Posts Tagged ‘british pound forex’
Do You Have The Correct Mind Set For Forex Trading?
June 8th, 2009
You must alter your mental attitude first from a normal person to that of a speculator. Almost all traders I have met, except a few successful ones who really made millions and billions trading in the market, simply waste all their time trying to learn the easiest part in perfection, like about how to read data and charts, and trying to perfect entry and exit skills, etc. .
Now there’s a little help from "artificial intelligence" – i.e. a piece of software that’s able to look a few hours into the future in any market conditions – it’s called an eerie name - just check it here.
Conditioning a change in mindset is the first step for any successful trading academy (mostly inhouse in big institutions) but almost all new (selfmade) traders neglect that part and that explains why more than 95% of traders are a failure in the long run.
When choosing a Guru in this field, there are a few, but mostly they don’t reveal their system. Hoever, one of them just opened up again right now – it’s Johnny Chen and his Trend Forex 2.0 This guy can claim more success stories in Forex trading followers than any other person alive. Run over and see my review on the site and super fix I’m offering as a bonus- or right over to his site . I’m afraid he’ll close up again pretty soon.
Getting to knowthe market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the decision making process that is so hard for most traders to overcome and that is the main reason for rise or fall for all those traders out there. Some find it easy to make decisions and stick to them and most, I mean really most, simply buckle.
A trader faces the task of making decisions to put this knowledge and system into practice. Then, how many traders can honestly say they can commit their ranch when the trade is suggested by their own system (given that trading is just a chance game) and let the system run for weeks and months when their system tells them, and how many can manage to cut the loss as a routine process when the situation arises?
It all sounds so easy when saying it but so difficult when doing it – and affecting real money in the market. I still do not sleep well when I am running position because even if the profits are running into a few hundred dollars and the system is telling you to carry on? There is no guarantee that the profit will turn into a yard or two in a month time, and it may slump to a loss in 24 or 48 hours as soon as anything unforeseen happens.
A painstaking act in real sense. The pain is not knowing what will happen in the future and in fear of losing. So at the end of the day, assuming one has decent trading system and market knowledge and high quality info-input, it is ultimately how disciplined and how well that trader can take the pain of making right choices at the right time that decides the outcome of the trades.
{Hence} I call trading a mind game. When I interview prospective young traders, I always look for disciplined and strong-willed persons as my first priority as long as one has decent education, but strangely in many cases, it is some kind of genius or half-genius with lots of brains with no discipline who turn up for an interview thinking only bright to brilliant people can make good traders.
In fact, I always try to pyramid while position trading medium-term once I am convinced of a new medium-term trend emerging. Like in USD/JPY position trading 135-132 as an initial position, adding in 132 and 129 areas. Same for AUD/USD and EUR/USD with similar strategies. But sitting on positions and watching the counter-rallies costing truck loads of money is not an easy job to do and causes lots of pain all the time. Most traders even among experienced ones cannot bear that pain and give up too early. But there is no other way to make big money and we have to bite the bullet and "sit and accumulate" as long as the medium-term trend is intact. Therefore the psychological aspects of trading are far more important than anything else for success. Like a tough chess game? Something similar- but I’m not the gambling type – really.
Entries and exits can never be "irrelevant" for any trader for any purpose. Perhaps exits are more important than entries because any perfect or near-perfect entries are – I’m sure you agree on this- possible only in hindsight.
Did I mention this forex robot with artificial intelligence – being able to look several hours into the future – in ANY market condition? It sure takes some of that pain away for the selfmade forex trader !
Forex Mega Droid can -due to artificial intelligence- look a few hours into the future – that’s sure taking away the headache for most traders!!
Somebody has been recording his trading with Forex Mega Droid here’s week 5!
You DO know about the huge bonus package you’ll get if you buy any trading robot or training through my page? What it is – and how you get it – check it out on the homepage of this blog!!
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