about that loss that is looming over You larger than life. It is so much better for you to cut a loss than to have the market cut it for You.

The other thing is the confusion about when to cut a loss, it can get to be hard, but having a predefined stop before your entry or soon after or a physical SL, will make taking a hit much easier. I never like to try to define peoples SLs because it is a matter of risk tolerance. You know how much You can afford to loss, and Zero is not an option, while none of us want to lose anything, it is just not realistic in this game. There are people who were prosperous for years in the market and got wiped out in single day or week because they could not stand to take a loss. As long as You have money, you have money to make more money, but when your money is gone, you have to get up from the table.

These things are easy to say in theory but hard to do practically, it is I think the hardest discipline that a trader learns, but we must learn to cut losses quickly. The heartache and money I could have saved by cutting my losses quickly and going in the direction that price was moving would be enough for that new Camaro that I love.

That is the great thing about the market, if You survive to play another day, You eventually get it.

CUT YOUR LOSSES QUICKLY (^_^)!!!!!!!!!!!

A failed long usually makes a good short, and a failed short usually means a good long (^_^). There is always good money to be made in the market, just dont be the one because of your false hope, or stubbornness, that the market is making money off of. Dont allow the market to feed on your families hard earned money cut losses quickly!!!!!!!!!!

YOU CAN DO THIS (^_^)

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