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In my view, this is the best trading book ever written. The book only concentrate on three key concepts : cutting losses; pressing winners; and trade psychology. It is very instructive in taking these key concepts from a conceptual level to a practical dimension not seen in any trading books. I think it does a better job in bringing across these concepts than the Market Wizards series. His views can be polarising because he is primarily a fundamental trader with some mix of technical input.
Through his years spent in the United Kingdom, he worked in financial institutes such as banks and the Forex industry, and it is these experiences which helped George Van Der Riet to become a successful professional in the forex industry.
Currently, George Van Der Riet is leading the Global Forex Institute together with front runner Sandile Shezi and they both aim to help young people in South Africa to get more knowledge about the financial markets. Paul Tudor Jones Paul Tudor Jones is considered as one of the wealthiest day traders alive to this day, with a net worth at 4. Ref Wayne has developed excellent trading skills which he has transferred into business after he was suffering from a lack of career development opportunities growing up.
This became his main driving force to put a lot of effort into trading and he became a multimillionaire, joining the ranks of top 10 forex traders in South Africa , when he was only 22 years old. Ref Wayne has created the first South African cryptocurrency named Pip Coin and is an entrepreneur which puts a lot into providing proper financial education to the South African population.
Ref Wayne has created the African Forex Institute and released some free Forex lessons for the community.
Most importantly, you will have a time-tested methodology using classic charting tools from which you can trade the Forex markets! And let me share a little "semet" with you.. Ranging from fundamentals to techicals, tape reading to charting, the methods to succiss are as varied as the participants in the markets.
But we all tend to make the same dumb mistakes when we lose money. We're going to discuss the top five because without exception these mistakes are repeated over and over again like a skipping record we won't stop playing. So let's try and stop that cycle right here, right now. But if the goal of trading is to make money, then the adrenaline rush must be left to our more adventurous pursuits like skydiving and motorcycles.
Trading against the trend is a high-risk approach. There are tools that I will teach you to use so that you know exactly where you are within the context of the trend. Even better, you will know when the market is directionless. Don't try to pick tops and bottoms in the market. Go learn to ride a motorcycle instead.
It's more fun and less risky for your wallet. Some losses are only temporary and within the parameters of the stop-loss, traders call it heat. Only you can decide what sort of heat you will take. The trades you choose to take will be based upon that tolerance. As traders we must distinguish between heat and losses that are losing trades that we refuse we accept, even when they have broken our stoploss level. We should also know at what price the trade would become "invalid," and this is the level we love to move around: our stop-loss.
Solid trade management is the only way to control the tendency of not adhering to your original stop-loss. We must begin by defining price levels on the chart; we call these decision levels. At decisions levels we look to our trade management rules and put our thinking caps on. If we do not predefine decision levels we will be tempted to take action when it is not warranted. Decision levels allow us to time our actions for the right moment.
More important, it also allows us to relax until that time that we need to make a decision. This is an important aspect of trading. We can't be focused all day, continuously We'd bum out! Decision levels allow us to focus our attention to only those times where prices are alerting us potential entries and exits.
This reminds me of something I once read about golfer, Tiger Woods. He was explaining how he manages his time and focus: My dad has always been a big believer in smelling the roses. I didn't understand that till I got older. It was his way of saying "Don't f o a s on the task too long or you'll burn yourself out. Talk to your caddie; b. The game of golf is very beautiful; enjoy it.
I am going off on a slight tangent here, but it is something worthy of discussing as it gives us insight into how we handle the risks and rewards of trading, While I do not like to make comparisons between gambling and trading, there is one comparison that I think speaks volumes about the challenges a trader faces that a gambler does not.
If we were to place a bet on a football game, we would do so before the game and then sit back and see what our choice brings. We can't change our bet at halftime or the fourth quarter. A football game has a start and finish. Conversely, a trade is a totally separate event. While the market has a definite open and close, a trade does not. We can change our mind, move our stop, and add to a winning or losing position. It's an event that has no beginning or end, unlike the football game.
Mistake 3: Getting Emotionally Involved in a Trade This is the reason we don't sell a losing position. We take losses personally, we let our egos get involved, and we hate admitting that we are wrong. We tend to internalize market losses. Realizing a loss is a difficult step, there are five stages that are involved in accepting a loss, and we discuss each stage later in this book.
We begin to question our position or worse, we enter a trade based upon other people's opinions. The truth is it is a symptom of a much larger problem: not trusting your methodology. Rule I is that no one cares more about your money than you do. When we lack confidence, we give our decision power away hoping that someone or something else can help us.
It's easy to understand why we tend to question ourselves, The same curious mind that wants to learn and got us into the market is the same mind that betrays us. Since there are always more indica- tors and strategies we're begin bombarded with on a daily basis, we wonder "Could that work better than what I have? I've been there, too. I've got boxes full of courses and bookshelves staked with books to show for it.
I would be kidding you if I told you that I don't get curious about these things too! I attend seminars and enjoy them immensely. I read trading books from cover to cover. I get out and meet other traders. This is all because I now have the confidence to sit and listen to others without supplanting what has worked so well for me. I don't have to change my methodology, but I can add new distinctions fTom what I learn from other traders.
It wasn't always this way.. My husband and I have a saying: "Need" is a funny word. What we think we need is typically what we really just want. I remember many, many years ago when I was trading with a gentleman who wanted to use a mechanical system to trade about stocks. He had been using a trend following system and it had been somewhat profitable for him. He hired me to execute the trades since I was particularly good at order entry. And I have to admit the curiosity got to me..
Written by Raghee Horner--one of the top FX traders in the country and a master teacher of trading systems and techniques-- Forex Trading for Maximum Profit offers a comprehensive road map to getting started in this little-understood, but highly-profitable arena. By sharing her winning tools and methods, including classic charting techniques, price action, and market psychology, Horner enables traders and investors of any skill level to capitalize on and make money from the FX market.
Throughout the text, she lays out a blueprint for trading success. And through this book's companion CD-ROM, you'll be virtually transported to Rahgee's trading desk where she'll show you--by illustrating actual, real-time trades and techniques--how to put what you've learned to work.
Filled with in-depth trading insights and practical advice, Forex Trading for Maximum Profit contains everything you need to succeed in the FX market. From the Back Cover "Raghee does a great job of presenting an overview of the FX market and the strategies she uses in her own trading. Her Forex strategy can be applied to all vehicles for trading too!