LOBBY LIZ 20/20 VISION. K GOMBIAN HAIR SALON AND PROJECTS. K PROFOREX CURRENCY TRADING. K Bangladesh registers over 5 per cent growth under Hasina despite pandemic View: Congress should stop this political hara-kiri, and appoint a non-Gandhi. I have a couple of trade examples for you showing how the perfect blend of fundamental and technical analysis results in huge profits. Check out Cyclopip's huge. ORACLE STUDENT FINANCIAL PLANNING Note that all will get the to provide secure tracking pixel in. This workbench takes prevention based technology based on the systemswhich. You can see that it is Fuji film commercial.
China a "challenging neighbour"; have always seen lessons from its growth, says S Jaishankar Asked during the interaction on whether India will engage with the Taliban, Jaishankar noted that it would like to clearly see a sovereign democratic and inclusive Afghanistan that takes into account the interests of its minorities. View: India and Bangladesh should show maturity in accelerating regional growth amid changing geostrategic contours Both neighbours should approach the region with a new prism akin to USMCA United States-Mexico-Canada Agreement , where all three North American neighbours have made significant strides.
ET CEO Roundtable: Unity of effort is the vaccine India needs to reignite growth Panelists agreed that the pandemic has led to the acceleration of digital adoption in India, changing the way business is done. But they said India must ramp up its vaccination drive and take advantage of the Covid respite. Communal split, peace, growth dominate Hyderabad's urban poll campaigns The BJP, which accuses the ruling Telangana Rashtra Samithi TRS of minority appeasement politics, corruption, and of pushing the state into deep debts, has roped in a battery of top national leaders to campaign, in a first for a municipal polls, reflecting the high stakes.
All News Videos. View: Trump's politics of grievance will outlast him. This is why there can be no easy or quick escape from his baleful shadow. PM slams 'dynastic corruption', says it had become part of political culture in some states His remarks came ahead of the first phase of voting in the Bihar assembly election, where the BJP-JD U alliance has been targeting Tejashwi Yadav, the chief ministerial candidate of 'Mahagathbandhan', over corruption cases against his jailed father and RJD leader Lalu Prasad.
Risks abound for emerging markets in final week before US vote Caution is likely to be the watchword for investors, with the Nov. Fiscal authorities -— who can borrow at rock-bottom interest rates, and possess tools better-suited to deliver a rapid and targeted boost -- will have to finish the job.
Diligent borrowers need to be kept away from credit flow-slowing loan waiver politics "Blanket loan waiver does not serve any purpose at the end of the day. Whenever governments announced such a move, it's the credit flow which ultimately slowed down as lenders became wary of lending," says Bandhan Bank's founder. The central bank targeted inflation, but consistently overestimated.
Discuss what you need to do to improve NOW. Losers excuse their losses as learning opportunities. But losers keepmaking mistakes and then saying that they are learning. Thatis stupid. Make better trades. Learn from your profitable trades. Stop excusing yourself when you do something stupid ina trade. Take responsibility. The problem for nearly every beginning trader I have everknown is not that they have emotions that would be anunsolvable problem. The problem is that most traderssuccumb to high emotion, and then they toss their tradingplan into the toilet and start making terrible trades.
You haveto use your emotions to boost your dedication to creating andfollowing a profitable trading plan. What the hell is he talking about? I think that trading ina team can help you make sure that you use your. When I trade in a team, the otherskeep me grounded and as stable as possible.
I getangry, and they help me channel my anger. I get cautious after a loss, and they help me plan myway through that emotion. When you trade as a team, or plan trades as a team,you are accountable to live up to what you promised. If you say you are donetrading for the day, and you take more trades, then youare going to have to explain yourself to the team. As part of my 1 on 1 training, I set forex traders upinto teams — and they find that they are able to focusless on the emotions of trading and more on makinggood trades.
In fact, working with a team has enabledsome traders to completely avoid some of their biggestemotional weaknesses. It will destroy your profits. That is not logical,especially when you were up 50 pips. Many traders keep trading because they are addicted.
Many keep trading because they want to get revenge on themarket. The only good reason to keep trading is because yousee that there is an opportunity to make more money. Nevertrade because you are in the mood to trade. That is much more fun,you can invite friends over, and at the end of the day you will.
And you might even save somemoney. How do you know the difference between taking lots ofgood trades and overtrading? In other words, how do youknow when you are on a roll vs. Or how do you know when a winning trade iscoming soon even after a few losses? I ask myself a few simple questions:Am I following my tested trading plan? If not, how can Ihave a reasonable expectation of success?
Unless I am testinga new system on a demo account, why would I trade outsideof my plan? How many trades have I taken today? Istrongly encourage you to consider every trade from thestandpoint of how much you stand to lose if the trade goes allthe way to your stop loss. Too often, traders focus on whatthey can gain, not what they can lose. And guess what?
Byfocusing on how much they can gain, they make stupidmistakes. The most important questions there are in 1. Let themarket tell you to trade. If your trading system is tested, andthe market shows a trade signal, then take the trade. If you are considering a trade outside your plan, then stopyourself and get away from the computer.
Manytraders start overtrading and never stop to realize it. That is probably not a good sign. Chapter FiveThe Woodchuck and the PossumA friend of mine volunteers on a regular basis to rid hisneighborhood of rodents and animal riff-raff: thewoodchucks, groundhogs, and possums that eat up gardens,attack family pets, and so on.
He sets a trap with ripe fruit ortuna fish. The animal enters the trap for the food. In the currency trading, sometimes you get the fruit. Sometimes you get trapped and shot. Possums are relatively easy to catch. They go for thefruit, they get caught, and then, when the trapper approachesthe trap, the possum simply plays dead. A woodchuck is tougher to trap. A big one might enterthe trap, eat the fruit, and then rip the trap apart, exit, andwander off looking for more food.
Or it might roll the trapalong the ground, set it off, and then eat the fruit from theoutside. The mystery behind the charts, thenotion that profits although elusive do really exist, and thatmoney can be made quickly but not predictably all add up tocreate a romantic fantasy that is too appealing to avoid.
When they start to lose money, they leave their positionsopen, close their eyes, and hope that the trap is miraculouslyopened so they can be free again. This group — the Possums — is the largest block of forextraders. There is also a fundamental characteristic of successfulforex traders. They trade forex because it makes them rich. They trade because they know how to do it. They do nottrade for fun. Many of them are unimpressed by their ownsuccess.
Most of them never share their secrets with anyone. Theytake a methodical, almost boring, approach to forex trading. They painstakingly build systems that, although simple, mayhave taken years to perfect. In the end, their lives are actuallyquite boring — reduced to waiting for predictable signals thatare obeyed without question. This group — the Woodchucks — is the smaller of the twogroups.
The Possums outnumber the Woodchucks by a ratioof at least For every Woodchuck, there are Possums. Are you a Woodchuck or a Possum? The mystery, the elusiveprofits, the unknown, all contribute to create an excitementthat would be lost if too much were discovered.
Searchingfor King Tut or the Titanic was big news. Finding both wasbig news. Oncefound, the mystery was solved and the public went on toother mysteries. They want toknow what signals are most predictive. Woodchucks want to know as muchas they can. You should enjoywhat you do for a living. The promise issimple: if you become a world-class forex trader, at somepoint your job will be ho-hum. On the other hand, consider that successful forex tradersare some of the most highly paid professionals in the world.
If you pay them by the hour, they make thousands andthousands of dollars for every 60 minute period they spendworking. Some of them only trade for a half day. Some tradefor 20 hours a day. Simply put, if you want to survive, then you need to startthinking like a Woodchuck. If you want to make money, youneed to commit yourself to freeing yourself from the trap andgetting the fruit. Or, more importantly, finding a way to eatthe fruit without ever entering the trap in the first place. Andtherein lies the secret.
Although I had spent four months creating a trading strategyand system, I occasionally really, really wanted the fruit, so tospeak. At those times, when I should have stayed on thesidelines of the market, I would enter trades based on rumor,speculation, or even well-informed opinions — instead of mytried and tested strategy.
In other words, I would enter thetrap and start eating the fruit, thinking that I could get out ofthe trap without setting it off. Well, the last time I made this mistake, I entered a tradethat lost pips in 72 hours. I stayed in the trade hopingthat the market would rebound it never did. I figured if Ijust laid down quietly, the trapper would never come andshoot me. Well, he did. I lost my usable margin on the lastday. I resolved on that day to never again violate the principlesof my trading strategy.
I tell everyone that trades forex the same thing: you canlearn this the hard way, or the easy way. But you will learn iteventually: in the world of forex trading, there are onlyWoodchucks and Possums. Either take it from me, or learnon your own. I hope you take the time to read the principlesbelow and learn from my mistakes. Be hungry and determined. The Woodchuck wants the fruit. He believes that he has a right to it. He is willing to dowhatever it takes to safely get it and eat it.
This belief has to drive you. The Woodchuck wants to fill his belly — but not at theexpense of his life. Remember that. Be hungry for profits, not just for trades. Discover true principles. The Woodchuck, unlike the Possum,can learn from its own mistakes or the mistakes of otheranimals. It understands that if it enters the trap, it will becaught.
It knocks over the cage, sets it off, and then jumpsback. When it senses the danger has passed, it might startpoking at the cage from the outside, or try to grab the fruitthrough the bars of the cage. Likewise, you need to become a student of the forexmarket if you want to become successful.
The forex marketdoes not reward lazy people. Plan on spending some moneyon books to become familiar with charting patterns. Readeverything you can online about how the market works. Getsome charting software — there is plenty of good free chartingsoftware to start you out — and watch the formations. Mostimportant, start trading on a demo account immediately.
Getinvolved, take notes. Keep a trading journal that lists everytrade and the reason you entered and exited. As you do these things, you will distill principles of theforex market. From the jumbled mess of data, patterns willemerge. Effective trading strategies will become apparent. Profits will still be elusive, but you will begin to learn trueprinciples of trading.
Write these principles down as youlearn them. They will serve you well later. Obey true principles. Once you discover what works, stick to the plan! Mark Twain said that once he learned all of the intricaciesinvolved in navigating the Mississippi — the steering of theboat, the reading of the compass, the charting of the deepand shallow points — that the river lost its beauty. The system will be tweaked from time totime, of course, but it will work. Your hard work will pay off. But the mystery of the forex market will disappear for a time,maybe even forever, and thus your fascination with it mightwear off too.
This is why many forex traders, although they havelearned true principles, are still losing money as fast as theycan trade. They want to chase the mystery of the market. Even fatal. Know your limits. One mistake Possums make is that theynever set limits. You might attribute this tostupidity, and you may be right. But it also might be due totheir over-exuberance.
Their inability to contain theirexcitement over finding some fruit. You might be tempted to violate your principleswhen you see the market take a big swing, or after AlanGreenspan says something on television, or the latest jobreport comes out. In order to succeed, you must set stops. Getting out of the market at the right time is just asimportant as getting in at the right time.
If not, then get out. If so, then stay in — if you havethe usable margin to withstand some heavy losses. Back off when necessary. When you lose a lot of money inone day, or gain a lot of money in one day, back off from themarket. These are dangerous times. I talk about Pride, Fear,Greed, and Revenge in my Strategy booklet free, on mysite but it will help to summarize the main points here too. Pride is your worst enemy. Youfeel that you deserve more profit, are willing to take more.
Being prideful in the forex market is acting the same asthe Possum who believes he can go into the cage, get thefruit, and still get out. Keep your pride incheck. Next, watch out for Fear. If you give in to fear, thenback off the market. Backtest your system again. Reviewwhat made you successful in the past. Take a day off andreset your bearings. Greed is perhaps the second worst emotion you can everfeel in the forex market.
This emotion will convince you toset higher limits and wider stops, leaving you exposed to thewild swings of the market. Greed is what convinces you toleave a position open for one more pip of profit — when themarket is about to slide in the opposite direction and takeyour entire profit with it. If you lose abunch of money because of greed — or make a bunch of it —then take the next day off. Watch the market. Demo tradefor that day. See how you fare. Revenge is the most dangerous emotion of all.
When youlose money, you will always feel the temptation to strike backat the market out of pride. This might even worktemporarily. But this will catch up with you, as you seek outtrades for the sake of trading rather than for the sake ofmaking money safely.
If you feel revenge coming on, get outof the market. Take a seat. Review your system. Even if youlose almost all of your money, you can gain it backsystematically. You will never get it back by seeking revengeon the market. A Possum in a cage might seek revengeagainst the trapper, but we all know how futile that is. Chapter SixThe Miracle of DisciplineHave you ever exited a trade at a loss, only to find that thetrade would have been profitable only a little while later?
I have. I used to make those mistakes and many others. Have you ever not stayed in a trade long enough to getthe full amount of profit from it? Discipline is the answer. Disciplined traders succeed andundisciplined traders fail. But none of those strategies are worthanything without discipline, because…The problem with most tradingsystems is that they assumeyou already possess thediscipline to implement them. I have read just about every trading strategy book out there —and hundreds of self-help books -- and all of them haveimpacted my life positively.
However, for much of my life I struggled with alack of discipline, and as long as I struggled with discipline, Iwas always almost successful at whatever I tried. In the end, Iwas left with mountains of good advice and without thediscipline to implement all of it consistently. My successes and my failures can be traced to thepresence — or absence — of one human quality: discipline. Having perfect discipline — not perfect strategy — is the key. This book is about how to become a renown trader.
Notjust a good trader. But one of the very best. Not just a fewthousand dollars per month. I want you to be a millionairefrom your trading profits. In order to help you, I want you to. Your DisciplineQuotient — the level of your personal commitment to selfdiscipline— determines your trading profits. It is the singlegreatest factor in whether you become successful as a trader.
I know that is a terribly presumptuous thing to say. Not lying to you. Have nothing to gain by lying to you. If I wanted toexpose myself to ridicule, I could have done it in a mucheasier way by dropping my pants in the supermarket. My own journey to raise my Discipline Quotient is notcomplete.
Today, I trade for a living because Igained enough discipline to become successful. Lastly, before you dive into this book, I want toencourage you to do a few things: write in the margins of thisbook. Take notes. Think this stuff through. Send copies toclose friends and ask them to discuss it with you. Email me at: rob robbooker. I always answer everyemail that I receive. It might take me a few days, but I willrespond. Please let me know about your journey to become moredisciplined.
It is what distinguishes bad from good. It isthe Grand Canyon separating good from Great. Superiorperformance from mediocre accomplishment. Discipline breathes lifeinto every aspect of life; the lack of discipline sucks energyfrom all endeavors, characteristics, qualities, attributes,projects, goals, and people.
Life can be led without disciplinebut it cannot be led well. For a long time, I felt like a failure. I would try newtrading strategies, new ways of thinking, new goals, newrelationships — but I would never be satisfied. During thistime of my life I wanted to improve. But things seemed to stall after a while. I lostinterest in the goals, the commitments, plans, or relationships.
By moving to the next project, I would re-energize myselftemporarily. I lost a lot of money that way. I was gamblingwith my trades, my relationships, and my life. Life became for me a series of next followed by next.
With eachnext, I brought back the spark of life that I had missed. However, each next brought a smaller and less enduringamount of passion. This process eventually became unbearable. It became unbearable because I lacked the discipline tofinish what I started.
Someone once said that the definition of insanity is doingthe same thing over and over and expecting a different result. My life is proof that you can try things morethan once like relationships and expect success every time,regardless and in spite of past failures. The problem with thesearch for discipline is that most of us are afraid to keeptrying the same thing over and over — we quit too quickly,and therefore we proclaim ourselves sane because weaccepted the apparent futility of our actions.
Well, disciplineis all about not giving up, and trying the same right thingover and over until you get it right. My friendsand I walked to the ice cream parlor, where I really did eat the scoop Volcano. This was a disciplined success that I still treasure tothis day. It led to severe intestinal problems, but I always remindmyself that every great accomplishment has its price.
We can be mediocre at anything without discipline I haveproven this time and time again. We can get through life justfine. We can be loved. We can enjoy our work. We canhave a pleasant family life. If mid-level jobs, mid-levelwealth, and mid-level happiness are acceptable to us, thenacquiring discipline might not be worth the effort.
The nightclub ofmediocrity is a great place to meet people. The majority of allhumans unconsciously — or consciously — choose mediocrity. For a long time, I was a part of that mediocre majority. Think quickly: who is the greatest person you have everknown? And, more importantly, this personwas extraordinary because they were — consciously or not — adisciplined person. She never played professional sports, ran acompany, or appeared on television. She was a psychotherapist in New York City.
So, if shelacked fame and fortune, what made her great? These people had years to live at most and monthsto live at worst. She counseled with these people. Most of her patients. Without expectation of reward, she served these peopleselflessly and without judging them. Think of that great person again. A person whohas influenced your life for the better. Write in the blanksbelow why that person affected your life. Probably only one or two. Or very few.
I have known very few people asunselfish as she. She could have completed a dissertation of lesserimportance. One that perhaps required fewer sorrowingexperiences. But she made a choice to do something that herheart told her to do, and she disciplined herself to completethe research.
Likewise, if you choose to reject mediocrity andsettle only for superior performance from yourself, then youare putting yourself on the fringes of society. You are willingto do what your heart tells you to do, despite obstacles,. In a sense, you are willing to standalone. Near the end of her research, as my aunt cried andtyped a bit of her dissertation , and then cried some more,she felt as alone as she had ever felt … nearly every patientshe had treated was dead.
You will influence the lives of others for good. You will bean example to those around you of the fact that all of us, nomatter what, have a calling, and that you have the power tosucceed. In this way, yeast is a leavener. She tells me that when she adds the yeast to the flourmixture, that the yeast begins to feed off the naturalcarbohydrates sugars in the flour.
This produces carbondioxide and alcohol. The carbon dioxide gives the rise — itforces the gluten structure the flour mixture to stretch andexpand. The alcohol enhances the flavor. Similarly, discipline is the great leavener of our lives.
When added to our other natural attributes and our personingredients, we stretch and expand. Consider that every great accomplishment by our heroesdepended on some human characteristic. Mother Theresawill forever be known for an overwhelming ability to love andcare for others. Charles Lindberg will be known for his trans-Atlantic flight. Albert Einstein for the Theory of Relativity.
Tiger Woods for his unrivaled talent as a golfer. None ofthese individuals were known, per se, for their discipline. They were known for other qualities or for theirextraordinary accomplishments. What allowed these people to expand on their naturaltalents and abilities to the point of becoming immortalexamples of perfection in their chosen profession?
Whatfueled the personal growth required to follow their dreams? But what Iam saying that his talents would have been completelyirrelevant if he had never painted, sculpted, or writtenanything. If Mother Theresa had never journeyed to distant lands toserve the poor, she would not have exemplified her naturalcharity for the less fortunate.
But it would also be a lie to saythat you were born without any natural abilities. Whether youuse and develop your abilities is the only relevant question. Let me repeat that, because it bears repeating:Whether we discipline ourselves to use our talents should be the focusof our energy. Not whether we were born with more of a talent than. I can help you develop the ability to trade. Hopefully, thestrategy you took all that time to develop is going to be worthsomething.
I want to talk toyou about how to jump safely to the other side, and to do itbetter than anyone else. Discipline will expand on your trading abilities. It willstretch you. Discipline drove him to succeed despite initial failures. Hisdiscipline — he often worked over 20 hours per day —stretched his natural abilities. I suppose there were manyinventors as inspired or intelligent as Edison. History provesthat few were as disciplined. My first important job came during college when Iinterviewed to become a supervisor of Italian languageinstruction at my university.
I needed the money. I hadrecently become engaged to be married, and I had no ideahow I could go to school and support my family unless Ireceived an increase in pay. I already spoke Italian. I had been a good Italianinstructor. So what did I do? First I made a list ofeverything I needed to succeed in this interview.
Find out what he looks for. Practice what helooks for until it feels natural. Play the game to win. For the week leading to the interview, I talked to everyother language supervisor I could find. I talked to everyone. I talked to the individual whom I was meant to replace. Having gathered as much information as I could, I startedpracticing the interview.
Every night, I would grab anyone Icould find and I would practice the answers to my interviewquestions. Some of these people had no idea what I wassaying in Italian. But I must have practiced at least 20 timesbefore the day of the interview.
By that time, I was ready. I took that list and I disciplined myself to check off everyentry. One night, I practiced in front of the same poor person at least 15 times. As I completed these tasks, Irealized that my natural abilities were stretched. My comfortzone was expanding: I realized that I could interview for thisjob. That I did have the abilities necessary. I aced the interview. My job was becoming unbearable at the sametime that the company was headed into its th crisis.
But I neededincome, and I needed it right then. I knew that it I focused, if I disciplined myself, I would besuccessful. I knew that if I spread out my efforts, I wouldfail. ButI remember than when I interviewed for this job, I was smiling the entiretime. I was happy to be there interviewing, because I had prepared. Imagine stepping off into thedark, into the unexplored regions of your life, without a net. A lot of people I was close to thoughtI was crazy.
More on this later. Think of a time when you succeeded. Think of a timewhen you were able to accomplish something difficult, orimportant. How did you feel back then? How did youprepare for, or make it through, that moment? Then ask yourself: What are you working on right now? Are you on the hunt for a job? A promotion? A betterrelationship? Whatever it is, discipline can help you expandand stretch your natural abilities. Youmight have to get up early, stay up late, or move out of yourcomfort zone.
But as you do those things, you will realizethat your talents are expanded. If you make that list, and you dedicate yourself to doingeverything it takes to accomplish your goal, your naturalabilities will be stretched. Discipline is a choice. There is no such thing as a personborn disciplined. They were told that if they didnot eat the marshmallow during that one hour, they would berewarded with an entire bag of marshmallows.
It turns out that the children, who at an early age had thediscipline to resist the marshmallow, were more successfullater in life in terms of financial wealth, education, andsatisfying relationships. Help is on the way. We learned thosethings. Likewise, we can learn discipline. If you can read thisbook, you can learn discipline. In fact, the decision you madeto read it in the first place is part of your decision to do. But you are not in a race or competition to acquire more of it thananyone else.
You are only in a race against yourself. If comparingyourself to other people motivates you, then by all means do it. But bewarned that there will always be someone else who appears to have morediscipline or less discipline than you. You will always be happier if yousimply strive to improve yourself, measuring your progress against yourown abilities.
When my aunt completed her page dissertation, oneweek before defending it, she breathed a sigh of relief andshut off her computer. The next day, when she awoke, shewalked to her computer and — tried to turn the computerback on so she could print the dissertation.
And the computer bombed. She gasped. Was the entire dissertation lost? Would shehave to start writing all over? First tears, then fear. What would she do? She faced allof those sorrows, all of those people she had treated — shefaced them all over again as she started to write. She finished on time.
But she could have easily made adifferent choice. My wife and I tried to have children for 6 years. Finally,one January evening, when we were just a week away from. Two months later, the ultrasound showed that hewas a boy. A month later, we decided him to name him aftermy father and I. We bought a crib, a stroller, clothes.
An hour later we started to lose hope. An hour after that the doctor told us that there was nohope for our son. And later that same morning, on September 23, , mywife had to give birth — naturally — to our dead son. Couldshe have chosen to give up? Would anyone havecriticized her? Absolutely not. Instead of taking on adefeated attitude, my wife bravely cried and pushed and criedand pushed. The doctor had told her that under thecircumstances, her labor would last 12 to 18 hours.
It lasted 2. It took discipline for my wife to simultaneously lose hopethat her dreams would come true on that day, but still givebirth. It took discipline for her to trust that another childwould come and not become furious with me, or with God,or with the doctors.
She said:. Forsure, you know someone who has done the same. Failure atimplementing an exercise regimen is commonplace. But whatmakes my failure in this arena so infuriating is that 12 yearsago, I implemented an exercise program and lived up to it for2 years! Somewhere along the way, I lost my discipline. Istopped working out. Have you ever discovered a great trading strategy,implemented it successfully, and then one day just blown thewhole thing to pieces by violating the strategy?
The problem lies in the lack of Discipline. And theabsence of Discipline is always the result of the appearance ofone of these Four Enemies. Enemy One: Fear. We fear the ability to achieve what weset out to do, so we never try in the first place failure fromthe start or we simply give up along the way failure mid-. Understanding the different kinds of fear is an excellent wayto identify which you struggle with the most. Fear of Failur.. This is probably the most common.
Fear of Success. This sounds a bit silly at first, but many ofus live with a fear of what will happen if we succeed. One ofthe saddest moments in my life was when I realized that aperson I love dearly was so afraid of having to accept successthat she decided to sabotage her own victories. People whofight this fear often are worried that if they are successful, theworld will expect more of them than they are able to provide. Fear of the Unknown.
Most of us have felt this when we getlost while driving. Once in high school, I summoned thecourage to beat back fear of failure: I asked a beautiful, smartgirl on a date. She accepted. On the night of the date, I wasso afraid of what to do on a date that I never even picked herup. When I saw her at school, I avoided her. I never spokeanother word to her. Enough said about that experience. There are many other examples of types of fears that weencounter. Succumbing to these fears gives one a sense ofcomfort.
A salesperson, when he decides to not make adifficult cold call, feels more comfortable. Of course, he has. In this way, each of ustrades the chance for success each time we succumb to thesefears. My first job after lawschool was my big introduction to the world of finance, as Iworked as a headhunter for top-level financial professionals. I did very well at that job because every morning when Iwalked in the door to work, I picked up the phoneimmediately and started making as many cold calls as I could.
Every evening I made a list of cold calls to make the next day. I was uncomfortable when I made the calls. I felt verycomfortable, however, when I closed deals because I had beenwilling to make those calls. Enemy 2: Distraction. Distraction is the experience oftrading what you should be thinking about for what is moreconvenient or urgent. Distraction is not bad all the time. I think allowingourselves to become distracted on a regular basis has somemerit; in fact, I find a lot of comfort in allowing myself toplay a couple of rounds of a video game in the middle of theworkday.
Letting yourself go for a while can be healthy. But it can also be destructive. After the fifth grade — and the year that I had decided,once and for all at age 10 that I was going to be a writer — Ipromptly forgot everything that I had decided. I entered thesixth grade, I started having to switch classes. I discoveredthat girls existed although they did a fine job of ignoring myexistence for the next, well, forever. Instead of writing,which I still loved, I let the talent slip.
When I becamedistracted and allowed myself to pursue other activities,instead of just writing for a few minutes a day, I established aprecedent. During that time, I did think of writing. But Istarted to become used to other things. Over time, thoseother things commanded my attention. Writing was all butforgotten. Distraction is especially bad for you if you succumb to itimmediately after making an important decision. There are so many shows, people,projects, and goals that are competing for our attention.
I have trained hundreds of forex traders across the globe,and not a few of them have bragged to me about what kindsof things they can do while trading — they play with the kids,balance the checkbook, work at a day job, or some otheractivity.
In every case I have advised the trader to stop tryingto do two things at once. But when the stakes get higher, you need to be focused. Because trading is Web-based, many traders succumb toonline pornography while trading. Enemy 3: Delay. I propose that procrastination isthe mother of regression. Iaccept that as valid. At the.
Procrastination, or delay, is the act of avoiding what youknow you must do. It saps you ofcharacter. It might bring out a lot of creativity, but it robsyou of precious time, and you subject yourself to unnecessarypressure. I think you and I are prone to do some of our bestwork under pressure.
This applies to trading, too. There is a pervasive beliefamongst traders both equity and forex traders that time ofday matters little when trading — that you can make profitsany time of the day. So, for U. Well, this is a formof procrastination: trading sleep for profits.
If you want to besuccessful at trading on the foreign exchange, you have to bewilling to consistently get up and get going at the same timeevery day. Worse yet, many traders I meet with have lost substantialamounts of money by staying in a losing trade for too long —procrastinating the exit. This can drain your account fasterthan anything. It can tear you to pieces, too. If you have thisproblem, or the opposite exiting too quickly , increased. Enemy 4: Despair.
Some of ushave been more successful than others. But when it gets holdof us, it saps of us of our discipline faster than anything else. My dadexpected the very best in me — this was the same man who resolvedhis problems with my mother by yelling, by breaking furniture, andby threatening to do things much worse. I carried in my hand three Cs and two As. I knew that if Irevealed the report card to my father, that anything was bound tohappen.
I thought about running away from home that day. Instead, I showed him the report card. And he beat me. I let him hit me. He chased me down the steps ofour house no one else was home and he told me that I was stupid. He said a lot of other things, but when he told me I was stupid,well, that hurt more than anything else. He chased me down thestairs and beat me with his boot. When he was finished, he trailed off into the master bedroom andleft me in the hall.
He was still yelling at me from his room. Instead of doing any of those things, I simply returned to mybedroom and studied. No one was going to call me stupid. I have since graduated from medical school. My dad remainedviolent. He eventually lost custody of my brothers and sisters. Our reactions to the bad things that happen to us arecompletely within our control.
Choosing to lose hope would have left the letter-writerwith hardly the will to live. We are all better off that shedecided to reject the enemy of depression. When you lose hope, you lose everything. The best solution to this is to get the helpyou need to improve your discipline and your trading abilities. You have to get upand do something. Never lie to yourself about anything. Or to anyone else, forthat matter.
There is no difference between lying to yourselfand lying to someone else. What happens whenyou lose a ton of money one day? Are you going to betempted to hide that from others? From a loved one? Rule 2: Bank Your Gains. Traders online or in print brag about The ones who can make pips on a trade are the ones who post their comments ondiscussion boards.
Those are the visible guys, but you shouldknow that those are the guys who play close to the edge. Theharder you play, the harder you fall. We hear a lot about the rule of expectation and building asystem with a or a ration or whatever. Why do we getupset when we take profit but the trade continues to makemore money? You should never feel upset about that. Never forget that.
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In the below 15 min chart, we can clearly see that the broke above the range in just two green candles. This is an indication that the buyers have come up strong. Hence, now we can prepare to go long. Coming to the take profit and stop loss, the take profit would, of course, be 20 pips, and the stop loss can be kept a few pips below the support area. Alternatively, you can even go for a RR by keeping a stop loss of pips. Note that this strategy can be applied when the market is in a trending state as well.
The market keeps making lower lows and lower highs. At present, it can be seen that the market is pulling back, and a green candle has appeared. Now, all we need is the price to break below the pullback to give us a heads up that the downtrend is still active.
In the below chart, we can see that, in the very next candle, the market broke below the pullback area. Hence, we can prepare to go short after getting confirmation of the strength from the lower timeframe. In the below minute timeframe chart, we can see that the momentum of the candle was sufficiently robust during the breakout. Hence, we can consider shorting in now. As far as the take profit and stop loss are concerned, it remains the same as the previous example.
That is, 20 pips take profit with 20 pips stop loss. A great feature to consider about this strategy is that it can be used in any state of the market. However, all the criteria mentioned above must be met for the strategy to work. And if you have experience in trading, you can try enhancing the strategy by applying some indicators and patterns. There are times when this strategy fails, as well. Hence, it is recommended to use this strategy in conjunction with other strategies to have a better winning probability.
Happy Trading! Save my name, email, and website in this browser for the next time I comment. Forex Academy. Please enter your comment! Please enter your name here. You have entered an incorrect email address! Popular Articles. How Important are Chart Patterns in Forex? Karena interval cukup kecil, maka ada kemungkinan untuk menggunakan Trailing stop dari 1 pip.
Untuk opsi lainnya, order dapat ditempatkan ke nol ketika harga telah melewati 10 pip. Para pembuat strategi ini yakin bahwa strategi 20 pip per hari ini menguntungkan hanya jika tiap rekomendasi yang disampaikan di atas dituruti. Strategi 20 pip per hari. Unduh platform trading MetaTrader. Kembali ke daftar artikel. Opsi Biner tidak tersedia untuk trading di wilayah ini. Tetap lanjutkan. Tidak bisa bicara sekarang?