Foreign exchange trading for 8 years I came to talk about the many feelings of foreign exchange
trad cashback forexg: the game of the mind first, you must change the way of thinking - from a regular person to a speculat forexbrokerrebateprogram in addition to a very few in the forexrebatebest really succeeded in making millions or even hundreds of millions through trading, the vast majority of traders I have met are just wasting all their time to Learning, perfecting only 20% of the part - such as interpreting data forex broker rebate program charts, the pursuit of the perfect entry and exit, etc. trading, autorebateforex the war of strategy, if the lack of calm, before the opening has lost to any successful traders training begins with calm and strategy, yet almost all newcomers ignore this, that is also the long-term look at more than 95% of traders are attributed to failure, the acquisition of market knowledge is not difficult, as long as the average intelligence in the market for a few years to learn can be but determine the performance of neither intelligence nor knowledge, but the process of making decisions, which is absolutely critical to make decisions and direct execution unfortunately, any decision-making process in trading is painful, the tendency to avoid pain and seek pleasure, even if only for a short period of time with sufficient With sufficient knowledge of the market and their own well-developed forex trading system, these are the two elements of successful trading. I still dont sleep well when I have a position because even though the profits are heading towards hundreds of millions of dollars and the system says to keep holding, there is no guarantee that those profits will turn into one or two billion dollars in a month or even worse, if something unexpected happens, it could turn into a loss in a day or two. Ultimately, it is self-discipline and the ability to make the right decision at the right time that ultimately determines a traders performance, and therefore, I call trading a game of the mind. When interviewing promising young traders, I give preference to those who are self-disciplined and strong-willed, and of course, have a decent education, no matter who they are. But in contrast, the psychological aspect is much more important and is decisive for a traders long-term success or failure. Perhaps the exit is more important than the entry, because any so-called perfect (or near-perfect) entry position is an afterthought for any promising trader. Most people do not have the presence of mind and strong will needed to survive in this difficult arena of battle. After all, it is a very painful process. Trading is essentially a painful job, but most people never understand this. In the tough school of speculation, it is necessary to overcome fear, greed and maintain inner calm. For example, Tom (Tom) is a medium-term trader, he reveals his method of making money for the past 30 years, but for Dick (Dick) and Harry (Harry) who are engaged in day trading will not necessarily have the same effect, and vice versa Remember, most failures are due to the lack of a system (method) and the discipline to do the right thing Successful trading, in general, is: the right time to make as much money as possible, the wrong time to lose as little as possible that is the essence of this work! Therefore, no matter what theory or system as long as it conforms to this principle, that is good! In this market, the system is equivalent to a soldiers weapon you have to take the time to equip the best or homemade system, just like borrowed shoes are certainly not comfortable to wear Of course, reference to peoples ideas is a good idea Most of the time, unless you follow the mainstream or the trend, otherwise you can not earn a penny When entering the overbought / sold area to be vigilant, at the turning point of the trend to know how to turn around only need to have The general intelligence and courage to follow the mainstream, but to identify the turning point and take the necessary action, you need to have not only intelligence, but also enough courage or the old saying: God bless the brave money management, the ultimate winner is only a very small number of achievements or defeat a trader, it is money management and discipline of the mind, rather than the basic entry and exit methods of foreign exchange (currency) trading: it is a It is a game of emotions with the "herd mentality", where even the best positions of the best players with the best forecasts can be swept out by the vagaries of price fluctuations Trend trading: collection and distribution Like other markets, the Forex market works in a very simple way it collects in a particular area for a certain period of time and once the collection Once the collection is over, it will move forward some distance until it starts to pay out then the collection starts again and continues to develop some distance ...... so the cycle repeats intra-day trading may not yield the best results because (when there is no breakout of the wandering zone) the collection and payout are themselves and will be slapped on both sides by the volatility back and forth; and when the market does And when the market does start to break out of the collection zone, intraday trading is bound to miss out on big profits Overall, in my experience, intraday trading is not the best way to maximize profits. Please study the 8-hour or 4-hour line or candlestick charts every day, especially the patterns of those graphs and the 20 SMA, and in a few months you will be able to find out what I mean by collection and distribution in forex short term trading forex market always needs these processes, so at some stage you can develop the appropriate tactics technical analysis and chart reading since in a very good position to open a position, the market is not a good way to make money. Since you have opened a position in a good position and the market is moving in a favorable direction, why limit yourself to day trading? In general, only when you miss, you have to break the day in order to find a good short term trading position, you can study the collection and distribution patterns in the 8, 4 hours or 30 minutes "line chart" (or candlestick) and the 20 SMA, supplemented by the MACD "overbought and oversold indicator "After putting some effort into studying these things, you will be able to understand when there are good entry positions. The rest is all about money management and discipline, and of course experience. For traders who hold positions for months, intra-day fluctuations may be just meaningless noise, while for day traders or hourly traders, intra-day fluctuations can become a horrific tsunami. Defining a clear time frame, techniques to identify trends and transitions, and the right strategy for that trend are just the basic steps in the school of hard trading. I keep the technical aspects of any currency pair as simple as possible and refer heavily to the performance of other currency pairs to determine how to take advantage of the current situation so my strategy is to "range trade". Its not about predicting tops and bottoms, its about adopting the right strategy for the new trend when the turn is confirmed. For the original chart reading method check the 8-hour EUR/GBP chart with 20 and 40 SMAs and study some key points and breakouts (from consolidation areas, you will find this method too simple to be true, but it works!) Buy low near support, add on after a breakout, combine the two trades into one, use the same stop loss, and hold as long as the market is moving in the direction you want. If you are a day trader, then 30-minute and 15-minute candlesticks and line charts with MACD and SMAs are more useful than hourly or even daily charts, especially if you are alert to candlesticks with long upper and lower shadows, and confirm short-term trend changes on line charts with collection zone breakouts. For US/Japanese trading, study Swiss/Daily, Pound/Daily and European/Daily to confirm tops and bottoms. When you open any new position, be sure to set a stop-loss order based on your risk profile. Medium-term turns can only be confirmed on monthly, weekly and daily charts. For a "position trader" or "position trader", as opposed to a daytrader or swingtrader, stop losses must be arranged with respect to the underlying market preferences, liquidity and position size within the time frame of the trade. Stops can be based on technical aspects, or on a specific amount of money, or on a percentage of total equity Stops are necessary but, like trading itself, are an art Each trader must develop his or her own unique style of using stops but, unfortunately, all of this has to be learned by paying a certain amount of tuition to the market As a position trader, I never use tight stops When I use a trailing stop, I stay very far away from the market price to avoid being swept out by meaningless market noise. As long as the market doesnt touch your trailing stop and tell you to leave, any winning trade must be held When you enter on a market signal and leave on a stop loss or trailing stop, this takes care of the decision making process, the hardest part, and makes it much easier for traders to react to news News or data is always interpreted by the market along popular market preferences Data can provide a good read on the state of the market if the data is bad If the data is bad, yet prices have been rising or unaffected, it is definitely a bull market, meaning that buying on the dips is a better strategy. Conversely, if the data is good and prices are not rising or even falling, it is definitely a bear market, meaning that selling on the bounce is a better strategy. It is not the numbers themselves that are of value, but how the market reacts to them. This can give some comfort to those who do not have insider access to those numbers, as the first hour of the Tokyo opening provides the best liquidity for the whole day, and that is also the time of day when most heavyweight players can try to arrange their positions without much difficulty. One lesson learned is that when the Japanese dollar jumps up at the Tokyo open, then it has a good chance of continuing throughout the day and continuing for several days. Your observation has merit because most of the session movement or intraday movement starts when the market opens in London or Tokyo or New York, especially when the market opens in London when the rest of the market is so thin that any large scale traders action is easily detected by the market London is just a marketplace where all kinds of people buy and sell in groups in the currency market, and it doesnt have to be people from London, it can be anyone from Anyone from anywhere in the world, as long as they have deep enough pockets will be able to dominate the direction of the market on a given day for the New York and Tokyo sessions is the same Anyway, the foreign exchange market, Tokyo, New York and London are still relatively small compared to a little advice to novice traders who want to catch tops and bottoms all day long end up with misfortune The reason is that the inexperienced guys in the currency market, even some of the first echelon, desperately trying to For smart college students, there will be "self-aggrandizement" and the temptation of bonuses to do the trick. The first thing I do is to destroy their ego and fear in the market once their ego and fear are well cured, they become competent market followers, just like Pavlovs hounds. Only if they survive, at the higher levels of speculative school, they can be taught to make short-term tops and bottoms in the market. The whole point of Forex trading is about how to hit the next ball correctly, not worrying about the distant future. In this game, quality intelligence is everything (in the currency market, the one who gets the intelligence, gets the world) Bottoming out USD/JPY is the mother of all risky trades Trading to learn from each other every day is the beauty of trading and life Dont worry about the market What you should worry about is: when the market reaches your "sore spot" or "happy spot You should worry about what to do when the market reaches your "pain" or "pleasure" and then your trading career will be much easier.