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The Real Trading Success. It’s Not What You Think

When I first went to university the initial week was filled with the usual getting to know the lay of the land such as how the library works (in a surprisingly mysterious way I might add), where various labs where and what the protocol for various subjects was. One of the most striking events was an orientation lecture we had in one subject. The lecturer who went onto to be one of my favourites because he knew his stuff, was blunt in his delivery and told students the truth. The last one of these characteristics would now not be tolerated because apparently telling students that they failed because they didn’t get off their arses would now be considered bullying or some form of oppression or would require the student to curl up in a foetal position in one of their safe spaces.

He opined that the easiest way to survive first year was to turn up and do the work – if you did that then the chances were pretty good that you would get through. Do a bit more than that and you would do well. This must have been a friggen revelation to a large proportion of my year because over half failed the year. Much to their surprise simply hanging around the university cafe and the pub across the road did not magically allow the collective wisdom of those at the university to seep into their brains as if by a process of osmosis.

The reason for me reminiscing about events locked in my dim dark past is simple – this pattern of laziness repeats itself year after year, decade after decade in people and people still wonder why their lives are like they are. Let me give you an example that is close to home. During our Mentor Program we generate a lot of content, each step of the course is mapped out to the day in such a way as to take someone from being a complete novice in the market to a competent trader at the end of six months. In effect, we make a pact with those doing the course, we will tell you everything we know with nothing held back and you commit to putting the time in to absorb what you are being told. To my way of thinking it is a fair deal besides you have paid for it so that should be sufficient motivation to put some effort in.

Intriguingly some – many believe that simply looking at the notes occasionally and not putting in any effort at all will somehow translate into success. We are now several weeks into the course and there are attendees who have logged in twice. Yet I can imagine that they are completely surprised at their inability to master the most basic of trading concepts. Or that they have not instantly be transmuted into billionaires via some alchemic process.

Central to all of this is the notion of how success in any arena is achieved. It should not be surprising that to achieve anything in any field you choose requires a certain amount of commitment and toil – this is simply the nature of the universe. Think of success as a natural system, it requires the addition of energy to keep it viable. If the system is not constantly restocked with effort, then eventually it will collapse. Yet, this lesson is lost on so many people who assume that either simply paying for something (think gym membership that is never used) or paying lip service and offering the usual platitudes will assist in mastering a task or achieving a goal.

Harking back to my early days in first year there was one thing that was almost universal in those that failed. It was always someone else’s fault and that seems to be something that is universe among those that do not put in the effort.


Author: Chris Tate

Article reproduced with kind permission of http://tradinggame.com.au

Other quotes from professional traders are below:

“The internet has been a boon for those seeking information. Within seconds you can find information on just about any subject that you want to know more about. Unfortunately, there is also a lot of misinformation mixed in with the results. This is very true in the trading world.”- Tradingeducators.com

“The internet is an amazing thing – there are thousands of trading strategies described in forums, social media and YouTube videos etc. But how do you know if they work? The answer is much simpler than it seems. Test the strategy properly!” - Jasper Lawler

“Listen don’t tell because the market cannot hear you… Trading is a profession where the ability to delay gratification is paramount to your success. Delaying gratification means that you can hold onto winning positions for longer.” – Chris Tate

“This is the most salient point for traders with regards to what is considered uncertainty. Uncertainty is the environment within which we operate as a broad observation but beyond that it is actually the markets themselves that define what is actually uncertainty and they can do this by readily accessible metrics.” – Chris Tate


www.tallinex.com wants you to become a successful trader

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Technical Forecasts for CFDs (May 2017)

AUS200
Dominant bias: Bullish
This market is bullish as well as volatile. Price swung wildly upwards and downward in April, and it has started pulling back again this week (all in the context of a bullish bias). This month, the volatility would continue as price continues its wild upswings and downswing, while the general movement would be bullish. From the low of April (5912.92), price is expected to gain at least, 5,000 points this month, breaking one resistance line after another. However, this is going to be a pyrrhic victory because bearish forces would constantly cause transient pullbacks, which would be large in some cases.

SPX500
Dominant bias: Bullish
SPX500 has been able maintain its bullish trend so far. In April, price dropped roughly 650 points, reaching a low of 2299.7 on April 12. The market has gained about 930 points since then, emphasizing its bullishness. It is possible for new highs to be made this month, though there could also be temporary bearish corrections along the way. The bearish corrections are not expected to take price below the support level at 2299.0, which is a formidable support level indeed. In the next several months, the market would probably enter into an extended equilibrium phase, which would be in the context of an uptrend.

US30
Dominant bias: Bullish
US30 experienced three flash crashes on April 6, 10, and 13. It is interesting to note that the three flash crashes were all contained at the accumulation territory of 19277 (The only two major pullbacks that occurred on SPX500 on April 12 and 13 were each contained at the same support level of 2299.7). So, the accumulation territory at 19270 has become serious barrier to any future bearish trends. From the low of 19277, US30 has gained 1700 points. The market is supposed to go further north this month, reaching an initial target at the distribution territory of 21065, which was the high of April.

GER30
Dominant bias: Bullish
This market has been in a persistent bullish trend since the middle of 2016, and price has gained roughly 9,800 points this year alone. In April, price went south from the beginning of that month till April 18, after which it started journeying upwards again, gapping up massively on April 24, and sprinting further north. There are huge Bullish Confirmation Patterns in the 4-hour and daily charts, which predict further gains this month. Price is already at the highest that has been seen this year, and it may go towards the supply levels at 12550.0, 12600.0 and 12650.0.

FRA40
Dominant bias: Bullish
FRA40 moved sideways within April 4 – 12; and went visibly bearish from April 13 to 18, after which it began to trend upwards. There was a gap-up on April 23, which has never been filled, because price went further upwards, closing at 5264.0 at the end of April. This month, price has gone beyond the closing price of April. As there is a clear bullish outlook on the market, it may gain a minimum of 1000 points this month (amid stealth attacks from bears). Price could enter a prolonged sideways movement within the next few months, but the bullish outlook on it would remain intact.

Source: www.tallinex.com

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Technical Reviews for Gold, Silver and Bitcoin (May 2017)

GOLD (XAUUSD)
Dominant Bias: Bullish
Gold is bullish in the long-term and bearish in the short-term. Price went upwards from April 3 to 17, and then began to be corrected lower. The lower correction has not been significant enough to override the recent bullish bias on the market. However, several more days of bearish movement would result in a Bearish Confirmation Pattern in the market, just as it is on Silver. Therefore, the most probable movement for May is bearish, as price goes towards the support levels at 1240.00, 1230.00 and 1220.00. These are the targets for May and June.

SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is now a bear market, with a southwards movement far stronger and faster than that of Gold. Price swung upward and downwards wildly within April 3 to 17, and then dropped precipitously, losing over 18,000 pips within two weeks. Long trades are currently illogical in the face of ongoing selling pressures in the market. This month, the demand levels at 16.5000, 16.0000 and 15.5000 would be breached easily as price goes further southwards. Any rallies seen along the way should be ignored, and rather taken as good short-selling opportunities.

BITCOIN (BTCUSD)
Dominant Bias: Bullish
This is a roaring bull market. After the volatile bearishness that was experienced in March, price went seriously upwards in April. From the low of March 25 till date, price has gained more than 50,000 pips, and this seems like just the beginning. The strong Bullish Confirmation in the market points to further northward rally, which would take price higher and higher within the next few months. True, there may be some volatile bearishness as was seen in March, but subsequent recovery would be quick as price trends further northward. The initial target is at the distribution territory at 1500.00.


Source: www.tallinex.com

What a transparent country! I even learnt that the first 32 presidents of America didn't collect pensions.

Thanks for your insightful forecast.

It's obvious that we can never fully master English language, and we'll be learners forever. Even in our native languages, we make lots of grammatical blunders without knowing it.

Weekly Trading Forecasts for Major Pairs (May 1 – May 5, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bullish
Last week, this pair opened with a massive gap-up, which also happened on other EUR pairs. Price managed to reach the resistance line at 1.0950, and then consolidated till the end of the week. The gap-up has forced a bullish bias to appear, but this may not last long because EURUSD are expected to become weak this week. While there are resistance lines at 1.1000 and 1.1050, the support lines at 1.0900, 1.0850 and 1.0800 could be tested this week.

USDCHF
Dominant bias: Bearish
USDCHF is in a short-term bearish mode, and price consolidated last week in the context of that short-term bearish mode. Within the last several days, price has not been able to move above the resistance level at 1.0000 or below the support level at 0.9900. A movement above the resistance levels at 1.0000 and 1.0100 would result in a Bullish Confirmation Pattern, while a movement below the support levels at 0.9900 and 0.9800 would reinforce the existing bearishness in the market.

GBPUSD
Dominant bias: Bullish
Last week, price consolidated from April 24 to 26 and then resumed its upwards journey, which was started on April 10 (although the most significant bullish movement occurred on April 18). The distribution territory at 1.2950 was tested on Friday before the market closed. Since April 10, price has gone upwards by 570 pips, and this is just the beginning, because there is a strong Bullish Confirmation Pattern in the market, and because the outlook on GBP pairs is also bullish for May. There may be some bearish attempts, but the bullish bias might survive till the end of May.

USDJPY
Dominant bias: Bullish
USDJPY also opened with gap-ups at the beginning of last week, just as other JPY pairs did. The gap-up forced a bullish signal to form as price went further upwards, testing the supply level at 111.50. The bullish bias might hold for a few more days, (reaching the supply levels at 112.00, 112.50 and 113.00 at most), but the outlook on USDJPY is bearish for this week and this month. A major pullback would eventually happen.

EURJPY
Dominant bias: Bullish
Last week, the market opened with an upward gaps, which was not filled because price even went further upwards on Tuesday, almost testing the supply zone at 122.00 and consolidating till the end of the week. This cross might go upward a bit further; though there is a high probability of strong selling pressures occurring this week and this month, which would override the current bullish signal. The outlook on JPY pairs is seriously bearish for May.

This forecast is concluded with the quote below:


“Today, I am a full-time active private trader and I am thankful that trading has eliminated the need for me to re-enter the corporate world. I’m also a full-time Mum to two fabulous kids who are benefiting from the time I’m now able to spend with them every single day… Really, this is a profession you can enter regardless of your educational background.” – Louise Bedford

Source: www.tallinex.com

Thanks for you effort at inquiry.

Focus on the trading process not the money

It may seem a contradiction to say that you don’t want to pay attention to the profit of a trade. In fact, many of you might be saying that this guy must be smoking rope to say that profit is unimportant. Well, to clarify, that is not what is being said. Of course, profit is one of the main reasons why you are involved in trading in the financial markets.

However, when we discuss how you will garner your mental and emotional resources in order to become consistently successful, profit (in any one trade) is not where you want your focus to be. Profits come as a result of “probabilities” over a series of trades. In fact, profit can be a major distraction and the cause of erratic behaviors that beget unwanted results. Let’s face it, results, consistent positive results, are what you want.Tweet: Let’s face it, results, consistent positive results, are what you want. Anything else is unacceptable. So, your main trading trajectory must encompass this reality. Consistently successful trading requires a laser focus on what-matters-most; alignment of body, mind and emotions; and an ability to be truly disciplined, for starters.

Honing your trading process and the focus of your trades.

The Distraction of Trading Profits
Let’s look at how focusing on profit can position you to attract the very undesirable results that you want to avoid. Profit is transient which means that it is not only variable but it is random to the point of being capricious. No matter how good your methodology, you cannot predict what price action will do. The only thing that is certain about the markets is that they are unpredictable. Due to this level of randomness, profit is an extremely inefficient data point to measure against results.

In fact, one of the worst things that can happen to you as a trader is to be profitable early in the game before you intimately know your strategy. This type of profit is almost invariably luck. Luck is totally unsustainable; and in your attempt to replicate these results you will reinforce bad rule violating behavior that is very hard to halt, creating many more losses as you attempt to extricate yourself from that abyss. Furthermore, when you focus on profit alone, your attention is fragmented and your mental state is susceptible to distorting data due to a confirmation bias (the tendency to only perceive information that confirms your limiting beliefs about the current market and consequently denying information that is contrary but critically important).

Free Trading WorkshopActually, you want to approach the trading process with your eyes wide open and embracing the fact that any trade can lose, and some will. No matter how strong your strategy, you must accept the randomness of the markets and therefore be very serious about protecting your capital; in other words, using and relying on your stops. In this way, you will begin to manage your fear…a very important skill.

One of the facts about consistently successful traders is that many of them have blown up accounts; and they came back. When this happened, they realized that the world didn’t come to an end and developed a deeper appreciation for the importance of their stops. They created consistency in planning their trades, trading their plan, following all of their rules, and thereby developed the capacity for emotional strength and endurance in the trade.

Trading is a process oriented endeavor for those who are serious about becoming and remaining a consistently successful trader. In any one trade, it is not about the outcome. You must remain dispassionate about that and reserve all of your focus to be honed on what you are doing and how you are doing it. This is what we teach in Mastering the Mental Game online and on-location courses. Ask your Online Trading Academy representative for more information. Also, get my book: From Pain to Profit: Secrets of the Peak Performance Trader.

Joyous Trading

Author: Dr. Woody Johnson

Article reproduced with kind permission of the author.

Source: http://www.tradingacademy.com/lessons/article/focus-trading-process-not-money/


The article is ended with more helpful quotes:

“One of the biggest mistakes that newbie traders make is to give up on a trading strategy after a run of losing trades. The thinking behind doing this is understandable but very wrong. The thought is “If a strategy is losing trades, why keep doing it?” The point is that every trading strategy has losing trades!” – Jasper Lawler


“Always keep in mind that trading is mainly a mind-game playing probabilities. Try to find a strategy that you understand and that fits to your personality and possibilities and then try to build the trade management together with the risk management around it. This will lead to much better results then searching for the best entry technique of all times.” – Andy Jordan


“Trading is not for anyone who has an unquenchable thirst for certainty. Uncertainty in trading is co-equal with insecurity.” – Joe Ross


“However, the truth is probably like most things somewhere in the middle and eventually with a level playing field (which there will probably never be) it comes down to the individual. In part this is why I like trading, it is a reflection of who you truly are, not what your circumstances have made. The market has no idea where you are from, what your social status is, your colour, your religion or your sex. It merely knows whether you have the attributes of a good trader or you don’t.” – Chris Tate



www.tallinex.com wants you to make money from the markets

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Weekly Trading Forecasts for Major Pairs (April 24 - 28, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
This pair trended upwards last week, briefly went above the resistance line at 1.0750, and then retraced southwards. There are support lines at 0.0700 and 0.0650, which may attempt to impede any bearish attempts this week. The bearishness in the market still holds, until price goes above the resistance line at 1.0800, which is supposed to happen this week. The outlook on EURUSD and other EUR pairs, is bullish for this week.

USDCHF
Dominant bias: Neutral
This month, USDCHF has generally moved between the support level at 0.9900 and the resistance level at 1.0100, having brought about a neutral bias on the market. Movements above the level at 1.0000 would cause short-term bullish signals, and movements below the level would cause short-term bearish signals, while the long-term bias remain neutral. Price is expected to go south this week, reaching the support level at 0.9900. Protracted selling pressure would be needed to break that support level to the downside.

GBPUSD
Dominant bias: Bullish
As is was anticipated, GBPUSD went significantly upwards last week; and so were other GBP pairs (EURGBP went south). Price skyrocketed by 370 pips, reaching the distribution territory 1.2900. Price has moved sideways since then – in what could be called a pause in the northward journey. This week, the outlook on GBPUSD, as well as other GBP pairs, remains bullish. So, when momentum returns to the market, it would most probably favor bulls. Price may target the distribution territories at 1.2850, 1.2900 and 1.2950 this week.

USDJPY
Dominant bias: Bearish
This trading instrument consolidated throughout last week, in a context of a downtrend. A movement above the supply level at 111.00 would result in a bullish signal, as the current bearish bias is overridden. A movement below the demand level at 108.00 would result in a clear Bearish Confirmation Pattern in the market, as price goes further south. The outlook on USD/JPY is bearish for this week. Therefore, southward a southward movement is more likely.

EURJPY
Dominant bias: Bearish
This cross pair made effort to go up last week, rising from the demand zone at 115.00, and reaching the supply zone at 117.50 (a movement of 250 pips). The bullish effort was not strong enough to override the extant bearish outlook on the market. Price was engaged in some bearish correction on Friday; plus the last week rise in price may turn out to be a good opportunity to sell short at better prices. The outlook on other JPY pairs is also bearish for this week.

This forecast is concluded with the quote below:

“If we have trained properly, if we understand our planning, if we have done our preparation, our system execution should be a matter of routine.” – Ken Long

Source: www.tallinex.com

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Weekly Trading Forecasts for Major Pairs (April 17 - 21, 2017)

Here’s the market outlook for the week:

EURUSD
Dominant bias: Bearish
EURUSD consolidated from Monday to Friday, save a faint rally that was witnessed on Wednesday. The bearish bias on the pair still holds, though another week-long consolidation would lead it into a neutral zone. This week, attempts would be made to push price upwards, and that would be something that cannot override the current bearish bias unless price goes above the resistance line at 1.0800. Until that resistance line is broken to the upside, any rallies seen here should be taken as good “sell” signals.

USDCHF
Dominant bias: Bullish
Just like EURUSD, USDCHF consolidated last week, in a context of an uptrend (albeit some shallow bearish correction has been witnessed on smaller time horizons). Price has been able to stay above the support level of 1.0000; for a movement below that support level would result in a bearish bias. Price could reach the resistance levels at 1.0100 and 1.0150 within the next several trading days. This week, the movement on USDCHF is subject to whatever happens to EURUSD.

GBPUSD
Dominant bias: Bullish
Cable went up by 190 pips, testing the distribution territory at 1.2550, before a shallow correction that was witnessed at the end of last week. The outlook on Cable remains bullish (and some bullishness would be detected on GBP pairs as well). The distribution territory at 1.2550 would be tested again and most probably, breached to the upside, as price then goes on towards other distribution territories at 1.2600, 1.2650 and 1.2700.

USDJPY
Dominant bias: Bearish
As it was predicted, USDJPY went south by nearly 290 pips last week, thus ending the flat movement that happened in the market between April 3 and April 7. There is a clean Bearish Confirmation Pattern in the market and the outlook on it remains bearish for this week and this month (an outlook that is also true of other JPY pairs). This week, bears would make attempt to push price below the demand levels at 108.50, 108.00 and 107.50.

EURJPY
Dominant bias: Bearish
Our bearish targets for this market were exceeded last week, since price closed below the supply zone at 115.50., now aiming at the demand zone at 115.00. Price dropped 270 pips last week – having dropped roughly 730 pips since March 13, 2017. Further and further bearish movement is envisaged as price goes towards the demand zones at 115.00, 114.50 and 114.00. These are initial targets for the next several trading days, as they could be exceeded. Temporary bullish attempts could also be witnessed this week.

This forecast is concluded with the quote below:

“It feels good when I look at returns of big hedge funds, and see that I beat many of them almost every year.” - Roland Manuhutu

Source: www.tallinex.com

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Insights into the Mindset of Super Traders

Speculation would first seem to be one of the easiest things on earth because you might think of making money by hitting bid and ask buttons for trading instruments of your choice. Hitting bid and ask buttons can be learned by everybody, but it remains a mystery that doing this does not bring easy money. It is no longer a secret that majority of traders lose. Pros know that. Newbies know that. Those who do not trade know that. Millions of trading styles and approaches have been used under heaven, but majority of them seem not to be working. Why?

The answer: You alone can determine whether you will become successful or not. Some want to succeed as traders but they get entangled in what can be called self-sabotage. They do exactly what look satisfactory in the short-term, but which cannot help them in the long run. What is then the way out?

You simply need to learn the insights, approaches and thoughts of super traders. And when you adapt and apply them to your trading styles, you would also find it easier to deal with the vagaries of the market triumphantly. That is when good strategies you use can work for you. Good strategies cannot work for you if you approach the market with illogical trading psychology.


Insights into the Mindset of Super Traders: http://www.advfnbooks.com/books/insights/index.html

“Insights into the Mindset of Super Traders” reveals the life stories of selected 20 master traders, how they think, how they view the markets, and how they make their fortunes.

Some of them are:

Lan Turner, who turns simple trading ideas into millions.
Dirk Vandycke, who has made thousands of percentage returns simply by accepting the truth about trading.
Michelle Williams, a female trader who once won a trading championship
Martin Zweig, who was one of the most successful traders of the last century
John Arnold, who became so rich that he retired himself at the age of 38, while many older people were still sweating over pensions
Bruce Kovner, who is one of the least known billionaire traders
Michael Platt, who is an accomplished trading risk manager
Martin Schwartz, who lost money for 9 year before becoming a permanently successful trader
Louise Bacon, and old veteran trader who tells us his intriguing story
Sir John Templeton, who is truthfully the greatest global stock picker of 20th century

Look at giants being pursued by cockroaches! May the spell of ignorance on you be broken. There are many future master/pro/expert traders reading this book who are being discouraged by those who are ignorant of the realities in the market. They are being discouraged by temporary setbacks. The providence has ordained you to attain international acclaim through successful speculation, and end up blessing lives, lifting people out of penury and bringing smiles to the face of the dejected. Here you are, oblivious of your trading potential, caught in a rat race.



Insights into the Mindset of Super Traders: http://www.advfnbooks.com/books/insights/index.html

www.tallinex.com wants you to become a successful trader

Doctors face many bad cases often and often... And with time, their hearts become callous.

Thanks for giving us a wake-up call. Such posts aren't popular among Internet users, who're scammers themselves.