IF YOU FOLLOW GOOD TRADING RULES! - best forex trading books of all time

IF YOU FOLLOW GOOD TRADING RULES! ~ best forex trading books of all time

If You follow good trading rules, You will come out ahead. The problem is Traders want instant gratification.

If You are 70 pips in the plus and You get stopped out, cut that bad trade. What we forget is that if we take a 15pip hit then we are still ahead by 55pips.

As a Traders, You will lose some battles. SO WHAT?!!!! The important question at the end of the day is; have You won the War! You must win the war here in order to succeed, and that is going to involve learning to cut trades that are eating away at Your hard earned capital.

As Traders if we play all day and come out ahead by 8 pips, all we focus on is the 30 pips we lost
WRONG!!!!!!!
Mourning the loss puts Your focus on what is wrong instead of what is right, which puts You at a huge handicap the next time You are up to play.
There are 2 things that I believe will help Your game...........

#1 Congratulate Yourself on a good days play and the fact that You came out ahead!...

#2 Lastly never beat Yourself up for a bad trade, review Your missteps and see how You could have played better. After analyzing it, use the lesson to improve Your game.



Many traders will make 30 pips and see another good entry that ends up going against them and many times will give the market back that gain because they dont want to lose any money.

If You dont have the discipline to cut a loss, then You dont need to play this game! All You do when You hold a bad trade is make rich fat cats out of those who spend their lives tricking traders.

Listen to me, if You play by good, sound, solid rules then You will mostly come out ahead. You can take up to 4 hits a day and still come out ahead as long as You follow good sound rules with discipline.

http://tradersbud.blogspot.com/2009/10/discipline.html

Keep Your losses small and stick with Your trade until Your rules say cut it. Dont forget that the best traps look like legitimate trade set-ups; thats how they get us.

They lead us into traps deliberately, but it is up to us to spring these traps and free ourselves to follow profit. They only trick us to get us out of the way so that they can enjoy the real price move without our interference.

Too many of us will lose several hundred pips because we refuse to take another loss, when the simple, but not easy truth is: when We realize that price has gone against Us, We can cut that bad trade and make great money following profit, instead of rationalizing why that bad trade has to work out!

Many of Us will go so far as to call Our bad trading bad luck, but the truth is, it is bad trading that comes from a lack of a good set-up, a lack of discipline or refusal to follow good trading rules in the face of a loss.

No GOD is not punishing You, You are as smart as the next girl/ guy doing this, they have just learned the level of discipline that it takes to be successful and YOU CAN TOO!

Listen, I hate a loss worst than anybody and have lost more money than I have gained because of it. What I am discovering is that with patience and discipline, I can take much more from the market than I ever give!

Following good rules all of the time will put You in the winners circle and keep You there! It is possible and it is possible for Y-O-U!

You can absolutely do this. You can be successful at forex, with patience, discipline and a good trade set-up!

YOU CAN DO THIS (^_^)

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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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CAN YOU BEAT THE SYSTEM - fundamental forex trading books

CAN YOU BEAT THE SYSTEM ~ fundamental forex trading books

Can you beat the system ??

NO!, but you can still make great money. There is no humanly way that you can beat the system, but you can make a very comfortable and profitable living from forex. Forex has a language of its own and in order to have a glimpse of success, you have got to learn the language. The better you master and translate the language, the more successful you become.

What is this strange language????

It is the language of the charts. It doesnt matter whether you interpret candlesticks or bars ( I have a strong preference for candles), you must learn to properly interpret this secret chart language of price action. Your charts are the only indicator that is telling you the real right now truth.

The only disadvantage to the charts that you see is that you can not see what is going on behind the scenes; but many times if you are properly interpreting your charts, you will glean clues about the possible direction of the market.

Even with the knowledge of this secret mysterious chart language of price action, you can still get tricked. It happens.

Why ?????

Because the house always has and will keep the advantage. You can only hope that your interpretation of the language of the charts will be profitable for you most of the times. If you are properly interpreting this language most of the time, you will do very, very well as long as you dont allow your losses to run forever.

Even after some traders become fluent in this price action language, they allow their losses to run and cut their profits short. THIS IS BACKWARDS and WRONG. The profits are suppose to run and the losers are suppose to be cut short. As traders, we all know if we had cut that trade short when we saw the market turn against us, we would have come out with a small loss as opposed to the crippling monster we ended up with. Dont allow your losses to run free. It is up to you when you are comfortable cutting them, but dont allow them to take over.

LEARN YOUR CHART LANGUAGE!

Going to your local library and picking up Steve Nisons book is a great place to start.

YOU CAN DO THIS (^_^)

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Foreign Exchange Markets What You Need To Know - forex trading 5 min chart

Foreign Exchange Markets What You Need To Know ~ forex trading 5 min chart

The foreign exchange markets are situated all around the world. Currency trading is a global activity. Every country in the world uses money and needs to change that money into other currencies in order to trade or interact with other nations. 

Currency exchange happens at every level of society. As an individual, you may have changed money when traveling on business or on vacaation. Or maybe you have sold something on eBay to somebody in another country. Their payment comes in to your account in their own currency, and the bank or other payment processor such as PayPal changes it for you. That is currency exchange at the root level.

Foreign exchange or forex trading has a different purpose, however. When you are trading on the foreign exchange markets you are not buying another currency because you need it. You are buying it in the hope that it will rise in value, so you can change it back and end up with more money than you started out with. 

Of course, it is risky. The price movement could go against you and then you would end up with less money instead of more. So you will want to gather plenty of information about currency trading before you start.

Forex trading began in the 1970s when the major currencies were deregulated so that their values were no longer fixed. The banks and large investors quickly saw the potential for making money from the changing prices. 

The main forex marketplaces are the big financial centers of the world. London sees the highest activity with New York second and Tokyo third. Other major players are Sydney, Zurich and Frankfurt. 

Originally you had to be in one of those places to trade money, or at least have a telephone connection with a broker who was there. It was very difficult for somebody who was not on the spot to act fast enough to react to the sudden fluctuations in price that can happen in the forex markets.

But modern advances in technology have changed all of that. Since the rise of the internet it has been possible to trade on your own account from anywhere. This means that it has become easier and easier for the little guy to get a piece of the action. 

While some people never think about foreign currency from one overseas trip to the next, others are studying charts and financial information or even using automated software in the form of forex robots to make money from the rising and falling prices with the aim of becoming financially free by trading on the foreign exchange markets. 

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WE ARE PROUD TO INFORM YOU ALL THAT WE ARE GOING TO CONDUCT OUR 2nd FOREX MCX AWARENESS PROGRAM CHENNAI - forex trading tutorial urdu

WE ARE PROUD TO INFORM YOU ALL THAT WE ARE GOING TO CONDUCT OUR 2nd FOREX MCX AWARENESS PROGRAM CHENNAI ~ forex trading tutorial urdu

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How Much Money Should You Invest - forex trading 4 hour charts

How Much Money Should You Invest ~ forex trading 4 hour charts

Many first time investors think that they should invest all of their savings. This isn’t necessarily true. To determine how much money you should invest, you must first determine how much you actually can afford to invest, and what your financial goals are.

First, let’s take a look at how much money you can currently afford to invest. Do you have savings that you can use? If so, great! However, you don’t want to cut yourself short when you tie your money up in an investment. What were your savings originally for?

It is important to keep three to six months of living expenses in a readily accessible savings account – don’t invest that money! Don’t invest any money that you may need to lay your hands on in a hurry in the future. 

So, begin by determining how much of your savings should remain in your savings account, and how much can be used for investments. Unless you have funds from another source, such as an inheritance that you’ve recently received, this will probably be all that you currently have to invest.

Next, determine how much you can add to your investments in the future. If you are employed, you will continue to receive an income, and you can plan to use a portion of that income to build your investment portfolio over time. Speak with a qualified financial planner to set up a budget and determine how much of your future income you will be able to invest.

With the help of a financial planner, you can be sure that you are not investing more than you should – or less than you should in order to reach your investment goals. 

For many types of investments, a certain initial investment amount will be required. Hopefully, you’ve done your research, and you have found an investment that will prove to be sound. If this is the case, you probably already know what the required initial investment is.

If the money that you have available for investments does not meet the required initial investment, you may have to look at other investments. Never borrow money to invest, and never use money that you have not set aside for investing!

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HOW TO GET GOOD AT FOREX - forex algorithmic trading books

HOW TO GET GOOD AT FOREX ~ forex algorithmic trading books

Many people are wondering how to get good at forex. Forex is very easy, the discipline to do what you need to do in forex when you need to do it is what is hard. I always talk about discipline in forex, today I want to talk about how You get good at forex.

The first thing I want to suggest is to STUDY!

Study and learn your candlesticks/bars, it doesnt matter which one, although your candlesticks provide more of a visual signal than your bars. This is the language of your charts, learn it well! Get to know the language of the charts like you get to know a lover. You can not be successful in forex without a deep understanding of chart language. Both the internet and your library provide some valuable inexpensive material on your candlesticks and bars. I picked up Steve Nisons Candlestick books at my local library.

You have to learn to be a chameleon. You have to have the ability to switch sometimes very quickly as price may change from its course and choose a new course. Forget the "Trend is Your Friend", "You need to be the Friend of the Trend", when it changes, Youd better change too!!!!!

You must be confident.

You need to observe price movement and study past charts.

You have to take baby steps and keep going forward. Trade tiny amounts first; get your feet wet before jumping in the pool.

Open one position at a time until You are proficient and disciplined enough to handle more.

You have to be able to WAIT (for a proper trade set-up)

You have to be in the market, even if it is with a penny. You have to trade so that you can learn to deal effectively with your emotions.

You must learn to control your fear, and take risk on good trade set-ups.

You have to believe that you can trade successfully, I have made every mistake in forex that can be made, more times than I dare to think. I am no smarter than You. I have probably just gotten my butt kicked a lot more.....lol (^_^).

My success has come through GODs grace and persistence on my part. A Trader is much like a Doctor or Lawyer. We are Practitioners always perfecting our craft.

The 5 things that are going to make You successful in forex are these
knowledge
discipline
patience
consistency
faith

YOU CAN DO THIS (^_^)


Learn the language of Your charts
Wait for a proper trade set-up
Cut bad trades quickly, then wait to see where the market is going and follow profit once the trend has revealed itself
NEVER LET THEM TRAP YOU! it is better to be tricked than to be broke

YOU CAN DO THIS (^_^)!

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Trading Indicators Can You Use too Many Technical Indicators - forex trading using daily charts

Trading Indicators Can You Use too Many Technical Indicators ~ forex trading using daily charts

To become successful, you really do not have to have several indicators. This is quite ironic but the most effective indicators are those that have been around the longest. Experts suggest that you stay away from complex set-ups and stick on the basic like MACD (Moving Average Convergence/Divergence), Rate of Change (ROC), Relative Strength Index (RSI), Price and Volume Oscillator, and stochastics. 

There are literally hundreds of technical indicators out there and thousands of technical indicators combinations that can be used. But the problem lies on the premise. Since there are lots of technical indicators available at your disposal, you risk yourself of having too much of everything which can lead you with mastering nothing. This begs the question: "can you use too many technical indicators?"

Probably, you have asked the same question too and are trying to find the Holy Grail of combinations that will catapult you to immortality, at least in the trading world. You may test several technical indicators or technical indicators combinations that are suggested by some writings on the internet. But the thing is, there is no single technical indicator combination that is 100% successful. Because if there is, everyone will be using it and everyone will be rich right now. Right?

I am not saying, however, that the internet cannot give you something you can use or the internet is just a virtual world full of crap in terms of information about trading indicators. We cannot deny that the internet has given us the ease of access on several technical indicators and charts, which have made some investors knowledgeable in the field and have actually make others real fortune. What I am saying is that investors should not rely on suggested technical indicator combinations and expect to become successful. What you should do is to learn as much as you can and identify which indicators are suited to your trading style, which in turn, can yield to higher profit or positive curve in the long run.

With that said, you dont have to use several indicators at once. Experts agree on this. Using several indicators at a time will only create confusion. It will only create conflicting information, which is not good if you want to have certainty in your decision.

A good example is using 7 indicators when deciding on your entry and exit positions. Four of them are telling you to enter a long position but 3 are indicating a future downward movement. While majority of your indicators are giving a green light, the other 3 can become a factor. Statistics may be on your side to pursue the trade but you are more likely to abandon it because you still see the risks.

It does not end there. Using multiple time frames can give you different conflicting information which can become a major factor in your decision. More likely, you end up not trading at all because you are afraid to take a position. 

Even with these examples, you have to identify which indicators are suited to your trading style. Do not overcomplicate things. To become successful, you dont have to constantly tryout new indicators in order to find the best combination. All you need to do is to use and master few and simple ones.

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10 Good Reasons why YOU should jump into Trading FOREX - how to read forex trading charts

10 Good Reasons why YOU should jump into Trading FOREX ~ how to read forex trading charts

Foreign Exchange Market is a market where traders buy and sell currencies with the hope of making a profit when the values of the currencies change in their favor. People are making vast amounts of money from Forex trading. The Forex Market has a big potential for everyone, ranging from large corporate firms to ordinary, everyday people like you and me.

It is a very exciting trade with a huge money-making potential. Just imagine yourself sitting comfortably in your pajamas at your computer… you turn on the internet and make a few quick transactions and by the time that you get up to get a cup of coffee, you are several hundred dollars rich! Would you like that? I would!!

I can hear you say, “Wait a minute!!  This sounds just like another one of those confusing markets like stocks, options or traditional futures, so what makes this market any different?”

Aaah! Good question! So, in answer to your question, here are 10 good (if not great) reasons to enter the Forex Trade:

1. First and foremost, Forex trading allows for small investments. You do not have to be able to invest thousands of dollars to get started with this trade. You can start trading Forex with as little as $300 to $350 and could be well on your way to earning more than that on your first day.

2. The Forex markets are always open! You are able to trade anytime and from anywhere in the world. No waiting for the stock exchange to open. The market is ongoing, with generally only minor breaks on the weekends.

3. The funds that you invest are liquid; you can cash them anytime you want. No waiting for days to get your stocks converted into hard cash.

4. The value of the Forex Trading market is COLOSSAL: it is 30 times larger than all of the US equity markets combined. It is the largest market in the world with daily reported volume of 1.5 to 2.0 trillion dollars. This massive value makes it a lucrative and desirable trade to invest in.

5. It is a highly stable trade and offers greater strength over other markets. Countries and people are ALWAYS going to need currency. Although the value of different currencies goes up and down, the fluctuations are not as dramatic as stock prices and generally follow a predictable trend.

6. You do not have to worry about commissions, exchange fees nor any hidden charges when you trade Forex.  Forex brokers make only a small percentage of the bid and there are very respectable and free brokers available as well. Is that not wonderful for you?

7. You make profits no matter which way the currency is going. You will not worry about a falling currency value if you know what to do with it and make good gains.

8. Forex is a very transparent market. Unlike equity markets, where analysts have an unfair advantage over the layman because of their insider knowledge, the relevant information for Forex is equally available to every one through international news. Therefore, all Forex traders are in a position to make pertinent decisions according to the current market situations.

9. Forex market is extremely quick! It takes not more than 1 to 2 seconds to complete your transactions because it is all done electronically, online and in Real Time.

10. The final good news is that you do not need any formal education, licensing, diploma or degree to trade Forex. All you need is the know-how of how it works, trading strategies and some tips and techniques and you can be on your way to earn big profits.

Forex trading online may be the fastest path to financial freedom and an end to all your financial worries. It truly is an excellent, if not THE best home business opportunity for ordinary people.
You owe it to yourself to give it a try!!!
Prosperity and happiness to all!

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Forex Margin Trading Make More Money With Less - trading forex on weekly charts

Forex Margin Trading Make More Money With Less ~ trading forex on weekly charts

Forex margin trading is a way of applying leverage to increase the purchasing power of your money. Leverage simply means using a small sum to control a much larger sum. This is possible because it is unlikely that the value of a currency will change by more than a certain percentage over a short time. So you can place a few hundred dollars in your brokerage account to trade on the margin - the amount that you think the price will fall. Your broker will in effect lend you the balance.

Trading on margins is also known in stock and futures trading, but because of the special nature of currencies, you can get a lot more leverage in the forex market. Depending on your brokers terms, you may be able to control 50, 100 or even 200 times your account balance.

This can lead to big profits if you are successful, but it can also mean big losses if not. In general, the more leverage you use, the more risky your trading is. 

We can understand leverage and margins if we consider an example.

Imagine that the current rate on the British pound to US dollar forex market is shown as GBP/USD 1.7100. So to buy one British pound you would need $1.71. If you expected the value of the dollar to rise against the pound you might decide to sell enough pounds to buy $100,000. If your broker used lots of $10,000 each, this would be 10 lots. Then you would sit back and wait for the price to go up. 

A few days later you might find that the price had moved to GBP/USD 1.6600. Sure enough, the dollar has risen and the pound is now worth only $1.66. If you sell your dollars now and buy back into pounds, you will have made a profit of 2.9% less the spread. 2.9% of $100,000 is $2,900, so that would be an excellent trade.

But most of us do not have $100,000 spare cash that we want to trade on the currency exchange market. So here is where the principle of forex margins comes into play. 

Since you are buying and selling different currencies at the same time, your own money only has to cover any loss that you might make if the dollar falls instead of rising. And you would put a stop loss into place to limit that loss, so $1,000 might be all you needed to have in your account to make this $100,000 purchase. Your broker guarantees the other $99,000.

In fact many brokers now operate limited risk amounts where the account will automatically close out the trade if whatever funds you have in your account are lost. This prevents margin calls which can be disastrous for a trader because they mean that you can lose more than you have. But with a forex limited risk account that is not a possibility. The brokers software that you use to control your account will not let you lose more than your account balance.

Using leverage in this way is so common in currency trading that you will soon do it without even thinking about it. Still it is important to keep in mind the risks. Lower leverage is always safer and you may never want to go to the maximum forex margin that your broker would allow.

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YOU ARE WINNING AND THEY ARE STILL MESSING WITH YOUR HEAD! - forex trading books in tamil

YOU ARE WINNING AND THEY ARE STILL MESSING WITH YOUR HEAD! ~ forex trading books in tamil

 

Believe Your Eyes

Trading is a psychological warfare that even when you are winning, they are still messing with your head (manipulating your mind).  There are times like doji days when the market is so frustrating that you feel like your head is going to explode. When you crawl away, your emotions are so frayed and you are so battle scarred that you dont know what to do with all of that bottled up frustration and anger.

No matter how much you try to find the edge, it keeps alluding you.  You keep digging a deeper and deeper hole, losing more money,  and the pressure builds until your mind is tied in a knot so tightly that you lash out whether verbally or physically. After this kind of a day of brain-bashing, confidence-shaking, emotional upheaval cause by a choppy market; you are in a kind of market shell shock or psychological trauma.

I dont know all of the answers, but I have a few suggestions when you feel out-of-control.  First push your chair away from your screen and distract yourself with something more relaxing, stress relieving and fun.  Sometimes, you will have to take a day or two off just regaining your focus and rebuilding your confidence.

After you have created the distraction by dancing, working-out, meditating, visiting a friend, going to the movies, etc., come back to good solid forex education like this and reinforce what you know to be true.  Go study those tricky charts, watch videos, talk to other traders,-------DO WHATEVER IT TAKES TO HELP YOU REGAIN YOUR EDGE!

After they have given you a good spin in the blender, the market will usually trend again HARD, but so many traders are still in such a state of shock, panic and anger from the day/week of spinning that they miss the really good trend. 

The most important thing you can do during and after these times is to trade a good plan with consistent discipline even on losing days.  Bad trading days tempt you to abandon good, solid trading habits, but DONT DO IT !  If you abandon a good plan,  when the market comes back - you wont trade it out of fear that the market is going to turn on you again.

The psychological effects of trading can be much more devastating than any amount of money that you lose, it is a sort of mental scarring that can take place after a really hard trading bout, therefore you must trade a good plan consistently.  Cut bad trades quickly and ALLOW YOUR WINNERS TO RUN!!! It maybe hard, but doing these things will give you the edge and KEEP YOU IN CONTROL during the hard times.

NEVER HOLD ON TO A BAD TRADE NO MATTER WHAT........CHOPPY MARKETS ARE SET-UP MARKETS!

YOU CAN DO THIS (^_^)!

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BEFORE YOU TAKE THAT TRADE - best forex trading books 2013

BEFORE YOU TAKE THAT TRADE ~ best forex trading books 2013

STOP!!!!!!!!!!!! before you enter that trade:

Did You see how far it was from yesterdays support or resistance?

Is it ascending or descending steps?

Did You draw Yourself a trend line?

Did You wait for a proper trade set-up?

Are You going in harmony with Your current trend?

If You are going against the trend, did You ask Yourself,
"How far am I from the trend line?"
"Is this signal strong enough to make it worth the risk?"
"How far along is this trend?"

"What is an appropriate stop if I am wrong?"

These are a few questions You may want to ask Yourself prior to entering a trade (^_^)

YOU CAN DO THIS (^_^)

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Stabilize your current situation before investing - forex daily chart trading

Stabilize your current situation before investing ~ forex daily chart trading

Before you consider investing in any type of market, you should really take a long hard look at your current situation. Investing in the future is a good thing, but clearing bad - or potentially bad - situations in the present is more important.

Pull your credit report. You should do this once each year. It is important to know what is on your report, and to clear up any negative items on your credit report as soon as possible. If you’ve set aside $25,000 to invest, but you have $25,000 worth of bad credit, you are better off cleaning up the credit first!

Next, look at what you are paying out each month, and get rid of expenses that are not necessary. For instance, high interest credit cards are not necessary. Pay them off and get rid of them. If you have high interest outstanding loans, pay them off as well.

If nothing else, exchange the high interest credit card for one with lower interest and refinance high interest loans with loans that are lower interest. You may have to use some of your investment funds to take care of these matters, but in the long run, you will see that this is the wisest course of action.

Get yourself into good financial shape – and then enhance your financial situation with sound investments.

It doesn’t make sense to start investing funds if your bank balance is always running low or if you are struggling to pay your monthly bills. Your investment dollars will be better spent to rectify adverse financial issues that affect you each day.

While you are in the process of clearing up your present financial situation, make it a point to educate yourself about the various types of investments.

This way, when you are in a financially sound situation, you will be armed with the knowledge that you need to make equally sound investments in your future.

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TRADING EMOTIONS - forex trading pdf books free download

TRADING EMOTIONS ~ forex trading pdf books free download

The hardest thing to master as a trader once you understand Market Rhythm is not the market, it is YOU. Emotional trading will break you fast.

Trading is not hard, it is mastering your emotions that is. Trading will teach you more about your human short coming than visiting a psychiatrist. As a trader, you must learn the discipline of waiting for proper market set-ups. That is hard!

Your EMOTIONS are screaming for you to jump in or you will miss out. NOT TRUE!! If you miss one trade set-up, the market is generous and will give you another. Learn to trade in harmony with your trend and with proper signals.



The emotions that are deadly to your trading success.

REVENGE, we all know it and have done it. It happens when you are tricked by the market and decide to take another trade before looking at the big picture, then BAM you are on the wrong side of the trade again. Pissed off and refusing to move while your money is going further down the drain. Scared to let go for fear that you are going to get tricked again.

PANIC, that is when you lack the confidence to enter or ride a profitable trade. This happens when you have taken some hits and now you lack the confidence to trade profitably.

IMPATIENCE, this happens when you cant wait for a proper trade set-up and jump on a price hiccup/retracement, often finding yourself on the wrong side of the trade.

ANGER, you know that feeling that comes over you when you have taken a hit or two and you want to kill your computer.

SELF PITY, when you come to the market hoping for crumbs and get none, and cant see why THEY wont let you have just a little bit.

DEPRESSION, something perhaps outside of the market has you at an extreme low point.

INDIFFERENCE, it happens when you have gotten hit so many times that you just dont care any more because no matter what you cant win any way.

All of these emotions work hard against you clouding your clarity and give other traders the advantage over you.

If you are experiencing any of these emotions when you enter your platform; abandon your trading until you have yourself under control and have the clarity of mind to trade. Not doing so greatly increases your chances of handing your money over to a trader who is more emotionally fit and controlled than you are.

We are all human and it happens to us all, but what weighs heavy in your mind will often weigh heavily in your pocket.

Come to your trading platform, well rested, focused and ready to trade. You may take an occasional hit; SO WHAT it is a LESSON. We all get them and if we learn the lesson that the loss has taught us; it will make us much better traders.

DO NOT TRADE YOUR EMOTIONS!!!!!----

TRADE WHAT YOU SEE ON YOUR CHART!!!!


YOU CAN DO THIS (^_^)


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Forex Technical Indicators Revealed - forex trading four hour chart

Forex Technical Indicators Revealed ~ forex trading four hour chart

The forex market is said to be one of the largest places known to the business people. Trading has become a part of mans life since time immemorial. Needless to say, it is an opportunity that provides better earnings in relation to the released investment. Hence, it is an endeavor which requires you to gain an in-depth knowledge regarding the types of technical indicators that basically prove to be really useful. By combining two or more of them, you increase the probability of obtaining a full knowledge of the steps which you need to take on as you continue with the opportunity of earning a generous profit.

Technical Indicators and their Advantage

Many of the traders are encouraged to make use of the technical indicators. Even more, the pros still trust them. How much more for a beginner like you? They are the mathematical formulas that govern the respective indicators. Studies reveal that they are very accurate too only that they dont really come up with a complete analysis. What these tools can do is to show you the tendencies in the market.

Your mere presence in the stock market suggests that you have a perfect goal and that is to earn money and generate a great deal of profit. You should not forget though that the market is volatile. Meaning, its instability paves way to a number of changes that may occur at any time. Thus, these indicators are the perfect tools that can tell you as to whether it is good enough to buy or sell commodities or securities.

As you opt to utilize the indicators, it is likewise very pertinent to remember that many of the formulas include jotting down the derivatives. This goes to show that the data is not obviously direct. That is why it is often helpful to consult more than one indicator to be able to draw a clearer picture. After all, it will never hurt to check out the accuracy of your conclusion.

Four Basic Classifications of Technical Indicators

Whether you prefer to trade forex, stocks, or other commodities, it pays off to think about obtaining a solid foundation that may serve as your guide. Again, it is very significant to pick out those which you know are already proven to work and those that you can comfortably use.

The trend indicators. Moving averages, Parabolic SAR, and MACD are just some of those that make up this group. By looking into the movement of the trends, you can decide on the level at which you can start trading.

The momentum indicators. These are considered to be the oscillating indicators and are most clear-cut in pinpointing the overbought as well as the oversold positions. Similarly, they show the signals for any new trend. Stochastics, RSI, and CCI are just some of those momentum trend indicators.

The volume indicators. The name itself tells you that the price movement is very much dependent on the volumes of the trades. Generally, the price movement which is rooted from a high volume gathers a fairly stronger signal compared to one which is inspired by the low volume. Examples of which include the force index, money flow index, ease of movement, Chaikin money flow, and many others.

The volatility indicators. They normally look into the ranges that define the volume that lies beneath the movements and the price behavior. The common examples include the average true range, Bollinger bands, and the envelopes.

There you go with the four groups of technical indicators that will steer you as you work on achieving the best of the profits from the forex market.

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How To Be A Foreign Exchange Trader - forex market profile charts

How To Be A Foreign Exchange Trader ~ forex market profile charts

Being a forex or foreign exchange trader no longer means you have to work for a bank in one of the worlds financial centers. These days you can trade on your own behalf, from anywhere. 

Since the rise of the internet many people are doing this from their own homes, making money in their spare time or even making a full time income. But what is forex trading and how does it work?

A foreign exchange trader deals in currencies. He or she will sell one currency that seems to be falling in value, to buy another that seems to be rising. There are always two currencies involved in a trade (a currency pair) because when you want to buy dollars you have to have another currency to exchange for them. 

In the beginning it is best to be involved with just one currency pair. Most people start out trading in the EUR/USD market, that is the euro against the US dollar. This is the biggest forex market. There is plenty of information available for this market and it tends to have lower costs and be relatively stable. 

Nevertheless forex is a very volatile market. This means that the prices can rise and fall steeply and quickly. The risk is high. It is easy to lose money. In fact, some losses are inevitable, so you should manage your account so that you never risk too much on one trade. You can use stop losses so that your broker will automatically sell if the price goes a certain way against you. The aim is not to have no losses, but to make sure that your profits are higher than your losses so that you end up with a net gain.

You will need access to a computer with a high speed internet connection any time that you want to trade. Unless you use a robot to control your currency trading, you will also need time where you can concentrate on learning a profitable system and then on trading itself. You pretty much need to be able to lock yourself away in a room to do this, at least for a couple hours a day. It is no good trying to trade from your desk at your day job with your boss interrupting you, or using a computer in the family den with kids climbing on your knees wanting to play games. You must be fully concentrated on the movements in the market or you could miss the right moment to either open or close a trade.

If you are a cautious person who likes a solid investment with predictable low returns, you should not become a currency trader. Forex traders are people who enjoy risk and love the challenge of trying to turn a profit in a fast moving market. 

It helps if you are strongly focused on your goals and not easily swayed by emotion. It is important not to let fears of losses or dreams of huge wealth divert you from your strategy. You also need to stay aware of financial news, not only in your own country but in all of the major world powers, because this will affect the forex markets. With these characteristics and a good trading system in place, a foreign exchange trader can reap substantial gains from his or her investment.

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Learn How You can Make Gains from Using the Forex trading Grid Technique - charts of forex trading

Learn How You can Make Gains from Using the Forex trading Grid Technique ~ charts of forex trading

The most important part of how to make money using the no stop, hedged, Forex trading strategy will now be covered. In the preceding articles in this series we reviewed trading without stops, not being concerned about which way the price moves and places to cash in on profitable transactions. We are now going to show how you would make money buying and selling simultaneously using the grid strategy.

The no stop, hedged currency trading grid system uses the rule that one should be able to close a transaction at a gain no matter which way the market moves. The only way this is logically possible is that one would have a buy and a sell transaction active simultaneously. Most traders will say that doing this is not recommended but let’s look at this in more detail. 

Assuming a grid with grid gaps of 100 pips. We are going to use the simplest formation to show the principles involved. This formation is the 100% retractment formation where the price goes up to a grid level and then returns back to the starting grid level. Regrettably things become quite mathematical from here. We are also ignoring broker spreads to keep things simple. 

Let us say that a trader enters the market with a buy (buy 1) and sell (sell 1) deal active when a currency is at a level of say 1.0100. The price then goes to level 1.0200. The buy will then be positive by 100 pips. The sell will be negative by 100 pips. Now we would cash in our positive deal and bank our 100 pips. The sell is now however is carrying a loss of -100 pips. The grid system requires one to ensure that the trader can cash in on any movement in the Forex market. To do this one would again enter into a buy (buy 2) and a sell (sell 2) deal at this level (level 1.0200). 

Now, for convenience let us say that the price moves back to level 1.0100 (the starting point). 

The second sell (sell 2) has now gone positive by 100 pips and the second buy (buy 2) is making a loss of -100 pips. According to the grid trading rules you would cash the sell (sell 2) in and another 100 pips will be added to your account. That brings the grand total cashed in at this point to 200 pips (buy 1 and sell 2). At this stage the first sell that is active has moved from level 1.0200 where it was -100 to level 1.0100 where it is now breaking even. 

The 4 transactions added together now  incredibly show a gain:- 1st buy (buy 1) cashed in +100, 2nd sell (sell 2) cashed in +100, 1st sell (sell 1) now breaking even and the 2nd buy (buy 2) is -100. This gives an overall a gain of 100 pips in total. We can liquidate all the deals and have some champagne as we have made a profit of 100 pips.

Please make sure you understand the mathematics behind the activities discussed above. You may have to reread and draw the movements on a piece of paper to make sure you understand the concept. 

This formation is the 100% retracement formation where the price goes up to a grid level and then returns back to the starting grid level and results in a nice profit for the forex trader. There are many other market movements that turn this strange Buy and Sell at the same time activity into profits. The next article will cover the 50% retractment formation which produces the same amount of profit.

There will be much more on the no stop, hedged grid trading system in future articles in this directory. Do not miss them, whatever you do.

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WHEN THE MARKET IS CRAPPY PRESERVE YOUR CAPITAL ! - forex trading books best

WHEN THE MARKET IS CRAPPY PRESERVE YOUR CAPITAL ! ~ forex trading books best

 

There are times that no matter how good Your strategy or how hard You try, the market just will not cooperate with Your plans to get paper.  What You do in those times is more important to Your success than what You do in a good flowing market!

Why????????????????

Because what You do on those day can mean the difference between thriving in forex or having to fold Your hand and walk away from the table.  On days when the market is stubborn and uncooperative no matter how patient You are or how much discipline You exercise, YOU MUST PRESERVE YOUR CAPITAL.

Believe me, I know how hard and frustrating a market like that can be.  To stay through an entire session or sometimes a day and the market is just indecisive feels like a waste, and it can be easy to become discouraged.  These are the times Your discipline is the most important even though Your emotions may be a bit frayed.  Stay the course of discipline, these are the times we are also most likely to abandon a really good strategy.  DONT DO IT!

THERE ARE TIMES WHEN THE MARKET IS JUST CRAPPY! 

Be careful during these times not to beat Yourself up or doubt Your ability, There is nothing wrong with You or Your strategy, it is the market, and the truth is no matter how crazy the market gets, it has control over Your paper, so IT IS RIGHT!  so PROTECT YOUR WEALTH.  Even if You come out of the day slightly down beat up, battered and bruised, its ok, as long as You preserved as much of Your wealth as You could.  On days like this, it is most important not to let the market take You out of the game!

Sometimes the market is a kitten, but there are times she is a lion; sometimes you just gotta get out alive.  If you survive, the day will come again for you to thrive.  It is just part of the market cycle and it happens.  Dont take it too hard, because the time will come again when the market is lovely and will want to caress and cuddle You, then she will yield plenty of paper for You.  It is the days that the market is sweet and cooperative that we as traders Preserve Capital for.

#1.  First job of every trader: PRESERVE WEALTH!

#2,  Second job of every trader: BUILD WEALTH!

 YOU CAN DO THIS (^_^)!

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Know the Type of Technical Indicators - forex trading off daily charts

Know the Type of Technical Indicators ~ forex trading off daily charts

Do you have the courage to venture into the stock market? In a time and age when financial difficulties affecting practically everything, it is time for you to act. Make investments bear fruit. Gain as you want. However, before you actually put everything into action, you must realize that you need some basic and some signals. With this, it is best to trust the technical indicators. They are the mathematical formulas that promote accurate findings. Whatever happens they give nothing but the right information. These indicators allow you to further understand deeply the nature of financial markets.

Understanding the Technical Indicators

As you ponder on choosing a typical kind of technical indicator to employ for your business venture, it is vital for you to take note that these signals are nevertheless rooted from a respective set of precise data which oftentimes include the security price. When you get to the point of having fully absorbed the essence of these indicators, you will then start to feel and spot for patterns that point to how the trends in the market behave. By doing so, you increase your chances of making wise investment decisions. Since the technical indicators utilize a variety of formulas, then the formula likewise changes and relies on the very nature of the preferred indicator.

Why Traders Use the Indicators

Simply put, traders want to be guided. The indicators serve their purpose, so to speak. After all, they offer a profound way of helping in the analysis of the price actions using different types of perspectives. Depending on the complexity of the formula at hand, you will also end up with several findings as you take a look at the price actions.

The Different Kinds of Technical Indicators

The technical indicators are further classified. The most basic is called the moving average which includes a very simple mathematical formula which henceforth gives a clear analysis of the average price of any commodity or security during a given time. With them, you will find it easy to spot the existing trends.

Below are the four major groups of the technical indicators.

Volatility indicators. Included in this category is the projection oscillator, Bollinger bands, trading bands, average true range, and many more.

Momentum indicators. Part of this group is the commodity channel index, RSI, Stochastic oscillator, Chande momentum oscillator, and many more.

Trend indicators. Parabolic SAR, MACD, forecast oscillator, and linear regression are among them.

Volume related indicators. Among them is the demand index, ease of movement, OBV, and Chaikin money flow.

How You can Benefit

Why do you really have to make use of these technical indicators? Although they cant come up with a super complete set of analysis, these signals can nevertheless open up chances for you to discover the areas that closely work alongside the current trends. The basic need is for you to look into the direction or behavior of the trend that is in the current market.

Just take note that anything can happen in the stock market. It is by and large very much unpredictable. At one point in time this is the existing trend while at any time of the day, the latter will change course. Therefore, use the indicators as your guide but never leave out your capacity to make wonderful and smart choices.

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Forex Market Hours Can You Trade Currency 24 7 - trading forex using chart patterns

Forex Market Hours Can You Trade Currency 24 7 ~ trading forex using chart patterns

The forex market hours stretch from Monday morning in Sydney, Australia to Friday afternoon in New York. During that time the market is open somewhere around the globe at all hours of the day or night. 

However it is not a 24/7 market because it does shut down on weekends. 24/5 would be more accurate.

If you need to know the exact times that the markets open and close, you have to take time zones into consideration. It is very simple when expressed in UTC. This is Universal Coordinated Time, formerly known as Greenwich Mean Time. This is the standard (winter) time in Greenwich, London which is the point of zero longitude on the globe. 

So, the normal forex market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This is 10 pm in the UK in winter time. 

New York is 5 hours behind the UK so the global forex market opens and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.

Things get a little complicated when you start to try to take summer time daylight saving into account. This makes one hour difference in countries that observe it. But daylight saving operates in a different way in the southern hemisphere countries such as Australia which have summer time from September to March instead of March to September. 

The hours of the different major national markets are as follows:

Sydney: 10 pm to 7 am UTC

Tokyo: 12 midnight to 9 am UTC

London: 8 am to 5 pm UTC 

New York: 1 pm to 10 pm UTC

Or we can express that in EST (Eastern US time):

Sydney: 5 pm to 2 am EST

Tokyo: 7 pm to 4 am EST

London: 3 am to 12 noon EST

New York: 8 am to 5 pm EST

You can see that these correspond to 24 hour cover.

However, this does not necessarily mean that trading will be good at all of these times. Just after a major market opens, the prices can be very volatile and unpredictable. Many traders will stay out of the forex market for up to an hour four times a day when the financial markets are waking up in these major cities. 

The US dollar is the most traded currency by a long way, involved in 2.5 times as many trades as its nearest rival the euro. This means that events in the USA have a greater impact on the financial markets than events in other countries. The New York market tends to slow down around 3 pm local time (8 pm UTC) and if you are involved in a US dollar pair, this can be a good time to stop trading for the day.

So theoretically you can trade 24 hours a day from Sunday night to Friday night. Automated software in the form of a forex robot can even make this physically possible. However, a cautious trader will choose his times and will not be active during all of the forex market hours.

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