BUY @1.5970
SELL @1.5873
*recommended take profits 20-30pips
Thursday, October 1, 2009
Wednesday, September 30, 2009
Tuesday, September 29, 2009
Sunday, September 27, 2009
Thursday, September 24, 2009
GBPUSD : 2009.09.25
BUY @1.6050 ,TP @1.6070
SELL @1.5907 , TP @1.5882
*Recommended take profits from 20-30pips
SELL @1.5907 , TP @1.5882
*Recommended take profits from 20-30pips
Sunday, September 20, 2009
Friday, September 18, 2009
Thursday, September 17, 2009
GBPUSD : 2009.09.18
BUY @1.6403 , TP @1.6423
SELL @1.6348 , TP @1.6328
*Recommended 20-30pips take profits
SELL @1.6348 , TP @1.6328
*Recommended 20-30pips take profits
Five Stages of A Forex Trader, Where Are You Now?
Step One: Unconscious Incompetence.
This is the first step you take when starting to look into trading. you know that its a good way of making money because you've heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy - after all, how hard can it be? Price either moves up or down - what's the big secret to that then - lets get cracking!
Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven't got the first clue about what you're trying to do. You take lots of trades and lots of risks. When you enter a trade it turns against you so you reverse and it turns again .. and again, and again.
You may have initial success, and thats even worse - cos it tells your brain that this really is simple and you start to risk more money.
You try to turn around your losses by doubling up every time you trade. Sometimes you'll get away with it but more often than not you will come away scathed and bruised You are totally oblivious to your incompetence at trading.
This step can last for a week or two of trading but the market is usually swift and you move onth the next stage.
Step Two - Conscious Incompetence
Step two is where you realise that there is more work involved in trading and that you might actually have to work a few things out. You consciously realise that you are an incompetent trader - you don't have the skills or the insight to turn a regular profit.
You now set about buying systems and e-books galore, read websites based everywhere from USA to the Ukraine. and begin your search for the holy grail. During this time you will be a system nomad - you will flick from method to method day by day and week by week never sticking with one long enough to actually see if it does work. Every time you come upon a new indicator you'll be ecstatic that this is the one that will make all the difference.
You will test out automated systems on Metatrader, you'll play with moving averages, Fibonacci lines, support & resistance, Pivots, Fractals, Divergence, DMI, ADX, and a hundred other things all in the vein hope that your 'magic system' starts today. You'll be a top and bottom picker, trying to find the exact point of reversal with your indicators and you'll find yourself chasing losing trades and even adding to them because you are so sure you are right.
You'll go into the live chat room and see other traders making pips and you want to know why it's not you - you'll ask a million questions, some of which are so dumb that looking back you feel a bit silly. You'll then reach the point where you think all the ones who are calling pips after pips are liars - they cant be making that amount because you've studied and you don't make that, you know as much as they do and they must be lying. But they're in there day after day and their account just grows whilst yours falls.
You will be like a teenager - the traders that make money will freely give you advice but you're stubborn and think that you know best - you take no notice and overtrade your account even though everyone says you are mad to - but you know better. You'll consider following the calls that others make but even then it wont work so you try paying for signals from someone else - they don't work for you either.
You might even approach a 'guru' like Rob Booker or someone on a chat board who promises to make you into a trader(usually for a fee of course). Whether the guru is good or not you wont win because there is no replacement for screen time and you still think you know best.
This step can last ages and ages - in fact in reality talking with other traders as well as personal experience confirms that it can easily last well over a year and more nearer 3 years. This is also the step when you are most likely to give up through sheer frustration.
Around 60% of new traders die out in the first 3 months - they give up and this is good - think about it - if trading was easy we would all be millionaires. another 20% keep going for a year and then in desperation take risks guaranteed to blow their account which of course it does.
What may suprise you is that of the remaining 20% all of them will last around 3 years - and they will think they are safe in the water - but even at 3 years only a further 5-10% will continue and go on to actually make money consistently.
By the way - they are real figures, not just some ive picked out of my head - so when you get to 3 years in the game dont think its plain sailing from there.
Iv had many people argue with me about these timescales - funny enough none of them have been trading for more that 3 years - if you think you know better then ask on a board for someone who's been trading 5 years and ask them how long it takes to become fully 100% proficient. Sure i guess there will be exceptions to the rle - but i havent met any yet.
Eventually you do begin to come out of this phase. You've probably committed more time and money than you ever thought you would, lost 2 or 3 loaded accounts and all but given up maybe 3 or 4 times but now its in your blood
One day - im a split second moment you will enter stage 3.
Step 3 - The Eureka Moment
Towards the end of stage two you begin to realise that it's not the system that is making the difference. You realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right You start to read books on the psychology of trading and identify with the characters portrayed in those books and finally comes the eureka moment.
The eureka moment causes a new connection to be made in your brain. You suddenly realise that neither you, nor anyone else can accurately predict what the market will do in the next ten seconds, never mind the next 20 mins.
Because of this revelation you stop taking any notice of what anyone thinks - what this news item will do, and what that event will do to the markets. You become an individual with your own method of trading
You start to work just one system that you mould to your own way of trading, you're starting to get happy and you define your risk threshold.
You start to take every trade that your 'edge' shows has a good probability of winning with. When the trade turns bad you don't get angry or even because you know in your head that as you couldn't possibly predict it it isn't your fault - as soon as you realise that the trade is bad you close it . The next trade or the one after it or the one after that will have higher odds of success because you know your system works.
You stop looking at trading results from a trade-to-trade perspective and start to look at weekly figures knowing that one bad trade does not a poor system make.
You have realised in an instant that the trading game is about one thing - consistency of your 'edge' and your discipline to take all the trades no matter what as you know the probabilities stack in your favour.
You learn about proper money management and leverage - risk of account etc etc - and this time it actually soaks in and you think back to those who advised the same thing a year ago with a smile. You weren't ready then, but you are now. The eureka moment came the moment that you truly accepted that you cannot predict the market.
Step 4 - Conscious Competence
You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you're on a loser you close it swiftly with little pain to your account
You are now at a point where you break even most of the time - day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips - generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.
You'll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you've given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.
This lasts about 6 months
Step Five - Unconscious Competence
Now we’re cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level. You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesnt make you any more excited that getting 1 pips.
You see the newbies in the forum shouting 'go dollar go' as if they are urging on a horse to win in the grand national and you see yourself - but many years ago now.
This is trading utopia - you have mastered your emotions and you are now a trader with a rapidly growing account.
You're a star in the trading chat room and people listen to what you say. You recognise yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they're teenagers - some of them will get to where you are - some will do it fast and others will be slower - literally dozens and dozens will never get past stage two, but a few will.
Trading is no longer exciting - in fact it's probably boring you to bits - like everything in life when you get good at it or do it for your job - it gets boring - you're doing your job and that's that.
Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.
All the time you are honing your methods to extract the maximum profit from the market without increasing risk. Your method of trading doesnt change - it just gets better - you now have what women call 'intuition'
You can now say with your head held high "I'm a currency trader" but to be honest you dont even bother telling anyone - it's a job like any other.
I hope youve enjoyed reading this journey into a traders mind and that hopefully youve identified with some points in here.
Remember that only 5% will actually make it - but the reason for that isnt ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.
The losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers so they couldnt see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.
Im happy to tell you that the reason i started trading was because of the 'get rich quick' mindset. Just that now i see it as 'get rich slow'
If youre thinking about giving up i have one piece of advice for you ....
Ask yourself the question "how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?
Take care and good trading to you all.
This is the first step you take when starting to look into trading. you know that its a good way of making money because you've heard so many things about it and heard of so many millionaires. Unfortunately, just like when you first desire to drive a car you think it will be easy - after all, how hard can it be? Price either moves up or down - what's the big secret to that then - lets get cracking!
Unfortunately, just as when you first take your place in front of a steering wheel you find very quickly that you haven't got the first clue about what you're trying to do. You take lots of trades and lots of risks. When you enter a trade it turns against you so you reverse and it turns again .. and again, and again.
You may have initial success, and thats even worse - cos it tells your brain that this really is simple and you start to risk more money.
You try to turn around your losses by doubling up every time you trade. Sometimes you'll get away with it but more often than not you will come away scathed and bruised You are totally oblivious to your incompetence at trading.
This step can last for a week or two of trading but the market is usually swift and you move onth the next stage.
Step Two - Conscious Incompetence
Step two is where you realise that there is more work involved in trading and that you might actually have to work a few things out. You consciously realise that you are an incompetent trader - you don't have the skills or the insight to turn a regular profit.
You now set about buying systems and e-books galore, read websites based everywhere from USA to the Ukraine. and begin your search for the holy grail. During this time you will be a system nomad - you will flick from method to method day by day and week by week never sticking with one long enough to actually see if it does work. Every time you come upon a new indicator you'll be ecstatic that this is the one that will make all the difference.
You will test out automated systems on Metatrader, you'll play with moving averages, Fibonacci lines, support & resistance, Pivots, Fractals, Divergence, DMI, ADX, and a hundred other things all in the vein hope that your 'magic system' starts today. You'll be a top and bottom picker, trying to find the exact point of reversal with your indicators and you'll find yourself chasing losing trades and even adding to them because you are so sure you are right.
You'll go into the live chat room and see other traders making pips and you want to know why it's not you - you'll ask a million questions, some of which are so dumb that looking back you feel a bit silly. You'll then reach the point where you think all the ones who are calling pips after pips are liars - they cant be making that amount because you've studied and you don't make that, you know as much as they do and they must be lying. But they're in there day after day and their account just grows whilst yours falls.
You will be like a teenager - the traders that make money will freely give you advice but you're stubborn and think that you know best - you take no notice and overtrade your account even though everyone says you are mad to - but you know better. You'll consider following the calls that others make but even then it wont work so you try paying for signals from someone else - they don't work for you either.
You might even approach a 'guru' like Rob Booker or someone on a chat board who promises to make you into a trader(usually for a fee of course). Whether the guru is good or not you wont win because there is no replacement for screen time and you still think you know best.
This step can last ages and ages - in fact in reality talking with other traders as well as personal experience confirms that it can easily last well over a year and more nearer 3 years. This is also the step when you are most likely to give up through sheer frustration.
Around 60% of new traders die out in the first 3 months - they give up and this is good - think about it - if trading was easy we would all be millionaires. another 20% keep going for a year and then in desperation take risks guaranteed to blow their account which of course it does.
What may suprise you is that of the remaining 20% all of them will last around 3 years - and they will think they are safe in the water - but even at 3 years only a further 5-10% will continue and go on to actually make money consistently.
By the way - they are real figures, not just some ive picked out of my head - so when you get to 3 years in the game dont think its plain sailing from there.
Iv had many people argue with me about these timescales - funny enough none of them have been trading for more that 3 years - if you think you know better then ask on a board for someone who's been trading 5 years and ask them how long it takes to become fully 100% proficient. Sure i guess there will be exceptions to the rle - but i havent met any yet.
Eventually you do begin to come out of this phase. You've probably committed more time and money than you ever thought you would, lost 2 or 3 loaded accounts and all but given up maybe 3 or 4 times but now its in your blood
One day - im a split second moment you will enter stage 3.
Step 3 - The Eureka Moment
Towards the end of stage two you begin to realise that it's not the system that is making the difference. You realise that its actually possible to make money with a simple moving average and nothing else IF you can get your head and money management right You start to read books on the psychology of trading and identify with the characters portrayed in those books and finally comes the eureka moment.
The eureka moment causes a new connection to be made in your brain. You suddenly realise that neither you, nor anyone else can accurately predict what the market will do in the next ten seconds, never mind the next 20 mins.
Because of this revelation you stop taking any notice of what anyone thinks - what this news item will do, and what that event will do to the markets. You become an individual with your own method of trading
You start to work just one system that you mould to your own way of trading, you're starting to get happy and you define your risk threshold.
You start to take every trade that your 'edge' shows has a good probability of winning with. When the trade turns bad you don't get angry or even because you know in your head that as you couldn't possibly predict it it isn't your fault - as soon as you realise that the trade is bad you close it . The next trade or the one after it or the one after that will have higher odds of success because you know your system works.
You stop looking at trading results from a trade-to-trade perspective and start to look at weekly figures knowing that one bad trade does not a poor system make.
You have realised in an instant that the trading game is about one thing - consistency of your 'edge' and your discipline to take all the trades no matter what as you know the probabilities stack in your favour.
You learn about proper money management and leverage - risk of account etc etc - and this time it actually soaks in and you think back to those who advised the same thing a year ago with a smile. You weren't ready then, but you are now. The eureka moment came the moment that you truly accepted that you cannot predict the market.
Step 4 - Conscious Competence
You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you're on a loser you close it swiftly with little pain to your account
You are now at a point where you break even most of the time - day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips - generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.
You'll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you've given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on.
This lasts about 6 months
Step Five - Unconscious Competence
Now we’re cooking - just like driving a car, every day you get in your seat and trade - you do everything now on an unconscious level. You are running on autopilot. You start to pick the really big trades and getting 200 pips in a day doesnt make you any more excited that getting 1 pips.
You see the newbies in the forum shouting 'go dollar go' as if they are urging on a horse to win in the grand national and you see yourself - but many years ago now.
This is trading utopia - you have mastered your emotions and you are now a trader with a rapidly growing account.
You're a star in the trading chat room and people listen to what you say. You recognise yourself in their questions from about two years ago. You pass on your advice but you know most of it is futile because they're teenagers - some of them will get to where you are - some will do it fast and others will be slower - literally dozens and dozens will never get past stage two, but a few will.
Trading is no longer exciting - in fact it's probably boring you to bits - like everything in life when you get good at it or do it for your job - it gets boring - you're doing your job and that's that.
Finally you grow out of the chat rooms and find a few choice people who you converse with about the markets without being influenced at all.
All the time you are honing your methods to extract the maximum profit from the market without increasing risk. Your method of trading doesnt change - it just gets better - you now have what women call 'intuition'
You can now say with your head held high "I'm a currency trader" but to be honest you dont even bother telling anyone - it's a job like any other.
I hope youve enjoyed reading this journey into a traders mind and that hopefully youve identified with some points in here.
Remember that only 5% will actually make it - but the reason for that isnt ability, its staying power and the ability to change your perceptions and paradigms as new information comes available.
The losers are those who wanted to 'get rich quick' but approached the market and within 6 months put on a pair of blinkers so they couldnt see the obvious - a kind of "this is the way i see it and thats that" scenario - refusing to assimilate new information that changes that perception.
Im happy to tell you that the reason i started trading was because of the 'get rich quick' mindset. Just that now i see it as 'get rich slow'
If youre thinking about giving up i have one piece of advice for you ....
Ask yourself the question "how many years would you go to college if you knew for a fact that there was a million dollars a year job at the end of it?
Take care and good trading to you all.
Wednesday, September 16, 2009
GBPUSD : 2009.09.17
BUY @1.6518 , TP @1.6538
SELL @1.6459 , TP @1.6439
*Recommended take profit 20-30pips
Enjoy your trading..Good luck!!!
SELL @1.6459 , TP @1.6439
*Recommended take profit 20-30pips
Enjoy your trading..Good luck!!!
Tuesday, September 15, 2009
Monday, September 14, 2009
GBPUSD : 2009.09.15
BUY @1.6635 , TP @1.6655
SELL @1.6592 , TP @1.6572
*Recommended take profits 20-30pips
SELL @1.6592 , TP @1.6572
*Recommended take profits 20-30pips
Sunday, September 13, 2009
Thursday, September 10, 2009
Wednesday, September 9, 2009
Tuesday, September 8, 2009
GBP/USD Signals
BUY @1.6551 TP @1.6571
SELL @1.6473 TP @1.6453
Happy Trading!!!!
recommended take profits 20-30pips
SELL @1.6473 TP @1.6453
Happy Trading!!!!
recommended take profits 20-30pips
GBPUSD: Strength Sees The 1.6622 Level Being Targeted.
GBPUSD- As strong upside gains continues to be seen pushing GBP higher in early trading today, the pair now runs the risk of further upside targeting its Aug 21’09 high at 1.6622. With its counterpart EUR currently seen taking out its YTD high at 1.4446 and across the board Dollar weakness seen, higher prices remains on the cards for GBP. In such a case, a clean break and hold above the 1.6622 level will target the 1.6742 level, its July 30’09 high and then the 1.7000 level. Further than there will clear the way for a run at the 1.7041 level, its Aug 05’09 high. Its daily stochastic remains bullish and pointing higher supporting further strength. On the contrary, a pullback in its current upside recovery could see the pair turn lower aiming at the 1.6321 level, its Sept 08’09 low followed by the 1.6111 level, its Sept 01’09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08’09 low and then the 1.5798 level, its July 08’09 low.On the whole, with a halt in its declines off the 1.7041 level seen, recovery higher is now expected.
Support Comments
1.6321 Sept 08’09 low
1.6111 Sept 01’09 low
1.6034/00 July 13’09 low/psycho level
Resistance Comments
1.6622 Aug 16’09 high
1.6742 July 30’09 high
1.7041 Aug 05’09 high
Daily Chart
Written by Mohammed Isah (FXT Technical Strategist Plus)
Support Comments
1.6321 Sept 08’09 low
1.6111 Sept 01’09 low
1.6034/00 July 13’09 low/psycho level
Resistance Comments
1.6622 Aug 16’09 high
1.6742 July 30’09 high
1.7041 Aug 05’09 high
Daily Chart
Written by Mohammed Isah (FXT Technical Strategist Plus)
Monday, September 7, 2009
GBPUSD : 2009.09.08
Two pending orders are set as below:
BUY @1.6370, TP @1.6390
SELL @1.6313, TP @1.6293
(recommended take profits between 20-30pips)
*Everyday,our website will update GBP/USD signal promptly @ 830-930 international time(based on fxdd local time) SELL @1.6313, TP @1.6293
(recommended take profits between 20-30pips)
Thank you and good luck on your trading!!!
Today's GBP/USD result
Mannual Stoploss - 30pips
(Notes: Today, most of the US banks will be closed in observance of Labor Day; Snce most of the banks facilitate the majority of foreign exchange volume. When they are closed, the market is less liquid and speculators become a more dominant market influence. This can lead to both abnormally low and abnormally high volatility; )
*We will not recommend anyone to trade during bank closed.in future.
(Notes: Today, most of the US banks will be closed in observance of Labor Day; Snce most of the banks facilitate the majority of foreign exchange volume. When they are closed, the market is less liquid and speculators become a more dominant market influence. This can lead to both abnormally low and abnormally high volatility; )
*We will not recommend anyone to trade during bank closed.in future.
Sunday, September 6, 2009
Friday, September 4, 2009
why people losing money in Forex?
The majority of people who trade lose are 95%. This may seem paradoxical in terms of what we
have said above but the ratio has remained the same since trading began.
Many traders lose because they make wrong assumptions about the skills needed to trade and below we will outline some common mistakes.
1) Methods that are too complicated.
2) Do not understand the logic behind a method
3) No money management
4) Trying to trade market noise
5) Trade with emotional
6) Lack of discipline
Next, we will share with you how to become the 5 %
have said above but the ratio has remained the same since trading began.
Many traders lose because they make wrong assumptions about the skills needed to trade and below we will outline some common mistakes.
1) Methods that are too complicated.
2) Do not understand the logic behind a method
3) No money management
4) Trying to trade market noise
5) Trade with emotional
6) Lack of discipline
Next, we will share with you how to become the 5 %
Thursday, September 3, 2009
GBPUSD : 2009.09.04
Two pending orders are set as below:
BUY @1.6345 , TP @1.6365
SELL @1.6296 , TP @1.6276
(recommended take profits between 20-30pips)
SELL @1.6296 , TP @1.6276
(recommended take profits between 20-30pips)
Thank you and good luck on your trading!!!
Wednesday, September 2, 2009
GBPUSD : 2009.09.03
Two pending orders are set as below:
BUY @1.6292 , TP @1.6312(+20pips)
SELL @1.6228, TP @1.6208(+20pips)
(recommended take profits between 20-30pips) SELL @1.6228, TP @1.6208(+20pips)
*Everyday,our website will update GBP/USD signal promptly @ 830-930 international time(based on fxdd local time)
Thank you and good luck on your trading!!!
Tuesday, September 1, 2009
GBPUSD : 2009.09.02
BUY @1.6183
SELL @1.6106*Everyday,our website will update GBP/USD signal promptly @ 830-930 international time(based on fxdd local time)
Monday, August 31, 2009
GBPUSD : 2009.09.01
BUY @1.6306
SELL @1.6246
*Everyday,our website will update GBP/USD signal promptly @ 830-930 international time(based on fxdd local time)
Sunday, August 30, 2009
WHY WE WANT YOU TO BECOME SUCCESSFUL TRADER
Hi all,
Do you ever wonder what is the life of a successful trader? let me share with you.....
You can be free, live and work anywhere around the world. What's more? You can be anywhere doing the things you like without answering to anyone.
Yes. This is the life of a successful trader.
Many aspire to do this but few succeed. This is simply because they don’t understand how the markets really work. First, let me show you the 'PROOF THAT EVERYONE CAN WIN' ! Here is the true story ....
He gathered a group of traders together who had never traded before, they were of all ages, both sexes and had various levels of education.
The group was a diverse on and included:
- An actor
- A security guard
- A kid fresh from school
- And a couple of card players
The above were just a few of the group and as you can see it was diverse!
Dennis then taught them to trade in just 14 days - the result?
They went on to make $100 million in just 4 years and became trading legends.
This group were nicknamed “the turtles” and succeeded yet, we all know 95% of traders lose so what did they do right? I will share with you on my next article. Tune in for more updates.
cheers,
Mark Anderson Group
Do you ever wonder what is the life of a successful trader? let me share with you.....
You can be free, live and work anywhere around the world. What's more? You can be anywhere doing the things you like without answering to anyone.
Yes. This is the life of a successful trader.
Many aspire to do this but few succeed. This is simply because they don’t understand how the markets really work. First, let me show you the 'PROOF THAT EVERYONE CAN WIN' ! Here is the true story ....
In the 1980s trading legend Richard Dennis, set out to prove that everything about trading could be learned and anyone could do it, with the right attitude and the right education.
He gathered a group of traders together who had never traded before, they were of all ages, both sexes and had various levels of education.
The group was a diverse on and included:
- An actor
- A security guard
- A kid fresh from school
- And a couple of card players
The above were just a few of the group and as you can see it was diverse!
Dennis then taught them to trade in just 14 days - the result?
They went on to make $100 million in just 4 years and became trading legends.
This group were nicknamed “the turtles” and succeeded yet, we all know 95% of traders lose so what did they do right? I will share with you on my next article. Tune in for more updates.
cheers,
Mark Anderson Group
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