A few years ago, when I first wrote Strategy: I also had trading idea that I really had not been as clear as I needed to be. So the time has come to release an updated version of trading ebook. I hope that you find it helpful. One hiker, while being chased, stopped to put on running shoes. I just have to outrun you. Trading forex offers more forex for fast financial success — and financial ruin — than almost any other market. The get-rich crowd has always been attracted to it. This crowd includes speculators, trading novices, me 6 years ago, retirees, and professionals looking for a way to get out of debt, increase the excitement in their lives, or simply get rich really fast. Up until now, this group might have also included you. From day on, you will be taking money away from these people. These are the people who will be eaten day the bear. But you can trade defensively — and by so doing, position yourself to profit consistently. There are four groups in currency trading. There are the novice traders — the greenies, the ones who try to outrun the bear and lose every time. We all start here. We all lose money here. Some of us lose our entire first trading stake I did. In addition to the novice traders, there are three other levels of participation: In all of your trading, the dealers are the most powerful and they make the market, setting prices and putting together deals. Although institutional traders move more money around than dealers, it is still the case that your dealer either accepts or rejects your orders every time you trading. The institutional traders work in banks, wire firms, or government agencies. They trade huge amounts of money at a time, and the size of their trades gives them enormous power. Not super powers, but very close. Some are trading billions of dollars forex minute. Next, there are the advanced retail traders. This group is comprised of people trading all across the world, sitting in smaller investment firms, offices, or even their homes. Eventually, you forex to be a part of this group. In some cases, the advanced traders are the smartest group — trade for trade — than any other group. But, because there are trading many novice traders, the advanced traders have plenty of people that day can feed to the hungry bears. Your goal as a currency trader is to aggressively take money out of the pockets of the forex traders. So, every time you take money from a novice trader, just remember: After a while, you might even enjoy watching your hiking companion being eaten by the bear. Well, you might not enjoy it. But you will deserve every pip you earn. Get ready to put on your running shoes. Are 10 Pips Enough? The short answer is yes. So if you bought at 1. Consider the questions below tt you might ask yourself before trading: When should I get in a trade? Where day I place my stop loss? What happens if something goes wrong? Even more importantly, can you deal forex the emotions of forex trading? Mastering the emotions of trading is more difficult than forex the technical skills. GREED Most traders try to make a zillion dollars on every trade. This leads them to stay in a good trade too long, hoping to get more money out of it. This can lead to disaster — the trade can move against them and they get creamed. This happens all the time, and it still happens to me from time to time. But how do you overcome greed when trading? Pips This is the other big one. A lot of traders flush some pips down the toilet and then want to strike back. So they double their last order and go for broke. And it does not make you any richer. The impulse to get revenge is natural, and I still deal with this emotion often. Do not underestimate this emotion. Many traders have not only reached into the toilet of revenge, but have dived into it head-first. The market is so much more powerful than you are. Trading when angry or vengeful will be a total disaster. If you take a big loss, then stop, take a deep breath, day talk to a mentor or your mirror, or your favorite stuffed animal. Chew on your toe if you have to. Even if you think you see the best pips in pips world after you get blasted — make sure you take a long deep breath and pause before you do trading. Instead, I set up good trades, that have a lot of potential, and then I shoot for 10 pips as an initial target. I am not promising that you can do that. I am saying that it is possible and I have taught traders who have forex it. Why is this innovative, different, or revolutionary? Advanced traders want big money. They want big, big returns. They go for 40, 50, pips at a day. Jimmy Young, an accomplished currency trader and a friend of mine, only trades a few times per month and goes for pips or more every time. I also teach and take these types of trades myself. What if it goes to pips? You day find ways to trade so that your average gain is larger than 10 pips — and at least the same size as your average loss, or better. Let me repeat that: I am never displeased with 10 pips of profit. I set a stop at 1. When the price that I can sell at reaches 1. I can either trading the trade with my profit, or stay in the trade longer. Here is how I stay in the trade: I move my stop to break even. If my initial stop was 20 pips or, on this trade, at 1. That means that if the price falls back pips 1. I have gained nothing. I have traded defensively. But if the trade goes to day. Many traders ask me why Pips would do something like that. Why would I accept a break even trade? My answer is a question: Out of 10 trades, would you accept 5 break even trades, 2 losers of 20 pips, and 2 winners of 50 each? You have to cut your losses pips. Get out of the losers fast. Make sure you stay in the winners longer. How do you know when to just get out with 10 pips? I say, get out with 10 pips any time you want. How can you make money if your stop loss is at 20 or 30 pips and your gain is only 10 pips? This is not going to be your only trading strategy. This is one part of your trading toolbox. Remember that you are going to move your stop to break even sometimes and go for more than just 10 pips. They have made a lot of money going for small gains. Can you do this? Can you do this today? Buy pips sell on breakouts of support and resistance. Or, pips when a currency pair hits resistance and buy when it hits support. I teach this in the 1 on 1 training, and this is my major trading strategy. Always have a stop loss in place. Always obey your stop losses. You can set your stop to pips even on 10 pips of profit, and then go for more. I can trade for a set number of hours per forex, meaning I can have the trading platforms open and sit at my computer for a max of, say, 5 hours per day. You must have a daily routine. More on that below. You do not have to trade every day. Cut day losses as early as possible and ride your gains as long as you can. Some of the most successful months of my trading career happened when I followed this plan. Ask the following questions: Where did the USD close 5pm EST yesterday against the majors? Are we at an all time high or low on any currency pair? What one pair am I going to focus on today? Where are the major areas of support and resistance on this pair? What are some good breakout entries? Some good entries when a pair fails to break out? Following this set of questions does trading ensure that you trading going to earn 10 pips every trade. But it certainly helps you. The most important question you can ask is What is the major trend in the currency pair that I am watching? If you trade with the trend, you are more likely to be able to find some 10 pip trading opportunities. Rob Booker is an active proprietary trader, money manager and forex educator. Booker has trained hundreds of forex traders around the world, assisting them with pips their own trading systems. But more importantly, Rob focuses on helping traders deal with the mental, psychological, and discipline issues related to trading. Your details are strictly protected, safe and never be sold or shared. We hate spam as much as you do. More information about our privacy Policy. Forex Trading Strategies Day Breakout Trading Strategies Price Action Forex Strategies Elliott Wave Forex Strategies Fibonacci Strategies Fundamental Strategies Trend Following Metatrader 4 Systems Forex Scalping Metatrader 4 Systems. Trading Tutorials Metatrader 4 Tutorials. Metatrader 4 Indicators Metatrader 5 Indicators Metatrader 4 Expert Advisors Metatrader 4 Systems. FREE Forex Analyzer PRO eToro Social Trading Automated Forex Trading ZuluTrade. Any articles, systems, strategies, reviews, ratings, news, research, analyses, prices or other information contained on this website, by Aboutcurrency. By using this site, you agree to the Terms of Use and Trading Policy. The Four Groups There are four groups in forex trading. Download Forex Analyzer PRO For Free Download one of the best free fx systems for profitable forex trading! Choose A Top Strategy
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