Tuesday, November 21, 2006
Forex Day Trading System - Another System for 1 min. chart
Forex Day Trading System - Another System for 1 min. chart
As always I have said that for 1 min chart, the technical indicators are not very reliable.. However this system is more cool than others and the indicators this sytem uses is more reliable than others..
Lets go through the system -
As I have mentioned earlier that use this system for a profit targets of 5-7 pips after subtracting the pip spread.
This system uses EMA (Exponential Moving Average) 25, 50 and 100. Also, this forex day trading system works best when you are trading during US trading session or london trading session.
Entry -
When the actual price crosses all three indicators, you enter your trade, long or short. If the price crosses down through the 100 EMA, enter short, if the price crosses up through the 100 EMA go long. Again to emphasize, make sure that you book a 5-7 pip profit. Don't hold the trade for long since price can whipshaw and you may loose money. Learn this in forex trading online.
Exit
Simple - either when price crosses the 100 EMA or when you acheive the 5-7 pip profit..Feel free to repeat this trade multiple times in a day.
Thats all in this post..Next time lets go through another strategy in forex day trading system
As always I have said that for 1 min chart, the technical indicators are not very reliable.. However this system is more cool than others and the indicators this sytem uses is more reliable than others..
Lets go through the system -
As I have mentioned earlier that use this system for a profit targets of 5-7 pips after subtracting the pip spread.
This system uses EMA (Exponential Moving Average) 25, 50 and 100. Also, this forex day trading system works best when you are trading during US trading session or london trading session.
Entry -
When the actual price crosses all three indicators, you enter your trade, long or short. If the price crosses down through the 100 EMA, enter short, if the price crosses up through the 100 EMA go long. Again to emphasize, make sure that you book a 5-7 pip profit. Don't hold the trade for long since price can whipshaw and you may loose money. Learn this in forex trading online.
Exit
Simple - either when price crosses the 100 EMA or when you acheive the 5-7 pip profit..Feel free to repeat this trade multiple times in a day.
Thats all in this post..Next time lets go through another strategy in forex day trading system
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Joe Ross wrote a book in 1991 titled, "Trading is a Business", and I couldn't agree with him more.
Look closely at any successful trader and you'll see that he or she looks at his or her trading as a business. They are disciplined, they are decisive and they are motivated to succeed. Most entrepreneurs fail and the basic reason is they don't have the inner-fortitude to get through the tough times.
Every trader has experienced loss and has done something that later appears to be unfathomable. You stop when the dust settles and say, "What was I thinking?" Has that happened to you? Of course it has!!!
Have you been using fundamental or technical analysis, but still find your profits disappear in front of your eyes time and time again? This is because there's a large gap between analysis and actually putting a trade on...this gap is known as the 'psychological gap'.
Let me ask you...
Are you finding excuses not to trade? Too groggy in the morning, need to mow the lawn before the sun comes up, need to do this, that, everything but trade!? Do you now sit with your cup of coffee in your hand every morning and simply watch your trading platform without making trades because your confidence has turned to doubt?
Have you experienced trading losses that have affected your self-confidence? Is it so bad that you're now having trouble "pulling the trigger"??? Does your trading discipline waiver when markets get volatile? Are you doubting your trading system after a few losing trades?
If so, you're not alone. If any of these things are happening to you, you need help, and you need help right now, if you want to stay in the game! And as traders, we all know that Trading is The Greatest Game in the world!
All traders are asked to face their own emotions. Stock traders, futures traders, forex traders, and bond traders ...ALL TRADERS!
Studies show that 90% of our mind's power is housed in the subconscious mind and is responsible for our behaviors, habits, and performance. Winning traders know this. That 90% can either work for you or against you. I'm here to tell you how winners make sure that the 90% is working for them!
Having an effective trading system is not enough to be consistently successful in your trading. No trading method/style/system/strategy will work without the proper mental and emotional discipline. Whether you are a beginning or seasoned trader, it's still the same: trading is 20% trading skills and 80% disciplined mental skills. If you have the necessary trading skills developed but your trading is still losing money, you don't have the wrong trading system...you have the wrong mindset.
In a poll taken among Traders a few months ago, it was determined that the biggest Mental/Emotional issue that prevents traders from consistently applying their tested trading system is the Fear of Failure. Inability to pull the trigger when a trade signal is given...or when you enter or exit a trade based on emotion (rather than following your system)...causes poor trading results.
There is a way for you to change your mindset and develop all the necessary mental and emotional qualities for your successful trading.
You can do it easily by simply listening to very powerful hypnotic suggestions that go straight into your sub-conscious. If you do this every day for two weeks for just 9 minutes a day, your trading skills will improve drastically because your mental and emotional discipline will improve. Your ability to follow your trading strategy without emotional reactions will increase your trading successes.
Mental practice and guided mental imagery are the most
effective techniques in mental training. The TradingMind Software training sessions relax the trainee just enough to deliver the lesson directly to the subconscious mind, where behavioral change takes place.
TradingMind will help you create an internal sense of
trading confidence. The more you train, the more the ideas and philosophies are ingrained and understood. And the deeper the new neuro-pathway that you're creating becomes, the faster your new (good) behavior will replace the old (poor) behavior.
By sitting for a 9-minute training, once a day, for 2 weeks, you will transform any notions of the fear of failure into strength and confidence to follow your trading system. With this proven training, you'll eliminate fear and hesitation, while avoiding the dangers of overconfidence. You'll not only establish the discipline to follow your trading plan, but you will also replace your bad habits by creating new, good habits that will help you reach your financial goals.
By becoming a self-confident and decisive trader who follows the rules of his trading system, you will enhance your trading profits and realize Joe Ross's statment that trading is a business and successful traders have the proper mental and emotional discipline to succeed.
Cynthia Macy is a trader with 14 years experience trading stock options and forex. She has co-authored 3 popular forex training ebooks.
http://www.cynthia-recommends.info/tradinghelp/
http://www.successtrading2000.com/tradingpsychology.htm
http://www.daytrade-forex.com
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Look closely at any successful trader and you'll see that he or she looks at his or her trading as a business. They are disciplined, they are decisive and they are motivated to succeed. Most entrepreneurs fail and the basic reason is they don't have the inner-fortitude to get through the tough times.
Every trader has experienced loss and has done something that later appears to be unfathomable. You stop when the dust settles and say, "What was I thinking?" Has that happened to you? Of course it has!!!
Have you been using fundamental or technical analysis, but still find your profits disappear in front of your eyes time and time again? This is because there's a large gap between analysis and actually putting a trade on...this gap is known as the 'psychological gap'.
Let me ask you...
Are you finding excuses not to trade? Too groggy in the morning, need to mow the lawn before the sun comes up, need to do this, that, everything but trade!? Do you now sit with your cup of coffee in your hand every morning and simply watch your trading platform without making trades because your confidence has turned to doubt?
Have you experienced trading losses that have affected your self-confidence? Is it so bad that you're now having trouble "pulling the trigger"??? Does your trading discipline waiver when markets get volatile? Are you doubting your trading system after a few losing trades?
If so, you're not alone. If any of these things are happening to you, you need help, and you need help right now, if you want to stay in the game! And as traders, we all know that Trading is The Greatest Game in the world!
All traders are asked to face their own emotions. Stock traders, futures traders, forex traders, and bond traders ...ALL TRADERS!
Studies show that 90% of our mind's power is housed in the subconscious mind and is responsible for our behaviors, habits, and performance. Winning traders know this. That 90% can either work for you or against you. I'm here to tell you how winners make sure that the 90% is working for them!
Having an effective trading system is not enough to be consistently successful in your trading. No trading method/style/system/strategy will work without the proper mental and emotional discipline. Whether you are a beginning or seasoned trader, it's still the same: trading is 20% trading skills and 80% disciplined mental skills. If you have the necessary trading skills developed but your trading is still losing money, you don't have the wrong trading system...you have the wrong mindset.
In a poll taken among Traders a few months ago, it was determined that the biggest Mental/Emotional issue that prevents traders from consistently applying their tested trading system is the Fear of Failure. Inability to pull the trigger when a trade signal is given...or when you enter or exit a trade based on emotion (rather than following your system)...causes poor trading results.
There is a way for you to change your mindset and develop all the necessary mental and emotional qualities for your successful trading.
You can do it easily by simply listening to very powerful hypnotic suggestions that go straight into your sub-conscious. If you do this every day for two weeks for just 9 minutes a day, your trading skills will improve drastically because your mental and emotional discipline will improve. Your ability to follow your trading strategy without emotional reactions will increase your trading successes.
Mental practice and guided mental imagery are the most
effective techniques in mental training. The TradingMind Software training sessions relax the trainee just enough to deliver the lesson directly to the subconscious mind, where behavioral change takes place.
TradingMind will help you create an internal sense of
trading confidence. The more you train, the more the ideas and philosophies are ingrained and understood. And the deeper the new neuro-pathway that you're creating becomes, the faster your new (good) behavior will replace the old (poor) behavior.
By sitting for a 9-minute training, once a day, for 2 weeks, you will transform any notions of the fear of failure into strength and confidence to follow your trading system. With this proven training, you'll eliminate fear and hesitation, while avoiding the dangers of overconfidence. You'll not only establish the discipline to follow your trading plan, but you will also replace your bad habits by creating new, good habits that will help you reach your financial goals.
By becoming a self-confident and decisive trader who follows the rules of his trading system, you will enhance your trading profits and realize Joe Ross's statment that trading is a business and successful traders have the proper mental and emotional discipline to succeed.
Cynthia Macy is a trader with 14 years experience trading stock options and forex. She has co-authored 3 popular forex training ebooks.
http://www.cynthia-recommends.info/tradinghelp/
http://www.successtrading2000.com/tradingpsychology.htm
http://www.daytrade-forex.com
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