BASKETBALL AND FOREX - price action forex trading books

BASKETBALL AND FOREX ~ price action forex trading books

We can learn a lot about how we should strategize in forex from basketball. In basketball if a player misses a shot, the team doesnt sit down, close their eyes and ears, while the other team is still playing; hoping that the game is going to come back in their favor. If a coach told you that was his strategy, youd say that was ludicrous. Yet in forex a trader will put in a bad trade, turn off the computer, leaving the mistake to grow bigger, hoping that things will come back in his/her favor.

Good trading doesnt work like that, you have to practice good defense, you have to protect yourself!!

Everyday in forex you have an opponent and you must use your defense if you are going to be consistently profitable.

In basketball if your point guard has an injury that is keeping him from scoring, you cut that player and use the back-up point guard. In forex You must do the same thing. When your primary plan fails, you MUST cut that position and use a back-up plan..

Many times as traders we take a hit and quit. If you have a good strategy, you can keep playing until you are ahead of the game.

Two things you must remember to get into the big leagues. #1 CUT BAD TRADES QUICKLY #2 DONT OVER-TRADE YOUR ACCOUNT. When I say dont over-trade, I mean if you have $1000.00 account dont trade a half of a lot.

If you have a $100.00 account and you trade 1 micro lot (.10) you can grow that by $5.00/day. Everyday that You reach your goal you can add 2 more pennies, which will give you an extra dollar everyday on 50pips. At that end of the 1st week, you will have $35.00, $75.00 the 2nd, and if you stop at that (.30), you can make an additional $150.00 for the month, for a total of $260.00 the 1st month; which is more than double what you started out with. The 2nd month youd have $300.00, that is an additional $3560.00 for the year if you add .02/day to .10 and stopped at .30 and stayed there the rest of the trading year.

Remember forex is a get rich slow game, so dont over-trade your account.

Use discipline with a good strategy. Most importantly CUT BAD TRADES QUICKLY, because the best strategy in the world is no match for a free running loss!

NEVER LET THEM TRAP YOU!!!!!!!!!!!!!!!!!!

CUT BAD TRADES QUICKLY!!!!!!!!!!!!!!!!!



If you take a hit, dont sit down and quit hoping the other team is going to have mercy and let you win. They are your opponent, they are not your babysitters, they are out to beat you. You have to stay in the game, practice good defense, and protect yourself if you are going to come out ahead!!!!!

You can do this(^_^)!!!

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CONTROLLING RISK - forex trading magic_full_course_and_books

CONTROLLING RISK ~ forex trading magic_full_course_and_books

One of the most important things You can do as a trader is to control your risk. In other words pre-set a point that You have determined that You could possibly be wrong.

Remember, trading isnt hard, it is just tricky because everyday the market does the same thing, it moves up and down and sideways and gets choppy. It not only does this every day, but every week, every month and every year. Your job is to determine the primary direction of the markets movement and try to profit from that knowledge.

Sounds easy, but there are hidden traps in the market to snag You, and keep things interesting. Market Makers are always trying to to trick You before taking price strongly against You. They are attempting to trap You in a losing position. This happens everyday in the market, and it WILL eventually happen to You too.

You advantage is in keeping your losses small. Have a predetermined amount of pips the You are willing to lose. Once You have determined that amount, say 20 pips or so on a short term trade, MAKE NO EXCEPTIONS!!!!!!!

A FREE RUNNING LOSS can be a major game changer!

It should not take a -200 pips in short term trading before You realize that You have loss Your advantage. If You are telling yourself "Ah it will come back", chances are very good that You are already in trouble!

Being a pro traders does mean that you never take losses, being a Pro Trader means that You never let losses take You out of the game!!!

NEVER LET THEM TRAP YOU!!!!!!!



If You are telling yourself "Ah it will come back", chances are very good that You are already in trouble!

CUT BAD TRADES QUICKLY AND GO IN THE DIRECTION OF PROFIT!!!!!

YOU CAN DO THIS (^_^)!

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