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It’s the first an only time I realy found someone expressing the necessary mind set to be a successfull trader.

You can find the original article at this address:  http://www.eminiplayer.com/2009/06/learning-to-become-successful-trader.html

If you can intergrate and act apon this mind set I’m sure it makes a real top trader.

Here is a copy, if you relate to this please leave a comment.

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Hi Michael,

I’ve been reading your blog for quite a while now but haven’t commented yet. However, I feel I need to comment now.

If you don’t mind I’m going to be very straight forward, and blunt even, but I hope you’ll take it from a spirit of sincerity and genuine desire to help. It’s going to be a long comment, so I’m going to break it up into 2 or 3 comments.

Here’s the situation as I see it: For the last few months, and possibly much longer, you’ve just been spinning your wheels while thinking that you are getting somewhere. The reason for this is that you are going about learning how to trade in the wrong way, in my opinion. I say this because I’ve been trading much less than you, a little over 2 years now, and yet because of the way I went about learning and what I focused on, last year I netted $150k while nearly quintupling my account, without a single losing month, and while only risking a very small portion of my account on any single trade. Now there could be many reasons for the difference in performance, but I think one of the main reasons has to do with what you are focusing on and how you are going about the learning process.

To try to put it as succinctly as possible, in my view traders that are focusing all their attention on “set-ups” and finding out which combinations of indicators work are never going to become profitable. They are trying to follow the advice of trading books that say trading is simple and psychology is everything. So they search for set-ups that ‘work’, and that can take the guess work out of trading. They want to be “disciplined” and have simple rules that guide all their actions. But there’s a few problems with this. Namely, while psychology is HUGE, it’s not everything. And while trading is all about simple principles, actually having an edge is NOT simple. It’s a myth that you can have a couple simple price or indicator set-ups and make money consistently if only you are disciplined. That’s a load of crap. It keeps the dream alive for wannabe traders who never realize what it’s truly about. Well let me tell you what it’s truly about…

Trading is about being okay with ambiguity. It’s about tolerating confusion. It’s about sitting with discomfort and being at peace with it. It’s about not having an exact script of when to trade or not to trade, or what’s really a high odds trade, and being okay with that. It’s about exceptions to the rules. It’s about contradiction. It’s about uncertainty.

And yet traders left and right want to make it simple. They want to reduce it to a few simple set-ups to trade with discipline. And yet the market is not simple. The market is all about uncertainty, and complexity, and ambiguity. Simple set-ups could never capture that, and they can never give you a true lasting edge.

So what’s the solution? Is the problem in the simple set-ups themselves? No, it’s in how they’re being used. The bottom line is, every trader needs to learn to READ the markets. This means that simple rules will not do. There has to be a synthesis of different elements (whether they be price action, indicators, inter-market themes or whatever), and real-time interpretation must take place. It has to be all about CONTEXT. Once you can read the markets, and don’t fool yourself it is a very complex process, then you can choose to employ “simple” set-ups to enter and exit. But the real work will be in interpreting the market to see when you should use which kind of set-up. Seeing a hammer or whatever near a support means nothing unless you’ve identified the broader picture and gotten a sense of the kind of tactics you should be using, and what the odds are for different scenarios unfolding.

Now I know you, and most traders do this to a certain extent, but your main focus is on the set-ups. It’s not on reading the market from minute to minute, hour to hour, figuring out the odds of it doing this or doing that, adapting dynamically, and thinking of trade ideas from all your observation as the day unfolds. Rather, it’s waiting for some simple set-up to pop up and then taking it.

Now is it easier emotionally to have clear set-ups to wait for and trade in this simple manner? Absolutely. But who said ‘easy’ would make you money. If I’ve learned anything, it’s that the market rewards what is hard to do. It’s hard to have ambiguity surrounding your market reads. It’s hard being uncertain. It’s hard dealing with competing and sometimes conflicting signs. And yet, this is what it’s all about. You have to stop trying to avoid this by needing things to be clear cut. And is it hard to be disciplined when there’s so much uncertainty about what is the right trade to make? Of course. But instead of trying to avoid the uncertainty by looking for simple set-ups, or some straight-forward method, train your mind to be able to deal with the uncertainty.

As for the learning process of how you go about doing this, it’s all about being constantly engaged with the markets, trying to figure things out and learn from experience. For me, for instance, what I did was each and every day take notes in a journal all about market action and what I think it means, and how I should trade, and what is working and what’s not. I didn’t write a journal describing the trades I took, or what my emotions were during the day. It was all about market action. And it was all my perception and interpretation. Day after day, week after week, making mistakes, wrong calls, being clueless as to what was going on, not knowing how I should trade, not knowing if my views made sense or not, and yet I continued taking notes and learning. Then I would view charts and combinations of historical intraday charts, and I’d note certain behavior. For example, I’d study trend day after trend day and try to notice what they had in common and how I could have picked up on it in real time. Then I’d study range days. Then I’d study a price chart of the ES versus the Advance decline line and see what the relationship was across many different days. Then I’d do the same with the ES and TICK chart. And on and on. Over time, this gave me a feel for the markets, and a certain understanding of how certain days differ and many subtle signs and tells for each type of environment and context.

As for set-ups, I didn’t use any predefined ones. I just formed trading ideas and then tried to get in at good trade locations. Even this, which is the art of execution, is quite complicated and not straight forward. I started realizing that in some environments it’s best to wait for pullbacks, in others I need to get in at market or I’ll be left in the dust. In some markets I can buy low and sell high, in other markets the opposite is in order. And so on.

I became consistently profitable in a timeframe of a few months by doing this. But of course before that I had read 30 or 40 books and so I had all the technical background. I had also worked a lot on my psychology and personal issues. But all of this was in conjunction with a method of learning and trading the markets that was mostly in opposition to what the general wisdom says about simple set-ups and exact rules.

Now of course you might say that everyone has their own style, some discretionary and some not. Absolutely. But even the purely mechanical traders are very adept at reading markets, and are aware of all of the complexity and ambiguity inherent in it. Their system might end up being simple, but it will come about through a very deep and complex understanding of markets. And usually this system will take the market environment (i.e. context) into account. It wont just be simple mindless set-ups.

In the end, all of what I am saying is meaningless unless you come to a personal realization. Take a look at your trading career thus far. Do you truly believe that if you just learn to focus and take all of your set-ups then your equity curve will reverse and you’ll be a consistently profitable trader? Why would the world’s top institutions spend millions and billions on R&D when a few simple set-ups could make them all of the money. This doesn’t mean that to make money you need extremely complex mathematical models. Far from it. What it does mean is that you need extremely complex mental maps that take time and experience to develop, and that will never develop if you spend the whole trading day simply waiting for set-ups to materialize. That just won’t cut it.

Right now your learning curve is stagnant because you’re not truly studying the markets. Your day is wasted in waiting mode. It’s not in observing and absorbing mode. Also, because you fear loss, you aren’t willing to experiment. This means that you aren’t making mistakes and failing regularly, which is what you need to do to learn quickly.

So to conclude, based on all of the above, my advice to you would be to stop trading and make a mental shift. Realize what you need to do to become successful, and it’s definitely not staying on this endlessly unfruitful path being supported by the hope of future profits. You’re just running in your place unless you change your focus and your learning method. And if you thought the journey was tough so far, you haven’t seen anything yet. Get ready for uncertainty and ambiguity like you’ve never seen it before. But this shouldn’t be scary. It should be exciting, because this is what trading is all about. This is why it’s called an ART. And it truly becomes one when you change your focus and your learning process. Then everything, including success, becomes possible. And until then, it’ll be a distant dream that keeps appearing to be so close and yet stays so far away.

So you need to re-align with a new thought system and then get on the simulator and trade. Take losses. Make mistakes. Be clueless. Don’t be afraid of it. It’s okay, that’s the only way you’ll progress. And trust me, progress you will.

Best of luck to you, and I wish you much success.

Ziad

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Have a great new years trading to all

Johness

Technorati Tags: currencies, forex, strategies, trading

Here’s the link to download it for free: http://tinyurl.com/trend-and-range-system

Technorati Tags: forex, strategies, trading

Here’s a cool video that clearly shows how to set take profit levels with Fibonacci.

This is very useful for manuel trading and you should use this with the Forex S 2.5 strategy.

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This video is the last video of 3 on :

http://www.forexrobottrader.com

You’ll find some very interesting information on Don Steinitz’s “Steinitz Fractal Breakout” indicator.

Happy and profitable trading to you all.

Technorati Tags: forex, forex robots, forex trading, manuel strategies, megadroid, Other Forex Software, trading strategies

Si vous utilisez des robots FOREX comme FAP Turbo ou MEGADROID, vous remarquerez qu’ ils travaillent surtout la nuit, quand les marchés sont plus calmes et moins volatiles. Ces 2 robots forex utilisent une stratégie de scalping. Ils effectuent des transactions sur des périodes courtes en vu d’accumuler de nombreux petits bénéfices.

J’utilise moi-même ces deux robots sur un compte réel, avec succès. Mon compte tourne et grandit tout seul sans ou, presque, d’effort. Bien que cela soit efficace, on peut remarquer qu’il y a beaucoup d’opportunités sur le marché FOREX qui ne sont pas exploitées par ces logiciels.

Une des façons d’augmenter les profits est de combiner l’utilisation des robots qui travaillent pour vous la nuit, avec des transactions manuelles que vous pouvez faire la journée.

La difficulté avec les transactions manuelles est qu’il faut du temps pour développer une bonne stratégie et la mettre au point. La meilleure façon de commencer est d’utiliser une stratégie de base et de l’ajuster selon vos exigences.

Les vidéos suivantes montrent une stratégie simple basée sur les indicateurs Stochastic. Ces indicateurs sont livrés gratuitement avec Meta Trader 4.

Cette stratégie est expliquée en détail sur notre ebook gratuit « Forex et le trading online ». Téléchargez –le gratuitement en remplissant le formulaire sur la colonne à droite de cette page.

Vous pouvez utiliser cette stratégie comme base de travail et l’améliorer avec d’autres indicateurs selon votre façon de trader.

Notez qu’il faut tester cette stratégie longuement sur un compte de démonstration avant de l’utiliser sur un compte réel.

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Cette stratégie utilise les indicateurs Stochastic pour détecter une tendance et puis un état de saturation du marché.

Faites attention sur une tendance générale qui pousse contre les indicateurs. Et surtout veillez sur les états de divergences et de contre divergences qui peuvent apparaître entre la tendance générale et les courbes Stochastic 9. Une divergence ou divergence cachée peut soit confirmer les indicateurs soit les contredire et vous mettre en garde contre une transaction risquée.

Dans tous les cas testez et tenez à jour un journal de trades, avec les plus de détails possible.

Technorati Tags: fapturbo, forex, megadroid, robot, strategies, trader, trading

Day trading markets and long term trend trading markets.

To take advantage of these markets you can use manual strategies to greatly complement your robots profits.

The difficulty with manual strategies is that they take time to develop, test and tweek. As well as this you’ll usually find that serval strategies are needed to cope with different market conditions.

This video shows how to use a simple manual strategy that work well in many market conditions. But be careful ! Test it lengthily  on a demo account while keeping a clear trading log book to note down all your trades and results, before using it on a live account.

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As you can see the strategy uses 2 Stochastic indicators,  one to detect trend and  one to detect precise over bought and over sold situations.

The indicators I use can be complemented with others and you should keep an eye out for divergence and hidden divergence between the main chart and the indicators. This can show a risky trade when all the other indicators are GO.

Here ’s an example of an entry in my trading journal while testing this strategy.

Entry in my trading journal

I open a new page each day and log all the trades with as much detail as possible.

This is very important to get a strategy working on a demo account but maybe even more important when you’re happy it works and start off on a live account. Initial testing on real money can get you much more emotionally involved, so noting down all your reactions and results  can be very interesting, and help avoid mistakes taken for emotional reasons.

Technorati Tags: forex, forex robots, manuel trading, online, Other Forex Software, trading

Comment réussir sur Forex

L’objectif des transactions forex est de tenter de prévoir les changements dans les cours d’échange des pairs de devises.

Pour ce faire, il y a 2 façons d’aborder et d’analyser les marchés des devises :

Analyse fondamentale et l’analyse technique :

L’analyse fondamentale essaie de prévoir les valeurs des devises en fonction des données économiques et politiques, tandis que l’analyse technique utilise des données statistiques et mathématiques des cours passés pour calculer la variation probable des cours à venir.

En général, l’analyse fondamentale est très complexe et demande une connaissance de la macro économie qui dépasse les compétences des petits traders et particuliers. La majorité des traders utilisent des outils d’analyses statistiques en adaptant ces résultats selon les données économiques et politiques ponctuelles.

Dans tous les cas quelques soient la ou les techniques que vous utilisez, vous devez avoir une stratégie rigoureuse.

En fait, travailler sur forex est toujours un jeu de probabilité. La valeur d’une devise ne présente que deux possibilités, soit elle monte soit elle descend.

Si vous avez une pièce, il y a 50% de chance qu’elle tombe du côté pile et 50% qu’elle tombe de l’autre côté. Si votre pièce est légèrement plus lourde côté face, vous aurez peut-être 51% qu’elle tombe de ce côté. Sur 100 fois vous pouvez espérer gagner 1 fois en jouant toujours la même stratégie.

Dans les transactions forex une stratégie rigoureuse permet d’utiliser votre analyse des marchés pour lester une face et gagner 60 à 70% du temps. Avec de la persévérance vous pouvez gagner beaucoup.

L’essentiel pour rentabiliser les marchés Forex est la constance.

Technorati Tags: forex, online, réussir

Pour lire un rapport sur FAP Turbo et autres Robots Forex en français cliquez ici:

This is a great video to use Fibonacci for scalping forex day trading.

Using Fibs for day trading, easy and awsome

enjoy

Technorati Tags: day trading, forex

Strigano now teaches the currency investor why automated systems and trading robots should be avoided, while simultaneously educating the investor about a truly powerful method of currency trading. Investors get access to Strigano’s eBook, Forex Confidante, where they will learn the secrets of the foreign exchange trading market. Investors learn how to identify what the FX market is telling them to do, how to target market gaps, and they also get access to a blueprint which will give them the chance to generate a six figure income. This application also illustrates how to win more than 95 percent of trades without any type of financial risk.

This trading system makes it possible to make as much as $3100.00 in just three days time and the writings set forth in the book are easy to comprehend and implement. Forex Confidante introduces the trader to 14 golden rules of currency trading, the psychology of trading, and the secrets that will make the investor a powerful investor. Strigano is an expert adviser that is helping millions get in on the hottest investment opportunities presently available; the eBook contains more than a hundred pages jam packed with insightful trading information.

Author: Philip Ljungberg

Read more about the amazing profits of the Forex Confidante and get it right now so you too can generate easy PIPs!

This article was written by Philip Ljungberg, an expert in Forex Software. As a respected journalist of Forex technical analysis Philip has looked into a variety of Metatrader robots and knows which Forex concepts generate the highest profits.

Click here to BUY Forex Confidante

Technorati Tags: forex, manual, strategies, trading

1. Is Thomas Strigano of Forex Confidante a Scammer?

Thomas has worked for an Italian bank and managed 100s of millions of dollars for it when he was there. He has had more than 15 years of Forex trading experience and this is clearly evident from the unique trading strategies that he uses.

The methods that he uses to draw trend lines are quite revolutionary and different from the typical way that most other traders use. Thomas does not follow the conventional way of drawing trend lines. Instead, he follows his own method which he claims is much more precise and accurate in finding where prices bounce at the resistance and support levels.

2. What Exactly is Forex Confidante All About?

It is a proven, manual currency trading system. You will learn the techniques of analysis for finding profitable trading opportunities. These techniques need to be practiced before they can be perfected, therefore I highly recommend you to try them on a demo account or with very small amounts of money first.

3. What are the Drawbacks of Forex Confidante?

Thomas tends to be very straight to the point and does not use too many words to elaborate his points. There is a lot of depth in his methods and luckily it is still easy to understand the techniques that he teaches. I do feel that he could have offered more detailed explanations and examples of the techniques he uses. Nevertheless, the methods that I have learned really do make money so I have no complaints.

Author: William Barnes

Is Forex Confidante a scam? Visit http://www.top-review.org/forexconfidante.htm to read a FREE report about this Forex Secret System to find out the truth before you buy Forex Confidante!

Article Source: http://EzineArticles.com/?expert=William_Barnes

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