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Helloo Folks,
We thank God for bringing us to the begining of another brand new week and we give Him the
glory in ALL things..
This is Stallion,veteran forex trader and mentor. I would be reviewing strategic tips on how the major currency pairs can be milked. Though I specialize in gbpusd, other pairs would also be taken into consideration during our analysis.
It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability.
These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind.
The "Having" Mind Set
A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity.
Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster.
It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field.
Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel".
The "Doing" State of Mind
If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesn't work.
This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board.
Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading.
Pinnacle of Profitability: The "Being" State of Mind
A successful trader almost instinctively knows how to make a trade using the best method available for the current market trend and/or condition. This ability does not occur overnight. It is only accomplished through perseverance, knowledge of various trading methods and learning which one works given a particular market condition.
No trade is ever a "sure thing". However, a profitable synchronicity almost naturally occurs when you are faced with a potential trade, have a feel for the current market trends and conditions, and utilize the method best suited for a potential payoff. This "being" state of mind ultimately lends itself to long-term success in the high stakes of trading.
[20:06:58 07/11/08] Stalion : We put a SELL STOP on GBPUSD@ 1.5660...1st target @
1.5600...sl@ 1.5715
http://i72.servimg.com/u/f72/11/82/15/01/gu6th310.gif
Review Of Strategic Tips On Forex Signals In Forex Forum
în General
Postat
Nice one,tradelover...you and I could actually get to be friends,after all..
Me too,faiz...I dont really understand...do you mean penance?
No probs, mon ami....we all try to do our best in all things, especially in trading..
No probs,paul..
Thanks for your mail,brother...I specialize in the forex markets..
Hi art, from your comments, I take it you are talking about the stock markets (not being
allowed to short-sell)..Is the uptick rule still in force at the equity markets?
But mind you, Warren Buffet,the No 1 stock investor is said to be buying up stocks recently
at rock bottom prices...Maybe its part of the contrarian strategy he's utilizing...Start
buying when prices are low and fear pervading the markets, while selling when prices are
high and greed driving the markets..thats just my 2 cents though..
Helloo fellow traders,
The 60% buy window on the GBPUSD made an inversion to the Way of the Dragon..sorry I
ommitted in writing out the buy order entry which is shown on the charts..As at Monday
midnite, price opened the session with a bullish gap and kicked in the buy order entry @
1.5760...Before we knew it,approximately 120 pips,$120 minilot,$1200 standard lot was made
at the high of 1.5885..The blue broken line shows the buy stop entry...
http://i72.servimg.com/u/f72/11/82/15/01/invert10.gif
After the pips were made, our stop loss was then adjusted to the buy entry level, where stop
loss = 1.5760 = buy entry level...
This is what we see on the next chart below as the blue broken line now converted to a red
stop loss line..Very good risk management principle..
http://i72.servimg.com/u/f72/11/82/15/01/invert11.gif
Another 120 pips was also made based on the bullish gap of the inverted dragon ...
http://i72.servimg.com/u/f72/11/82/15/01/invert12.gif
Lets just say ...today was quite profitable...
[07:03:13 10/11/08] Stalion : Helloo everyone
[07:04:25 10/11/08] @ Stalion : we put a sell stop on gbpusd @ 1.5830...1st target @
1.5788..2nd target @ 1.5735..3rd target @ 1.5710...40 pips stop loss away
[07:34:14 10/11/08] djcarlos : 3 target hit.... Razz
[07:40:30 10/11/08] djcarlos : thanks for the sms, I ll Sleep again ...here is 03:39.....
but with 50 pips in the bag..... thanks
[08:00:00 10/11/08] Stalion : hi dj
[09:59:45 10/11/08] klho83 : Hi Max did u take the trade?
[10:00:27 10/11/08] Maximus : which one...
[10:01:11 10/11/08] klho83 : GU gbpusd @ 1.5830...1st target @ 1.5788..2nd target @
1.5735..3rd target @ 1.5710...40 pips stop loss away
[10:01:58 10/11/08] Maximus : no dit not take it...
[10:39:11 10/11/08] Maximus : not bad miss the first trade...
[11:05:58 10/11/08] romandaw : u trading anything?
[11:07:03 10/11/08] djcarlos : amazing fall on GU
[11:42:36 10/11/08] romandaw : hi there, you watching euro dollar?
[11:48:28 10/11/08] djcarlos : it having a strong uptrend.... but I prefer wait
[11:52:36 10/11/08] djcarlos : because I was read that GU it will have a pivot on 1.5800
http://i72.servimg.com/u/f72/11/82/15/01/invert13.gif