Level up to trade forex successfully

[steverichards25]

There's no way you're going to see your profits increase when you're first starting out, especially if you don't have much starting capital. Even if you did have a large amount of capital, why risk it when you're still learning the rules of the game?

I try to place my trades and analyze in terms of % and think of pips. Right now my trades still consist of 0.01 lot orders, which has finally gotten me to concentrate on the game and not let greed get in the way of learning how to trade.

yep. also having small profit targets like 10 pips per trade is very realistic and if your able to keep that up consistently, then should be able to increase your account nicely in the past i use to always aim for 20 pips and lost most of the times.

[Raza]

some interesting posts.. keep em coming

[ForexMindGames]

Thank you everyone for your encouragement.

[Sourvinos]

My way, so far, exactly.
I don't go for the money but for these 10 pips a day. Learn to trade and see how the system works.
I want to wet my feet and then to swim.

Regards,
John

[ForexMindGames]

Here are the 4 M's i have mentioned earlier:
1) money
2) mind
3) method
4) myself



Out of these 4 M's, the one that i feel that is of least importance to long term trading success is method. Why do i say? Think of it this way. There are millions of ways to make money trading. I did a google search on "trading systems", and it showed 113,000,000 hits. Some of these trading systems claim to have been "back-tested" and "proven" to make money in trading. Then they show you charts stating that if you have followed their proprietary indicator, you would have make money if you buy at the green arrows and sell at the red arrows. All these amazing indicators, for a low low price of $49.95 per month. But wait, if you order now, we offer you a 20% discount.

I am repeating myself but i will say it again. There are millions of ways to make money trading. You only need to learn 3 methods. One for a bull market, one for a bear market and one for a sideways market. If MACD above 0 and RSI above 80 is your buy signal, and you make tons of money trading off this signal, stick with it. . There is no one size fits all approach. There are 6 billion humans on this planet. All 6 billions are unique. You are unique. And because you are unique, your approach to trading will also be unique.

The key is this. Find whatever that works for you. It could take you months. It could take you years. For my case, i personally took about 2 years before i find a profitable trading system that works for me. It is a trading system that works for me because it fits snugly into my lifestyle and my personality.

What is your profitable trading system? Find it and you may be rewarded in your trading career.

[ForexMindGames]

This topic we will talk about the fourth M. In my opinion, this M is the most important M of all. I am going to show you a series of photos. And after you have seen each photo, you are going to answer a YES or a NO. YES if you think the person in the photo can trade. NO if you think the person in the photo cannot trade.

Photo 1


Photo 2


Photo 3 (Pistorius, the blade runner)


Photo 4 (Nick Vujicic)


To be continued in next post, as i am only allowed 4 pics per post.

[ForexMindGames]

Photo 4 (Nick Vujicic)





Photo 5


If you answer YES to photo 5, congratulations to you. You have climbed and conquered the highest mountain in trading. The mountain called "Myself". The monkey and baby cannot be traders, because their mental faculty is not developed. Pistorius the blade runner and Nick Vujicic can trade, if they want to, even though they have missing arms and legs.
What is the criteria to be a successful trader? Criteria nu
mber one is the ability to think. Trading is a mind game. If you think you can, you are halfway there on the journey to trading success.

[ForexMindGames]

Level 10 - Myself Part 2

In level 09, what is the key to trading success? Yes, it is the person in the mirror. If you have not done so, look into a mirror and ask the person in the mirror. Am i really ready to be a trader? Am i prepared to be a profitable trader and not a losing trader?



Trading statistics show that 90% of traders lose money and the 10% makes the money. In trading, it is a zero sum game. For every $1000 you win, you won it from someone else who lost it to you. And that person who lost it to you, he did not intend to lose it to you. On the contrary, he wanted to win it from you and take your $1000. Every trader wants to win. But if everyone wins in trading, where is your winning money coming from? Think about that.

Therefore, what is the determining factor to successful trading? Answer, it is me. Myself. If you have a winning mindset, your chances of taking away other people's money will increase. If you don't, you may be the 90% who gives the money to the 10%. Understand this well and you have level up one more level to trade successfully.

"Wealth awaits those who can play this game [of trading] well." - The Money Game

[Lordpipi]

Level 10 - Myself Part 2

In level 09, what is the key to trading success? Yes, it is the person in the mirror. If you have not done so, look into a mirror and ask the person in the mirror. Am i really ready to be a trader? Am i prepared to be a profitable trader and not a losing trader?



Trading statistics show that 90% of traders lose money and the 10% makes the money. In trading, it is a zero sum game. For every $1000 you win, you won it from someone else who lost it to you. And that person who lost it to you, he did not intend to lose it to you. On the contrary, he wanted to win it from you and take your $1000. Every trader wants to win. But if everyone wins in trading, where is your winning money coming from? Think about that.

Therefore, what is the determining factor to successful trading? Answer, it is me. Myself. If you have a winning mindset, your chances of taking away other people's money will increase. If you don't, you may be the 90% who gives the money to the 10%. Understand this well and you have level up one more level to trade successfully.

"Wealth awaits those who can play this game [of trading] well." - The Money Game

Forexmindgame I hv been reading your posts and I hv been enlightened especially you using tennis and Taichi as an analogy while explaining forex...nice job, keep it up

[ForexMindGames]

EURUSD has been consolidating in a 180pips sideways range for 2 weeks from 09-20th July. For these past 2 weeks, it has given the big operators ample time to re-adjust their positions. More importantly, i believe these big operators have been re-accumulating their short positions. Therefore, I think they are just about ready to push EURUSD downwards. I have highlighted 2 possible scenarios to short EURUSD.

Scenario #1

SHORT EURUSD @ 1.2210-30
Stop loss 30pips
Final target profit 1.2000



Scenario #2

SHORT EURUSD @ 1.2290-2320
Stop loss 30pips
Final target profit 1.2000




Preview #2 - LONG AUDUSD

AUDUSD is found within a rising channel since the beginning of June 2012. And it has been in a very strong uptrend. Since the trend is our friend, we should go long only when trading this pair. The chart below is one of my trading indicators which i used. It shows the percentage change of the top 10 strongest and weakest currency pairs.



LONG AUDUSD @ 1.0210-30
Stop loss 30pips
Final target profit 1.0800