GBP/USD NY Reversal Trade Setup: May 7th 2012
Often times the difference between a profitable trader and one who struggles is dicipline and patience….two things people rarely look into when they try to learn to trade forex. I can’t say how many times I talk about it in the forex room, but yet most overlook it. I mean after all isn’t the strategy what determines someones profitability?? explanation
Two people can have the same knowledge, yet one will succeed and the other might fail. If success were completely based on your forex trading strategy that would mean we could make everyone reading this a profitable trader….but we can’t! Why would I say that when I sell a product?
Look….here’s the truth. We help people everyday “see” the market for what it truly is. We have many many members who failed over and over for years that are now succeeding once they understood the forex bank trading strategy. I know we help people, I don’t doubt this…..BUT YOU AND ONLY YOU will determine your level of success. We can give you ever piece of the puzzle but you have to put it together the way we recommend….. instruction book included:)
We give everyone the same information so going back to the original point why do some become successful day traders and some don’t? Here’s a few reasons.
1.) Patience – We cannot make you wait for only the best trade setups.
2.) Discipline – We cannot force you to follow what we teach and trade it only when it is clear.
3.) Risk/Reward – I have said over and over….successful traders all have one thing in common and its not a high win/loss ratio, it’s a high risk to reward ratio on their trades. Again we cannot force traders to believe it or follow this principal.
4.) Money Management – What you risk on a trade will directly effect the way you handle a position. Trading with to much risk is like swimming with ankle weights….yes you can do it for a time but the end result is always deadly.
Now think about this for a second. When we do any Search Engine Optimization for this site do we ever do it for the words listed above??? Do you ever see the word money management hyper linked, or any of the 3 points listed above for that matter? Why don’t we if we know this is the most important part of a successful trader?? The answer is really simple….BECAUSE NO ONE CARES ABOUT THE BORING CRAP AND THUS WHY EVERYONE LOSES. Ok I really got on a rant there….
Let me discuss how this all ties in to the video above. This video should show the first 3 points in action. I was patient in waiting for the market to come into a vast array of confluent points and give a nice topping formation, and I had the discipline to stick to the level I wanted or nothing else. Finally the risk/reward from this point was at the least a 2 to 1 opportunity. You’ll just have to take my word I used the proper money management:)
If you would like more information on learning to trade forex by tracking the daily manipulation of the banks in the market please visit our forex trading course & members trading forum.
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