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Are looking for a trading opportunity?

Discussion in 'Forex Discussions' started by Currency Expert, Dec 11, 2014.

  1. Currency Expert

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    “Active trading requires increased mental capacity. But your IQ doesn't need to break the bank. You can increase your mental capacity through practice.” – Joe Ross

    Traders often check the markets to look for trading opportunities. When a discipline trader fails to find a good setup in a market, she/he mayn’t trade or look for trading opportunities in another market.

    It’s bad to attach ourselves to a single market, trading it when the market is choppy or trendless. When it’s not clear which direction the price may go, we shouldn’t trade, or we should look elsewhere. Yes, there are good trading opportunities elsewhere. It’s good to look for the markets that are easier to trade – the markets that are moving predictably. When we want to trade good setups, we’re not fearful, for we know how to control our risks. “Fear is one of the greatest enemies to success,” says Reginald Mengi. We want to trade in a way that enables us to have average winners that are much bigger than average losers.

    It’s amazing that strategies with low hit rates can produce good results when winners are allowed to run. Super trades have made fortunes with strategies whose hit rates are low. Why would you be emotionally attached to a market that’s too difficult to trade? Why must you suffer in one market when there are wonderful opportunities in other markets? Our aim is to make money, not to attach ourselves to a market that’s difficult to predict. Attaching ourselves to a market is not sensible if we can’t make money from that market.

    Those who transact in physical markets like automobile markets or cloth markets mayn’t be able to do this, but online traders can look for any markets where they find interesting opportunities. I laugh when news trading addicts ridicule chart analysts, for they tend to forget that the news releases they worship can’t guarantee what the market will do in the next moment. We’re not concerned with economic figures but we’re concerned with the effect those figures would have on the market.

    This article is ended with the quote below:

    “Every time I have lost badly, it was because I violated at least one of my rules.” – David J. Merkel

    Source: www.tallinex.com
     
  2. jologs

    jologs New Member

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    i have to agree with this `100%, people are good at setting rules, but end up badly when violated, its a constant struggle. but a simple one as well.
     
  3. orni308

    orni308 New Member

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    Its very important to stick to your plan and be disciplined, there are may situation while trading, where it gets difficult to keep check on our ethics.
     
  4. platinumtraderfx

    platinumtraderfx New Member

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    Yes, it's all about trading plan. If you don't adhere to it soon or late it will bounce with adverse impact on your trading. I can say it from my own experience, it is a very serious mistake that trader can commit..
     
  5. vic84

    vic84 New Member

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    Yes most of the time we are concentrating on major pairs and try to risk our investment when the market is very volatile, so we should also look in the pair which are not prefered for trading these pairs sometime can give good returns.
     
  6. platinumtraderfx

    platinumtraderfx New Member

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    No need in that really. Transaction costs are a bit higher there, moreover slippage on entry and exits may cause uncontrollable losses in your trading. I prefer to focus on majors and commodities as spreads that my broker Hotforex offers on them are relatively low comparing to averages on retail forex brokerage market.
     
  7. somefxtrader

    somefxtrader New Member

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    Obviously there are so many Forex brokers that let their traders to make live trading accounts with minimum deposit. When I started my trading Career in Forex, I had not enough capital to invest here and I wanted to get an opportunity. but to start with an extremely low deposit should be just giving a way our effort, and just end up flush out our money into the market. I did not miss that chance and made my trading ECN account with 300 of deposit amount. and furthermore Tickmill still give me withdrawable deposit bonuses.
     
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