Know Yourself... "Nosce Te Ipsum"
                                                                         (Socrates)

Welcome Back, My friend... Back to Yourself...
This could be interesting...

This Article is trying to discipline your trading decisions, as well as discipline you, as a Trader, hopefully a successful one. We will do that by the only means possible: ANALYSE THE REAL PROBLEMS, AND PROPOSE SOLUTIONS to those problems.

Do you think you are reading this article by accident?... Do you think that I am writing this article for you to read it, by accident?
...

You are reading this article because you need it... now, at this very momment, or later, when my advices could step in, at the right moment.

>>> IMPORTANT ADVICE: Think FREE, think Outside of the Box, Get Beyond the Cloud of Incertitude... BE FREE... <<<

As you know, Trading is similar to Real Life... For most traders, Trading IS occupying most or the Real Life.
I am writing this article containing important advices, for you to discipline yourself through reading it, and for me to discipline myself when I am writing it.

But, enough about me... Let's talk about you... 

  

>>> PROBLEMS : EMOTIONAL TRADING <<<

 - The greatest factor that generates our losses are Emotions.

 - Emotional Trading decisions, are 70% of the time Wrong ones.

 - Emotions make you re-enter the market after a series of losing trades, to lose more. They Don't allow you to stop in time, after a series of winning trades.

 - They Make you EXIT too early, before  TP (to cut your profits short).

 - Emotions don't allow you to look back on your losing trades to see what went wrong.

 - Even if your Analysis is good and you get to predict the right direction of the Market, the timing is always ruined by Emotions (You enter too early or too late, because of hope and fear).

>> Your Hope, Fear and Greed are your worst enemies in Trading and in Real Life. <<

>>> SOLUTIONS - DISCIPLINE Yourself as a Trader, Discipline your Life<<<

Trading Decisions are based on your Trading Plan, Trading Method and Trading Strategies... But that doesn't mean that you will stick to your own Trading Plan... No matter what happens...

  

***** Trading Decisions SOLUTIONS MUST be based on:

1) >>> GREAT MOOD <<< Emotional State ( prepare to be happy with yourself in real life - no stress, no worries, no frustration to affect your trading)

2) >>> Daily and Weekly TARGETS for TP and SL in PIPS / MONEY <<<

3) >>> Choose your Trading Pairs (where the "Smart Money" are Transfered) <<<

4) >>> ANALYSIS - KEY LEVELS <<<

5) >>> ENTRY Signals <<<

6) >>> Confirmation of Entry Signals <<<

7) >>> RISK Calculation (Risk and Money Management) <<<

8) >>> SL and TP Setups (EXIT Signals) <<<

9) >>> ENTRY - TIMING <<< (After the Entry watch for pips movement, instead of the capital movement - eliminates Stress )

10) >>> EXIT (SL, Trail Stop, or TP) <<< MOST IMPORTANT >>>

11) >>> RE - ENTRY <<< (Increase Volume on Winning Trades - just like My Fellow Trader Skytrader shows in his article, or Enter on Hedging Pairs)

12) >>> STOP <<< (After a series of Losses or A series of Gains)

  

>>> ANALYSIS <<< - Must contain:

- Technical Analysis - I use Pivot Points Main, Supports and Resistences (Daily, Weekly and Monthly), Moving Averages (simple - 20,30,50,100,150,200), Fibonacci Retracements (38,2; 50; 61,8; 161,8; 261,8; 423,6), Trendlines, Channels. You can see a Model of my analysis in my Analysis Series

- Fundamental Analysis (economic Calendar and News),

- Volume Spread analysis ( "Smart Money" - Professional Traders, Pre and After News Action).  - Demand/Supply, Accumulation/Distribution.

>>> RISK Calculation<<<
>> Money Management<< and >> RISK Management <<

- You have to establish your REWARD/RISK ratio in PIPS, depending on SL and TP of the Trade

- If Reward/Risk Ratio is Higher then 1,5 you cand afford a WINN/LOSS Ratio bellow 50%

- 1-5% Risk per trade -> Money Management - Lower Your Volume if you Have Higher Risk (smaller Reward/Risk Ratio in PIPS)

  

>>> IMPORTANT ADVICE - LET PROFITS RUN - Always Move yout TP up and Trail Your SL for a Winning Trade<<<

>>> IMPORTANT ADVICE - FOR SCALPING TRADES - CUT LOSSES if you LOSE MOMMENTUM (Re-Enter Later - watch Volume)<<<

>>> IMPORTANT ADVICE - SHARE Your Analysis with Dukascopy Traders Community to get FEED-BACK <<<

>>> IMPORTANT ADVICE - Enter With Conditional Orders to Eliminate Emotions - not to enter the Market too Early (Not working when Market Conditions Change - Volume) <<<

>>> IMPORTANT ADVICE - Always CHECK YOUR LOSSER TRADES to see What Went Wrong. Manage your Emotions and Your Mistakes <<<

>>> IMPORTANT ADVICE - Respect Your Fellow Trader, also your opponent in Contest <<<

>>> IMPORTANT ADVICE - FOLLOW YOUR OWN ANALYSIS - Do not copy other traders plans... don't copy their personality. Make your own Decisions. You will never Win as much as they win, and almost always lose more then them, because they have Their Own Secrets<<<

You should Accept Your destiny... Not everybody is strong enough to Deal with His emotions. You are constantly NEGOCIATING with YOURSELF, with Your TALENT.
  
>>> MOST IMPORTANT - LIVE every Moment Given like it is the First One... After a Profitable Trade, and also after a Losing Trade <<<

I hope you can manage to Learn from my mistakes, I certainly Have.

                                                                  To Your Success,

                                                                   Doctortyby


  
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