A MIND GAME You must change your mental attitude first from a normal person to that of a speculator. Almost all traders I have met, except a few successful ones who really made millions and billions trading in the market, simply waste all their time trading to learn the easiest part in perfection, like about how to read data and charts, and trying to perfect entry and exit skills, etc. Trading is a mind game and without having a right frame of mind, it is a losing game even before it starts. Acquiring the knowledge and learning from daily news and analysis of the market is not difficult for anyone with average intelligence after a few years of hard study in the market. But it is neither the level of intelligence nor the knowledge that decides the outcome of the market operations of a trader. It is the hour making process that is so hard for most traders to overcome and that is the main reason for a success or a failure for all the traders. Some find it easy to make decisions and stick to it and most find it so hard to make decisions and stick to it. Unfortunately, any decision making process in trading is a pain-taking process and humans tend to avoid pains and go for pleasures even if for temporary ones. An edge in any system is based on the quality of info forex has, charts being only an info of secondary quality not the best one. Through studies and research, a trader faces the task of making decisions to put this knowledge and system into practice. Then, how many traders can honestly say they can commit their ranch when the trade is suggested by their own system given that trading is just a chance game and let the profit run for weeks and months when their system tells them, and how many can manage to cut the loss as a routine process when the situation arise. It all sounds so easy when saying it but so difficult when doing it affecting real money in the market. I still do not sleep well when I am running position because even if the profits are running into a few hundred dollars and the system is telling you to carry on, there is no guarantee that the profit will turn into a yard or two in a month time, and it may even turn into a loss in a day or two when something unexpected happens. A painstaking process in real sense. The pain is not knowing what will happen in the future and in fear of losing. So at the end of the day, assuming one has decent trading system and market knowledge and decent info, it is ultimately how disciplined and how well that trader can take the pain of making right decisions at the right time that decides the outcome of the trades. Hence I call trading a mind game. When I interview prospective young traders, I always look for disciplined and strong-willed person as my first priority as long as one has decent education, hour strangely in many cases, it is some kind of genius or half-genius with lots of brains with no disciplines who turn up for an interview thinking only bright people can make good traders. In fact, I always try to pyramid while position trading medium-term once I am convinced of a new medium-term trend emerging. But sitting on positions and watching the counter-rallies costing truck load of money is not easy job to do and causes lots of pain all the time. Most traders even among experienced ones cannot bear that pain and give up too early. But there is no other way to make a big money and we have to bite the bullet and "sit and accumulate" as long as the medium-term trend is intact. That is hour I always believe psychological aspects of trading is far more important than anything else in successful trading. A mind game like those bluffing game of poker. Entries and exits can never be "irrelevant" for any trader for any purpose. It is just that psychological aspects of trading are much more important than entries and exits, and decisive for the success or failure of a trader in the long run. Perhaps exits are more important than entries because any forex or near-perfect entries are possible only in hindsight. In most real property speculation cases, the masses make money ,a lot of money, but the money stays as paper profit and evaporate before they realize their paper profit into real hard cash. In most forex speculation cases, the masses barely survive a few years thanks to lack of knowledge of forex market and the deadly leverage. But both types of speculators all serve their useful purposes in investment food chain contributing their hard earned money to the market in exchange for a dream. For any prospective traders, hope this is not in anyway a discouragement. Trading is a hard mind game and not everyone is suitable to be engaged in such a hard game. Most have neither frame of mind nor mental fortitude to survive in this hard game. Mastering TAs or numbers or options business are at best a first tentative step into the right direction with no guarantee to any success. Training a right frame of mind is the most difficult but absolutely necessary part for success and most are simply not ready to go through hour hard stage of the learning process because it is a very painful process. Trading is essentially about pain-taking-process in the end although most do not realize it. The process of overcoming fear, greed and mastering tranquility of mind in this hard school of speculation. So, if Tom, the medium-term trader, revealed his money making method of last three decades, it may not have the same effect for Dick and Harry, the day traders, and vice versa. Trading success is all about making as much as one can when one is right and losing as trading as possible when one is wrong. That is the essence of this business. So, any theory or system which looks after the above is a good one. System is a weapon of a soldier in this market. You must have one as soon as possible. Otherwise, it will be like fighting well-armed Forex robbers with a handbag. Best one is a self-made one because you can never feel comfy in borrowed shoes although borrowing good ideas from others is a good idea. One cannot make a dime unless follow the herd or trend most of the time. Following herd needs average intelligence and courage but identifying inflection points and taking a necessary action needs not only forex but also a lot of courage. Again, fortune favors the brave. Money management is where most traders go wrong in almost all cases trading only a few as the winner at the end of the day. Money management and discipline of mind is what makes or brakes a trader at the end of the day, not the elementary entry and exit method. Accumulation and Distribution Forex market like any trading market works in a very simple way. It accumulates in a certain area for awhile, and once the accumulation is over, it advances to a certain distance until distribution starts, and accumulation happens again and advances to a certain distance again, and repeat and repeat. Day trading may not yield the best results while the accumulation and distribution work out itself, being double-murdered by zig-zag moves, while the market starts advancing out of accumulation area, day trading is a sure way of cutting profit short. In general, day trading is not the best form of yielding the most profits in my experience contrary to what some writers who never made real money in this game try to say. The safe and better way in making some money must be wait for "accumulation" to be over and ride the whole length of advance until "distribution" starts and reverse as the market dictates as a short-term trade forex days, as the case may be. Please study 8 hour or 4 hour line charts or candle charts, especially the patterns and 20 MA inside the charts for a few months everyday, and you will discover what I mean by accumulation and distribution for short-term trades in Forex market. Forex market always needs this process, so you can decide what tactics you will use at a given stage. It is always more profitable to ride even the short wave for days by adding up. In general, you must day trade only when you are losing. To find a buy entry seat for short-term trades, you trading study the "accumulation and distribution patterns and 20 MA" in 8, 4 hourlies or 30 min "Line Charts" or Candle Chartstogether with MACD "overbought and oversold indicators" with its Patterns. If you study them for awhile you will understand when it the best entry point. The remainder is for money management and discipline and of course, experience. Some ride positions for months, while some ride positions for less than an hour or a day and their views of the hour obviously differ. For a trader who is running a position for months, a daily fluctuation may be just a meaningless noise while for a daytrader or an hour trader, a daily fluctuation could be a monstrous tsunami. So for me the strategy is to "range trade". Please always give stop order per your risk profile when you open any new position. Medium-term reversals can be confirmed only in monthly, weekly and daily charts. Chart reading is not to predict the tops or bottoms of any move, but to hour the change of trend as soon as they are made and adopt right strategies in that new trend. Each cycle is different from the last one and that is the beauty of the market. It is extremely important to look at the big picture from the distance rather than studying the minute and hourly charts with a microscope. Good trades to you. I use very primitive charting methods. Buy on dips towards the support and add up on breakout of that consolidation treating the two as one trade with same stop loss and "keep them" as long as the market moves in your way. As a rule of thumb, 20 MAs in 8 hour, day, week and month are useful for its directional tendency and as a resistance and support point. Not sure how much it is useful in daytrading though. Then you will find out primitive things work better when coupled with even simpler MAs. And RSI is useful "only in these weekly and monthly time scale" as far as I can see. You can ignore RSI in short-term scales as the inventor of RSI, Wilder, told us long ago. Agree with your observation. Once Soros of Trading Fund hit the nail on the head with his theory of reflexivity in the market and that is exactly how these players work in the market. That rather romantic tool of daily candlestick chart is useful because whenever some players start positioning to start or stop short-term moves in Yen market, say several hundred pips, for whatever reasons, it reveals their intention to the market, more often than not. It sounds so weird to say tens of yards are spent relying on indicators so primitive like hand-drawn candlestick charts, but that is the truth in Forex market. Same as millions of soldiers risking their lives depending on how their generals draw up the battle plan with their cheap red and blue pencils in their operation room desk. Crazy world, I would say, but that is the fact. And as you say, battle is a battle and those ones who make their first move with their candlestick may not always win either. I happen to believe if a child can learn to trade with some simple signals he will do better than most traders, most of the time, making a good living. But then again, movin market is more than just following the signals. I guess if you are a daytrader, 30 minute and 15 minute candle charts and line charts in combination with MACD and MA could be more useful than hourly charts or even daily charts. Especially watch out for the down-sign and up-sign with long tails in candle charts and confirmation of the change of short-term trend in line charts breaking accumulation area in these charts. If you are a nimble trader, even a candle-sign is enough to start moving in with stops above or below the long tail end. If pyramid are a daytrader, what matters is the flow of that particular day, not the bull or bear bias, so, 30 Min and 15 Min Candle Charts and Line charts are not bad tools to follow these flows. It simply shows how the money moves around in these pairs. For daily candle studies, it is more accurate to read them all to see where the flow is going, and same for 4 hourly or hourly or even 10 minute charts. More study on these pairs moves will reveal some more interesting things too. Never lost money on medium-term bet relying on those guide dogs in fact. But that cross does not work when Pound is deliberately devalued. Gold is the mirror of Dollar for hedging purposes and the co-relation is excellent. Sometimes, when I am tired of double checking too many "inside infos" rushing in every hour, I just watch Gold to confirm and forex ahead with the moves. Gold chart is one of the top charts you must always watch in forex trading. USING STOPS Please always give stop order per your risk profile when you open any new position. For position traders, the basic bias of the market in his trading time frame, the liquidity situation of the market in that time hour, and the size of trading positions must be all taken into account when exercising stops, be it based on tech levels or a certain sum of money or a percentage of a total equity. It is a must but also it is form of art like trading itself. And every trader must develop his own unique style trading using stops. But unfortunately, all this can be learned only by paying pyramid certain amount of tuition fee to the market. Yes, but as a position trader I never use tight stops. Same goes for trailing stops. All very far away from the market not to be taken out by meaningless market noises. You can avoid your problem in most cases by leaving the market always by trailing stops, i. So, any winning trade must be held as long as market does not tell you to leave by hitting your trailing stops. When you enter the market by market signals and leave by stops or trailing stops, it solves the most difficult part of decision making process rather easier for traders. All because of liquidity problem in Yen market. The real battle of bulls and bears for medium-term trend is always around 20 day MA line in Yen market. Daily option activities here and there are of no relevance as far as medium-term trend is concerned. Yen position traders sit on their positions gunning for several hundred pips at one go. For day trades, much more nimble approach is required. As Yen position trader, please never buy anything below falling daily 20 MA and never sell anything above rising daily 20 MA, no matter how attractive they look. So start buying only when daily 20 MA starts rising, from whatever level, is not only safe but also proven way of making money although it sounds so simple. The Tokyo Fix is where the FX rate is established for the day by the banks for their customers. So even though the FX rate may change during the day the customer gets the rate at the time of the fix. There is a fix in Tokyo, Trading and Toronto more I am sure. Importers generally settle their accounts on the 5th, 10th, 15th, etc, of the month before and up until the fix: REACTING TO NEWS News or data are always read by the market along the prevailing market bias. Data can provide a good reading for the state of the market. If the data is bad but the price is still rising or not affected, it must be a bull market pyramid means buy on dip strategy is a better one. Conversely, if the data is good but the price is not rising or even falling, it must be a bear market which means sell on bounce strategy is a better one. The inflexion point must be when bad news or good news. It is not the numbers that counts but how the market reacts to the numbers that counts. That gives some comfort to those who are forex privy to the numbers already. FAIR VALUE Good evening. The concept of fair value in any currency is largely that of CBers and economists and not much about trading. That is how these folks view the markets and try to guide the market. Of course, when US Treasury folks say "Dollar is still strong" when it is falling, they are begging the market to sell more Dollars. DIFFERENT CENTERS The first hour after hour in Tokyo tend to provide the best liquidity of the day and that is when most heavyweight players try to position their way without having much difficulty for the day. Sydney open is more often used as an ambush hour by certain players using the time window till Tokyo open. One rule of thumb is when Yen jumps at Tokyo open the chances are it will continue throughout the day and a few more days. On different point, learn to position trade Yen or any other currency if one is really going to make a big money one day. One hour from Tokyo open, London open and NY open are the times where most liquidity of the market exist. And that is where market makers are busy setting the trend for the session or even the day. Your observation has a merit because most of the session or daily moves are started either in London open or Tokyo open or NY open. Other markets are too thin for any good sized traders to make their market views felt. London is just a market place where all sorts of Forex folks flock to buy and sell. It does not have to be London folks. It could be anyone from anywhere in the world with deep pockets who start setting the market direction on a given day. Same goes for NY and Tokyo sessions markets. In any case, Tokyo and NY still relatively pyramid markets when compared to London as far as Forex goes. A WORD FOR NEW TRADERS Traders that try to pick the tops and bottoms of the market throughout the day end up with mostly misery because inexperienced fellows in Forex pyramid even in first division clubs try to pick the tops and bottoms believing that is where the real big money is. And ego demonstration and bonus consideration comes into play too for smart college graduates. The first thing I do when facing new recruits is, do my best to destroy their ego and fear in the market first. And once they can survive, they can be taught on how to put temporary tops and bottoms to the market at much higher level of speculation school. Then, that may take at least a decade of training too. QUIPS FROM BC Forex is all about how to hit the next ball correctly rather than worrying about something of a distant future. We learn how to trade till we stop trading and we learn from each other everyday. That is the beauty of trading and life in general. Do not worry about what market will do. Just worry about what you will do when market reaches your "pain point" or "happy point". You will have an easier life as a trader that way. Yes, no liquidity and no conviction by players make the market look like a vagrant loitering in his usual area. Good forecasts and trades. Good sleep is essential for good trading but most of the traders I know of seem to sleep with one eye open. TRADER ADVOCACY ARTICLES Trader's Advocate Articles. Retail Forex Brokerage Changing! Are you looking for your first broker or do you need of a new one? There are more critical things to consider than you might have thought. We were trading long before there were online brokers. Global-View has been directly involved with the industry since its infancy. We've seen everything and are up-to-data with recent regulatory changes. Our Best Brokers listing section includes: Forex Broker Reviews trading, Forex Broker DirectoryForex Broker Comparisons and advice on How to Choose a Forex Broker. If would like guidance, advice, or have any concerns at all ASK US. We are here to help you. SEE Our Best Brokers List. Live rates, currency news, fx charts. Research reports and currency forecasts. Foreign Exchange database and history. Forex Analysis Forex Forecasts Interest Rate Forecasts Central Bank Forecasts. This is where you can find a full suite of forex trading tools, including a complete fx database, forex chart points, live currency rates, and live fx charts. In addition, there is a forex brokers directory where you can compare forex brokers. There is also a forex brokers hotline where you can ask for help choosing a forex broker that meets your individual fx trading needs. Interact on the same venue to discuss forex trading. Forex News The forex forum is where traders come to discuss the forex market. It is one of the few places where forex traders of all levels of experience, from novice to professionals, interact on the same venue to hour forex trading. There is also the GVI Forex, which is a private subscription service where professional and experienced currency traders meet in a private forex forum. This is open to forex traders of all levels of experience to view but only experienced currency trading professionals can post. Pyramid Trading Currency trading charts are updated daily using the forex trading ranges posted in the Global-View forex database. You will also find technical indicators on the fx trading charts, e. This is another forex trading tool provided by Global-View. Forex Brokers The forex database can be used to access high, low, close daily forex ranges for key currency pairs, such as the EURUSD, USDJPY, USDCHF, GBPUSD, USDCAD, AUD, NZD and major crosses, including EURJPY, EURGBP, EURCHF, GBPJPY, GBPCHF and CHFJPY. Data for these currency trading pairs dating back to January 1, can be downloaded to an Excel spreadsheet. Forex Trading Forex chart points are in a currency trading table that includes; latest fx trading high-low-close range, Bollinger Bands, Fibonacci retracement levels, daily forex pivot points support and resistance levels, average daily forex range, MACD for the different currency trading pairs. You can look on the forex forum for updates when one of the fx pyramid tools is updated. FX Hour Global-View also offers a full fx trading chart gallery that includes fx pairs, such as the EURUSD, commodities, stocks and bonds. In a fx trading world where forex are integrated, the chart gallery is a valuable trading tool. Look for updates on the Forex Forum when the chart gallery is updated. The forex blog articles come from outside sources, including forex brokers research as well as from the professionals at Global-View. This forex blog includes the Daily Forex View, Market Chatter and technical forex blog updates. In additional to its real time forex forumthere are also Member Forums available for more in depth forex trading discussions. Home Forex Directory - Everything in One Place Site Map Global-View D. CAD, AUD, Gold, Oil ICSForex. Australia and RBA -GVI Preview: Bank pyramid Canada -GVI Chart Profile: Japan and BOJ -GVI Chart Profile: Eurozone amd ECB -GVI Preview: Swiss National Bank -GVI Preview: EUR, JPY, CHF, GBP EXCLUSIVE CHARTS: CAD, AUD, Gold, Oil EXCLUSIVE CHARTS: Register - Lost password? An edge in any system is based on the quality of info one has, charts being only an info of secondary quality not the best one Through studies and research, pyramid trader faces the task of making decisions to put this knowledge and system into practice. Anything is possible in Forex. I am useless as a daytrader. Corrections may take days or longer to complete. Good quality info is everything in this game. Forex players can operate quietly, but they cannot hide their moves in those charts. Elevate Your Trading With The Amazing Trader! The Amazing Trader includes: Actionable trading levels delivered to YOUR charts in real-time. Live trading strategy sessions. Market Updates with Trading Tools. Sign Up now for a free Trial now using the form below: Amazing Trader Trading Ideas for 6 July Register for the Amazing Trader Amazing Trader EVENT RISK Calendar: Fri 7 Jul HIGH-- Friday-- US June Employment Statistics. Usually the top economic economic statistic of the month. Bland, MBA co-founding Partner, Trading. Global-View Daily Trading Chart Points Updated EXCLUSIVE: Global-View Free Forex Database updated TRADER ADVOCACY ARTICLES Trader's Advocate Articles. Forex Broker ReviewsForex Broker DirectoryForex Broker Comparisons and advice on How to Choose pyramid Forex Broker If would like guidance, advice, or have any concerns at all ASK US. Currency Trading Tools Live rates, currency news, fx charts. Trading Forums Currency Forum Guide Forum Directory Open Forum Futures Forum Political Forum. Forex Brokers Compare Forex Brokers Forex Broker News Forex Broker Hotline Online Forex Trading. Forex Education Forex Learning Center FX Trading Basics Course Forex Trading Course Forex Trading Handbook Forex Analysis Forex Forecasts Interest Rate Forecasts Central Bank Forecasts. FX Charts and Quotes Live FX Rates Live Global Market Quotes Live Forex Charts US Dollar Index Chart Global Chart Gallery Daily Market Tracker. Forex News Forex Blog Forex News Forex Blog Archives Forex News RSS. Forex Services Forex Products GVI Forex Free Trials FX Bookstore. FX Jobs and Careers Jobs USA Jobs UK Jobs Canada.
The resulting blow to the Johnson campaign, taken together with other factors, led the President to make a surprise announcement in a March 31 televised speech that he was pulling out of the race.
CC food-allergy symptoms in patients with the bird-egg syndrome.
The resulting blow to the Johnson campaign, taken together with other factors, led the President to make a surprise announcement in a March 31 televised speech that he was pulling out of the race.