Some More Great Research From John Maudlin
http://www.johnmauldin.com/images/up.../mwo021812.pdf
I will now take about 15 minutes to read it and then form my own conclusions. Some of you might say how does reading this and understanding it help me make profits starting at 3:00 PM EST when Wellington leads the way ?
It does not however if you take the time to read it and try to understand it then you start to develop habits and start to invest time and effort into learning how to become a good currency trader. There are many parts to winning at forex. These in order of importance in my opinion based on my experiences are the most important.
(1) Understanding the fundamentals of the currency pair that you are trading.
(2) Understanding technicals enough in order to see resistance and support and trade within a time frame you are comfortable with. My trading style uses the 5 minute and 15 minute time frame.
(3) Have a very good Risk Management Program in place.
(4) Never trade unless you know why you are making that trade. Know where you are entering and where you will exit whether a loss or a profit. This is called having a Trade Plan.
(5) Understand and be able to follow the FLOW of MONEY in and out of the Asset Classes that affect the currency that you are trading.
(6) Perhaps the MOST IMPORTANT is to trade without fear of loss or need for profit sometimes called greed. The EGO can destroy you since Common Sense says the Market is always right. This means your opinion should not form such a bias that you cannot see both sides of the equation.
I hope this helps some of you understand better how to win at forex.
http://www.johnmauldin.com/images/up.../mwo021812.pdf
I will now take about 15 minutes to read it and then form my own conclusions. Some of you might say how does reading this and understanding it help me make profits starting at 3:00 PM EST when Wellington leads the way ?
It does not however if you take the time to read it and try to understand it then you start to develop habits and start to invest time and effort into learning how to become a good currency trader. There are many parts to winning at forex. These in order of importance in my opinion based on my experiences are the most important.
(1) Understanding the fundamentals of the currency pair that you are trading.
(2) Understanding technicals enough in order to see resistance and support and trade within a time frame you are comfortable with. My trading style uses the 5 minute and 15 minute time frame.
(3) Have a very good Risk Management Program in place.
(4) Never trade unless you know why you are making that trade. Know where you are entering and where you will exit whether a loss or a profit. This is called having a Trade Plan.
(5) Understand and be able to follow the FLOW of MONEY in and out of the Asset Classes that affect the currency that you are trading.
(6) Perhaps the MOST IMPORTANT is to trade without fear of loss or need for profit sometimes called greed. The EGO can destroy you since Common Sense says the Market is always right. This means your opinion should not form such a bias that you cannot see both sides of the equation.
I hope this helps some of you understand better how to win at forex.