Don’t Swim Upstream
Early in my working life I became a shift manager. When a rush of work came in I would jump in and
start working right along with the other members of the team. My supervisor suggested that I not
jump in and do the work but look at the big picture and direct the flow [...]
5. Create a magnificent trading picture. 5 of 12
This entry is part 5 of 8 in the series Create Trading PlanLet your trading journal teach you what you need to do more of. Create collateral (a pile of good trades in your
trade journal) that educates you and compels you to see the way you should trade. Make sure your trading journal
include tons of [...]
Discipline
Discipline is the ability to be patient – to sit on your hands until your system triggers an action point.
Sometimes the price won’t reach your anticipated price point. At this time you must have the discipline to
believe in your system and not to second-guess it. Discipline is also the ability to pull the [...]
Patience
Once you know what to expect from your system, you must have the patience to wait for the price to reach the
levels that your system indicates for either the point of entry or exit. While you are waiting for the indicators
to give you the entry sign you can look at other currencies and [...]
Is Trend Trading Right For You
Trading the trend can be profitable, that is if you can identify the trend in a timely manner and then manage the risk along the way. The good thing is that trading the trend can apply to any currency pair or time frame. Here is some more good information the trend can help you systematically [...]
March 20th, 2009Getting the Big Picture
Try this exercise it is a good way to understand trading the trend. Go to a 5-minute chart and find a trade by only looking at the 5-miinute time frame. Now expand your outlook and look at the charts on the1 hr or 4 hr time frames, you may see something completely different. What you [...]
March 18th, 2009Fighting the market
When fighting the trend and insisting that the market is due to reverse itself is a sure sign that a trader will not be in the market very long. If a trader tries to catch short-term countermoves trying to make a few pips or always looking for the tops and bottoms hoping to catch the [...]
March 16th, 2009Chasing Trades or Timing Your Entries
We have discussed that trading in the direction of the trend will give you the best trades and chances for success. Even if you know which way the trend is going you should not just jump into a trade. The market will not go in one direction forever it will make some corrections or retracements [...]
September 1st, 2008The Top News Announcements You Should Be Aware Of
At the time of these announcements there is a high probability that the market will make a significant move. We do not trade the news, but we do trade after the news has been announced and when an entry signal appears.
Consumer Price Index for the USA
USA Non-Farm Payrolls
USA New Home sales
USA Existing Home Sales
International Trade [...]
The Easy Way To Monitor A Trade
When a trader makes a trade he should always monitor the trade no matter how long he is going to keep the trade on. To monitor a trade easily it is best done on time frames higher than those in which he normally trades. A trader can see a trade more clearly when [...]
keep looking »Social Links
