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After I realized that my lack of success in trading was not down to bad luck or an inability to read charts nor even to faulty strategies but mainly due to psychological shortcomings, my next step was to take Eric Clapton's advice: “Before you accuse me (others), Take a look at yourself”. Having been forced to cast a closer look at myself I had to ask two questions: Do I want to continue t…
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Forex trading, what can be so difficult, I thought when I first looked into currency trading. You buy one currency and then sell it again and take the profit that's in the difference. Even better, with leverage I only need a small amount of money to make a lot. I wondered why on earth there are not more people doing it. I soon found out why. Statistically, 90 plus percent of retail traders are l…
"The path to success is to take massive, determined action" Every day hundreds of new traders are attracted to forex market and embark on their journey to fulfill their dream of financial independence. Their goal is to become consistent profitable traders, but very few are able to accomplish it. There are many reasons that leads to their failure, but the most common ones are lack of patienc…
INTRODUCTION In order to know if you are making progress in any activity, you need to be able to measure that progress. An athlete keeps training in order to better his/her performance. For example, Kenyan champion David Rudisha, whose picture appears below, is always training to improve his performance. Recently, at the London Olympics, he broke his own 800 metres record – and also set a new wo…
One of the biggest mistakes traders make is to keep changing from one system to another. Quite often traders will search through forums and to find the next system they think will bring them the profits they seek. The trader will then try a new system out for a week or more and at the first sign of the system making a loss, they will dump it and move to the next indicator or special black box that…
Introduction In my October 2012 article, I dwelt on the need to keep the trading activity simple, hence the acronym KISS. There are countless exhortations, persuasions, ideas and downright con games all over the internet and other media – all seeking to show you how to make money trading forex. I have decided to blow against the wind by submitting an article on HOW TO LOSE MONEY trading forex! T…
I have been trading for over 4 years and I still get the same feeling when in a trade today as I did in the first months of my trading life. My heart rate increases, palms get sweaty and I start to feel the adrenalin running through my body. One reaction that is somewhat new to the field is I start to hear this voice in my head that fills me with doubt. You know the one, why did I enter that trade…
THE KISS STORY Back in high school, our English language teacher told us a story. Many of you may have heard it narrated in one way or the other. It went something like this: A well known public speaker whom we will call Mr. Maneno, was giving a speech at an important event. Twenty minutes or so into the speech, people who were seated next to the speaker’s wife noticed that the she kept blowing …
Last week we have seen the break up of energy and also
we have talked about its efficiency in short. We will be looking at the broader
picture in this article. When we say “body produces energy”, the question
arises as to whether whole of&n…
Overconfidence
may be natural – which leaves us with the question of how we overcome it in our
trading? The first step is to identify when traders are at risk of
overconfidence and to then put in place specific actions to implement in those
particular circumstances.
Reflect on your
own trading. When are you most prone to overconfidence?…
For most of us, forex is a
trading place except for the banks and investment firms. Banks, investment
firms and hedge funds trade forex as well as invest in currency market. They
are the market maker and responsible for market acceleration (drive of currency
market). The major participants of currency trading are listed below according
to the priority:
Banks:
interbank, commercial banks & central…
When I made my 1st Million by 21 (actually very true) I was asked by my company at the time to do a speach in front of 4000 of the companies Top Employeees & Distributors (not in financial markets) on the subject of "HOW TO KEEP A POSITIVE ATTITUDE ALWAYS". Now some where in the Speach I said "one day I am going to make 2 Billion dollars in one year" and of cour…
Many might think trading FX is an easy way to make money. You can just pass some orders, have your free time and the money will just roll in. But to most FX traders, that is furthest from the truth. Why do 90% of FX traders lose money eventually. Why? One main reason is that they tend to commit or are unable to shake off the seven common deadly sins which I will highlight below : They are ac…
Emotion is the complex psychophysiological experience of an individual's state of mind as interacting with biochemical (internal) and environmental (external) influences. In …
I was wondering, just by myself – how many women out there are active traders? I know that we (men) came from Mars and you (women) came from Venus (or is it the other way around… I always forget that… had that book several times in my hand and not even correctly remember its title). Anyways, the point of this article is to show my personal points of view while trying to answer a simple qu…
