this is one of the best strategies , in this crazy week , I made 400 pips , thanks Bk8 , thanks so much
Hi All, any setup for today?
What happen Eur and Gbp ?
wild run! Like just the super power momentum at Asian time
Hi Monokl, nothing special to mention on GBP but all pair in EUR were having a big move up probably due to some sound year-end profit taking from EURUSD bears.
How To Use The 80/20 Rule For Goal Setting
The 80/20 rule is one of the most helpful concepts for life and time management.
According to this principle: 20 percent of your activities will account for 80 percent of your results. It can change the way you set goals forever.
The 80/20 rule is also called the “Pareto Principle” named after it’s founder, the Italian economist Vilfredo Pareto from 1895. He noticed that people in society seemed to divide naturally into what he called the “vital few,” or the top 20 percent in terms of money and influence, and the “trivial many,” or the bottom 80 percent.
Later, he discovered that virtually all economic activity was subject to this principle, in that 80 percent of the wealth of Italy during that time was controlled by 20 percent of the population.
We can take Pareto’s 80/20 rule and apply it to almost any situation. In particular, we can apply it to goal setting and productivity.
80/20 Rule In Action
If you have a list of ten items to accomplish, two of those items will turn out to be worth more than the other eight items put together.
The sad fact is that most people procrastinate on the top 10 or 20 percent of items that are the most valuable and important, the “vital few,” and busy themselves instead with the least important 80 percent, the “trivial many,” that contribute very little to their success.
How To Apply The 80/20 Rule
Here’s what you should do in order to effectively apply the 80/20 rule to goal setting and to your overall productivity.
First, take a piece of paper and write down ten goals. Then ask yourself: If you could only accomplish one of the goals on that list today, which one goal would have the greatest positive impact on your life?
Then pick the second most important goal. What you’ll find is, after you complete this exercise, you will have determined the most important 20 percent of your goals that will help you more than anything else.
You should continue to work at those goals that you’ve chosen as the most valuable all the time.
Eat The Biggest Frog First
You often see people who appear to be busy all day long but seem to accomplish very little. This is almost always because they are busy working on tasks that are of low value while they are procrastinating on the one or two activities that could make a real difference to their companies and to their careers.
The most valuable tasks you can do each day are often the hardest and most complex, but the payoff and rewards for completing them can be tremendous.
Before you begin work, always ask yourself, “Is this task in the top 20 percent of my activities or in the bottom 80 percent?”
The rule for this is: resist the temptation to clear up small things first.
If you choose to start your day working on low-value tasks, you will soon develop the habit of always starting and working on low-value tasks.
Work Towards Your Main Goal, All The Time
Finally, I want to tell you about a study that has just been done about the attitudes of rich people versus poor people in regard to goal setting. What they found is that 85% of rich people have one big goal that they work on all the time.
So, if you want to be wealthy, do what wealthy people do. Pick one big goal and work on it all the time, and if you do, it will change your life.
Author: Brian Tracy
Hi CLtrader, Thats how the best traders make their fortunes. Do you honeatly believe that if you just stick to 2% trades all of your life you will make it out of the depths? Discipline is more important as per when as it is per how much. The greats like Jesse Livermore and the likes of Warren Buffet trade this way. They are very disciplined in their strategy but recgonize when the stars align and go in for the homerun. Im not going to tell anybody how to manage their accounts but it has been said before and I'll say it again for the benefit of others. If you want to great, mimic the great. If you want to make a fortune, mimic those that have made a fortune before you.
Bk8, please change page 1 to reflect the SMA 5,0 to SMA 5, 3, unless you are currently using a different setting.
No setups today?
I started with:
AUDCAD short (already 40 PIPS in profit)
I am observing:
AUDUSD (is on a support line, waiting for break threw)
GBPUSD (doesn´t move in the right direction now)
Have you experimented with the other obvious variants of 5, 1 or 5, 2 ? Trader nanningbob has traded the SMA5 with settings of 5, 1 with linear weighting with excellent results.
Goodaftenon traders market is full of mushroms acording to rules of strategy see and find with wich pair you gona be more confortable
Eur/aud, eur/usd, usd/chf, aud/jpy, nzd/jpy, aud/chf, eur/gbp,cad/jpy, gbp/jpy, eur/cad, usd/jpy.
Waiting for the crossing of 5,1 by 5,0 helps to filter out better setups.
Market is not prepered for trading on daily timeframe basis..... to much wick's in all pairs....
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