Mar 25 2009
Forex on a bigger prospective! The words from forex master!
Today i would like to show you world of forex from bigger prospective …
Yes so big that they have come from the forex master !
Yes here it comes:
” The biggest trick with trading Forex is that we are lead into it thinking about all the riches just waiting to be picked up. What most of us hear all too late in the game is that there are simply times where a trade isn’t there. In fact, there can be several days in a row that there are no trades worth taking. Like the submarine that tracks an enemy in the open waters, there has to be a planned out attack. You don’t just fire randomly. You have to be able to plan you emergency exit, (stop loss) what to use for you attack, (sizing) and how to exit. (uh….your exit strategy.) Trading isn’t all that different.
How many of you actually have an exit strategy? Getting into trades is the easy part. When you exit can decide if you are going to be profitable or not in the end.
There’s an old saying, “Nobody ever went broke taking profits.” I would say that’s a very dangerous way to think. It is a strange thing to think that you can be “right” 30% of the time, and yet be profitable. Or you can be like I was when I started, “correct” 75% of the time, and break-even or slightly down at the end of the day. That really, really sucked. (A nod to “Letting profits run.”)
Have you ever looked at a chart after the fact and said, “Wow! Look at how easy that trade could have been, if I was just there….and hung onto it?” You tend to think only the best and brightest were in that trade. Why in the hell can’t this be you? The answer is “It can.”
It comes down to taking better trades over taking random ones. When you enter a trade, how many reasons do you have for being in it? “It looks cheap!” is not a valid answer. I like to have at least 2, and more often than not, 3 reasons to take a trade.
I have gotten to the point that I only take about 5-10 trades a month. What I have found is that one good trade can make up for a couple of “so-so” ones. Eliminate the “so-so” trades, and you are talking great returns.
If you can make 3% on one trade, or 3% on 20 trades…which one makes more sense to you? Do you enjoy the extra stress involved with pulling the trigger all the time?
The very first part of how I look at charts will deal with perspective, and what matters as far as order flow. You have to be able to see where the largest “barriers” of orders are. Markets tend to go from Point A to Point B over and over, despite what some people will tell you about randomness.
Of course I am talking about support and resistance, the basis of all trades I take. In fact, most of the time it’s where a bar is that matters more to me than what shape.
I am going to show you how I look at S/R in a few. This will be the start of charting for those of you that absolutely can’t wait. I would say though…focus on some of those first posts. Ask yourself questions about these things. If you are rushing to find your millions based upon a few random charts I post, you’re in a heap of trouble.
This is not a get-rich-quick scheme. It’s about enjoying the ride AND getting rich.”
Oh man Chris speaks the truth from the bottom of his mind!
I am just storing his gems in my mind and implmenting them in my own trading.
I would request or rather ask any forex trader to store them for the path to success in forex trading!







































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