The Disciplined Trader

As I was looking through some of the questions new traders have and remembered some of the questions I had when I started; I went back and found some of the tools I used that slowly but surely gave me the edge I needed to become profitable.

It is an Excel work sheet I used that was instrumental in taking part of my greed factor out of the picture. You need to know a little Excel to get the full benefit of it so if you want to learn to use it 100% just let me know.

Has two tabs on the bottom. One is the trading Journal, the other my pre-flight check list. Hope it is useful to you all.

Enjoy you trading. Treat it as a business...

Hello traders,

It's been a while. Amazing journey? The least I could say. FOREX markets have evolved and I am glad to report it is still the best money machine for me and my students.

I was looking at some of the most recent posts and basically nothing has changed. Same market, same players (more player, a lot more). So why am I saying the market has evolved? In a nut shell "Volatility". But I don't want to get too technical with this post and would like to answer a question for fx1079:

On May 7th you asked: "Is this Trading System and EA in this thread still reliable nowadays?" Referring to the Trend Finder 4hr system posted by Bull101 back in June 12th 2008.

I think it is still one of the best trading systems I have found in any forum. Specially for new traders. My students use it now without the EA.

Now, before I share my spin on the system I want to clarify that trades at all levels need to keep the basics in mind all the time. Just having a good system does not mean you ignore them, so having said that lets dive into the system:

TREND FINDER 4hr. Mod.

Attached Image (click to enlarge)

I have added a 50 SMA (Yellow) We take only Longs when price is above and only shorts when price is below the 50 SMA. Along wit other indicators that I found in a system called "Palex" (I don't remember where I found it) and other as well. So the system us you classic MUT/Hybrid.

SMA 18 (White)
LWMA 14 (Red)
EMA 7 (Green)
2MACross Indicator (1,7,3,14)
ptl 2.07 (alert + lines) Indicator (Places Sup. & Res. Lines for you, very accurate)
Forex Sniper Killer aka FSK Plugin
Forex Sniper Killer Entry Alert

Important

1. The system runs light and you have all the information you need to make a decision including support and resistance set actively.
2. If you don't know how to trade Support and Resistance I highly suggest you learn that first.
3. On your 4 hr. Chat, present support and resistance is derived form the last few days of price data.
4. Pay special attention to the direction of the price in relation to the 50 SMA (Yellow) for your entry points. Price has to be moving away from it in the direction of the main trend. Ignore counter trend signals unless you know how to Scalp.
5. Turn your platform candle color to "NONE" and let the Indicator candle act alone.
6. You can use the ptl 2.07 Purple doted lines to trail your stop loos if that is part of your exit strategy

Looking forward to any questions or comments. Try the system on a Demo first before you venture into real money trading.

Happy MULA making!

To succeed in forex, discipline is very important. To trade effectively in forex, we should, first of all, increase our experience and knowledge. We should also work hard to achieve success in forex trading, so we should work more and more in forex. We should work hard in forex until we are successful and we should trade forex with a fresh and active mind. To achieve success in forex, it is very important that we should work with patience.

this is my first post and i want to be a trader who has discipline a lot, i know its not a minor deal but i will try my best with controlling my emotions and greed. thanks in advance to all trades and advisors.

It is impossible to be successful in any business without discipline and good management. If you do not maintain this discipline, then you cannot earn a good amount of profit in the forex market. In other words, discipline means following the rules about anything. If we do not follow the rules, then we will suffer in the long run or face troubles in life. So follow the rules to save your profits and always maintain high discipline in your trading.

Yes, but when you do not feel the movement of money due to the fact that it is spinning somewhere, it becomes even more difficult.