Thinking a small downward move in an ascending triangle is a break out 6. Explosive profits — Dodgy, dodgy — just be objective and careful 7. Only take high probability trades; such trades match all of the following conditions.
Do the easy thing 3. Be sensible when setting entry and exit orders. If an order is filled, objectively follow the plan. Time is irrelevant; entry and exit levels are everything. Check the times of economic releases during the week and plan your trading times around them. Note Inter and Intra day Congestions and Trends iii. Refer back to these during trading to remain objective IntrAday rally and IntrAday congestion methods - Technique 1. A few minutes before a listed FA place entry and exit orders either side of micro term congestion, beyond levels ending in 0, with greater entry leniency for bigger announcements.
Initial targets should be within the bounds of a daily extreme or recent support or resistance, 10 pips if necessary for smaller announcements or distances or 20 pips for big announcements, 30 pips max. Achieving initial target is important. After the 1 position is filled alternate resting orders should be removed. Stop should not be moved until 1 target has been achieved nod st nod 5. Reversal option may only be used if data corresponds to reversal direction and a risk acceptable surf 4 is available The 5 possible out comes 1.
Stopped for full loss Yes No Trade complete2nd lot stopped for 02nd lot locked in Trade complete Wait for risk acceptable hook beyond reversal level to enter Hook is available and order is filled Stopped for full loss1st target is achievedTrade complete 2nd lot stopped for 02nd lot locked in Trade complete Trade complete Caveats 1.
You have to Enter via an Order 2. How to put the odds back in your favor considering the spread 3. Be objective with stop, entry and target levels - Keep losses small - Enter beyond resistance or zero numbers st - Achieve correct 1 target for situation 6.
Be happy with a quick result 2 most days 9. Result 5 should happen once every 2 weeks or so Be aware of the daily exposure on a result 3 Stay in the water, each one is a job interview Use above table and watch the trade develop into the appropriate out come. Time frame is nod irrelevant, levels and strategy are everything, trail the 2 lot Ensure all resting orders are cleared on trade completion.
During the heat of the trade is never a good time to be making decisions; make the decisions in Step 2, sit tight in the trade ii. Do not move the stop back — wrong filled sometimes 4.
You need to be around to trail your stop loss nod st 5. Set the 2 lot to break even as 1 target is achieved nod 6. Trail the 2 lot as per compounded gains if possible nod i. Do not close the 2 lot manually Opportunity FAs rd 1. Mistakes nod 1. Scared to open a trade ii. Scared to allow a position go into loss iii.
Scared to allow the 2 lot to stay open after target is met FEAR of entering the market. Then do not be afraid. Manually entering a breakout trade, surf 1 or 4 entry — See day You must place and entry order to surf type 1 or type 4 entry. Not following re-entry rules Not taking fundamental sentiment into account.
Trading when you have other things to do. Allowing people to disturb you — BAD move, un-professional 4. Over confidence after a string of winners, this is your Arrogance. This means: i. Thinking of yourself as the god of trading ii. Being lazy, thinking you do not need to study iii. Not clearing active orders after trade completion Explosive profits — Dodgy, dodgy — just be objective and careful Please excuse me being a bit lazy and just copying and pasting my old trading rules into this e- book without a giving particularly good explanation of them.
Reasons behind this is these rules do not work, please do not use them for your own trading, and secondly I have just pasted them as I wrote them so I hope you will be able to see some of my thought process in my rules. Now I know I have complained a lot in this book, in fact I think that is what this book is about, it is here to warn you about all the forex loser, sharks, who are there to scam you out of your money, smash your dreams of being a trader and have absolutely no regard for your or your dependants welfare.
I know there are s of them out there, as I have said in some cases the actual information is not too bad, but their lofty claims of endless wealth in the forex market make them little better than drug dealers.
Here are a few examples of the constant problems I would encounter trying to trade this system with limited knowledge of the fundamental driving force and structure of the forex market. These were dark days in my trading life. The next chapter will cover my first real conscious effort to get to grips with the fundamentals of the forex market.
The experience was so bad it confirmed my reasons why I never ventured into the realms of the investment banks; as such the next chapter is going to be pretty short. When I read some of the articles on these sites I get so much more from them, I really understand the bigger issue that all these articles form a part of. However at this early stage of my forex education it was like reading about how to fly an airplane.
I knew this lack of knowledge was what stood between me and potential success. I looked on the internet for some material on the subject. I cannot fault Julian Walmsly he did not promise to make me millions in the forex market, his book was extremely factual. The first half of his book talks about the local banking systems and the ways in which government may supply or with draw money from the market, he then goes on to talk about the forex market day and the reasons behind why money is moved from one country to another.
The second half of his book covers the different financial instruments in foreign exchange. When it came to the more technical chapters on calculations and the different instruments I quickly lost the will to live.
I think to a professional, perhaps some one who had a degree in economics the book would have been a better read, but I was an IT consultant just trying to learn what was going on in the spot market and much of the book was over my head. So I think Julian wrote a good book but it was just over my head, I would hope to read it in later years with a better understand and perhaps enjoy the whole thing.
It may sound funny but makes total sense, that after I learnt about what mankind has been using for money over the millennia and how the ruling powers at different stages in global history managed their empires money, understanding the money system used in the modern world all of a sudden became as clear as glass.
At the time I was busy gambling on major economic releases, I could see the system was not working, it was nothing more than a straight gamble and I would never be happy to base my career on something like that, besides the results were extremely dubious.
I then, for the umpteenth time, did what every down trodden aspiring forex trader does when he sees his once brilliant system is not working and that was to purchase another e-book. It is not my intention here to tell you exactly what was said in his book.
Like I say the book is an extremely fair price and is worth every penny, so you should go buy it for yourself. The book was everything that I was lacking and could have been written for me. The book started by talking about needing to listen to the market to understand what is going on now and anticipate the future, I hoped it would tell me more about what fundamentally moves the forex market, but was doubtful it could stand me any where near the same levels as the people speaking on cnbc.
It pointed out that you need to stand back and look at the market from a time frame consistent with the timings and price levels relating to fundamental economic releases and rumors; you can then anticipate price movement based on current price ranges and future events. At the time of reading I felt I had no chance at this, if I was to try this I would be in the realm of the rooms of analysts employed by investment banks. I could hardly believe it was as simple as interest rates, economic cycles, soap operas was a good analogy ; and to understand how the market is so amazingly efficient, in theory.
The book said it is important to have a good mental picture of the market and the way it explained the whole decentralization of the market, the over the counter instruments and how there is never a globally exact price for a particular pair at a particular moment, did make me feel slightly un- nerved about who I will be dealing with, but also helped me make deeper connections between what I see on the internet and what is physically going on.
After it had spoken about the correct time frames to use and the reasons behind this, external and personnel , it went on to speak about low gearing, probability and volatility over time.
All of this made a lot of sense, but I knew from my days of programming buy and sell signals into forex trading platforms that unless you have an idea of where the fundamentals are sending the currency no system based solely on math ever works in the long run.
The fact all the technical references in the book centered on fundamental market conditions meant I felt good about it. The book was excellent in explaining the fundamental workings of the market and how to think like the big players. I now have such a better understanding of how and why the foreign exchange rates move; knowing the motivations of the big players and understanding how fear drives prices; this combined with simple support and resistance over a suitable period of time.
My main question during the reading of this book was……….. Things go against you and you have to get out. This was answered quiet well by both bird watching, the old docs and an email response to some questions I received from the author. Either fundamental conditions change such that the reasons for entering are no longer valid or you were unhappy with your current draw down.
Again discretion based on fundamental and simple technical factors and personnel circumstance, to me being more appealing than indicator 1 crosses indicator 2. I also understand the need to quantify down side both through fundamental economics and trading account draw down. Before reading this book I did not have the knowledge required to be able to read, understand or anticipate forex market sentiment.
Reading this material has given me a much better understanding of what money and foreign exchange is all about. The author of this book Dirk DuTiot also offers a mentoring service, again for a reasonable price, I guess that in itself is a sign of honesty. It is like I know exactly what the world is thinking moment by moment. Do not get me wrong it is Dirk here who is making the calls and doing the analysis, I am still just learning from him, but it is nothing short of amazing to see what he says actually happening, saying that I will probably get used to it after a couple of years of seeing it happen.
Before I knew Dirk trading was numbers and text on a screen, now it is s of big investment banks, hedge funds, and multinational corporations, high net worth investors reacting to changing economic conditions as signaled by the news and reserve bank speakers. I can see the whole world at work, and I understand the back ground behind what they are doing.
At the end of the day if it was not for the internet based services they provided I would not be able to trade at all so I am thankful to them. However like the other vendors of forex trading related products online forex brokers far too often mix good information with bad information and too much information. Much like casinos forex brokers run legitimate businesses, similar to the information casinos provide you with on how to play their games and who to speak to when you get hooked on gambling, forex brokers provide excellent training courses, news related articles and numerous disclaimers.
The one major piece of information forex brokers do not provide you with regards the structure of the forex market and how it is the price you see on the screen is brought to you. They recommend you use a highly leveraged account, in many cases their demo accounts will only allow you a minimum leverage of Thank you Joe for your wise words, excuse me not doing proper quotes and a bibliography but like I said I have had not formal education other than high school: Br ok e r s ca n de ce ive you a bou t t h e r e be ing n o com m ission s.
Ye s it is. If reading this has made you at least question all the online forex marketing then it has achieved something. My current experience of the online forex market would not be the same if I had not experienced everything I have been through, which is not to say I am happy that I had to go through this whole ordeal. I think I have put a lot more work into forex than I ever really imagined, I guess something that has the potential to change your life as much as being able to make money from the online forex market probably takes a portion of your life similar to that which it finally gives back.
These days I am taking a much more fundamental approach, by guide by www. As promised, this book has not given you a simple system for trading the forex market combined with a pip per month guaranteed back test.
I hope it has warned you away from products and promises of online forex trading marketers. I have said the only way to be successful in the forex market is to understand everything about it.
You need to understand the modern money system, how money is produced and managed, economic cycles, how the market efficiently moves money to the parts of the world that need it most.
You need to know the players, and what motivates them, central banks, the big speculative players and how the world goes about its daily business. You need to understand the actual structure of the forex market and exactly how the price is brought to you screen. At the same time this book has not given you everything you need to know to be a successful forex trader, I have as yet only experienced a limited amount of success and do not have long term exposure to the methods and motivations of the big players I do not feel it is my place to produce such a book.
If I was to do this I would merely be rewriting the Day Forex material. As stated in the introduction, this book has been a subjective, personal account of my experiences trying to make money in the world of online forex trading. If you can see similarities between your own experiences and the ones in this book, or if you are lucky and this book is the first thing you have read about on line forex trading then I hope this knowledge has empowered you.
The less money the crooks make off us the better! I really hope you feel this book has been worth reading and I am sure what you have read has the potential to save you a lot of money. Other than to say good luck, I hope you enjoyed the book.
How To Trade Dollar By wilson putra. Hooks to buy A Hook to buy is formed in an uptrend after a complete bullish pattern. Hooks to sell A Hook to sell is formed in a similar way to the previous Hook, only in a downtrend after a complete bearish pattern.
Summary In his example, Joe Ross has demonstrated that his strategy works well and can bring a stable profit. Material is prepared by Victor Gryazin Has traded in financial markets since Can anyone tell me how to idenitfy hook pattern trading chart in currencies?
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Web site - You must be registered for see links. Onbongo Member. Joe Ross - 'Futures Spread Trading'. Joe Ross - 'Law of Charts'.
Joe Ross - 'Thoughts On Trading'. You must be registered for see images. Click to expand Divonorum Well-known member. Its in the. You will find the answers to all these questions, and many more, in this book. At Trading Educators we talk about money management too, but we also talk about self-management, trade management, risk management, and business management.
Joe gets into the details of each of these important aspects of management, and how they affect your trading. The real problem in the market You will find out what the real problem in the market is, and your realization of what Joe reveals to you will change your entire approach to markets. It will enable you to focus on the only thing you can do become a winner. Because it tells the truth, and truth always hurts. Maybe because we compare reality with our imagination.
Surely our fantasy world is a lot nicer. Yours, Dr. The ones that hit home the most have been being dishonesty with myself, trading what I think and not understanding risk and losing. Hey what a package! I do believe all of these traits can be eliminated though education and discipline.
Best personal regards, James R. Joe outlines the rules, techniques, and discipline needed to succeed in the market. Every trader should read and re-read this book. You will learn a self-controlled, business-like approach to trading.
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