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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Multiple Time Frames combine with RSI and support resistance - forex trading charts eur/usd

Multiple Time Frames combine with RSI and support resistance ~ forex trading charts eur/usd

A technique to improve your trading decisions

Have you ever seen RSI overbought and wonder whether it was the right time to sell? Let’s face it, an overbought reading in a momentum oscillator can merely mean that price is strong and may even turn into an uptrend.

Is it a valid overbought signal? Do you sell? Where do you sell? Where should you place your stop?

Quite often using two charts of different time frames can help. For instance, let us suggest you have seen an overbought reading in the daily chart but there is no bearish divergence. What you can do is look at a shorter time frame chart, a 4-hour or 2-hour chart to see what is happening there an whether a more accurate sell signal can be identified. Let us look at recent example in EURUSD:

Above is the daily chart of EURUSD as it approached 1.3258. Daily Rapid RSI was showing an overbought reading but there was no bearish divergence. From this chart alone we probably couldn’t work out whether there was a selling opportunity or not.

This second image is the 2-hour chart of EURUSD but here it can be seen that the peak at 1.3258 was accompanied by a bearish divergence in Rapid RSI. We are therefore on warning that a reversal can occur and that the daily overbought reading may well be correct.

Next we have to identify a selling level and in this case it is on the break of the price support line which has touched price four times before it finally breaks and this is where we can place our sell-stop. The money management stop should ideally be placed above the 1.3258 high but if this is too high and would cause a large loss then we can look at placing a stop above the rising trend line. However, do note that is a rising trend line and could mean that your stop needs to be raised to allow a possible retest of the line.

In this case the trade would have been very profitable with a decline down close to the daily pivot support which rests around 1.3050. A take profit order can be placed just above this to exit the position at a tidy profit.

Utilizing a lower time frame chart to identify when Bollinger support/resistance will hold

Following on from the first description of using multiple time frame charts to both strengthen your analysis and enable tighter entry and exit trades, let us take another look at using these in a different example.

Many traders like to use Bollinger Bands to try and identify entry signals. The problem I have always had with them is that they only provide approximate support and resistance which causes problems in knowing where you should enter and where the stops should be placed. Not only that but sometimes they just don’t seem to work at all as a support/resistance tool and the judgment of when they’ll work appears purely subjective.

Take a look at the daily chart of GBPUSD:

In the center of the chart we can see that price has declined to the Bollinger low and on first touch it does bounce only to fall below the lower band and does so on three consecutive days. On the day before the absolute low Rapid RSI moves into the oversold extreme. Does this mean we can buy? Maybe. Sometimes it works and sometimes it doesn’t.

So what should we do?

The following chart is the 2 hour chart showing the approach to the low at 1.9400.

On the left of the chart we can see that price falls below two identical lows and these can then be considered as pivot resistance. We then see the three pushes lower and on the daily chart we know that the Rapid RSI went into an oversold extreme.

Do we buy at that point because is looks like the Rapid RSI on the 2 hour chart is developing a bullish divergence? The answer is “no.” Divergences should only be traded on a break of a pattern. In this case we have an intermediate downtrend line and it is only after the final low that price breaks above the trend line and thus confirms the bullish divergence in Rapid RSI. You will also note that following the break above the trend resistance that price reverses briefly to retest the trend line which provides a second buying opportunity.

Following the break of the trend line which was the day after the daily oversold reading price rallies by 200 points. That’s a good profit… Not only that, by waiting and observing the 2-hour chart you can avoid trying to pick the bottom as suggested in the daily chart.

Remember, it is normally best not to try and pick tops and bottoms as these will often provide losing trades. Waiting patiently for the right signal by fine-tuning the entry on a shorter time frame chart can reduce losing trades and make the final trade a more profitable one.

Good luck !

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MULTI TIME FRAME TRADE ADVICE INDICATOR - basics in forex trading

MULTI TIME FRAME TRADE ADVICE INDICATOR ~ basics in forex trading

Trend_alex is a multi timeframe indicator to identify the trend. Its advantage is the advice to open trade or wait for better moment, Trend Indicator Alex is very simple to use and fits any trader. By default it measures trend in 3 timeframe : 15M, 1H and 4H

Rule to enter trade is very easy, just follow the text displayed on your chart, Buy/sell when it tells you to buy/sell and there are 3 level to take profit displayed on the right side to help you decide when to exit the trade, example is below :

If you buy this system, you will receive the Super Trend Norepaint Signal  FOR FREE
Price is 27 USD, no limit, no expiry, instant download 

Any question, email to marketivaster [at] gmail [dot] com
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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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A useful directional oscillator - forex trading charts analysis

A useful directional oscillator ~ forex trading charts analysis

Have you ever looked for an indicator that could provide you with a broad indication of price direction? Well, here’s a nifty little indicator that could help.

It’s very similar to MACD but tends to suffer fewer whipsaws in flatter corrections. The basic concept behind the MACD indicator is instead of using the crossover signals of two moving averages to base signals, it assigns one (exponential) moving average to represent price and a second, longer (exponential) moving average to represent the underlying direction of price.

The problem with just using the crossovers of two moving averages is that the signals can come very late and much of the directional move can be complete when the signal is finally generated.

The MACD, by measuring the width between the averages, is more sensitive to how fast the averages are moving apart (divergence) and also how quickly they are moving together (convergence.)

The drawback of MACD is that it can be so responsive to changes in direction that it can provide a signal too quickly.

The challenge is therefore to devise an oscillator that will remain responsive but avoids some of the premature signals.

Therefore, what I did was use a linear regression average. While all averages have a lag due to the look back period the linear regression average tends to remove some of the lag and move closer with price itself.

What we could do as an indication is merely take the close price and deduct the value of the linear regression average. However, as you can see from the following image it produces a rather choppy result from which signals are not obvious or even useful.

Therefore the challenge was to provide a signal that was more a reflection of the underlying direction. To achieve this I took an average of the linear regression average but to retain sensitivity I used and exponential moving average that gives more weighting to recent values. I used the same period for the exponential moving average as I did for the linear regression average.

Then to avoid whipsaws from price I used a 10 period linear regression average of price. Now, the result is far more useful…

Basically using the crossover of the oscillator through the zero equilibrium line we can generate signals. Very clearly such simple signals are rather raw and we should at least use some basic common sense.

For example, to the middle right of the chart we can see a period of consolidation that caused the oscillator to drop below zero and then recover. When seeing this we should remember that using indicators blindly can make us ignore very simple rules.

We can see that price is consolidating and in these situations it is far wiser to trade on breaks. If price had fallen to break below the first corrective low then it would have been a stronger signal. Until that occurs we can still see that both highs are rising and lows are rising which indicates a potential uptrend.

We may choose to square a long position and then renter once a stronger signal has been generated. If the general trend in a larger time frame (this chart is hourly) we could choose to remain in the position. In this situation it would have paid off.

Good luck !

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RSI ADX BOLLINGER COMBINED SYSTEM MT4 INDICATOR - indian forex trading basics

RSI ADX BOLLINGER COMBINED SYSTEM MT4 INDICATOR ~ indian forex trading basics

Hello

Today I would like to bring you a useful beautiful mt4 indicator named JOGET invented by an savvy Indonesian trader with nick name masemus.

The system use a combination of these basic technical indicator RSI, ADX, BOLLIINGER BAND to help generate as highly accurate as possible entry point. It will also display useful info like trend, Pivot point, broker time, your computer time, and 3 levels to take profit .......

How to use the RSI ADX BOLLINGER COMBINED system, just click the screenshot below to see :

Its free download and free to use without any limit at this link JOGET2U

The file is compressed with password, to view the password, scroll down to the comment area after clicking here RSI ADX BOLLINGER SYSTEM INDICATOR

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Forex Trading Strategy by Using Multiple Time Frames - forex trading a beginners guide

Forex Trading Strategy by Using Multiple Time Frames ~ forex trading a beginners guide

I personally prefer this method in order to cross check my daily "Forex trading Analysis". The easy way to use this strategy is that you need to check your preferred currency pair on various time frames on your MT4 platform. After looking at different time frames we can easily detect possible trend on small and long term basis. You must look in to 2 to 3 time frames before taking your trading decision.One of the best combination is you must first look into H1, H4 and M15 time frames for best results.
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