Easy Forex Training
Globalprofits Trading Tips
I am starting this thread so i can hopefully help people on there way to becoming consistent disciplined traders.
Foreign Exchange is a hard beast to tame and most people as you read all the time usually lose everything they put in and it's usually because of poor discipline and because people are impatient.
If you think that you are going to demo trade for a few months and then start a real live account and make heaps with out doing your time in the market and working towards getting a set of rules that suit your style and then having the discipline to follow them then you are dreaming and you will find your dreaming will quickly turn in to nightmares!
For 2.5 years i battled with the market, just like most people that have been learning how to trade for 1 or 2 years i have tried many indicators, many systems and read many many ebooks.
I would have to say that i now understand if i had the discipline back then that i now have i think almost all of the systems that i tried would of been profitable, some more then others but i'm sure looking back that i was always focusing on the wrong things and didn't have the mental strength to stick to the trading plan of the systems that i was using. (Hands up if this sounds familiar)
I remember i went through periods where i really thought i had finally made it, i had been profitable for almost a week and the indicators that i was using were working so well and then the market would break out of the range that it had been in all week and in one foul swoop would take my weeks profit and some all because i didn't really have a trading plan i just had some indicators that worked well in a ranging market.
So what i am going to do is just introduce some ideas, key points which i use everyday to keep me out of the wrong trades and in and out of the right trades.
I'm not a guru or anything like that and i still make mistakes just like last night, i had price alarms set up and at 4am in the morning they went off so i charged into my office and made a huge mistake, i rushed into a trade with out taking time to look at all my rules and with in the next couple of minutes after looking at all my charts for me it was an easy decision, take the $78.38 loss because it was a silly entry and i could see that the downside of that trade could damage my account, in the past it wouldn't of been so easy to take that loss and many times i have let that loss turn very nasty but not now as i have a system and if i make a mistake my rules don't change. (The trade quickly turned my way and i would of made a nice little profit but i have no regrets as i would rather miss out on profit then take a big hit on my account from a poor entry.)
I only trade the EUR\USD
Most of my system is based on Maths and Zones.
First get a chart up on a demo account and add a Daily Range Calculator Indicator and a Auto Pivot Indicator (If you want the one's that i use you will have to PM me an email and i will send you them as i can't find a function here at MMG to attach them)
As an example i will post a chart which will show what i mean about Zones and the Daily Range and explain why they are so important.
Now price as we know can move a lot more then just 100 pips above or below the Daily Pivot so this is just 1 thing which alerts me that we may be getting into a position to look for a trade.
You think about what has really happened when the price moves 100 pips from the daily pivot and gets near the S1 or R1, people that have gotten on the trade at the Daily Pivot and got the direction right are now looking for a spot to take profit and that is where the support and resistance points are so important because lots of people use them to set profit points and set there orders up off of them.
Once again you can't just trade off this idea alone but it's a very important part of planning a trade.
Now the thing about trading off the Daily Pivot is that most times you are in the middle of the Daily Range so if you get it wrong it may be some time before price comes back to where you are, if it goes to the edge of the daily range and takes all day and you are - 100 pips then all the pivots reset because it's a new day your account could be in serious trouble, where as if you get it wrong when you are on the edge of the Daily Range you are a good chance of getting out at Break Even and even in profit if you use the right Money Management and the right strategy.
That will be enough for today and it may be a bit confusing but just fire some questions at me and i will help you understand where i am coming from.
I better put a Risk Disclaimer up as i am not Qualified to give Financial Advice yet this is just a thread designed to show how i trade, i have not taken into consideration your Financial Situation or Needs.
Risk Warning Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.Also i have just become an Introducing Broker for GoMarkets here in my home country Australia.
If anyone joins GoMarket and tells them that i Mark Scown introduced you to GoMarkets i will give you my Skype id and will teach you how i trade or help you with anything that i am able to.
Trade Margin FX contracts with GO Markets using the MetaTrader4 system and benefit from:
Spreads from 0.5 pips
Leverage of up to 300:1
No dealer requotes or intervention
No hedging restrictions
No additional commission
Contract sizes from only 0.01 lots or 1,000 of base currency
Options contracts available (through GOTrader)
Free trailing stop and limit orders
The ability to trade spot gold and silver
Trade online 24 hours a day with our award winning platform
Account managers to guide you through our products and services
Get a 10% credit on deposits to your MT4 accountThe laws are very strict here in Australia and we still have 4 of our banks with a tripple rating which means your money is very safe here.
Unfortunatley because of the Hedge laws they don't allow anyone from the USA or Indonesia.
If you have any questions feel free to ask and i will do my best to help.
Go Markets - MT4 Broker - AustraliaPS:Risk Warning Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Financial Services Guide(FSG) and Product Disclosure Statements (PDS) for these products is available from GOMarkets Pty Ltd to download at www.gomarketsaus.com or hard copies can be sent by contacting the offices at the number below. The FSG and PDS should be considered before deciding to enter into any Derivative transactions with GOMarkets Pty Ltd. © 2008 GO Markets Pty Ltd. All rights reserved. AFSL 254963. ABN 85 081 864 039 Legal . Privacy Notice. Go Markets Pty Ltd, Level 16, 114 William Street, Melbourne, VIC, 3000. Ph: 1800 88 55 71 / +61 3 9670 3055
Mark Scown
Go Markets - MT4 Broker - Australia - 10% Credit on DepositsForex MegaDroid Test - 60 Day Money Back Guarantee!IKOfx - Welcome Bonus Up To $500 USD
Home
Education
Blogs & News
Community
MMG Info
New? Start Here!
Welcome Guest ( 
Jun 18 2009, 08:10 PM