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yacksyfx

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About yacksyfx

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  1. How to Become a Disciplined Forex Trader (5) Don’t fall off the track once you start changing your habits Another problem many traders run into is that they begin changing their trading habits and remain disciplined for a period of time only to fall off the track and back into their old trading habits. You really need to remain consciously aware of the importance of discipline everyday as you trade the markets. There really is no way to remain consistently profitable in the markets if you do not remain consistently disciplined, so please keep this in mind as you begin your journey to become and stay a disciplined trader. Once you start changing your trading habits it should become easier for you to maintain them and thus staying disciplined will not seem like a chore to you anymore. It’s similar to exercising regularly; in the beginning it can be uncomfortable and difficult, but as time goes on it will become second-nature as the positive effects of exercising reinforce the necessity of it as well as your desire to do it, and it will eventually be something you look forward to and couldn’t imagine NOT doing. Similarly, once you develop positive Forex trading habits they will reinforce themselves as you start to see yourself losing less money and making more consistent returns over time, these positive trading habits will then start to become second-nature to you and you will wonder why you ever traded so undisciplined before. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  2. How to Become a Disciplined Forex Trader (4) How to change your trading habits Zen-Habits-good-habits-bad-habitsIf you have fully accepted the reality of what is possible given your account size and effective risk management, then you can start devising a concrete plan to change your trading habits, or if you are brand new to trading, develop the proper habits. The first thing you need to do is be sure that you know exactly what your “edge” in the market is and how to trade it. If you haven’t mastered an effective trading strategy yet, you should check out my price action trading strategies, as they can provide you with high-probability entry signals by learning to analyze and trade the natural price dynamics of a market. After mastering an effective trading strategy, you need to plan out how you will trade it. You should design a comprehensive yet concise Forex trading plan on your computer and print it out. This plan will be your guide for how to interact with the market; by pre-defining all aspects of your trading you consciously eliminate the potential to turn into a greedy trader, assuming you follow your trading plan of course. Once you’ve designed a trading plan around an effective Forex trading strategy, you need to start keeping track of all your trades in a Forex trading journal in order to develop the impressive track record we discussed previously. Trading plans and trading journals are a trader’s two main weapons against over-trading and over-leveraging. Some traders need them more than others to stay disciplined, but all traders will benefit from having them, so I strongly suggest everyone create a trading plan and a trading journal after reading this article and start using them each day if you want to change your trading habits. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  3. How to Become a Disciplined Forex Trader (3) Becoming a disciplined trader is about changing your trading habits The traders who survive long enough in the markets to see themselves become consistently profitable are the ones who attain and sustain positive trading habits. Like anything else in life, habits define your reality and how far you go in any field. Habits are also reinforcing and they tend to become more ingrained into our personality and daily routine whether they are positive ones or negative ones. Unfortunately, for most small retail Forex traders, developing the habits of a successful Forex trader is an uphill battle right out of the gate. Most traders come into the market with the dream of making quick money or with some idea of making enough money to quit their job right away. They also come into the market with relatively small trading accounts, essentially pitting their emotions and desires against the reality of the situation. The truth is, the harder you try to make a lot of money really fast, the more it will elude you. You may get lucky at first and hit a few big winners, but you are only reinforcing negative trading habits that will soon come back to bite you much harder than you might imagine. So, the first step to becoming a disciplined trader is to simply accept the reality of what is possible given your account size, assuming you plan on implementing effective Forex money management. I know that you most likely want to make a lot of money really fast and quit your job, but if you have a $1,000 trading account, this is not a realistic option for you any time soon, even though many beginning traders seem to think they can parlay their tiny accounts into life-changing amounts overnight. One thing that might help you accept this reality is that if you develop a consistently profitable track record over a period of several consecutive months, you will have no problem finding people with money to fund you. Think of your trading account track record as a trading “resume”, and the more impressive your resume the more likely you are to get a “trading job”. It doesn’t matter if you’re trading small position sizes either, if you are trading real money and develop a consistently profitable track record, it’s a very impressive and powerful piece of evidence that you can use to prove to people that you know how to trade the markets effectively. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  4. How to Become a Disciplined Forex Trader (2) Why discipline is essential to becoming a consistently profitable trader Forex trading obviously requires a high degree of discipline, most all traders know this, whether beginner or pro. However, knowing is different from doing, and while most all traders know they should be more disciplined, it often ends up being something they think they can put off until they make X amount of money. Trying to rationalize in your head not being disciplined is one of the biggest mistakes that almost all traders make at some point. I know how it works because I was once in your shoes. You probably have thought something like this recently, “I’ll start to become disciplined and manage my risk better once I get my account up to X amount of money…” Sound familiar? I’m willing to bet a lot of money that you thought that exact thing at some point or still think that. Almost every trader has. The problem with thinking you can put off being a disciplined trader until XYZ happens is fairly obvious, yet most traders continue to do it. This is simply a mistake born out of greed, and greedy traders do not make money over the long-run. If there is one thing that will destroy your trading account faster than anything, it’s greed. A greedy trader trades too much and risks too much per trade, and as I’ve discussed many times in previous articles, over-trading and over-leveraging are the two main reasons why most Forex traders lose money. In my opinion, trading almost naturally induces greedy behavior in traders due to the constant temptation of easily being able to make fast money by just clicking your mouse. Thus, for almost all people who trade the markets, a conscious plan to fight greed before it consumes you is necessary if you want to become a successful Forex trader. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  5. How to Become a Disciplined Forex Trader (1) Discipline is an integral part of becoming a consistently profitable trader. However, most aspiring Forex traders find themselves unable to remain disciplined as they trade the markets. Today’s Forex trading lesson will provide you with some solid insight into why you must become a disciplined trader as soon as possible and how to change your trading habits to become more disciplined. This is going to be one of the most important trading articles you ever read, so I suggest you settle in and grab a cup of coffee and really let the concepts I’m about to discuss sink into your mind. Note From Nial – Do me a favor, and please click on the social icons at the end of today’s article & please leave a comment below. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  6. The Human Mind VS. Computers in Forex Trading (5) A computer can’t teach you to trade Finally, another thing a computer cannot do is teach you to trade effectively. The most successful traders in the world are not blindly entering buy and sell signals derived from some trading “robot”. They are acting on years of live market experience and a very refined discretionary trading sense that is built upon analyzing price action. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  7. The Human Mind VS. Computers in Forex Trading (4) Developing your discretionary Forex trading sense is important Yes, markets do form similar signals that are somewhat repetitive over time, but there is a lot more that goes into deciding to pull the trigger on a trade than what a computer program can calculate. A large part of Forex trading success is gut-feel, no matter how much some people in the trading world will preach against gut-feel trading, it really is something that traders need to develop. The trick is that you need to develop your gut-feel or discretionary trading instinct around an effective Forex trading strategy like price action analysis that gives you a frame-work to build your market perspective on. We can develop our discretionary trading instinct built on the foundation of price action, it’s discretionary price action trading, meaning you don’t take EVERY single price action signal that forms. Instead, you learn to trade these price action setups according to market conditions and from confluent levels in the market. So, it is not just the price action setup or signal we are looking for, it is the properly formed price action signal occurring in the proper market conditions or at the proper level that we are looking for. Developing this type of trading skill and market perspective is what I teach here at learn to trade the market, and its how I personally trade and how I became successful in the markets. A computer program will simply see a “pin bar” or some other definable signal, but what it cannot do is decide effectively whether or not that pin bar SHOULD be traded according to the discretionary trading skill that the human mind can achieve. In my opinion, Forex trading success depends upon developing an effective perspective on price movement and market mechanics, combined with the ice-cold discipline of a computer trading program. So, we are essentially trying to take the best aspect of computer trading software, which is the ability to not let previous trade results influence our future trading decisions, and combine this with the unparalleled ability of the human mind to interpret the raw emotion that is reflected via price action on a simple Forex price chart. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  8. The Human Mind VS. Computers in Forex Trading (3) Computers are not emotional The ironic aspect of computer trading programs is that while they do not possess the ability to commit the emotional trading problems that plague so many aspiring Forex traders, they also lack the ability to develop a “gut feel” human trading instinct. Computers are ice cold, and a Forex “robot” trading program is only going to operate according to how it is programmed. This means that if it loses on a trade it’s not going to execute another trade right away out of anger or frustration; instead it is going to wait until the next pre-programmed trading edge appears in the market. Thus, the lack of the ability of a computer program to interpret and analyze human emotion is both an advantage and a disadvantage for computer trading programs. So, what can we learn from computers about managing our emotions when trading the markets? We can learn this; we should not react to the market based on what happened in a previous trade. We should only react to the market based on what it is currently doing and whether or not our trading edge is present. We don’t have to use Forex trading robots to trade the markets, but they can definitely teach us some very important things. Mainly that we need to use our ability to interpret emotion and develop “gut” trading instinct to our advantage, and not allow this ability to work against us by giving into the emotion that results from winning or losing trades. Emotional trading mistakes are the main reason why most traders fail to make money consistently in the markets, and the elimination of emotional trading mistakes is the biggest advantage computers have over the human mind in the markets. As far as analyzing and picking entries, the human mind is a far superior tool to computers, especially when it is trained to trade based off the raw price action strategies that occur each week in the market. For a computer to rival the ability of the human mind to spot high-probability entries in the market, we would need to have artificial intelligence, and we are not at that stage in computer development yet. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  9. 10 Reasons Why Price Action Will improve Your Forex Trading (9) 1. Price action analysis helps you achieve the discipline required to excel at forex trading. Discipline is perhaps the most important ingredient to long term trading success. When you have a simple yet effective and flexible method you can concentrate more on the psychological aspect of managing your own emotions while trading. Emotion management and self-discipline are by far the most important factors that separate professional traders from amateurs. Many traders get so caught up in fine tuning their method or in finding the “holy grail” that they end up forgetting the real meat of trading success is right between their ears. How you react to winning and losing trades is much more important than the method you employ. The best thing about price action analysis is that it allows you to concentrate on yourself because you have no need to worry whether or not your method is effective. To learn how to use price action to trade the forex market check out my forex trading course. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  10. 10 Reasons Why Price Action Will improve Your Forex Trading (8) 2. Price action analysis helps you maintain an objective market mindset. When you know exactly what are you looking for before entering a trade you don’t become frustrated or confused. You just wait and remain calm, observing the market at your regularly scheduled trading time to see if your edge is present. By not getting caught up trying to decide if your method is giving you a valid signal or not you remain cool and collected and give yourself the best shot at profiting. Just like a lion in the wild as a price action trader you sit and wait for your perfect price setup to form and then pounce on it. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  11. 10 Reasons Why Price Action Will improve Your Forex Trading (7) 3. Price action trading is the closest thing to what floor traders in the pits use. We have seen the images of screaming pit traders on the floor of various exchanges in Chicago or New York. Do you think they are using lagging indicators to make their decisions? Thinking about lagging indicators in that perspective actually allows you to see how comical it is to trade using them. Pit traders read tape, meaning they watch the actual price numbers for whatever market they are trading and analyze their movement. Price action analysis is the most analogous method to tape reading that a retail forex trader has at his or her disposal. The reason pit traders analyze price movement by reading tape is because this is the core information of the market, just like price action analysis setups. It is comical at best that so many people fall into the trap of lagging indicators and trying to predict the market movement resulting from every economic release. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  12. 10 Reasons Why Price Action Will improve Your Forex Trading (6) 4. Allows for profitable use of higher time frames. Another great thing about price action setups is that they usually become stronger and more valid the higher the time frame you trade. This allows you to trade less frequently but with more accuracy. Sitting in front of a computer screen for multiple hours watching a 5 minute chart can be maddening as well as extremely detrimental to your trading account. Many traders get wrapped up with thinking they give themselves some sort of advantage by trading more frequently or on lower time frames. All this ultimately does is cause you to lose money and lose precious time you could be spending with your friends and family. When you know how to use price action setups effectively you can trade strictly off daily charts and spend about 30 minutes a day analyzing the forex market for trade setups. Once you have a well defined and profitable trading plan built around price action, spending increasing amounts of time looking at your charts and small time frames is only going to hurt you. The reason most people get into trading is because they don’t like spending massive amounts of time at a job they hate. Many of these same people end up forgetting that one of the best things about trading is that you don’t need to spend a lot of time analyzing the market, just enough to spot your edge then you walk away and let it play out. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  13. 10 Reasons Why Price Action Will improve Your Forex Trading (5) 5. Clearly defined entries. Once you learn a few solid price action setups you will know exactly what you are looking for in the market before you enter a trade. There is no guessing like with other methods; either your setup is there or it isn’t. Many forex trading methods have large grey areas that leave traders wondering if they should jump in or not. This often leads to over or under trading, blown out trading accounts, and missed opportunities. When you learn to trade using price action it will be like you can see the market clearly for the first time, no more foggy methods that leave your head hurting. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  14. 10 Reasons Why Price Action Will improve Your Forex Trading (4) 6. Price action analysis factors in all market variables. The analysis of price movement via price action setups is really the only method you need to build your trading plan around. Often times traders get caught up trying to trade the news combined with their overly complicated multiple indicator method. The beauty of price action analysis is that it gives you a visual representation of the only thing that matters when it comes to news releases; namely traders’ reactions to the news. Price will often go the opposite way of what people may expect based on a certain news release. If you know how to analyze price action you probably would have been tipped off to the most likely direction of the market before the news even came out. Price action simplifies your mindset by including all market variables and giving you an easy way to make sense of them. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300
  15. 10 Reasons Why Price Action Will improve Your Forex Trading (3) 8. Price action analysis works great in trending or range-bound conditions. One of the great things about price action analysis is that it provides relevant and profitable signals in both trending and range-bound markets. Many trading methods work well in trending markets but cease to work in trading ranges, or vice versa. An exceptional and flexible trading method will provide consistently profitable signals in any market condition. 7. Price action setups are easy to test on demo accounts. Price action setups occur frequently in the forex market and are easy to spot once you are trained to know exactly what to look for. There is no need to sit and try to figure out what three different indicators are telling you to do. You simply wait for your desired price setup to form and then execute your edge. The forex market has widely accessible demo accounts that you can practice price action setups on before going live. Source : LEARN TO TRADE ForexMart Facebook Page No Deposit Bonus Up to $300