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Tuesday, 12 February 2008 |
THE SECRETS OF HIGHLY SUCCESFULL TRADERS
One of the most important things that affect trading has to be self-discipline. Self-discipline is simplya mental technique to stay focussed on the trading skills that you need to acquire, to take actionsto implement your trading system, and to accomplish your goals.Stay focused on what you need to learn.You need to focus on education, on how you can improve and implement your trading plan,rather than focus on the money. If you are a successful trader then you will have the money, whichis the by-product of your success. Every professional has to have a continuousprofessional development, so that they keep pace with the new market environment, so whyshould the traders be different?. You should always keep learning and improving.Take Complete ResponsibilityYou and only you alone are completely responsible for whatever you end up with. You will nevermeet a successful trader who is looking to blame someone or something else for his or her losses.This is a critical step in understanding how to become a successful trader because until youtake complete responsibility for all of your trades, you will never feel comfortable with yoursystem and you will never reap the rewards. Additionally, when something goes wrong with |
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Last Updated ( Tuesday, 12 February 2008 )
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Tuesday, 12 February 2008 |
Multiple Time Frames
At the start of the trading session, I always start looking at the longer time frames taking abig view of the charts, drawing my trend lines and gradually moving down. Throughout eachtime frame I am looking for various chart patterns, this enables me to figure out the overall trend.Trend Line BouncesThis is one of the easiest trading opportunities to spot, and to catch. If you see a nicely definedtrend line, either UP or DOWN, and look to catch the move once you have a confirmation. Youcan place your stop below the trend line or just below the previous low (for a long trade) orprevious high for the short trade.Trading Session MovesForex is one market, which trades 24 hours, apart from weekends, therefore even when youare asleep, the markets are moving. There are three major markets that trade FOREX;?The Asian market, including New Zealand and Australia?The European Market?The North American Market.Often the best moves to catch are the market overlap, i.e. Asian close and Europe open, and alsothe Europe afternoon and North American Open. Some traders will only trade FOREX duringthese overlap periods, as these offer huge moves. |
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Last Updated ( Tuesday, 12 February 2008 )
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