forexgreenland

Hi Folks,
This is Stallion,veteran forex trader and mentor. I'm glad to be here and would be reviewing strategic tips on how the major currency pairs can be milked. Though I specialize in GBPUSD, other currency pairs would also be taken into consideration during our analysis. If you have a demo account or already into live forex trading, this thread might be useful in helping us along the path to success.

It has been theorized that your state of mind will dictate your trading methods. Experts in the field of trading psychology have pinpointed three main states of mind and how each has a direct effect on a trader's profitability.

These three mind states are "having", "doing" and "being". Psychologists have noted that those new to trading start with a "having" state of mind. As they gain more experience, they move on to a "doing" state of mind. The pinnacle of profitability occurs when a trader moves into the last and final "being" frame of mind.



The "Having" Mind Set
A novice trader may focus primarily on profits. In this "having" state of mind, they are out of sync with the markets. They are blinded by their obsession to obtain the all mighty dollar and what it can afford them. Trading is not viewed as a job that must be mastered, but as a vehicle to escape from a world of mediocrity.

Many traders are in the business to make money, as well as they should be. However, if they are blinded by greed, they tend to take uncalculated risks. Looking at the potential payoff without carefully calculating market trends and other factors is a recipe for disaster.

It is impossible to graduate to a high performance level when you concentrate on "having" instead of how the game is won. If you trade in a "having" frame of mind, you may become frustrated when profits are not immediately forthcoming. With frustration comes a lack of focus. Without the ability to focus, you cannot gain knowledge from your experience on the trading field.

Other negative consequences of this mindset are feelings of frustration and anger. Frustration stemming from a lack of expected profits and anger directed at oneself or the market in general. These adverse emotions will only cause further decline in profitability. Without witnessing gains from one's efforts, an individual may not give their best and may be tempted to "throw in the towel".



The "Doing" State of Mind
If an individual continues on to trade another day, they will eventually move from a "having" to a "doing" state of mind. Learning that there is more to trading than the amassing of money, a trader will turn their focus on learning new methods of trading and what does and doesn’t work.

This state of mind is still primarily centered on how to turn a profit. Although a "doing" mind state is essential to becoming a seasoned adept trader, the main focus is still short of the mark. It is crucial to know what works and what doesn't. However, a skilled trader will tell you there is more to the business then choosing one method and using it arbitrarily to make trades across the board.

Becoming a trader of means requires not only a winning attitude, but also a fine honing of trading skills. To develop these skills, you must make trades using various methods under a wide spectrum of market conditions. Only then can you develop the needed intuition to master the art of trading.



Pinnacle of Profitability: The "Being" State of Mind
A successful trader almost instinctively knows how to make a trade using the best method available for the current market trend and/or condition. This ability does not occur overnight. It is only accomplished through perseverance, knowledge of various trading methods and learning which one works given a particular market condition.

No trade is ever a "sure thing". However, a profitable synchronicity almost naturally occurs when you are faced with a potential trade, have a feel for the current market trends and conditions, and utilize the method best suited for a potential payoff. This "being" state of mind ultimately lends itself to long-term success in the high stakes of trading.

forexgreenland

We take another 60% sell window on the GBPUSD(my favourite) and make some dough out of it.EURUSD is too slow for my liking.
2.0075-1.9896=0.0179
0.0179*0.6=0.01074
1.9896+0.01074=2.0003( sell window).

1.9979 should be our first target point.
1.9963 should be oursecond target point

forexgreenland

Hi demon19,quite an interesting name you got there..hope you can see from the charts that

price actually reached 2.0003 and even made a high of 2.0024 before falling to our target

points netting us a total of 40 pips,$40 minilot, $400 standard lot in less than an hour of

trading.It is already there if you have the eyes to see it and the confidence to take

ACTION!
Yumm Yumm!
Remember in live intraday trading, you must be very fast in making and taking decisions,

like a fighter jet pilot else the opportunity would lose itself.
Windows would be explained in subsequent posts.


Thanks Onwuka, breakouts offer more potential for profits than range and consolidation trading. Thats why its more powerful during trend breakouts.Hope you understand.



Hi tabattery,thanks for your message...Jus keep it simple,dats the main thing...Follow the thread and ask questions and I'll try and help as much as I can

forexgreenland

We have made close to 120pips from the triple bottom that has occured on the GBPUSD!
Is it a fluke that price has respected the 60% window and formed a range between 2.0003 and 1.9963 level, THRICE,AS PREDICTED?
Price levels that were projected before time,really, Random Walk Theory does not work in trading , neither does CHANCE.



SELL WINDOW ON THE GBPUSD
2.0022-1.9906=0.0116
1.9952-0.0116=1.9836(target point from sell window)

forexgreenland

Price closed down TWICE on our 1.9836 target price, netting us 116 pips from our SELL WINDOW of yesterday,116 pips,$116 minilot,$116 standard lot on the GBPUSD.

Trading is more of an ART than a SCIENCE.

forexgreenland

Hope you guys enjoyed my weekend

gift that netted more than 105

pips,$105 minilot,$1050 standard

lot on the GBPUSD IN LESS THAN

24HRS this friday. Price moved

from our initial entry point of

1.9810, then rocketed up to

1.9887, then gave its coup de

grace beyond 1.9915. Yummy

yummy...
Lots of moolah on the table just

begging for some alert trader to

come pick it up! Using the sell

window would've added total pips

to more than 200 in the bank.Too

bad my broker is giving me quit

notice before his platform gets

bankrupt.Is it my fault?All is

fair in love and war,isnt it

?




Well,jvaustinx,whistler has said

it all..just go over the thread

and check the charts and see how

it goes.Mind you, nothing in

trading is cast in stone and the

''Holy Grail'' is yet to be

found.Understanding market

behaviour would go a long way in

helping to make real money off

the forex markets.

Hi,batangas, I take it you might

be from Indonesia or Malaysia in

South East Asia...Hows it going

over there? Hope you made some

pile of dough from that live

call..Remember,nothing in trading

is 100% perfect. That is why the

main goal of a trader is to

maximize profits and minimize

losses in order to achieve his or

her objective.
Assuming we got stopped out due

to wrong timing,not wrong

strategy, we would have still

gotten gains from that call,by

subtracting our 40 pips from our

net profits of 105 pips,which

would have left us with 65 pips

or more.Professional traders call

it ''testing the waters''..before

scaling in..Thats one of the

reason for 1st and 2nd target

points. Timing is of the essence,

that is why PATIENCE is a virtue

in trading.
I wish everyone a happy weekend

and more pips ahead.
Stallion

forexgreenland

SELL GBPUSD @ 1.9505
STOP LOSS@35 TO 40 PIPS AWAY
1ST TARGET POINT@ 1.9385
2ND TARGET POINT@ 1.9332.

WAITING FOR NEWS TO FUEL THE DOWNWARD DRIVE...REMEMBER NO 100% PERFECTION IN TRADING...
STALLION

forexgreenland

Lol....masif, you are one cheerful bloke that I admire...care for a pint o' ginger

ale?..some trader just emailed now, saying he's afraid of pulling the trigger coz he feels

the target might be too high...so I redid my calculations and adjusted our first target

point to 1.9436....
hey,forexgump,hope you are now able to take the trade since its adjusted...1st target point

would now be 1.9436...
Lol....like I said...Dont Try This At Home...

Hi Onwukarisa,
A consolidation is a congestion area that follows a strong trend, either up or down. In a

rising market, a consolidation represents a temporary battle between buyers and sellers

prior to the resumption of the uptrend.
In declining markets, a consolidation is followed by a resumption of falling prices.

A consolidation pattern is a price pattern in which prices trade in a sideways range prior

to resuming the prevailing trend.

Occasionally, reactions within a trend develop as a sideways movement where price

experiences a TRADING RANGE.
In A,it is consolidating gains during the ranging action


In B, it is digesting losses..


These TRADING RANGES are also known as lines or consolidation, as originally termed in Dow

Theory.Whenver the price experiences a breakout from a trading, such as these, it has the

same effect as if the range was a rally (rise) or reaction.This means that it is possible

for a breakout from a trading range to act either as buy or sell signal, as in, B and c
c=




Hope you now understand...

Responses to the next questions would be made as soon as possible...
Happy Pipping..

forexgreenland

D...
or as a reconfirmation of a prevailing trend...D

forexgreenland

69 pips,$69 minilot,$690 standard lot made on the GBPUSD at our first target which was hit!in less than 24hrs after posting! If traders in the forum are okay with nicking the 69 pips, they can close for the day and say 'Aloha!'like forexgump..
If you still care to continue with our 2nd and third targets,its up to you..To be on the prudent side, use just 1 minilot to take it up.







Our 15 min chart got to 168.38 as mentioned last nite..Please remember prices get fulfilled faster on the 15 minute charts(lower term charts) while charts from the hourly, 3 to 4 hourly,daily and weekly term charts take more time to get fulfilled. Just like life..the MICROCOSM within the MACROCOSM.