Patience is a critical part of successful trading. Now some people have a lot of patience doing other activities but when involved with money its always the other way around. People want to make money fast. They don't want to wait. It is a natural human tendency to hurry. Heck we all want to get to our destination faster and save more time. However the truth of the matter is that successful trading requires incredible super duper patience. You need to look for the most high probable trades out there. From my experience trading 2-3 times a week is most ideal. I find the best trades happen every 2-3 days. Even trading once a week is good. We don't want to be machine gun traders shooting at everything we see. You want to be a sniper. Yes a sniper. Trade slow motion and you are able to plan ahead and therefore you always get the best fill price. Patience is virtue.
Remember we are traders and masters of risk!
We are traders and masters of risk. When you become pro you stop over analysing and all you do is sit there, and wait, and wait, and wait some more until you find the perfect trade. What I am saying is that the market makes all the decisions. Our only decision is to listen, feel, and respond to the market’s siren. Always and without exception. Remember, the market never lies. It is only we who lie to ourselves.
Wednesday, February 8, 2012
Long AUD/USD
We are still on a uptrend. Looking for a pull back entry at support between 1.07502 and 1.07366.
Entry: 1.07502
SL: 1.07366
TP profit: 1.07792
Short USD/CHF
A fresh wave of optimism has been injected into the Euro, with the single currency outperforming in recent trade on the back of legitimate expectations that a Greece deal is finally near. Greek party officials are slated to meet later today to facilitate the agreement of the bailout, which one party leader says should not end in humiliation for the country. Also seen propping the Euro is a report from the WSJ which says that the ECB might consider making concessions on Greek debt.
Overall USD is still trending down. We will take short trade.
Looking for a short trade on USD/CHF.
Entry: 0.91441
SL: 0.91544
TP: 0.91123
Lets see what happens.
Welcome to Forex Pip Alert!
Greeting to all the readers out there in trading land! I've decided to write this blog to share my experiences and knowledge in the world of Forex trading. A little background about myself first. Started trading equities back in 2007 right before the great market crash of 2008. Those were some volatile times I might add. Spikes in price gyrated up and down like I never seen before. Then I came across Forex and this was the market that suited my personality. The next few years were dedicated to learning indicators, money management, and psychology. After years of study I can finally say that I've reached some consistent success as a trader. I hope I can share my experiences with others. Please feel free to leave comments and discuss. Thanks and trade with confidence!
Remember we are traders and masters of risk!
Remember we are traders and masters of risk!
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