Often you will see seasoned forex traders — I mean those who are making big money from forex trading not those who are seasoned but not really making a lifestyle. But i need a favor from you. Do support us by clicking on any of the buttons below to unlock the content. This is going to be a major mindset change, once you learn this, you will think, act and trade differently from now on.
And your trading account is gonna grow by leaps and bounds! You know these guys who trade successfully will most likely have been through at least a couple of blown accounts and several major hits on their trading account. And you will agree that along with time, in order to succeed, your trading mentality needs to change. You will be less aggressive than before and will try your very best to stick to your forex trading system. Yes, these guys are still trading and have a system that makes a nice standard income month after month — as per the pre-planned trades in my last post.
You know, for most trades, the market goes up and then goes down. Those trades are where you get your daily profits. Often, it will run up a while, and they will then shift their stoploss to their entry point. Meaning if the market goes back down, they will get out the trade for breakeven. But if it runs, they will continue to trail after it and let the market decide their final profits. By doing so, if you lose, you only lose that small amount of money.
What i mean by not trading the market is that — an idea of a forex trader is someone who gets in and out of the market quickly — usually several times a day. Some forex traders will take several trades a day and they are always constantly looking at the market. They will not make a good splendid tender tasting steak. Those are the meat where when you chew it, you will spit it back out.
They sit by their computer, sipping their coffee. Taking their time slowly while browsing the charts. Juicy, tender tasting Premium Wagyu Beef. For example, if they decide that 1. They will wait for the market to go to that level and once it reaches that level. They will not get in immediately but would then analyse further to see if an entry there is good to go.
Which means, most of the time, they are just taking their time looking at the market — just like reading the newspaper. When the market is not nearing the planned area, they continue on doing their own things. They go in calmly. I repeat, they go in calmly. The new traders are the hare — they like to be fast and the good old solid traders are the tortoise. Which is also something that i always emphasis in my training — be it my online forex trading course or in my live forex trading seminars that i hold occasionally.
In the past, I would look at my computer 8 hours a day or more. It was heart pounding, nerve wrecking, stressful. Everything you could think off. I was really skinny back then. Meaning — YOU can literally turn eg. Just like the trade i did over here: This is the reason why me and many other successful forex traders in the world love trading forex. And that uptrend lasted for 5 years. When it broke in , it came back up to test the red line again.
The next bar could be the start of the breakout. And that could form a green bar on the monthly time frame. And I train these 10 guys through an intensive 2 days live training in singapore where i will go through the exact system on how i trade and devour the live charts with the real background analysis i do and how to take trades exactly.
If you are interested, you can find out more here Forex Trading Singapore. I alone can only reach so much people, and i hope that you in turn, can share this trading opportunity to the people around you. Online Forex Trading This is something very crucial in real life and in forex trading. Although lions themselves are a powerful predator, they still do not go out right up front to the prey and start chasing them from afar.
What they do is that they will fix their target on the weakest prey and move slowly and calmly towards the prey without gaining any attention. Only when they are close enough and confident of getting their prey, will they Strike. The nature of a lion and how he hunts his prey largely applies to forex trading.
Are you the type of trader who calmly wait for a setup prey to occur. And if there is no setup prey , they will retire back to rest and come back to hunt the next day. OR — are you the trader who strikes everytime you see food.
But to get themselves a back lash most of the time? If you are the 2nd trader, you are like a baby cub. When the cubs are young, their parents will teach them how to hunt.
And not to go out striking blindly. Being calm is the characteristic of a lion. But when he strikes, he is confident of a Kill. We will lie in wait for a setup occurance, and when it occurs. We will strike it without hesitation.
But if there is no setup, we will retire to rest and do our things. Are you a Lion or a Cub in forex trading? Picking the Right Entry. Forex trading is like a weapon — a gun. Anyone can hold this gun. But like all weapons, you need to be trained first before using it to fire. If you are well trained, this gun can take you to Greater Wealth. The fact is that everyone can open an account with a broker and starts trading at any point in time.
But that does not mean that they are able to use this weapon right? Like all military personnel, they must undergo lots of weapon training first before giving them live ammunition to fire. The same goes in forex trading. We must undergo forex training first before inputting real money into our live account. The next question comes: When do we pull the trigger of the gun to fire a shot? The same applies in forex trading: Shooting the wrong enemy will cause us a loss in that trade.
We will only open fire when we have confirmed it is the right enemy and the chances of losing to that enemy is low. Are we just plain scared to trade the lower time frames.
Forex Trading Strategies I believe that this is one of the most important and mind buggling question that most traders face. Forex trading strategies Example: Forex Pair Eur Chf. In the forex pair above, the overall trend is in a downtrend marked by the red line But in the current movement it is in a short term uptrend marked by the yellow circle So to say if you are in the current situation — which happens all the time.
Generally speaking, of course the bigger trend holds more weight right? So should you still trade down?.. The main question lies in what kind of trader are you. Then you should wait for the trend to turn back down and then trade down. Then we will trade the current short term trend.
You see, although the long term is down. Because this short term may turn to a bigger trend. And this short term trend may be the indication of a trend reversal. So, if you have a good profit taking strategy. The answer will be to trade the short term trend and not the long term trend. But of course, the best scenario is that we have the long term and the short term trend in the same direction.
It happens, but it does not happen all the time. So in scenarios like the above chart example. I hope you have gotten your answer! Why you need to look at the big picture. In the chart above — Forex trading pair:More...