The following situation happens quite often to many traders.
Look it over and see if it has been happening to you:
You have been faithfully following your trading plan and the
rules you've set for trading. By following them you are now in a
trade that doesn't look so good. At the same time, by following
your trading plan, you see that you've missed a beautiful move in
a different market, one that could have made you a lot of
You are in a bad trade and you've missed out on a great trade.
You become disgruntled. You think to yourself that your trading
plan must not be so great. You think there must be a better
methodology that you should use that will prevent this from
happening. You think to yourself, "Yes! That's it, I'll change
the way I do things." So you create a new rule or modify an old
one so that such a rule would have let you capture the trade you
missed and avoid the one you took. Have you been making this
Here's another way it can happen: You are in a trade, and your
rules cause you to be stopped out with little or no profit.
Shortly after you exit the trade according to plan, prices take
off and move to where, had you stayed in, you would have made
substantial profits. The move leaves you sitting there thinking
you are stupid. You reason that there must be something wrong
with the way you do things.
Your rules, your plan, or both must not be right. So you
change what you are doing, or make a new rule so that the next
time this happens, you won't be left behind.
You have just abandoned all of the hard work you've previously
done that enabled you to successfully trade futures. You've
abandoned your education and learning. You've abandoned the
wisdom that will enable you to be consistently successful as a
trader. You've just started trading history, and you are supposed
to be trading on the future movement of prices. You are trading
what happened, not what will happen. By not being willing to be
left behind, you are setting yourself up for being left out.
If you've been having thoughts, or have been acting as we've
just described, you have a terrible problem with greed. Why?
Because greed can never get enough. You can't satisfy greed.
Greed wants more, and yet more.
Not every trade is your trade. Not every trade has to work out
for you. You have to be satisfied with getting a reasonable share
of trades that fit your description of a good trade. Some of
those trades will turn out to be great trades, others are good
trades, and a certain percentage of your trades will be bad.
There's no way around it.
Not every good trade will turn into a great trade. When you
enter a trade according to your rules and trading plan, you have
no idea whether or not it will turn out to be a good trade, much
less a great trade. The reality of trading is that, try as you
might, you cannot know the future.
Whenever we miss a big move and then try to find some pattern,
indicator, rationale, or modification to make to what we are
doing so that the next time we will not miss the "big" move, it
is a part of the hunt for something magic - a continuation of our
quest for the holy grail of trading.
What a terrible mistake to allow yourself to make. Winning as
a trader consists of making some small profits and some larger
profits on a regular basis. Obviously, there will be some losses.
We regularly want to keep losses small, but there are times when
a loss will get away from us and turn out to be bigger than
If adversity causes you to become disgruntled, then you really
need to examine your thinking and your approach to trading. Your
trading plan must allow for disappointment and loss.
You've got to believe in what you are doing and be able to
trade from the knowledge that when you follow your rules and your
plan, you will make money from your trading. When you become
disgruntled and begin to change your plan, your rules, or both,
you are setting yourself up for almost certain failure and the
worst thing that can happen to a trader - you will lose the
courage of your convictions. Without it you cannot trade with any
level of confidence.
This is why we encourage you to write out the reasons and
rationale for every trade you make, even if you have to do it
after you have completed the trade. You must develop a keen
recognition of the trades that are your trades. Write out your
trading plan every day and for every trade you intend to make. If
you did not have time to plan every trade, be sure to review
those you did make without pre-planning. Then you can go back
over your trading and be able to see why and when you are
Reminder: Here are some steps to take before the market
View major formations on the charts of those futures you
intend to trade. View potential congestion areas, get the big
picture from the longer term charts.
Write down all potential entries as you see them on the
You need to go through this exercise every day that you trade.
This takes discipline. However, doing so will help you develop
the kinds of habits that will mold you into a great trader.
If you are too busy to be disciplined, then you are too busy
to trade. If you don't discipline yourself, you will soon
disappear from the trading scene.
ABOUT JOE ROSS:
Joe Ross has been trading for more than 47 years, and is a
well known Master Trader. He has survived all the up and downs of
the markets because of his adaptable trading style, using a
low-risk approach that produces consistent profits.
Joe is the creator of the Ross hook, and has set new standards
for low-risk trading with his concept of "The Law of Charts?."
Joe was a private trader for most of his life. In the mid 80's he
shift his focus and decided to share his knowledge. After his
recovery, he founded Trading Educators in 1988 to teach aspiring
traders how to make profits using his trading approach. He has
written 12 major books on trading. All of them have become
classics and have been translated into many different
Joe holds a Bachelor of Science degree in Business
Administration from the University of California at Los Angeles.
He did his Masters work in Computer Sciences at the George
Washington University extension in Norfolk, VA. Joe still tutors,
teaches, writes, and trades regularly. Joe is still an active and
integral part of Trading Educators.
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The Secrets of the
The first and perhaps most important "secret" is to realize
that your methodology or approach (no matter how good) is
only part of being a highly successful trader. This applies
to any trading style including, day trading, swing trading
or position trading.
A Beginner's Guide to
FOREX is the abbreviation for the Foreign Exchange market.
FOREX is basically an international exchange market where
currencies from all over the world are bought and sold for
"FX" is an abbreviation of "forex" or "foreign exchange."
Foreign exchange is the largest and most liquid market in
the world trading approximately $2 trillion every day
(that's over 30 times the daily volume of NASDAQ and NYSE
A Fools Game
I received an email this week with a question (below) which
caused me to think about the wisdom of pursuing trading as
a career. Regardless of your trading time span, the skills
and concerns of active short-term trading are relevant to
all market particpipants.
If you are reading this article you are probably one of the
many people who have spent countless hours searching for
unique ways to make money on the internet. Very few people
have gone on to succeed and most have failed miserably time
and time again.
Foreign exchange market, or better known as FOREX, is the
world's largest and most prolific financial exchange market
originated on 1973. Bearing the status of largest and most
prolific currency exchange market, FOREX is the center
stage where a vast majority of the currency trading or
FOREX trading takes place, with a total daily turnover of
currency worth more than $1.
The foreign exchange currency market is the largest market
in the world because it trades up to $1.9 trillion daily.
Forex Trading -
Advantages and Disadvantages
What is Forex Trading? Forex, or Foreign Exchange, is the
simultaneous exchange of one country's currency for that of
another. This market of exchange has more daily volume,
both buyers and sellers, than any other in the world.
Chinas New Currency
The base unit for the renminbi is the yuan, which is how
the Chinese currency is most commonly referred to. The
official ISO abbreviation for the yuan is CNY, but it is
also commonly abbreviated in the forex industry as RMB.
Forex Signal, Forex
There are lot's of Forex signals providers out there. New
Forex traders might be thinking of looking for a reliable
Forex signals provider.
How To Choose Wisely A
Most traders use a FOREX broker to handle their
transactions. What exactly are brokers? Strictly speaking,
brokers are individuals or companies that buy and sell
orders according the investor's decisions.
Welcome to the World of
Indeed large multinational and individual banks and other
major financial institutions have dominated FX trading
(also known as Forex trading), but there is a paradigm
change in the nature and type of investing. According to
one estimate, in the new millennium, there are over 6
million online investment accounts, up from 1.
Forex Trading Online - 7
Reasons Why You Should!
Forex trading online is a fast way to use your investment
capital to it's fullest. The Forex markets offer distinct
advantages to the small and large traders alike, making
Forex currency trading in many ways preferable to other
markets such as stocks, options or traditional futures.
The Meaning of FOREX
Price Charts and How to Use Them
There is one very important factor that you should consider
with great care if you are willing to become a successful,
profitable Forex trader. This ever important factor that
must be always present in the trader's portfolio, is the
ability to read the charts.
FOREX 101: Make Money
with Currency Trading
For those unfamiliar with the term, FOREX (FOReign EXchange
market), refers to an international exchange market where
currencies are bought and sold. The Foreign Exchange Market
that we see today began in the 1970's, when free exchange
rates and floating currencies were introduced.
Example of a Profitable
Transaction in FOREX
To make a profit, in the FOREX, a trader can enter the
market as a *buy position* (known as going "long") or a
*sell position*(known as going "short"). For discussion,
let's assume you've been studying the EURO.
The following situation happens quite often to many
traders. Look it over and see if it has been happening to
you: You have been faithfully following your trading plan
and the rules you've set for trading.
Sending Signals for
Trading in Forex
Forex signals are sent by a forex firm to their subscribers
in order to buy and sell currencies. These signals are
called entry and exit signals for the forex dealers.
The Major Players in the
Foreign Currency Exchange Market - FOREX
Since the US dollar is the centerpiece of the market, it is
normally considered the 'base' currency for quotes. In the
"Majors", this includes USD/JPY, USD/CHF and USD/CAD.
Writing A Trading
All professional traders have a trading plan. Trading
futures is a zero sum game and those with a plan (and the
discipline to apply it) will succeed over those that have
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