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FOREX TRADE AND WEALTH BUILDING,PRINCIPLES, PHILOSOPHY & DISCIPLINE

There are many traders in FOREX, with each trader trading the market in a way that is quite different from that of another trader, some traders may tell you that their trading style is 'supreme'. You should not believe this because there is no single 'supreme' trading style or system whether technical analysis or otherwise. If your trading system is profitable, then trust it, believe it, follow it, obey it, and adore it. But in doing these, don’t go about preaching it.
The FACTS below should to be considered with great attention and devotion because they are the success tips to building wealth
through FOREX trading.
SOME ADVISES AND RECOMMENDATIONS ON TECHNICAL ANALYSIS

  • A trader should be able to differentiate between Analysis/Observation and Signal/Trigger as the two are not the same. Analysis/Observation gives the information about the condition of the market while Signal/Trigger gives the alert to trade. A trading system may analyze a sideways market but may still give a signal to buy or sell.
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FXRabbit avatar
FXRabbit 10 Nov.

o.O

FXRabbit avatar
FXRabbit 10 Nov.

First comment! :D

brilliant avatar
brilliant 24 Nov.

discipline is a must . good article

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28/58
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Analogies and metaphors can be a great learning tool, because they make complex and not-so-obvious things simple and understandable. Take, for example, boxing and trading. Trading and boxing seemed to have nothing in common at first glance - difficult decisions in the financial markets and, on the other hand, a fight between two men at the ring. However, based on these polar things it is very much in common.
You cannot avoid the blows.
Despite the fact that the best boxers of the world have a quick response, the incredible speed of movement, they are still missing a beat during the battle. It is impossible not to miss a single blow during the fight. It does not mean to lose; it's just part of the game.
In trade, you will not be able to avoid the stop-losses, they will happen quite often. There is no need to avoid the stop-loss and try to prove to yourself that you were wrong - ultimately it could lead to a catastrophe. A professional trader takes the stop-loss for granted and not concerned about it - he just continues to trade as if nothing had happened. He does not lose his attention and control, and is just waiting for the next profitable pattern, he inflict his next stroke.
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rupesh1984 avatar
rupesh1984 16 Sep.

Very well written and informative article! Great effort put in the presentation.

Larry1355 avatar
Larry1355 18 Sep.

they are very close in the approaches

Julia_Zhulinskaya avatar

interesting

Maxim3 avatar
Maxim3 21 Sep.

good

TInna avatar
TInna 22 Sep.

супер!

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23/53
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Did you realize that we cannot make profit in every trade you make? Yet we hope that every trade be successful. This is societal bias which affects us to be perfectionist. There are many cognitive biases which affect us against long term profits in trading . For this article I will concentrate on perfectionism.
Perfection has to do with the end product, but excellence has to do with the process.
I like this quote by Jerry Moran (US senator) and it perfectly suits trading process. We should aim for excellence but not perfection in trading. In next paragraphs I will try to explain the above. First, Let’s see what happens to traders.
You probably thought at times at those moments when you close positions too early, only to see a further rise of prices that may be beyond your target profit. Or when you close the position at a loss, only to come back and continue to go according to your strategy; or maybe it was a case where you do not have entered the market because the setup is not quite right or the market price has not reached the desired level to enter, you have missed the opportunity to not have won. Likewise, perhaps you were the days when you turned up luck in these situations…
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Maxim3 avatar
Maxim3 12 Aug.

хорошие мысли, тяга к совершенству очень мешает в учебе

Mariya_Suhina avatar

перфекционизм в любом деле не очень хорошо

9jakas avatar
9jakas 14 Aug.

Nice attempt

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8/44
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There is a very popular quote in Nigeria, it says "What an old man can see while seated a young man can not see standing".
The logic behind the quote is rather simplistic; it means youthful exuberance can never trump experience.
I am personally convinced that the best way to get better with trading the Forex market is to understudy successful traders. There is a wealth of information that can be gotten from such experienced traders. It is not necessary for a new trader to stumble in the dark looking for the "Holy Grail", a smarter option is to learn from the experience of tested and proven traders.
One of such traders is a man popularly referred to as the "Sultan of currencies". I have done some research on his trading habits, and I will use this article to highlight some of his traits worthy of emulation. His name is William Lipschutz, popularly called Bill Lipschutz.
Trading success is not defined by how much a trader makes, but how consistently he or she is able to generate profit.
As a young woman, when I first heard about the Forex market, it seemed like a world of endless possibilities. A market that had such huge liquidity, and so many trading opportunities. The fact that …
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Mariia avatar
Mariia 21 May

Great!!!

CharmingRimma avatar

good work and great article

Milian avatar
Milian 22 May

good article!

anna_t avatar
anna_t 24 May

good work!

solobaba avatar
solobaba 25 May

Love that trading floor

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22/108
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Hello traders! Near five years experience allows me to formulate the 13 proposals, on which should be based effective speculation on any financial market. Of course everyone can say that he/she disagrees. I have my knowledge and I think this is the essence of trade. Feel free to read and polemics. 1st Nobody is bigger than the market. There is simply no, remember this. A samurai will not attack the hundred-thousandth army. Likewise, we, individual traders, we will not speculate against the banks, funds, investors with large capital. We have only to join them early enough to not become those who buy back their big positions and run at a loss. Therefore, a general rule what is most important for us is: do not go to war with the market. That's what you should look at the market. Well unless you want to still be in 95% who losing. 2nd Learn to be in the minority. This is an important skill. You can not submit to pressure from the crowd that in 90 to 95% lose. How do I? I just trust my method and do not pay attention to analysts, other traders (with the exception of the most experienced). Does this mean that you have to play against the trend, because thi…
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adask avatar
adask 17 Oct.

Respect! Great things to read for anyone trading Forex! Couldn't agree more to almost all rules.

bdheeman avatar
bdheeman 23 Oct.

Too long, repetitive, too many rules to remember; many a books, websites and, or blogs already have similar content and, or articles, but bothered to simplify or reduce the rules to just 4 or 5, that's why most or 95% of the traders fail.

Insider avatar
Insider 31 Oct.

fajno

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