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Toni Hansen: An Indispensable Sage of the Markets

Discussion in 'Forex Beginner Q&A' started by Currency Expert, Apr 29, 2016.

  1. Currency Expert

    Feb 14, 2014
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    “Of all of the lies my traders tell themselves, the one that shows up the most frequently is “I don’t think I can do this.”– Louise Bedford

    Name: Toni Hansen

    Nationality: American

    Occupation: Full-time trader and mentor

    Website: Tonihansen.com


    A respected technical analyst and full-time trader with decent profits from weak and strong markets, Toni started her career as an equity swing trader, after which she mastered other types of financial markets. She has crafted ways to tackle stocks, futures, options, ETFs and Forex, surviving uptrend, downtrend and equilibrium phases in the markets.

    She’s spoken at many trade shows and expos. She’s contributed to Real Money Pro, CME Group, Active Trader, Money Show, Trading View, etc.

    Toni has always traded and coached many professionals in various fields of financial industry, including other people outside the financial industry. She quotes other great traders in her writings.

    Please check her website. Tonihansen.com is rich with very helpful trading articles, insights, lessons and courses, which can help beginner, professional and advanced traders. For example, you can get a one-stop shop for in-depth lessons on introduction to technical analysis, candlestick charting, trends, indicators, fear and greed, money management, advanced courses on trends, various ways of determining resistance and support, Fibonacci levels, market reversals, selecting your trading style, and so on.

    Giving answers that work, Toni has also made bold attempts to address the toughest questions in trading, such as:

    Which type of market analysis will I employ?

    Which markets should I focus on?

    Which strategies should I use for trading?

    Which time frame should be my primary focus? Etc.

    What You Need to Know:

    In order to have a taste of insightful tips and lessons Toni has to offer traders, please read the article below. The article was taken from her website and the link is located at: Tonihansen.com/trading-lessons.html#traits

    8 Traits of a Successful Trader

    The market is an ever-changing entity, each day presenting us with different and unique scenarios with no two days every the same. Nevertheless, the market is more or less a reflection of people's ideas and attitudes and while it is also true that no two people are alike, each and every one of us has something in common with someone else, whether it’s the way we get out of bed in the morning or the foods we prefer to eat. Additionally, we tend to repeat actions, such as preferring to brush our teeth at a certain time of day or making sure we try to catch the Thursday night prime time television shows. No matter which angle you look at it from, humans are creatures of habit and this tendency gets reflected in a security’s price movement. It's what makes technical analysis a reliable and profitable method for analyzing the market.

    Unfortunately, technical analysis is not always cut and dry. The same core pattern does not work the same way in every market environment. For instance, one of the setups I often look for on a daily chart is a 3-5 day pullback in an uptrending stock for buying opportunities. Where newer traders tend to get in trouble, however, is taking such a setup to mean that every time an uptrending stock pulls back 3-5 days and then breaks the previous day's highs that it means they should buy it. In reality, there are always exceptions and its learning what these are that can be the dividing line between those traders who are successful and those who fail. In this example, how a security pulls back in a primary uptrend, as well as overall market conditions, will greatly influence whether taking such a pullback as a long is really worth the risk to reward. In some cases it is not.

    The ability to adjust to changing market circumstances is just one of the traits of a successful trader. In truth though, there are quite a few. Over the years I’ve mentored quite a few traders. Many succeeded, but many of the traders I have spoken with over the years have failed. I have observed a number of traits which are present in those who succeed. Some of the top traits of successful traders are as follows:

    1. Staying Neutral

    You're probably wondering away just what do I mean by “staying neutral.” When you are chatting with your trading buddies online or reading a message board and all you hear are how the market maker or specialist is out to get them, or how one minute they are a market god and the next they have what is certifiably the worst luck in the entire world, then you are dealing with a trader that is NOT staying neutral! They are letting each trade or each trading day rule their emotions and this pressure builds upon itself, making it very difficult to succeed.

    The professionals don't let the day to day oscillations in their accounts faze them. The results of one day of trading, or even a few weeks or a month are not as important to them as the average over time. Among most of the professional traders I know, you cannot tell by their mere appearance whether or not they had a great day in the market or if they lost. Sure, they may tell you one way or the other.

    We are not robots devoid of all emotion after all, but when we leave the market for the day after a difficult session, we are able to disassociate it from the rest of the world and don’t spend the rest of the day complaining or moping around the house thinking that entire world must be out to get us. Similarly, on a great day, we do not call up every person we can think of and tell them how we rule the market universe. Extreme emotional responses either way will often lead to greater difficulty in the market since emotions take over from reason and can often override it, making it difficult to remain objective.

    2. Have business Plan

    Most successful traders also have a business plan. As in any other profession, it’s important to know what it entails in order to succeed. As in any business, this consists of a set of rules or guidelines to help keep the trader on track and from making decisions purely on a whim.

    Would you open a restaurant without a plan? No, or at least I really hope that you wouldn’t! A new restaurant owner must take into account the type of cuisine they wish to serve, the décor of the restaurant, the hours of operation, to whom they are catering as clientele, etc.

    As in the restaurant business, traders must also have a business plan. A partial list of the questions you should be asking yourself and including in your trading plan are as follows:

    How must time will you spend study and trading?

    What techniques and strategies you will focus on?

    What are the expenses involved in becoming a trader?

    What is your maximum loss limit, not only per position, but on your account as a whole?

    What are your objectives?


    The more comprehensive your plan is, the better. You can always go back and change it, modifying it to suit your development as a trader. I find that it is very helpful, for instance, to go back and read over my techniques and goals whenever I am in a slump and my progress has stalled. It helps me maintain the right frame of mind so that I can push forward.

    Remember: The jack of all trades and master of none is usually a low-paid, unskilled worker.

    Conclusion: Many traders have dreams but they don’t act on those dreams. Even when they act, it’s usually one or two attempts, for they give up quickly as soon as they run into difficulties. As far as they’re concerned, there’s nothing like persistence. They think successful traders are successful only because they’re lucky to have easy methods of profitability. NO. Ask successful traders, and they’ll tell you how long or how many years it takes them to achieve consistency in the markets. They’re not luckier than you: they’re only more persistent than you.

    This piece is ended with a quote from Toni:

    “Knowledge is power. This is as true in trading as any other area of life. Those who don’t know will eventually give their money to those who do know. In this industry we have 90% of the money going to 10% of the players. Do you want to be part of that 10%?”

    Source: www.tallinex.com

    What Super Traders Don’t Want You To Know: http://www.advfnbooks.com/books/supertraders/index.html
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