How did you come up with this calculations? Please explain ...
Stepping Stones to Forex Profits
- Thread starter patrick_newB
- Start date
How did you come up with this calculations? Please explain ...
Chapter 7 talks about gratitude and how it helps you but the whole book is worth a read and can be done in a few hours.
http://en.wikisource.org/wiki/The_Science_of_Getting_Rich
I have found that continually pondering on gratitude has been of great value in putting me in the creative plane of thought where most of my new insights trading breakthroughs have come from, and taking me out of the competitive plane of thought. There are a lot of other benefits too. The book goes into depth on that topic.
You're right, it isn't vastly different than trading in other markets. There are some things to look out for but the trading aspect of forex is similar to trading in any type of market. And just like in trading different types of markets (stocks, bonds, index futures) each trading vehicle has its unique personality or profile which can be learned and exploited.
Love all your being - and price will show you how.
Be aware of your mind and feelings when price is moving. What you resisist - internaly, there price will go and take you.
Example.
Yen blasts down to 117.00 from 117.80 - that you caught in 45 minutes flat. s2 is 116.82 and your thinking ok - it s nearly time to sleep (made 100+ pips already today) and ill put my stop profit just behind S1(117.03). Price comes down to 116.85 and stops.
Now, your feeling that you want price to go to s2(116.82).
It swerves at 116.85 and its going to retrace north again- what is it that I resist - i cant be going against the trend - but the ticks are forming...
and up it goes - past s1 to 1.1618 (117.15) It took out other people who did exactly what you were thinking a minute or two ago (put stop profit behind s1) so - offcourse this is the point of disappointment to swerve on - what am i feeling now.
NOT BACK DOWN. REMEMBER THE DISAPPOINTMENT YOU FELT THAT PRICE DIDNT GO TO S2 - YOU NEED TO GO BACK TO THAT POINT - AND PRICE WILL TAKE YOU IF YOU LET IT. IT TURNS BACKTO SI AND STALLS- TICKS FORM A SELL SIGNAL AND FOR A MINUTE OR TWO YOU DOUBT AFTER YOU ENTER A SHORT. BUT YOU HAVE A 10 MINUTE RULE SO THAT YOU DONT GET OUT OF A TRADE FOR AT LEAST TEN MINUTES AFTER GETTING IN. 10 MINUTES LATER PRICE HASNT MOVED - YOU KNOW IT IS GOING DOWN BUT NOW YOU RESIST STAYING STILL - AND PRICE IS TAKING YOU AGAIN TO YOUR RESISTANCE. AND THEN IT MOVES.
DOWN TO .....116.90 EXACTLY THE POINT THAT YOU SHOULD HAVE REVERSED AND OTHER PEOPLE HAVE REVERSED are waiting with breakeven.
And price stops. And now the resistance (internal) is that "I am at 50% extension thats enough - am i really that greedy that I need to go all the way to 116.81?!?!?!? yes. And price will take you there.
And after you feel that guess what - tada! s2. Now the resistance I seriously need to (fill in the blank) because price keeps going down................................................................
Love all your being, because the market wants to take you to all of those places within you.
PS 16.59 GMT candle is an inverted bullish marubozu - enjoy your ice-cream you did well - see you tommorrow.
Be aware of your mind and feelings when price is moving. What you resisist - internaly, there price will go and take you.
Example.
Yen blasts down to 117.00 from 117.80 - that you caught in 45 minutes flat. s2 is 116.82 and your thinking ok - it s nearly time to sleep (made 100+ pips already today) and ill put my stop profit just behind S1(117.03). Price comes down to 116.85 and stops.
Now, your feeling that you want price to go to s2(116.82).
It swerves at 116.85 and its going to retrace north again- what is it that I resist - i cant be going against the trend - but the ticks are forming...
and up it goes - past s1 to 1.1618 (117.15) It took out other people who did exactly what you were thinking a minute or two ago (put stop profit behind s1) so - offcourse this is the point of disappointment to swerve on - what am i feeling now.
NOT BACK DOWN. REMEMBER THE DISAPPOINTMENT YOU FELT THAT PRICE DIDNT GO TO S2 - YOU NEED TO GO BACK TO THAT POINT - AND PRICE WILL TAKE YOU IF YOU LET IT. IT TURNS BACKTO SI AND STALLS- TICKS FORM A SELL SIGNAL AND FOR A MINUTE OR TWO YOU DOUBT AFTER YOU ENTER A SHORT. BUT YOU HAVE A 10 MINUTE RULE SO THAT YOU DONT GET OUT OF A TRADE FOR AT LEAST TEN MINUTES AFTER GETTING IN. 10 MINUTES LATER PRICE HASNT MOVED - YOU KNOW IT IS GOING DOWN BUT NOW YOU RESIST STAYING STILL - AND PRICE IS TAKING YOU AGAIN TO YOUR RESISTANCE. AND THEN IT MOVES.
DOWN TO .....116.90 EXACTLY THE POINT THAT YOU SHOULD HAVE REVERSED AND OTHER PEOPLE HAVE REVERSED are waiting with breakeven.
And price stops. And now the resistance (internal) is that "I am at 50% extension thats enough - am i really that greedy that I need to go all the way to 116.81?!?!?!? yes. And price will take you there.
And after you feel that guess what - tada! s2. Now the resistance I seriously need to (fill in the blank) because price keeps going down................................................................
Love all your being, because the market wants to take you to all of those places within you.
PS 16.59 GMT candle is an inverted bullish marubozu - enjoy your ice-cream you did well - see you tommorrow.
