BASKETBALL AND FOREX - price action forex trading books

BASKETBALL AND FOREX ~ price action forex trading books

We can learn a lot about how we should strategize in forex from basketball. In basketball if a player misses a shot, the team doesnt sit down, close their eyes and ears, while the other team is still playing; hoping that the game is going to come back in their favor. If a coach told you that was his strategy, youd say that was ludicrous. Yet in forex a trader will put in a bad trade, turn off the computer, leaving the mistake to grow bigger, hoping that things will come back in his/her favor.

Good trading doesnt work like that, you have to practice good defense, you have to protect yourself!!

Everyday in forex you have an opponent and you must use your defense if you are going to be consistently profitable.

In basketball if your point guard has an injury that is keeping him from scoring, you cut that player and use the back-up point guard. In forex You must do the same thing. When your primary plan fails, you MUST cut that position and use a back-up plan..

Many times as traders we take a hit and quit. If you have a good strategy, you can keep playing until you are ahead of the game.

Two things you must remember to get into the big leagues. #1 CUT BAD TRADES QUICKLY #2 DONT OVER-TRADE YOUR ACCOUNT. When I say dont over-trade, I mean if you have $1000.00 account dont trade a half of a lot.

If you have a $100.00 account and you trade 1 micro lot (.10) you can grow that by $5.00/day. Everyday that You reach your goal you can add 2 more pennies, which will give you an extra dollar everyday on 50pips. At that end of the 1st week, you will have $35.00, $75.00 the 2nd, and if you stop at that (.30), you can make an additional $150.00 for the month, for a total of $260.00 the 1st month; which is more than double what you started out with. The 2nd month youd have $300.00, that is an additional $3560.00 for the year if you add .02/day to .10 and stopped at .30 and stayed there the rest of the trading year.

Remember forex is a get rich slow game, so dont over-trade your account.

Use discipline with a good strategy. Most importantly CUT BAD TRADES QUICKLY, because the best strategy in the world is no match for a free running loss!

NEVER LET THEM TRAP YOU!!!!!!!!!!!!!!!!!!

CUT BAD TRADES QUICKLY!!!!!!!!!!!!!!!!!



If you take a hit, dont sit down and quit hoping the other team is going to have mercy and let you win. They are your opponent, they are not your babysitters, they are out to beat you. You have to stay in the game, practice good defense, and protect yourself if you are going to come out ahead!!!!!

You can do this(^_^)!!!

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CONTROLLING RISK - forex trading magic_full_course_and_books

CONTROLLING RISK ~ forex trading magic_full_course_and_books

One of the most important things You can do as a trader is to control your risk. In other words pre-set a point that You have determined that You could possibly be wrong.

Remember, trading isnt hard, it is just tricky because everyday the market does the same thing, it moves up and down and sideways and gets choppy. It not only does this every day, but every week, every month and every year. Your job is to determine the primary direction of the markets movement and try to profit from that knowledge.

Sounds easy, but there are hidden traps in the market to snag You, and keep things interesting. Market Makers are always trying to to trick You before taking price strongly against You. They are attempting to trap You in a losing position. This happens everyday in the market, and it WILL eventually happen to You too.

You advantage is in keeping your losses small. Have a predetermined amount of pips the You are willing to lose. Once You have determined that amount, say 20 pips or so on a short term trade, MAKE NO EXCEPTIONS!!!!!!!

A FREE RUNNING LOSS can be a major game changer!

It should not take a -200 pips in short term trading before You realize that You have loss Your advantage. If You are telling yourself "Ah it will come back", chances are very good that You are already in trouble!

Being a pro traders does mean that you never take losses, being a Pro Trader means that You never let losses take You out of the game!!!

NEVER LET THEM TRAP YOU!!!!!!!



If You are telling yourself "Ah it will come back", chances are very good that You are already in trouble!

CUT BAD TRADES QUICKLY AND GO IN THE DIRECTION OF PROFIT!!!!!

YOU CAN DO THIS (^_^)!

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HOW I TELL I AM LOSING MY ADVANTAGE - forex trading bangla book pdf

HOW I TELL I AM LOSING MY ADVANTAGE ~ forex trading bangla book pdf

When trading the 1 min time frame it is essential for You to be able to recognize when You have lost Your trading advantage.

These are ways that I can tell that I no longer have the advantage that I believed that I did:

If price moves above/below the previous candle even though it may not close there, I dont have the advantage.

A good trade should run in your favor almost immediately !

If you are not in a decent profit in 7-10 mins , then You may want to consider getting out with a tiny profit or at break even, because chances are high that price is going reverse on You.

Wacky MAs- Pay attention to the order of Your MAs, it is very important, they will tell You if You are in a good trade or trade hell. If your moving averages are 1, 2, 3, 4, 5, then they should be in order 5, 4, 3, 2, 1, or 1, 2, 3, 4, 5, not 4, 2, 3, 1, 5.

Lastly a flat 50 period strongly suggest that You may not have the advantage that You thought.

YOU CAN DO THIS (^_^)

Get 10 Trading Lessons FREE

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RISK MANAGEMENT - forex trading books 2013

RISK MANAGEMENT ~ forex trading books 2013

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THE FOREX TRAP GAME - forex trading books for beginners in hindi

THE FOREX TRAP GAME ~ forex trading books for beginners in hindi

Every day big forex players set traps for little less experienced traders, and as they predict most of the less experienced and sometimes the more experienced traders fall in and lose their monies. Why???? Because trading forex the right way takes the extreme level of discipline that the big players know most people dont possess. The inexperienced trader often possesses the same knowledge as the pro, but the difference between the two is in the execution. The pro will trade a good plan with a very very high level of consistency while the less disciplined trader will try to wait out traps that he has fallen into with the hope that the market will eventually turn and come back in his favor sometimes losing days of sleep waiting for this miraculous turn about. This is the trader that big banks and institutions love because it is this poor undisciplined soul that the banks count on to make their nice lavish livings. It is the truly disciplined profitable traders that the banks lose paper on.

Everyday the banks and institutions use their financial advantages to move price in an artificial direction for a short period of time often creating what looks like a legitimate profitable trade set-up. The traders who see this advantage quickly follow the price move only to find themselves trapped soon after the move has begun. Now this is where the banks find their feeding ground as they know that only a handful of traders have the discipline to cut this small loss and wait for a better trade set-up. They know that most traders are going to cry, pray and beg GOD to do what they had the power to do all along; the next thing You know most of those guys have gotten a margin call and a large amount of funds are transferred from many many small traders who often cant afford it into a few large fat accounts.

This happens day after day after day and the sad thing is most traders dont get it and end up in a debt hell that creates their worst nightmare on earth; while the victors are laughing about their score all the way down to the bar where they will spend a few thousand dollars before they retire for the evening waiting to play the same set-up on unsuspecting traders the next day. It is the sweetest money making deal on earth, and it never changes.

DONT LET THIS HAPPEN TO YOU!!!!!!
BE SMART AND FREE YOURSELF FROM TRAPS IMMEDIATELY!!!!!!!!!
DO NOT MOVE YOUR STOPS, IF YOUR STOP IS HIT, IT IS PROTECTING YOU FROM GREATER LOSS.
IF YOUR STOP IS HIT IT MEANS THAT YOU DONT HAVE THE ADVANTAGE THAT YOU THOUGHT YOU DID AND YOU WILL JUST HAVE TO TRY AGAIN.

TRADING WITH DISCIPLINE IS THE ONLY WAY TO ENJOY ANY REAL SUCCESS IN FOREX. When the market traps you in a disadvantage, it will devour you without mercy!!!
SO FREE YOURSELF FROM EVERY TRAP!!!!!!

Wait for a proper trade set-up and when You see an advantage, go where the money is going.
Dont allow the money to move too far against You, otherwise Your goose will be cooked.

It happens everyday, dont allow them to keep tricking you the same way, and unless you trade with superior discipline, STAY OUT OF TIGHT CONSOLIDATION, it is too much of a gamble....

YOU CAN DO THIS (^_^)!

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KEEPING RISK SMALL - advanced forex trading bangla book

KEEPING RISK SMALL ~ advanced forex trading bangla book

Keeping risk small and rewards big is what a good trader is always attempting to do.

How can we do that???

How can we gain that kind of advantage??????

One way I have discovered is by trading off of the 1 minute time frame.

Why is that an advantage??????
It keeps your risk small when you find yourself on the right side of the trade and within a matter of minutes, you will see that you can secure a very nice profit.

The advantage that it has over larger time frames is that you are able to get in on a move quicker, giving you access to more profit with a smaller risk. Many times when you are trading off of the larger time frames by the time you get your confirmation, the move is almost over, the reward is smaller and the risk bigger, especially if you day trade.

One of the problems that comes as a result is that you find yourself in a nice profit briefly before price reverses strongly on you again, then you find yourself hoping and waiting for price to come back in your favor, kicking yourself all of the time, thinking I should have got out when I had a profit.

Now I do need to mention that while you get many more trading opportunities off of the 1 min time frame, You also get many more false trading signals.............

Lets put the odds in your favor a little more. I dont use a trend line on the 1 min chart, just on my longer time frames, so there is always a trend line available, but it comes off a larger time frame. On your 1 min chart, you may want to consider a moving average, right now I am experimenting with the 8, 10, 14/15, 20 and the 50 period SMA.

Though your SMA is a lagging indicator, it can still give you some clear trading advantages by showing you the times that the odds are the most in your favor.......



The real sweet spot.......

TIME, time is the magic ingredient to pulling off a successful and profitable trade. There are market sweet spots, times when your pair is the most active. Those are the times that give you the biggest opportunity for profit. You want to capitalize on these times. Two good trades at these sweet spots will make your trading day.

Here is a chart that will give you an idea when your pairs are the most active:
http://www.mataf.net/en/tools/02-01-volatility.

The most important thing to remember about the 1 min chart is to get in, get your profit and get out. You can not ride a 1 min trade all day.................On the 1 min chart it iS imperative that you cut your profits when things are no longer going in your favor, because price can soon engulf your profits if you dont.

So in closing the things you want to keep your risk small are:
The sweet spot in time:
A proper trade set-up
Speed of execution.

YOU CAN DO THIS (^_^)

Get 10 Trading Lessons FREE

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Determine Your Risk Tolerance - forex trading charts iqd usd

Determine Your Risk Tolerance ~ forex trading charts iqd usd

Each individual has a risk tolerance that should not be ignored. Any good stock broker or financial planner knows this, and they should make the effort to help you determine what your risk tolerance is. Then, they should work with you to find investments that do not exceed your risk tolerance.

Determining one’s risk tolerance involves several different things. First, you need to know how much money you have to invest, and what your investment and financial goals are.

For instance, if you plan to retire in ten years, and you’ve not saved a single penny towards that end, you need to have a high risk tolerance – because you will need to do some aggressive – risky – investing in order to reach your financial goal.

On the other side of the coin, if you are in your early twenties and you want to start investing for your retirement, your risk tolerance will be low. You can afford to watch your money grow slowly over time.

Realize of course, that your need for a high risk tolerance or your need for a low risk tolerance really has no bearing on how you feel about risk. Again, there is a lot in determining your tolerance.

For instance, if you invested in the stock market and you watched the movement of that stock daily and saw that it was dropping slightly, what would you do?

Would you sell out or would you let your money ride? If you have a low tolerance for risk, you would want to sell out… if you have a high tolerance, you would let your money ride and see what happens. This is not based on what your financial goals are. This tolerance is based on how you feel about your money!

Again, a good financial planner or stock broker should help you determine the level of risk that you are comfortable with, and help you choose your investments accordingly.

Your risk tolerance should be based on what your financial goals are and how you feel about the possibility of losing your money. It’s all tied in together.

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