I am not here to make money or to sell something, just sharing the way how one simply can be successful in trading, because i have learned it free of cost and so sharing with you all. I will share many reference from where you can gain useful knowledge free of cost, If you are newbie in trading then i m sure, following this thread will save your years of time. I am not saying you to subscribe any one or to pay for something, do such things only at your own will............. Sorry for my bad English.
This thread will be 80% psychological and 20% is Technical and Money management.
If people only walk on correct path every time towards there goals then they can achieve 5 years of success in just 5 months (buy hitting every time correctly)
Many times you might have heard of trading is 80% psychological and 20% is Technical and Money management, but what does this line really means ???
Trading is 80% psychological because it is a greed game for 97% of humans, people wants to earn and still they fear to loose, When a person place an order and risking more then his mental capacity of money risking, then there is high chance he will close the trade on inappropriate time. greed makes him to risk more not the money management. when the same person is in gaining +pips on a trade their greed don't let them to take the profit because still indicators saying you can earn more.
will get back to trading psychology topic in future. you can learn many things about trading psychology from here
http://traderspodcast.com/
http://www.thedisciplinedtrader.com/
Trading system
All trading system works, even tossing a coin 3 times in an air works much better then most of paid systems. (for entry)
None of system works, either you give back some pips on trend reversal or take defined pips.(for exit)
The main reason is psychology, it changes time to time, so people place their orders and exits. you can understand from below links how market works and retail traders get fooled easily with trend lines and chart patters and why some times chart pattern works and why many times it dosent.
http://www.forexfactory.com/showthread.php?t=545132
http://www.forexfactory.com/showthread.php?t=540706
http://www.forexfactory.com/showthread.php?t=463573
In further posts will show some great working systems to get in trade and with money management to balance your psychology (brain waves) while trading..
Will really appreciate your comments on what important knowledge you got from my reference posts and what works best for you in what situation. sharing you points of view will make lot more easier for everyone in this thread. i have many things to share, will share in baby steps.
This thread will be 80% psychological and 20% is Technical and Money management.
If people only walk on correct path every time towards there goals then they can achieve 5 years of success in just 5 months (buy hitting every time correctly)
Many times you might have heard of trading is 80% psychological and 20% is Technical and Money management, but what does this line really means ???
Trading is 80% psychological because it is a greed game for 97% of humans, people wants to earn and still they fear to loose, When a person place an order and risking more then his mental capacity of money risking, then there is high chance he will close the trade on inappropriate time. greed makes him to risk more not the money management. when the same person is in gaining +pips on a trade their greed don't let them to take the profit because still indicators saying you can earn more.
will get back to trading psychology topic in future. you can learn many things about trading psychology from here
http://traderspodcast.com/
http://www.thedisciplinedtrader.com/
Trading system
All trading system works, even tossing a coin 3 times in an air works much better then most of paid systems. (for entry)
None of system works, either you give back some pips on trend reversal or take defined pips.(for exit)
The main reason is psychology, it changes time to time, so people place their orders and exits. you can understand from below links how market works and retail traders get fooled easily with trend lines and chart patters and why some times chart pattern works and why many times it dosent.
http://www.forexfactory.com/showthread.php?t=545132
http://www.forexfactory.com/showthread.php?t=540706
http://www.forexfactory.com/showthread.php?t=463573
In further posts will show some great working systems to get in trade and with money management to balance your psychology (brain waves) while trading..
Will really appreciate your comments on what important knowledge you got from my reference posts and what works best for you in what situation. sharing you points of view will make lot more easier for everyone in this thread. i have many things to share, will share in baby steps.
In the court of lord, only love and devotion is counted...