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Online trading brings out our best and our worst. However, it’s the way we deal with these two extreme emotions that matter. People want the method without acknowledging the fact that their mindset is more important than the method. Trading success is nearly 100% psychology.
It’s not uncommon to see many a mad genius using about 5 – 10 monitors in trading. A monitor may be 70-inches long, plus many of such may be in a trading room. Those who use this have valid reasons for doing that… Trading is a serious business. – July 8
Central banks’ mistakes? In some cases, we mayn’t want to see eye-to-eye with why those in government do what they do in some dire situations unless we find ourselves in their shoes. – July 9
One simply needs to know what the base currency and the counter currency means. Then, one would be able to understand how to trade it whether it be EURUSD or the USDEUR. In a nutshell, it boils down to what one sees as the on the chart; that’s what one would… You either buy or sell. Or you may buy and sell the same pair. On thing is sure, a long and a short position opened at the same time cannot have the same profit. One would be minus and one would be plus. – July 10
When you trade contrary to the major trend, you trade against the markets. When you trade against yourself, that means you don’t follow your trading rules. – July 11
There are dissimilarities between Forex and other professions and there are similarities. However, the way other businesses work aren’t applicable to Forex trading. For example, we tend to maximize profits in other businesses but doing so in Forex could increase our risk of heavy drawdowns. Also, there are other aspects of others businesses that would fail woefully if applied to trading, and that’s why some successful professionals in other fields find trading as daunting at first. Now, what are the qualities one can bring from other jobs and apply successfully in trading? – July 12
Ground-breaking lessons from expert traders: http://www.harriman-house.com/experttraders
