FINDING THE PERFECT ENTRY

While finding the perfect entry is the fantasy of every trader. There is no such thing. It is pure myth. If you get an exact top/bottom it is more luck than science. We have many indicators to help us to do this, but finding a good entry point can still be a challenge.

While there are no perfect entries; there have to be entries that put the odds of success in our favor

I think the secret to getting a good entry is the waiting. I get more profitable trades than losses because I am willing to allow the trade to come to me. As a trader I do more waiting than trading. Many people don't get that, but the secret to getting your best market entry is in the waiting.

Here are some things that might help. Mark Yesterdays support and resistance , if you are near yesterdays support when you enter the market and price is moving in a bullish fashion, there is a high percentage that you can take your trade long for a good ride. If you exceed yesterdays high and you get a reversal, then you are probably in for a sweet ride to the down side.

If you are at a midpoint, you might want to wait for a pullback or bounce for a better entry. If you have enough distance from your support or resistance, then most of the time you are safe to follow that short term trend. This works best on a non trending or slightly trending market. In a trending bull market, sometimes you will dip down to just below the high of the previous day all the way down to the low of the previous day before price continues on in it's bullish pursuits. In a trending bear market, price might rally above the previous day's close and in rarer occasions all the way to the high of the previous day before reversing.

Never buy near yesterday's top or sell near the bottom unless you are in steps. If You sell near the previous days top or buy near yesterdays bottom, you are much more likely to get a break even trade if the market doesn't do what you expect.

Here is a great link that will show you roughly what your pair is going to do hourly and daily. It also shows you the times that your pair is most active:

http://www.mataf.net/en/tools/02-01-volatility

This is only a guide, compare it to your charts to see how accurate it is overall.

Guys, you can do this and play with the big dogs, but you must educate yourself and employ the kind of discipline that puts you in the winners circle.

YOU CAN DO THIS (^_^)

Get 10 Trading Lessons FREE
http://www.ino.com/info/447/CD4033/&dp=0&l=0&campaignid=6


MarketClub BONUS, 2 FREE MONTHS! Click Here

THE INVISIBLE SIDE OF FOREX

THE FOREX MINDSET

There is nothing more important in forex than your mindset. It is the invisible magic that makes forex success possible. Most of us as Traders have been killed by the market, some of us over and over again.....lol. That was me (^_^).

The hardest thing to overcome when you have gone broke in forex is that broke mentality. That fear ghost from your past that holds you captive every time you are about to enter a trade. When the ghost has arrested you, his friends come to taunt you with horrible memories of what happened the last time. When price bounces and retraces, then a ghost jumps out of the closet and scares you to death. If you are still in the trade after all of that, then the doubt monster pays you a visit. Constantly talking to you, so you often end up abandoning a good trade. It is all a mind game designed to throw you. Price bounces and retracements happen to give the doubt monster time to play on your psyche.

The truth is price is going to go up and price is going to go down. If price has made a new low or high. Look to protect your profits, with proper confirmation. IT IS NOT THE TIME TO ENTER !!!! That is the time the market is most likely to make a hard bounce or retracement. Now you may enter as long as your candles confirm your move, but please wait for the candle to close before making your decision to jump in.

The market will lead traders like sheep to the slaughter, that is why if price is is running one way strong, (unless you have just come off of a bounce or retracement) you may want to wait. If you chose to jump in, you may only want to do so briefly. The most likely time for a strong turn in the market is when traders are all piled up on one side of the seesaw and the elephant comes and jumps on the other side and throws all of the traders off. In other words you are most likely to get trapped at new highs or new lows.



WHAT CAN YOU DO?????

Education - Education is the second most important factor to being successful in the forex market.

Your broker, I am sorry to say will give you enough information to get you killed. They only give you incomplete information which is the noose at the end of a short rope, then they let you lose and you hang yourself, and they collect big on your families hard earned money. You dust off, study harder, and go running off again, sure that you have learned your lessons from the past. Then it happens again, and you find yourself in this cycle of small success and big failure. It takes it's toll. It challenges everything you are, especially if you thought you were smart before entering this arena.

FOREX IS A PSYCHOLOGICAL MINEFIELD!!!!!!!!!! It is designed to mentally paralyze you until they have drained all of your resources from you.

Trading is not logical, in fact it goes against logic and wisdom. It is a trapping game run by professional trappers. The market never makes common sense to your mind or emotions, which keeps you thrown off. Wait until you can clearly see an opportunity where you truly have the odds in your favor and it happens less often than not. This is physiological warfare, a total minefield(mind game) in which you have to have nerves of steel and the ability to outwit those who make their living trying to cheat you.

THE REAL TRUTH IS THAT TRADING IS EASY, but of course they can't tell you that because then you would make too much money and they would never fatten themselves off of your blood, sweat and tears. They start you off with the most complicated stuff to deceive you into thinking that this is something close to physics or rocket science. That is the first mind trap, now you have convinced yourself that this is really hard because of the intense study and focus that you are giving to it. Even after all of that study (often times of the wrong material), you are still getting killed, so now you are convinced that it is rocket science.

You do need to educate yourself, but what you need is education in the things that are really going to make you a success at Forex.

The truth is Forex is simple. Now what is going to be hard is freeing your mind from those mental ghost that haunt you. What you may want to do to begin this process is to write down your fears and why you feel that way; then you are going to have to begin giving yourself a new message like "I am not that same scared trader who didn't know what she/he was doing, I am now a competent successful trader who understands what is going on in the market". You will have to do that fairly often in the beginning, but you stand and fight those ghost when they come to pester you and eventually they will go pester another trader.

THE BIGGEST THING TO BEING A SUCCESS AT FOREX IS BELIEF!!! THEN YOU HAVE TO ADD THE EDUCATION. NOT THE JUNK YOUR BROKER GIVES TO YOU, BUT THE GOOD STUFF FROM TRADERS WHO ARE MAKING IT HAPPEN.

I have no super forex secrets; I trade what I see, that is it. I only use candlesticks, trendlines, support and resistance. I do think that much of my past study aids in my trading. Learn the basics first, then add any other oscillator/indicator that you want. They go hand and hand, but you must understand how to use them properly. If you master the basics first, (candlesticks, trend, and support and resistance) then the other will make much more sense.

While you are fighting these ghost, it is wise to use your practice account until you perfect your strategy. Please go to your local library and pick up Steve Nison's book on Japanese Candlestick trading. I think it is a basic essential for successful trading. Once you have mastered your candlesticks and your candlestick patterns, then learn the other stuff. Also your practice account will help you learn and understand market rhythm. Every hour, every day, every week, every month...etc., price is going to go up and down, the trick is getting on the right side of the trade. Trading with the major trend with proper confirmation will give you the very best chance at success.

TRADING IS NOT HARD, but first YOU MUST BELIEVE that YOU CAN! Then with proper education, you must wait for the best time to enter a trade, that part will come with practice. The third biggest secret to successful trading is waiting. You can be a consistently profitable trader if you learn the art of waiting. Wait for proper trade set up. Be careful of new highs and new lows

Thank you my Friends (^_^)




Get 10 Trading Lessons FREE from INO TV:
http://www.ino.com/info/447/CD4033/&dp=0&l=0&campaignid=6

MarketClub BONUS, 2 FREE MONTHS! Click Here

30 MINUTE MASTER STRATEGY

This great strategy is provided by Peterfibonacci:

Here is my strategy.

On a GBP/USD and EUR/USD M30 time frame:

Indicators:

8 EMA applied to Open
5 EMA applied to Close
Fibonnaci pivots to show the resistance and the supports.
Signal Line period of 45
2MA Crossover signal Indicator (to alert when a cross over has happened)

RSI 14
Stochastics (10,3,3)
MACD (5,15,9)

Long Entry:
Enter immediately when the MACD, Stochastics, RSI show a long position and the 5MA has crossed over the 8MA from below.

Place the stop loss a few points below the recent low with a take profit of 70 pips and a trailing stop of 30 pips.


Short Entry:
Enter immediately when the MACD, Stochastics, RSI show a short position and the 5MA has crossed over the 8MA from above.

Place the stop loss a few points above recent high with a take profit of 50 pips and a trailing stop of 30 pips.

This strategy seems to work best in a horizontal market. Sometimes one has to work with the resistance and support points to determine the proper Take Profit level, because it's not always 50 pips.

This strategy also works well with the H1 time frame. I personally like the H1 because the candlestick patterns are move evident and sometimes one can see entry and exit points before the alert(which is the EMA cross)!

Above and below a chart has been provided for your study, so that you can obtain a better grasp of this strategy. If you left click your mouse on the chart, you will have the options at the very top of that menu that says 'view image'. If you click 'view image', it will provide you with a larger, better view of the chart.

Get 10 Trading Lessons FREE
http://www.ino.com/info/447/CD4033/&dp=0&l=0&campaignid=6

Have an awesome trading week! Thanks!

MarketClub BONUS, 2 FREE MONTHS! Click Here