There are two main news trading methods!
-First method "TRADE NEWS" is trading on the news at the exact moment when news are released. That kind of news traders are using trading software.
The essence is to enter into position before others and that is why they are using news trading software. News are published in numbers. When you watch economic calendar you can see expectations numbers. News traders puts parameters in trading software. And in the moment when news is released software decides about taking a trigger.
Example:
If news provider publishes the number which is in the average area then they will stay a side from trading. But if number would be under the average area then software would trigger SELL order. And if published number would be in the area above the average then software would trigger BUY order.
For this kind of trading it is necessary to have high volatility. So news traders are picking up only the news with high impact on the market. They like to trade news like this:
• Nonfarm Employment Change
• Trade Balance, Import Prices m/m
• Producer Price Index m/m, PPI excl. Food and Energy m/m
• Durable Goods Orders
• Gross Domestic Product q/q (p), GDP Deflator q/q (p)
• Nonfarm Productivity q/q
• Retail Sales m/m, Retail Sales excl. Autos m/m
• FOMC Interest Rate Statement
-Second method is a manual news trading method. They are using the same high impact on the market news
but they need to wait for market to calm down for 15 to 20 minutes after news is released. When spread
comes back to normal. Then they search for support and resistance on 1min chart.
Then they make classical break trough setup with fixed stop lose order round 20 to 25 pips and turn on their trailing stop for profit taking managment (take as much as you can). Setups are made for both sides. So, if price comes up and breaks resistance for 3 pips, buy order will be triggered with fixed stop lose, for example 25 pips. If price comes back and hits the stop order, there still be pending sell setup. Sell trigger would be 3 pips under support line with fixed stop lose order, for example 25 pips with trailing stop.
Guidelines:
When trailing stop moves stop order to break even point, then they remove (manually) the opposite trading setup order.
If price makes large move (for example 67 pips) before timing (15 to 20 min after news release), then they will not take the trade. If spread is still wide open, they will not take the trade also.
TAPE READING
If you wish to be two steps ahead with trading then you need to learn tape reading trading method.
Tape reading definition is reading of price action right now (at the moment). You will get more confidence whether trade is or is not working.
Trader who trades by indicators alone, is trading the market like he drives the car but instead of looking
in front of himself, he looks at the mirror all the time.
If you knew how to read price action right now instead of using indicators then you would trade like you are driving a car and looking in front of you while you are driving.
This is only introduction to tape reading.
I know that many of you trade with market maker brokerage firm and because of that you don't understand how market operates! Market maker has a fixed spread and his obligation is to provide you with liquidity! Most of the time you are not trading on the real market!
Because of that you don't know how market really operates!
There is no constant high liquidity on the market and because of that when BIG DOG wishes to buy or sell at certain price he is visible to the crowd!
How, where ??? (you will ask me!)
Small charts like: 5min, 1min, tick chart!
You shall see how price bounces from certain level (exact price)!
Big Dog is entering or exiting the market and there isn't enough liquidity for his order and he must make more than one transaction to accomplish his "BIG" trade execution!
That way you can see what BIG DOGS are doing on the market and you can more easily spot the support and resistance lines which are actual right now!
Tape reading definition is reading of price action right now (at the moment). You will get more confidence whether trade is or is not working.
Trader who trades by indicators alone, is trading the market like he drives the car but instead of looking
in front of himself, he looks at the mirror all the time.
If you knew how to read price action right now instead of using indicators then you would trade like you are driving a car and looking in front of you while you are driving.
This is only introduction to tape reading.
I know that many of you trade with market maker brokerage firm and because of that you don't understand how market operates! Market maker has a fixed spread and his obligation is to provide you with liquidity! Most of the time you are not trading on the real market!
Because of that you don't know how market really operates!
There is no constant high liquidity on the market and because of that when BIG DOG wishes to buy or sell at certain price he is visible to the crowd!
How, where ??? (you will ask me!)
Small charts like: 5min, 1min, tick chart!
You shall see how price bounces from certain level (exact price)!
Big Dog is entering or exiting the market and there isn't enough liquidity for his order and he must make more than one transaction to accomplish his "BIG" trade execution!
That way you can see what BIG DOGS are doing on the market and you can more easily spot the support and resistance lines which are actual right now!
MANAGE ACCOUNT
If you want a company to manage account for you, it’s your right to have daily report to keep on been updated what is going on with your money; guaranty that they will not risk more then 10% of your capital.
As we all know Forex is highly risky ; don't invest money that you can't afford to lose, because the probability of losing your account in the beginnings is high, especially when you sign an agreement giving your account to a company to manage it for you.
1 - first of all don't believe statements, I've seen many statements doubling accounts, tripling accounts in one month ; if those who declare these statements are honest (unfortunately the majority they are not honest).
2 - Then i asked my self another question, why these money management companies keep on asking for accounts to manage ; they don't have good performances, it's simple they hunt new traders inexperienced ones ; they take their money, this is why never ever give cash money to someone who manage accounts. ( it's not legal in all countries) ; the majority are introducing brokers for scam companies with real bad reputation all over the internet in other words.
(bad ones enjoy working with bad ones, good ones enjoy working with good ones). Managing an account for another person is not easy because this company will be taking decisions to increase your account. The manager of this account need to be 100% honest, discipline, someone who know ; having a talent in managing accounts. Always transfer money directly to a reputable broker company.
3 - You will find many declaring that they double accounts in a month, other triple accounts in a month time, using technical studies, yes it's possible but not always can happen, and when u want to double an account you will be risking more then 50% of the account, this is why is better to stay away from Forex gamblers, because you will end up losing your account in a short time.
4 - I love Forex cos it is an amazing challenge, cos it need strength to support stress, wisdom to know when ; how to act, skills to investigate; to know what other are doing in this business. Always it's better to test brokers with small accounts, because unfortunately the majority of Forex brokers are greedy and they want your money.
5- Always it's better that you learn Forex ; manage your account with the help of a professional trader (an honest one) ; if you don't have time it's better to make a deep investigation about these Forex management companies; if you found one; you felt they are good and you want to invest with them, it's much better to sign a clear agreement showing in a clear way how they will manage your money.
- how much they will risk (a good trader can make an account grow from 10% only) this is why is
better to mention that they will not risk more then 10% of your account.
- that they will send you a daily, weekly, monthly full report showing ; explaining actions,
briefing results,(honesty, transparency, is needed)
- as we all know Forex is about predicting where the price will go; nothing is guaranty how
much a trader will make next week, but it's better to mention that your account management
company will do there best to achieve good results managing your account.
- this is so important: never pay in advance for managing your account, if
they are good let them make money first and then they can take their profits.
- its better to learn about Forex during the managing process, you will be more familiar with
trading Forex till you reach a level where you will manage your account alone ( if not you will
know what is going on in your account).
If you start learning how to trade Forex then the best choice is to find a coach!
There are to types of coaches:
- (Coaches that are good in Forex when they teach they make Forex look easy with good discipline,
good strategies; a good money management)
- (Coaches that doesn't know nothing about Forex, or they still weak in it, when they teach you, they will
stress you, and let you feel like Forex is a big mountain no matter what you do, you will never reach the top).
Anyway wish you all a great weekend, for new traders keep in mind that knowledge is power, concentrate on getting knowledge; profits will come along the way!
As we all know Forex is highly risky ; don't invest money that you can't afford to lose, because the probability of losing your account in the beginnings is high, especially when you sign an agreement giving your account to a company to manage it for you.
1 - first of all don't believe statements, I've seen many statements doubling accounts, tripling accounts in one month ; if those who declare these statements are honest (unfortunately the majority they are not honest).
2 - Then i asked my self another question, why these money management companies keep on asking for accounts to manage ; they don't have good performances, it's simple they hunt new traders inexperienced ones ; they take their money, this is why never ever give cash money to someone who manage accounts. ( it's not legal in all countries) ; the majority are introducing brokers for scam companies with real bad reputation all over the internet in other words.
(bad ones enjoy working with bad ones, good ones enjoy working with good ones). Managing an account for another person is not easy because this company will be taking decisions to increase your account. The manager of this account need to be 100% honest, discipline, someone who know ; having a talent in managing accounts. Always transfer money directly to a reputable broker company.
3 - You will find many declaring that they double accounts in a month, other triple accounts in a month time, using technical studies, yes it's possible but not always can happen, and when u want to double an account you will be risking more then 50% of the account, this is why is better to stay away from Forex gamblers, because you will end up losing your account in a short time.
4 - I love Forex cos it is an amazing challenge, cos it need strength to support stress, wisdom to know when ; how to act, skills to investigate; to know what other are doing in this business. Always it's better to test brokers with small accounts, because unfortunately the majority of Forex brokers are greedy and they want your money.
5- Always it's better that you learn Forex ; manage your account with the help of a professional trader (an honest one) ; if you don't have time it's better to make a deep investigation about these Forex management companies; if you found one; you felt they are good and you want to invest with them, it's much better to sign a clear agreement showing in a clear way how they will manage your money.
- how much they will risk (a good trader can make an account grow from 10% only) this is why is
better to mention that they will not risk more then 10% of your account.
- that they will send you a daily, weekly, monthly full report showing ; explaining actions,
briefing results,(honesty, transparency, is needed)
- as we all know Forex is about predicting where the price will go; nothing is guaranty how
much a trader will make next week, but it's better to mention that your account management
company will do there best to achieve good results managing your account.
- this is so important: never pay in advance for managing your account, if
they are good let them make money first and then they can take their profits.
- its better to learn about Forex during the managing process, you will be more familiar with
trading Forex till you reach a level where you will manage your account alone ( if not you will
know what is going on in your account).
If you start learning how to trade Forex then the best choice is to find a coach!
There are to types of coaches:
- (Coaches that are good in Forex when they teach they make Forex look easy with good discipline,
good strategies; a good money management)
- (Coaches that doesn't know nothing about Forex, or they still weak in it, when they teach you, they will
stress you, and let you feel like Forex is a big mountain no matter what you do, you will never reach the top).
Anyway wish you all a great weekend, for new traders keep in mind that knowledge is power, concentrate on getting knowledge; profits will come along the way!
COACH-FX
I have the basics, how can I find the best FOREX coach?
---------------------------------------------------------------------------------------
Trader Forex 16 May at 15:21
Try to goggle: FOREX coaching .
First of all ask the FX coach for free webinar with him in trading room and you will see how he trades. Ask him to show you his track record. If he has good track record, it is a good sign. After you have spent a day with FOREX coach in trading room ask him is there going to be another free webinar? After some time you spend with FOREX coach, you will know if he just wants to take your money or if he can actually teach you how to take profit.
---------------------------------------------------------------------------------------
Trader Forex 16 May at 15:21
Try to goggle: FOREX coaching .
First of all ask the FX coach for free webinar with him in trading room and you will see how he trades. Ask him to show you his track record. If he has good track record, it is a good sign. After you have spent a day with FOREX coach in trading room ask him is there going to be another free webinar? After some time you spend with FOREX coach, you will know if he just wants to take your money or if he can actually teach you how to take profit.
TRADING BEHAVIOR
Question:
How to beat emotions while trading?
-------------------------------------------------------------------------------------
When do we have appearance of fear?
-On position opening
-If we have loosing position
(we automatically become optimist-body is protecting itself from fear)
-If we have wining position
(we are afraid for profit-closing the position to early)
When do we have appearance of greed?
-On position opening (how much we will EARN-take risk)
-If price goes against us
(we think optimistically and move our stop loss until it's to late)
------------------------------------------------------------------------------------
Trading is a GAME not a job!
Psychology approach to the game isn't the same as in the work.
Psychology approach:"I will open 1 to 5 position's today" is not GOOD!
Because it's the same as:"To earn some money, I will do this and that".
To win the game you must know yourself and have skill's!
Probably you have heard the phrase "Your worst enemy is yourself".
At the beginning we must know the fact : While emotion's rule, intellect is shut
off and the other way round.
We have two emotion's that control you while you are trading the market: FEAR and
GREED.
Did you know that our entire life is controlled exactly with those two emotion's.
Fact: In the moment when one of these two emotion's show, human changes his decision in split of a second.
They say: There is a set of rules you must follow to overcome the emotion's.
Easier said than done!!!
You need to practice knowing yourself!
I think that an example would be the best way of explaining:
Example 1:
A new day has started and I had my breakfast. On the way to my computer I make a
decision:"I will find an opportunity to set up a position"!
I am watching the screen, searching for the opportunity, analyzing, waiting
patiently and in the end I enter into the position.
I understand that I have made a mistake, but I am an optimist. I continue to wait
for positive results.
I stick to the rules strictly, Stop loss is fixed. Time is passing. In the end,
price hits stop loss.
Beside having a loss, I recognize that I had made totally wrong interpretation
of the graph at the start. Everything has been showing the other direction of
price movement.
Example 2:
A new day has started and I had my breakfast. On the way to my computer I made a
decision:"I will watch price movement for a while, I don't have any intention to
open a position today at all"!
I am feeling comfortable. I am watching the price movement, analyzing, waiting,
but there is nothing. I take a break and watch TV.
After some time I come back to the market and watch for a while. In a moment I
notice the algorithm (regularity that is repeating).
I define a certain spot of entrance, stop loss and take profit.
I say to myself:" Let me see if I am right, would price come to the spot of
entering into the position?" After some time price is exactly at the spot of
entry.
I am getting into the position.
(if price doesn't come to the spot of entry, I pass that opportunity).
-------------------------------------------------------------------------------------
What do you think, which of those two examples is correct?
Let's analyze example 1 regarding example 2.
Example 1
----------------------------------------
"I will find an opportunity to set up a position"!
Decision like this automatically activates emotions of fear and greed even if you
didn't approach the market.
When you look at the market, you will watch the market through the filter of
emotions(fear-greed but intellect disclosed)
--------------------------------------------------------------------------------------------------
I am watching the screen, searching for opportunity, analyzing, waiting patiently
and in the end I enter into the position.
Decision is based on emotions!
--------------------------------------------------------------------------
I understand that I have made a mistake, but I am an optimist. I continue to wait
for positive result.
You understand that you had a mistake but you don't know why. If you don't know
why, the best thing is to stick to the rules strictly (stop loss and take
profit). In case you know why you made a mistake, you would flat the position
right away.
---------------------------------------------------------------------------------------------------------
Beside having a loss, I recognize that I had made totally wrong interpretation
of the graph at the start. Everything has been showing the other direction of
price movement.
Now when everything is over and emotions are gone, intellect is active again, you
see the picture logically as it was on the beginning.
---------------------------------------------------------------------------------------------------------------------------
Example 2
--------------------------------------------
"I will watch price movement for a while, I don't have any intention to open a
position today at all"!
This kind of decision makes you absolutely comfortable - today you will just
watch the graph without any obligations.
There are no emotions and your intellect is active.
---------------------------------------------------------------------------------------------------------
I am feeling comfortable. I am watching the price movement, analyzing, waiting,
but there is nothing. I take a break and watch TV.
After some time I come back to the market and watch for a while.
Still there is comfortable feeling which proves that there are no emotions and
our intellect awareness is active.
---------------------------------------------------------------------------------------------------------------
In a moment I notice the algorithm (regularity that is repeating).
I define a certain spot of entrance, stop loss and take profit.
I say to myself:" Let me see if I am right, would price come to spot of entering
into the position?" After some time price is exactly at the spot of entry.
Knowledge based on intellect.
------------------------------------------------------------------------------------------------------------------
I am getting into the position.(if price doesn't come to the spot of entry I pass
that opportunity).
Decision made on intellect basis. After entering into the position there is a
good feeling!
-----------------------------------------------------------------------------------------------------------------------------
Who would say that the enemy is hiding at the beginning, right between breakfast
and my way to the computer!!!
How to beat emotions while trading?
-------------------------------------------------------------------------------------
When do we have appearance of fear?
-On position opening
-If we have loosing position
(we automatically become optimist-body is protecting itself from fear)
-If we have wining position
(we are afraid for profit-closing the position to early)
When do we have appearance of greed?
-On position opening (how much we will EARN-take risk)
-If price goes against us
(we think optimistically and move our stop loss until it's to late)
------------------------------------------------------------------------------------
Trading is a GAME not a job!
Psychology approach to the game isn't the same as in the work.
Psychology approach:"I will open 1 to 5 position's today" is not GOOD!
Because it's the same as:"To earn some money, I will do this and that".
To win the game you must know yourself and have skill's!
Probably you have heard the phrase "Your worst enemy is yourself".
At the beginning we must know the fact : While emotion's rule, intellect is shut
off and the other way round.
We have two emotion's that control you while you are trading the market: FEAR and
GREED.
Did you know that our entire life is controlled exactly with those two emotion's.
Fact: In the moment when one of these two emotion's show, human changes his decision in split of a second.
They say: There is a set of rules you must follow to overcome the emotion's.
Easier said than done!!!
You need to practice knowing yourself!
I think that an example would be the best way of explaining:
Example 1:
A new day has started and I had my breakfast. On the way to my computer I make a
decision:"I will find an opportunity to set up a position"!
I am watching the screen, searching for the opportunity, analyzing, waiting
patiently and in the end I enter into the position.
I understand that I have made a mistake, but I am an optimist. I continue to wait
for positive results.
I stick to the rules strictly, Stop loss is fixed. Time is passing. In the end,
price hits stop loss.
Beside having a loss, I recognize that I had made totally wrong interpretation
of the graph at the start. Everything has been showing the other direction of
price movement.
Example 2:
A new day has started and I had my breakfast. On the way to my computer I made a
decision:"I will watch price movement for a while, I don't have any intention to
open a position today at all"!
I am feeling comfortable. I am watching the price movement, analyzing, waiting,
but there is nothing. I take a break and watch TV.
After some time I come back to the market and watch for a while. In a moment I
notice the algorithm (regularity that is repeating).
I define a certain spot of entrance, stop loss and take profit.
I say to myself:" Let me see if I am right, would price come to the spot of
entering into the position?" After some time price is exactly at the spot of
entry.
I am getting into the position.
(if price doesn't come to the spot of entry, I pass that opportunity).
-------------------------------------------------------------------------------------
What do you think, which of those two examples is correct?
Let's analyze example 1 regarding example 2.
Example 1
----------------------------------------
"I will find an opportunity to set up a position"!
Decision like this automatically activates emotions of fear and greed even if you
didn't approach the market.
When you look at the market, you will watch the market through the filter of
emotions(fear-greed but intellect disclosed)
--------------------------------------------------------------------------------------------------
I am watching the screen, searching for opportunity, analyzing, waiting patiently
and in the end I enter into the position.
Decision is based on emotions!
--------------------------------------------------------------------------
I understand that I have made a mistake, but I am an optimist. I continue to wait
for positive result.
You understand that you had a mistake but you don't know why. If you don't know
why, the best thing is to stick to the rules strictly (stop loss and take
profit). In case you know why you made a mistake, you would flat the position
right away.
---------------------------------------------------------------------------------------------------------
Beside having a loss, I recognize that I had made totally wrong interpretation
of the graph at the start. Everything has been showing the other direction of
price movement.
Now when everything is over and emotions are gone, intellect is active again, you
see the picture logically as it was on the beginning.
---------------------------------------------------------------------------------------------------------------------------
Example 2
--------------------------------------------
"I will watch price movement for a while, I don't have any intention to open a
position today at all"!
This kind of decision makes you absolutely comfortable - today you will just
watch the graph without any obligations.
There are no emotions and your intellect is active.
---------------------------------------------------------------------------------------------------------
I am feeling comfortable. I am watching the price movement, analyzing, waiting,
but there is nothing. I take a break and watch TV.
After some time I come back to the market and watch for a while.
Still there is comfortable feeling which proves that there are no emotions and
our intellect awareness is active.
---------------------------------------------------------------------------------------------------------------
In a moment I notice the algorithm (regularity that is repeating).
I define a certain spot of entrance, stop loss and take profit.
I say to myself:" Let me see if I am right, would price come to spot of entering
into the position?" After some time price is exactly at the spot of entry.
Knowledge based on intellect.
------------------------------------------------------------------------------------------------------------------
I am getting into the position.(if price doesn't come to the spot of entry I pass
that opportunity).
Decision made on intellect basis. After entering into the position there is a
good feeling!
-----------------------------------------------------------------------------------------------------------------------------
Who would say that the enemy is hiding at the beginning, right between breakfast
and my way to the computer!!!
FX GAME
Question from a member:
Thanks a whole lot for your great observation,in the area of TRADING BEHAVIOR it has been one of the major problem an upcoming traders faces today.
But i think i will disagree with you for saying trading isn't a job,in the first place why is it call trading when is not a job?
---------------------------------------------------------------------------------------
Answer:
I think: "It's all about the GAME" (FX GAME).
Live players are moving the price! Everybody tries to catch the score (example:playing poker). I have never heard that someone is "working" FOREX, more likely trading.
I have never heard someone to "work"football,basketball,baseball,etc.
And there is also great income for professional players! You need to spot your chance to win a score!
If you wish to work it's enough to learn some rules and take the money for job done. But if you learn the rules about football,baseball,Forex,basketball,etc that does not mean you know how to win and take the money!
Let,s say that Forex is big global online game!
There is a war going on! In that war everybody fights for them self. Some people join forces and fight as a clan.
So we have clans here:
-news trading clan
-session trading clan
-trend trading clan
Every clan has his set of rules that you don't know. News trader clan doesn't care much what session trading clan is doing. Session trading clan does not know what news trading clan is doing. Trend trading clan knows only what he is doing.
Clan members loose money easily because they learn only one trading strategy and don't care about others participants and their strategies on the market.
This is exactly how I described, new trader with one or no strategy on the market will loose money and go away and new trader will replace him! This is how clan is operating, 95% of people is losing money on the market!
If you wish to succeed you must know what is your opponent up to!
Learn all strategies that you can ! why? Strategies will tell you when (time), where (price) will your opponent react. And you will have idea how to beat him!
When you learn all strategies that you can then you will develop your own strategy which would be
strategy ABOVE STRATEGIES! It will become your personal holy grail!!!
TRADE NEWS | SESSION TRADING | TREND STRATEGY
Thanks a whole lot for your great observation,in the area of TRADING BEHAVIOR it has been one of the major problem an upcoming traders faces today.
But i think i will disagree with you for saying trading isn't a job,in the first place why is it call trading when is not a job?
---------------------------------------------------------------------------------------
Answer:
I think: "It's all about the GAME" (FX GAME).
Live players are moving the price! Everybody tries to catch the score (example:playing poker). I have never heard that someone is "working" FOREX, more likely trading.
I have never heard someone to "work"football,basketball,baseball,etc.
And there is also great income for professional players! You need to spot your chance to win a score!
If you wish to work it's enough to learn some rules and take the money for job done. But if you learn the rules about football,baseball,Forex,basketball,etc that does not mean you know how to win and take the money!
Let,s say that Forex is big global online game!
There is a war going on! In that war everybody fights for them self. Some people join forces and fight as a clan.
So we have clans here:
-news trading clan
-session trading clan
-trend trading clan
Every clan has his set of rules that you don't know. News trader clan doesn't care much what session trading clan is doing. Session trading clan does not know what news trading clan is doing. Trend trading clan knows only what he is doing.
Clan members loose money easily because they learn only one trading strategy and don't care about others participants and their strategies on the market.
This is exactly how I described, new trader with one or no strategy on the market will loose money and go away and new trader will replace him! This is how clan is operating, 95% of people is losing money on the market!
If you wish to succeed you must know what is your opponent up to!
Learn all strategies that you can ! why? Strategies will tell you when (time), where (price) will your opponent react. And you will have idea how to beat him!
When you learn all strategies that you can then you will develop your own strategy which would be
strategy ABOVE STRATEGIES! It will become your personal holy grail!!!
TRADE NEWS | SESSION TRADING | TREND STRATEGY
ELITE TRADER
How to become elite trader?
When we learn how to analyze the market and recognize a good entry into the position that doesn't mean we are profitable because we still make losers out of winners.
I know a guy which works as a professional trader on the floor. He has explained how his path looked like.
He said:
When I learned everything what is needed for profitable trading, I still
didn't make a profit.I was around zero or little profit like ten percent per
year. I wasn't satisfied because I expected more from Forex trading.
On one occasion I was watching broadcast about top athletes that was on TV.
It surprised me a lot when I found out that they meditate half an hour
before every game. While they meditate they imagine the game and pass every
step little by little. In the meditation they recognize their possible
mistakes. Then they program themselves how to react correctly.
Then I understood what makes them better(TOP) than other professional players.
I was in those five percent of profitable traders because I knew how to not
loose money and take profit from the market in the long run. But I wanted
more! It wasn't enough to be profitable. I wished to give maximum from myself
and enter among famous one percent of "ELITE TRADERS".
I was traveling to work every day by train. It was half an hour and that is enough
time for meditation. I have change my approach to trading the market and I have
take it as FX GAME!
So I have started with meditation. Half an hour on the way to my work. In my
head I have passed through every detail. Starting with how I come to the work,
sit in front of monitors, see charts and every color, see myself finding the
opportunity and entering into the position. At the end I see myself
making a mistake (I see that price has turned against me but I am still
holding the position and sticking to the target or stop loss). For the first
time I clearly see how I make looser out of the winner.
I need to admit, that day at work was comfortable and more defining.
(clear in my head). I know exactly what I wish to see on my screen and how to
react(I was programmed). But I must warn you that this isn't as simple as it
looks like. I was meditating every day for three months but there were no
results. There were ups and downs, good days and those not so good.
It took me more than three months of meditation every day (on the way to work)
to stop making losers out of winners. The greatest mistake I have been doing
was: when I am in the position, I just don't know anything about quitting
although I see that price direction is over. So I didn't react as I had seen.
After I have heard his story, I have started meditating myself.
I find this method useful and must confess that I am more organized (programmed).
When we learn how to analyze the market and recognize a good entry into the position that doesn't mean we are profitable because we still make losers out of winners.
I know a guy which works as a professional trader on the floor. He has explained how his path looked like.
He said:
When I learned everything what is needed for profitable trading, I still
didn't make a profit.I was around zero or little profit like ten percent per
year. I wasn't satisfied because I expected more from Forex trading.
On one occasion I was watching broadcast about top athletes that was on TV.
It surprised me a lot when I found out that they meditate half an hour
before every game. While they meditate they imagine the game and pass every
step little by little. In the meditation they recognize their possible
mistakes. Then they program themselves how to react correctly.
Then I understood what makes them better(TOP) than other professional players.
I was in those five percent of profitable traders because I knew how to not
loose money and take profit from the market in the long run. But I wanted
more! It wasn't enough to be profitable. I wished to give maximum from myself
and enter among famous one percent of "ELITE TRADERS".
I was traveling to work every day by train. It was half an hour and that is enough
time for meditation. I have change my approach to trading the market and I have
take it as FX GAME!
So I have started with meditation. Half an hour on the way to my work. In my
head I have passed through every detail. Starting with how I come to the work,
sit in front of monitors, see charts and every color, see myself finding the
opportunity and entering into the position. At the end I see myself
making a mistake (I see that price has turned against me but I am still
holding the position and sticking to the target or stop loss). For the first
time I clearly see how I make looser out of the winner.
I need to admit, that day at work was comfortable and more defining.
(clear in my head). I know exactly what I wish to see on my screen and how to
react(I was programmed). But I must warn you that this isn't as simple as it
looks like. I was meditating every day for three months but there were no
results. There were ups and downs, good days and those not so good.
It took me more than three months of meditation every day (on the way to work)
to stop making losers out of winners. The greatest mistake I have been doing
was: when I am in the position, I just don't know anything about quitting
although I see that price direction is over. So I didn't react as I had seen.
After I have heard his story, I have started meditating myself.
I find this method useful and must confess that I am more organized (programmed).
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