Forex trading methodology by gene ballard
What is required of those not inherently disciplined is to develop a disciplined attitude during the trading process. This is where passion for Fx trading comes into play. If you have the passion to be a successful trader and inherently not a disciplined person you will develop a pattern of being disciplined during the trading process.
Those that are inherently less disciplined but having the passion to trade will be motivated to do whatever it takes during the trading process to succeed. Maintaining a disciplined level of control and behavior involves being able to control your emotions. This does not mean you have to become a robot void of emotions and feelings or having ice in your veins but being able to control the emotions to a level where it will not disrupt the self imposed trading guidelines.
It is impossible not to experience a wide range of emotions while trading but the key to successful trading is controlling the emotions and feelings during the trade. There is a wide range of emotions and feelings, as well as thought patterns one can experience during a trade. There are four primary emotions and feelings requiring control during the trading process.
A handful of these emotions and feelings are addressed below. Fear Fear has a very detrimental effect when the trade is going in a direction contrary to your expectations and money is being lost. Fear has an uncanny ability to block the rational and sensible decision making process required to exit a losing trade.
As an example, as the trade moves in the wrong direction, fear sets in, you think irrationally and think, it will turn around and I won t lose money, and before you know it the loss is amplified. Greed Greed has a very negative affect when the trade is going in a positive profitable direction. Similar to fear, greed also creates a blocking mechanism in the decision making process.
The trade is going in the direction anticipated, excitement sets in, thoughts of making more money filters into the mind, and before you know it the trade moves in the wrong direction and then fear steps in. The key to controlling emotions is having a disciplined approach and a quiet confidence when placing a trade. When discipline and confidence are part of your trading arsenal, and the trade moves in a positive or negative direction, fear and greed will not enter the equation.
Fear and greed does not enter the equation because the decision making process is already pre-determined by the combination of being disciplined and adhering to a proven trading strategy. Does this mean I can t be a trader if I am an emotional person? No, it means being able to control emotions, not eliminate them. Take for example the great golfer Tiger Woods. Tiger Woods is a VERY emotional person and when he makes a great shot or a poor shot he is very animated and emotional. But, between the time periods of beginning his shot process until the end his emotions are very controlled.
Great poker players act the same way between the time the hand is dealt and the time the hand is won or lost. Their reactions after this time are usually very emotional depending upon the personality of the player. The control of emotions is very important and a key element developed by all successful women and men in all areas of work and play.
The controlled emotions are byproducts of having in place a proven strategy that prevents negative emotions from entering their mind and blocking their thought process. To be a successful trader a proven strategy also needs to be in place to instill a controlled confidence in the trade and being able to control emotions no matter what direction the trade goes.
The negative effects of these feelings are overconfidence and less focus on the trading strategy, indicators and confirmation signals paramount to placing a high probability trade and closing a profitable trade. When the feelings of invincibility and complacency set in the Fx market will humble you very quickly.
After completing a series of trades, congratulate yourself on a job well done and allow yourself to be emotional, happy and excited about your accomplishment. But, before placing the next trade, shift back into the 5 10 Characteristics of a Successful Trader disciplined and confident mode of trading and adhering to your trading strategy. Patience Patience, Patience, Patience.. Patience is essential with Fx trading. Patience is required while trading in a demo account, waiting for a setup for a trade, and during the time the trade is open.
Patience is required during the training period to preclude being in a rush to go from the demo account to live trading. Take all the time required during the demo account period until the trading becomes automatic and with complete confidence. Trading within the guidelines of a proven system requires periods of time when there may be several hours and maybe even a day between trades. Without patience, one will have the tendency to think the price movement is heading towards a setup, anticipate price movement, and open a trade before the indicators are in agreement.
Losing patience and failing to anticipate the indicators favorable for a high probability trade are possibly going to occur may work occassionally but over a long period will prove to be unprofitable. Patience is essential when waiting for the correct setup because profits are made on the entry point, not on the exit. When a trade is in place and the price movement stalls or does not move in the direction expected, be patient and trust the proven system.
Without patience, anxiety and fear can set in and emotion will become involved in the decision making process of the trade. With emotions involved in the decision making process, over the long haul, trading will not be profitable. If passion is the motivator behind Fx trading, and not solely money, the discipline and patience will become, over time, an inherent characteristic trait of you and your trading process.
Even if you have the passion towards Fx trading and have the patience and discipline required for FX trading there is a key component remaining in becoming a successful trader. This component is to find a proven system. The next chapter will identify the key to finding a proven system. All business sectors have their own unique language and the Fx market is no exception.
The following terms and terminology are not all inclusive to the Fx market but are only those terms related to understanding the Forex Trading Methodology of Craig Harris. These terms are not arranged in alphabetical order but in a logical order of understanding beginning with the basic rudimentary to the more strategic terms. An alphabetical listing of all the terms, abbreviations, and terminology delete with can be found in the index.
The terms, abbreviations, and terminology will be divided into chapters related to a particular subject matter. Fx is typically used as an abbreviation for Forex. In its simplistic form Fx is the process of exchanging the value of one currency against the value of another based on the current exchange rate between the two currencies.
A session is a time period from when a particular market opens till the time it closes. Even though Fx trading is a 24 hour, five day a week business, each market session is opened and closed at a specific time with overlapping hours.
Since Fx trading is an international business the hours of operation are listed by the international time standard of GMT Greenwich Mean Time. A Fx introducing broker is the link between the trader and the Fx trading merchant. The introducing broker has a direct relationship with the trader but delegates the work of the trade execution to the Fx trading merchant. This setup allows the broker to focus on the trader while the trading merchant focuses on trading in the market.
The platform can be downloaded from CompassFX. Go to CompassFx. When asked the type of account, select Mini and a leverage of To apply Craig s custom made charts refer to the Forex Trading Methodology manual written by Gene Ballard and the video tutorials on how to load the indicators. All currency pairs are posted with the currency abbreviation posted side by side. At the closing of the trade the profit and losses will be in US Dollars.
At the closing of the trade the profit and losses will be in Canadian Dollars. At the closing of the trade the profit and losses are in Japanese Yen. The calculations can also be found in the Costs Related to Fx Trading chapter of this manual. It is the price for which the trader can buy the denomination of the base currency. Spread - The spread is the difference between the buy and sell price of a currency pair.
The compensation covers the introducing brokers overhead for being the market-maker and providing a two-way market. Pips - A pip is the smallest increment of a price change of an exchange quote and is the last digit of an exchange quote. As an example, if a currency pair exchange rate moved from to the change in the price moved up one pip. The yen only has 2 decimal places and when the yen moves from to the move is still considered one pip.
The smallest price change with the US currency is a penny and the smallest price change with the Fx trading currency system is a pip.. Break Break out - A break is when the price of a currency pair breaks out from the consolidation, support, or resistance area and makes a run. Bull Movement - Currency prices over a period of time will either increase or decrease. If the price increases the price movement is termed a bullish movement.
Bear Movement - Currency prices over a period of time will either increase or decrease. If the price decreases over a period of time the movement is termed a bearish movement. Trend Upward, Downward, Consolidation o A trend is the overall movement of the currency price in a consistent direction for a period of time. The price may fluctuate up and down during a trend but the overall direction is noticeable in one direction or another.
Upward Trend Bullish If the overall price movement is upward the trend is considered a bullish trend. If in a buy trade the bullish movement will be profitable. If in a sell trade the bullish movement will result in a loss. Downward Trend Bearish If the overall price movement is downward the trend is considered a bearish trend. If in a buy trade the bearish movement will result in a loss. If in a sell trade the bearish movement will be profitable. Consolidation Trend Sideways If the overall movement is sideways for two or more candlesticks with similar highs and lows, the trend movement is called consolidation 15 20 Price Movement Related Terms Stall - A stall is an area where the price movement stops and is moving in a sideways formation for a period of two or more candlesticks.
The process is called placing an order. The current price of the currency at the moment a position is closed will be the price profit or loss is calculated from. When opening a long transaction the trader is going long. When opening a sell transaction the trader is going short or shorting the market. Entry Price - The entry price is the current price of the currency when opening a position. Exit price - The exit price is the current price of the currency when the position was closed.
Given one mini lot is equal to a. The lot size is selected when placing a trade. The Volume window is where the Lot Size is inputted. A decent correction should bring the dollar-doomers out of the woodwork—so they can sell their stupid newsletters—and also wipe off the speculate froth, i. Market could feast here. Slogan—shoeshine boys, taxi drivers, and even soccer moms will understand the dollar is king. Newsletter writers who once hated the dollar will be the biggest promoters near the top.
Bullish view of the euro to suggest a dollar correction may be upon us: Happy Friday to you! He has also operated a discretionary money management firm specializing in global stock, bond, and currency asset management for retail clients.
In addition, he was a general partner in a firm specializing in currency futures and commodities trading. Neither firm is now in operation. Prior to entering the investment arena, Jack worked in various corporate finance positions. He has written extensively on the subject of global currencies and international economics.
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Perez Valdes, Jeffrey A. Kelley, and Paul H. In the beginning, the frustration will be amplified after a series of unsuccessful trades. The emotion of passion is a strong motivator to become a successful trader and instills a persistent frame of mind that will allow you to persevere. It takes much patience and fortitude to overcome the low points and frustrating times associated with the learning 2. If making money is the sole driving force behind Fx trading, the odds of pushing forward will be very low.
But, if the driving force behind becoming a Fx trader is passion and desire, the odds of pushing forward are very high and you will act in a constructive manner to face these challenges, work through the disappointment and negative feelings, pick yourself up by the bootstraps, and push forward and do whatever it takes. The bottom line is, to be successful in any venture, passion and desire are paramount and not the desire to solely make more money.
Ultimately, as you become more and more adept at making money from Fx trading you will find your passion and desire will shift from wanting to become a successful Fx trader to using Fx trading as a tool to bring you happiness through sharing your success with others. Hopefully, passion and desire to become a successful Fx trader are the driving forces behind your efforts to become a successful trader. It is a great way to bring happiness to you and to others. But, as mentioned above, there are other factors involved with building upon the passion and desire to be a successful Fx trader.
Discipline Discipline as related to FX trading is being capable of: 1.
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