“What advice would you give to a novice trader?” by Jack D Schwager
This was taken from the book “The New Market Wizards”, it’s one of the questions posted by Jack D Schwager to Gil Blake. And this was his answer: “There are five basic steps to becoming a successful trader. First, focus on trading vehicles, strategies, and time horizons that suit your personality. Second, identify non-random price…
License to Trade, Do You Have What it Takes
Trading is just another career, whether you’re trading an hour a day or 20 hours a day is irrelevant. The great (or sometimes unfortunate) thing is that anyone can be a trader. Just like driving, anyone can drive (even without a license). The question is, is it worth taking the risk? With that, let me…
Will EURAUD make a Reversal?
(Click on image for Larger View) I love price patterns and there’s an interesting Price Pattern on EURAUD at the moment. It is currently at an all time low exchange rate and I personally like that looks of the channel that has formed. The following is a EURAUD Weekly chart with multiple touches on the…
Inside the Mind of the Turtles: How the World’s Best Traders Master Risk
My Views The book is brilliant for people who are worried and fears trading. The author breaks down the various element of risk and explains how one should embrace risk instead of avoiding it. If you want to make a career change into the world of trading but heard of scary stories of traders blowing…
Don’t let the Frustration Bug Bite
Trading the money markets can be quite unpredictable and, occasionally, the market mysteriously switches from a ‘Giving’ mood into a ‘Taking’ mood and vice verse. Amateur traders who can’t recognise the change in market conditions get very frustrated when they get hit by a few losing trades – and this is when the Frustration Bug…
The Law of Auto-Suggest
“The law of auto-suggestion, through which any person may rise to altitudes of achievement which stagger the imagination, is well described in the following verse: If you think you are beaten, you are, If you think you dare not, you don’t If you like to win, but you think you can’t, It is almost certain…
Trading Plan: Writing Instructions For Yourself
Writing a Trading Plan is really not that hard, the problem is that Traders tend to leave out small but important information. And that leaves plenty of opportunities for mayhem. To make this simple, I thought I’d propose the following: Instructions for a Million Pound Account You are about to go on holiday and you…
GBPAUD was indeed in an Elliot Wave
(Click on image for Larger View) After my article on GBPAUD on Thursday, I’ve decided to track the progress of the Elliot Wave formation on this currency pair. On my last article, I was expecting Wave B to form a (slightly) higher low and Wave C to end higher. What I didn’t realise at that…
The 4Rs to Overcome the Fear of Losing
Do you have a well developed and profitable strategy? And you’ve back tested the strategy with sufficient sample size and it has rules that suits your personality? Yet, you’re still struggling to implement the rules on a consistent basis? Is that because of Fear? If yes, then please read on. Unfortunately, like me, one of…
GBPAUD in an Elliot Wave May Be?
I understand that we should always keep things simply. Unfortunately for me, I have a very curious mind and I’ll always explore new ideas. The positive side of that is, I’ve kept it within Price Patterns only and new exploration this time is Elliot Waves. As I write this post, I was kicked out of GBPAUD…
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