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9/68
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In my last article,we discuss about greed and how it affect our trading decision,i receive some feedback and questions which will be treated in this edition as we continue to undo the enemies of trading successfully.
We’ll now shift towards “Fear and Hope”, another psychological trait which leads to making common mistakes. Fear always leads to illogical actions and hasty decisions which in turn cause detriment to traders.Just as the trader can become overwhelmed with greed, the same can happen with fear ("an unpleasant, often strong emotion, of anticipation or awareness of danger").
We all know that the market has its own cycle going up and down. The underlying reason why the cycle works is human fear that leads to the next cycle in market psychology. Traders become over-confident at the stage of Euphoria and aim at satisfying their fourth need without thinking logically, which can lead to losses and fear. Nevertheless, in the second market cycle fear becomes productive and the trader gets paid. Hence, it is good to have fear of market conditions, which keeps you alert while taking any trading decision, but at the same time too much fear can ruin the trading practice.
Fear in tra…
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Lanka_Svetlanka avatar

Great article!

Helena_Prekrasnaj avatar

Yes, we must be careful)) with the "hope"

ptcdirectory avatar

nice

Chilli avatar
Chilli 17 Feb.

it's very good article like part A, essential for beginners, but also interesting for all traders

tsutsu avatar
tsutsu 27 Feb.

good

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16/44
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The new breed of rookie traders has many misconceptions about trading success which I wish to demystify in this article.
1. Trading has never been a "get rich overnight" scheme. You can't get rich over night!!
Trading professionally with sound money management will most likely get the trader a return of few percents a month. So, if you’re that kind of person who wants to become an overnight millionaire, please reconsider your trading expectations.
2. Trading is not about predicting the market but reacting to it.
Do not try to predict where forex markets are headed all the time. No known psychic is a trade guru and vice versa. What a trader does is simply wait for the market to provide him/her necessary conditions that validate a trade!!
3. Control your risk.
Never trade without a stop loss.
Most rookie traders ignore stop loss by convincing themselves that they will get to a better price. It may work sometimes, but what if the price goes quickly against the trader? Is the trader mentally strong enough and able to close at a bigger loss? Most probably won’t happen until forced by a margin call.
4. Don’t give up trading when you encounter a losing streak of trades
It can go up to 10…
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CharmingRimma avatar

great as usual!

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11/30
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Hi,
I would like to share some trading tips I learned a long time ago when I started trading Forex. Many of us are familiar with the many 'secrets' to successful trading but how many of us actually employ these truths while trading? The problem is that many of these lessons seem like common sense so we tend not to appreciate them. We believe that there must be something more, some other esoteric tips that successful traders employ. After all, if everyone knows the real secrets that we often hear about, why isn't everyone successful?
The reason why majority of traders fail is because they don't understand the significance of these common tips. Although these tips sound like common sense, they have deeper meaning that few are able to grasp. I will be revealing some of their real significance in the coming weeks so we appreciate them better and utilize them.
1. Timing is Everything
You have probably heard that timing is everything but how does this translate to successful trading?
Let me show you.
The chart image shows a classic ascending wedge pattern with resistance points at A, B and C. Rising trend line support was tested at point D, E and F. Point G represents the breakout point…
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juancarlossb avatar

Great, thanks

Armands avatar
Armands 14 Apr.

I would enter when the price went below the point F and then pulled back to it :) With tight SL and good potential to go down! Of course, maybe I would think differently when it was a live trade :)

Skif avatar
Skif 14 Apr.

спасибо за статью , узнал новую информацию !

Elani avatar
Elani 29 Apr.

Well-written article!

Tinktank avatar
Tinktank 29 Apr.

thanks

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17/47
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International financial markets, be it of currencies, commodities or stocks, provide investors the access to most liquid market on the planet. Thanks to the advent of cloud computing, buoyed by syndicated efforts of all market players to popularize it further and to catapult it into the trillions dollar worth arena. Given the inherited charming associated with the market, tally of fascinated participants in the marketplace augments day-after-day from all the continents as it work round-the-clock (24X5) to satiate investors’ appetite for investing. Is the market really there to satisfy the needs of all involved? Honestly enough, it’s not. There are a lot of reasons to warrant it. Available statistics shows that around 95% of investors losing their money in the market and other 5%, the professionally seasoned segment becoming rich or ultra rich, may be gradually but surely steadily. I know it may sounds like an irony for many, But it is an undisputable fact and understandably, hard to digest. While looking at this shocking statistics, I feel it is better to explore the differentiating factors of distinctiveness of the said seasoned traders and what does make aforesaid 95% of invest…
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piter44 avatar
piter44 22 July

In my opinion pretty nice work but little boring and to long. Do not offend please, I started with similar articles :)

Try little shorter and obviously it needs some pictiures, read recommendations:
http://www.dukascopy.com/fxcomm/fx-article-contest/?action=recommendations

Also You can read my articles, for this one I heard many warm words
http://www.dukascopy.com/fxcomm/fx-article-contest/?Trading-Divergences&action=read&id=1463

and 2nd which is little boring but it is my story so I'm gonna write it to the end :)

Wish You all the best!
Piter

Ola avatar
Ola 23 July

to long :)

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12/35
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Well, after my first article Importance of Trading Journal I decided to write part 2 to say more about this theme. I will try to keep it clear and concise.Basic parameters:date, time and prices of entry and exitpredefined SL, PT and risk reward ratioactual risk reward ratioentry setup, timeframe, currency pair, position size, sideconfluence factors, market condition - trending, range bound, choppy (sideways)emotional state and mood before and after trading session (I recommend to distinguish these compliance as good - green and bad - red)note before trade - description of trade, emotional state, compliance with trading plannote during trade - moving with SL and PT, exiting trade, progress, emotional statenote after trade - summary, emotional state, compliance with TP (yes/no, if no - why)trading goals (more about this later)database of screenshotsequity curvesaccount statementYou may add:daily viewpoint (I'd trade EUR/USD today only with trend, I wait for breaking S/R level etc.)database of trades which you failed to take (e.g. because of fear even it suited trading plan)statistics - W/L %, average losses and wins, drawdowns, average gains and losses etc.whatever else you like to k…
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SpecialFX avatar
SpecialFX 23 Sep.

Even though I do not use a trading journal, I still think it can be useful to many traders, especially the ones who do not follow a mechanical trading system. However, I do not agree with the bit about setting fixed goals. Your goal should be to trade the best you can, and as consistently as possible, and then collect whatever the markets give you, it can be +5%, +25%, or even -10%, if the markets in a particular month were not compatible with your trading approach. If you always try to get 10% every month (regardless of market conditions), there will be times when you will force bad trades :)

alifari avatar
alifari 24 Sep.

My trading has changed immensely since I started keeping track of of my trades - good read

captain avatar
captain 27 Sep.

A trading journal is a good step towards disciplined trading.

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7/41
Ranking
I suppose
that nobody doubts about importance of proper trading plan and everybody should
have one and use it but this article is about trading
journal.
You may ask
why would you need trading journal.. Well, I also asked myself, why would I need
any trading journal?.. It’s wasting of time which I could spend by making $$$ (in fact by losing my money in that time) but now I see trading journal as
necessary part of trading and I also have a big passion for keeping updated record
of not only trades but even emotions, psychological state of mind and mood.
This keeps me disciplined, motivated and it also provides clean overview of my
trading progress and account statement. I can optimize my trading plan rules when I have a long track of trade records, the more records we have the better and more important journal becomes. Traders who ignore trading journals don't know their past and also they don't see their progress."We can't know where we are going if we don't know where we have been."Trading journal is key to making consistent money and keeping long term success in the markets.
Before I
describe my trading journal:
I trade pure
price action without any indicators (except EMA) on dail…
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4xkishore avatar
4xkishore 11 Aug.

There has been a lot spoken topic among the trading community. I think that it can be further simplified by simply jotting down the headings/sub-headings of the journal on a wide sheet of paper. If any trader is working from their homes on Desktop, one can easily do voice recording for each trades done. When a trader finished the job, it can be written as a conclusion to the particular day's trade session.

Myprox4x avatar
Myprox4x 12 Aug.

what you have written is very small portion of trading journal. should have written more, dont know you may be planning for part 2

Belier avatar
Belier 12 Aug.

Thank you for your comments. Well I try to keep trading simple so I try to avoid over-complicating it. Yes, there's a lot of psychology behind it (how trading journal helps to keep you discipline, motivated etc.) and as I said the important thing is every trader should make his/her own journal with parameters that suit him/her. Somebody may suffice only with basic trade parameters but I think that is not enough, actually then you would suffice only with Dukascopy logs but then the most positive effects which trading journal provides us disappear.

Belier avatar
Belier 21 Aug.

Myprox4x: Well, I decided to write more about this topic so I will take it from different angle and put it together.

MrSami avatar
MrSami 29 Aug.

nice summary of the basics. My vote is for you

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44/100
Ranking
Introduction:  Every Trader wish to have a sound health ,body and psyche so that he can lead a successful trading, personal and social life. However the physical and mental stress arising out of trading activity is so high that, most of the traders struggle to balance their life in reality. Trading by nature is a stressful job. If there is any industry in which the decisions have to be taken at the speed of light, it is the trading industry. One has to be extra cautious to ensure that he is a consistent winner. In Forex market ....the acute competition, wide variety of instruments available for trading, availability of mass number of indicators, compulsion to be ahead of others, the money involved, the high volatality,changing dynamics of supply and demand.....all these create  immense pressure on the trader both physically and mentally. Jack Welch, the former CEO of GE Corporation once said “Behind every change, there is an opportunity”. Extending this statement we can say “Behind every opportunity, there is a stress”. It is essential that a successful trader is also a successful family man and a successful social person. He has to ensure that in pursuit of…
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MyiDEA avatar
MyiDEA 18 Dec.

Article contest good for learning...good wishes for this competition...

skytrader avatar
skytrader 19 Dec.

+1, so true... the most important capital is your inner stability. well written!

iskandar avatar
iskandar 24 May

I foresee a highly structured articles being produced. That is very well written.

Forsmin avatar
Forsmin 27 May

Great article. I wish you become the first this month. Good luck

fxdimarco57 avatar

i like your article, you combine aspects of life with caracteristics of trader. you have to be sucsesful in you espiritual life for being sucsesful as a trder

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2/100
Ranking

this article series will provide you with crucial and elementar rules which you definetly need to comprehend and follow if you want to have a chance to trade real money successfully. my articles can also help you realising the dream of earning your living with one of the most exciting professions of the world: trading. following my basic instructions will of course also help you competing much better in the trader contest. 
i will describe in detail how you can learn to make continuous profits and what is even more important, how you keep these profits in your account and grow them. this article series is a must-read, if you are seriously planning to trade real money! 
learn from the score board leader and several times winner of the DUKASCOPY trader contest:
http://www.dukascopy.com/tradercontest/?action=standings&type=leaders
by reading and comprehending my article series you can profit from my knowledge and long time experience in real money trading. i started trading 13 years ago. later i added commodities and indices and since three years i mainly trade forex, because the forex market provides high liquidity and permanent movement -  essential for a more or less predictable a…
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ikhall avatar
ikhall 19 Dec.

I agree with the "avoid losses" and even more importantly, avoid adding to losses!

AdrianWS avatar
AdrianWS 22 Dec.

Great article +1

Bideira avatar
Bideira 22 Dec.

Good article, no doubt FX it's game of discipline and tactis, protect you capital, it's the only thing you have!

ptc00 avatar
ptc00 29 Dec.

Good Luck My Brother

skytrader avatar

all of you guys for your support..! i wish all of you a successful 2012.. stay healthy! i hope that i could provide at least to some of you some basic hep with my articles... be careful when you trade real money...! ROCK ON GUYS!

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