The 4 Pillars of Trading

Trading is simple
Dont get me wrong, trading is definitely NOT EASY; but it is actually VERY SIMPLE. The key is in having a comprehensive and holistic understanding of the currency market. One of the many reasons you are still struggling and not profiting consistently from the currency market is because you do not have a fundamental understanding of what drives and moves the market.

You probably do not know what is the reason for your winning trades, and why some trades just turned out to be losers. You eventually get frustrated, and start complicating stuff; seeing how you can add move indicators onto your chart, hoping that with more confluences, your trades will be more accurate. That SIMPLY DOES NOT WORK! What you NEED is to understand and adopt the basic building blocks of trading the currency markets.

Develop your trading skills
Many traders focus on finding the perfect strategy, the best system, the holy grail. Well, let me burst your little bubble here by telling you straight in your face that there is no such thing! STOP looking for a strategy that is going to give you that 100% win rate; STOP searching for a system that is going to give you a 100% or 1000% return in a month. Until you stop doing those, YOU WILL NEVER become a consistently profitable trader.

Focus instead in DEVELOPING YOURSELF into a trader; look to BUILD UP YOUR TRADING SKILLS, not a strategy or system. With the appropriate and essential skill set of a trader, you are the strategy to being profitable in the currency market.

Master your trading psychology
The most difficult to master, yet one of the most crucial elements to your trading success. Yes, its your trading psychology. How many times have you made stupid and irrational decisions that caused you to regret after that? You do know that it is not the right thing to do, but yet still went ahead with it. That is your psychology taking in control over your decision making process. In trading, that is a KILLER!

Start tracking your emotions, be more aware and conscious of your feelings and thought flow; how are they affecting your decision making processes? Are your actions rational or driven by feel? MASTER YOURSELF, MASTER YOUR PSYCHOLOGY, and you will start seeing improvement in your trading.




This thread is meant and will be kept FREE for all to learn, discuss and contribute.

Feel free to connect with me personally at Facebook: https://www.facebook.com/karyong

Subscribe to our YouTube channel for FREE videos including sharing with you the strategies we use and weekly market analysis: https://www.youtube.com/user/akyong9

Strategies
Advanced Price Patterns:
1234 Structure Trading:
Classic Divergence Strategy:

Subscribe to our Blog at http://www.fxpresearch.com/ for weekly review and market analysis.

Visit our website at http://www.alphaplay.com.sg/

Talk to you soon!

Timing A Trade

My partner gave me an idea to talk about the importance of TIMING a trade. To profit from a trade, you need more than just being right in the direction of the trade, but also in getting in at the right time.




If you look at our EURUSD and USDJPY trades taken back in late March last month, you will release that both of these trades we got the right direction. Prices eventually move to our targets. However, we were breakeven on the EURUSD trade, and got stopped out on the USDJPY trade.

If you are thinking shifting your SL or even removing it, STOP that thought flow of yours! Instead, accept the fact that WHEN you enter, and WHERE you enter are both equally as important as where you target for price to go eventually. Yes, the simplest way is to remove SL or shift your SL wider. But doing so will ruin your entire money management. You NEED to think once, twice, thrice or even four, five times before doing that!

The other way is to improve on your TIMING. We don't proclaim to be perfect in our timing, but that is an essential factor that we have to look into ourselves as well - to find out what will be the main catalyst or driver such that entering the trade right where and then will be the optimum time of getting in.

As a trader once said, "Wrong time, wrong entry, right direction; it is still a wrong trade."

http://www.fxpresearch.com/market-an...l-trade-review

We have two advanced price pattern setting up. Fundamental aspect on CAD is currently slightly hawkish. Having said that, one needs to track on the oil prices closely, and with the current sentiment is shifting towards risk-off (in view of global equities market), we can expect more bearish momentum towards the downside.

News to note: CAD unemployment data on Friday.

We had a really great week, not only did we had a very positive start for the month of April, we hit two new milestones in April as well. Our equity finally broke above the 40% mark, and we are currently rank no. 2 on myfxbook!



For more in-depth weekly analysis, refer to our weekly blog here: http://www.fxpresearch.com/market-an...arket-analysis

Moving forward we will also be including one to three weekly trade calls to share with you some of the trade setups that we are also monitoring in the market.

Weekly Review

Trading wise, there isn't much trade for the week. In fact, we only had one trade and was stopped out pretty soon. Nothing to fret about, some weeks will be more active; while some other weeks will be quieter.

Community wise, we had a really awesome week. We were privileged to have our business mentor sharing with the students on the importance of success mindset last Tuesday as part of our JumpStart Your Wealth Workshop. On Saturday, we had our monthly meeting with our fellow student community. It is simply touching to see how these students grow and develop through the AlphaPlay Incubator.

Weekly Analysis

We are finally also seeing some alignment from the equities market as all four major equities hitting highs.

S&P500 broke above 2080 last week, entering into the previous supply zone. We do expect some decent retracement towards 2041 before eventually challenging to break the supply zone. As long as price remains above 2022, we do expect S&P500 to continue hitting new highs.

In the commodities market, we see a divergence between Gold and Silver. Price has continue to consolidate for gold. Going into next week, there are two key levels to keep an eye on - (1) 1279.50, completion of a bearish Gartley pattern in confluence with previous supply zone; and (2) 1164, completion of a bullish Butterfly pattern.

For the Dollar Index, it came down as expected, and bounced off the demand zone. While fundamentally we are rather bearish on the dollar, from a technical point of view, price can potentially retrace up to the previous resistance level at 96.30.

Refer to http://www.fxpresearch.com/market-an...arket-analysis for full weekly analysis.

Weekly Signals

NZDUSD
EP @ 0.6785
SL @ 0.6730
TP @ 0.6850 | 0.6885

GBPUSD
EP @ 1.4440
SL @ 1.1485
TP @ 1.4275 | 1.4170

EURUSD
EP @ 1.1375
SL @ 1.1440
TP @ 1.1235 | 1.1170

Hi Karyong, my analysis for the 8 major currencies for the new week.
Please advise accordingly.
Thanks!

Hi Karyong, is the Monetary Policy Meeting Minutes different from the monthly Monetary Policy Statement? If yes, how are they different and what are the key points to take note of?
Thanks!

Hi KY
Attached is my this week's analysis. pls share your thoughts
and I just created another account same name antonic. pls delete the old one and add the new me )

with regards to the drop of cad dollar, is it a sustained bearish trend? for how long?
thanks KY

Do we miss profitable trades? YES we do! And we want to show you that it is very real missing out on profitable trades. We MISSED this trade.

Many traders focus only on the results of the trade, we don't deny that performance is important; but what's equally important is the process of the trade - is it a good trade or a bad trade.

We followed our plan for this trade, and thus though we did not profit from this trade, it is still a GOOD trade for us!

There are some differences here as you haven't include in sentiment aspect of the analysis.

For your GBP, use the central bank analysis as a background/backdrop of the banks outlook. But you need to relate it back to the current economic development and conditions. For these info, refer to the economic indicators.

For JPY, what makes you state that the sentiment on JPY is bullish?

For NZD, why you state that it is risk off?

The meeting minutes are like those project/business meeting minutes. Basically it's a very detailed document that record what went through in the meeting.

It's good if you had the time to read through them. If not, it will be more than sufficient to just stick to policy statements.

Just one question regarding your fundamental bias on AUD, what makes you conclude that market environment is shifting towards risk-off?

On your questions regarding CAD, what are your views? It will be more beneficial to discuss starting with your point of view first instead of me just stating my analysis haha.

Some questions to guide your thinking process:

1. why do you think cad is in a bearish trend?
2. why do you think is will be or not be a sustained trend?
3. what are some of the factors to look at to determine the duration and sustainability of the trend?

Okay. Thanks for the earlier reply.

Anyway i have 2 questions here.
1. It is currently 12.45am Wednesday. If the bias for EUR was neutral and the German Zew Economic Sentiment that took place yesterday(Tuesday 5PM) was positive with Actual: 11.2 and Forecasted: 8.2, would i be right to say that the bias has now changed from neutral to slight positive.
2. Am i right to say that the key economic indicators to their respective currencies would be first from the central bank report statement and would remain throughout the month up till next month's report? And if so, would it be right if my key economic indicators of a currency would then remain the same throughout the entire month? Because i realised the indicators for this and previous week are different and i have no idea where the new indicators are derived as for some currencies the monthly report are still not yet out.

Thanks!

In this video analysis, we look into three trade ideas:



1) GBPUSD
2) GBPJPY
3) EURUSD

Today's focus will be on the UK Pound. We will be having tier 1 data (Average Earnings Index and Claimant Count Change) later today, and if you are trading the GBP, do ensure you are aware of how such news data can move the market.

Have a great pipping week!

Cheers,
KY

Yes, if the initial starting week bias was neutral, a positive data will shift the bias towards slight positive.

While the key economic indicators for each countries are different, the importance of each economic indicators for the particular country will not change often. For example, the German ZEW sentiment is an important indicator, it will be important for this month, next month and even the following month. Seldom will the importance of such economic indicator change.

The focus on understanding the central banks report and minutes is to find out what are their current outlook and into the future so that we know how significant a move will be coming from the economic indicators, and whether the move will be a 'sustained' one or not.

Seems like these datas are supporting a hawkish BoC.

Last week we started including a new strategy trading on the breakout. We took a total of 4 breakout trades. 2 of them were winners, 1 loser, and the other 1 exited at breakeven. Overall the breakout strategy has been profitable for us last week. However, as this strategy is still in its early development stage, we are still seeing many room for improvement on this strategy.

--Updates--

As we are nearing the end of April, we are finalising our registration for two of our programmes, JUMP! and the 4 Pillars Forex Mentorship Programme. This is going to be a special session as we will be revising the pricing in a month's time. If you are interested to find out how you can start investing stocks or trading the currency market, and if you have trouble understanding personal finances and financial markets in general, we are running a sharing workshop tomorrow (26th April). Click HERE to register.

For full market analysis, refer to our blog post HERE.

Weekly Signals

The week started will many misses in the market. -0.2% actual vs 0.3% estimates for AUD CPI q/q. This is definitely going to be a concern for RBA.

Attached Image (click to enlarge)

Hi KY. Attached is my this week's analysis. please have a look and tell me your thoughts. really appreciate and thanks )

In this video analysis, we look into potential setups trading the RBA Rate Statement. We also talk a little about control risk exposure and how to handle situations where you have multiple setups on closely correlated setups.