FX TRADING STRATEGy
be difficult to manage. We are generally considered to be very impatient (just ask our dear wife!). However, over the years we have developed a means of controlling impatience and maintaining perspective - so that when a good trade presents itself we are ready to execute it.
Concentration consumes considerable mental energy in most people – it can be very difficult to maintain your conc ent ra t ion unless you prepare yourself. Part of our preparation was to develop a method of trading based on visual analysis that can be executed very quickly. We know what setup we are looking for – we just have to patiently maintain our concentration until it appears. Over the years we developed our method of managing
We the
waiting time between trades; we call it, “Minding our Ps and Qs”.
Growing up, as we did, in the Southern Appalachian Mountains, (an USA bastion of the original English language brought to the colonies) we oſten heard the term “Mind your Ps and Qs”. Tere are several theories on
70 FX TRADER MAGAZINE April - June 2012
the origin of the term, but we prefer to believe the one that attributes the origin of the term to British pubs. Patrons ordered their ales in pints – the “Ps” – and quarts – the “Qs”. Te inn keepers would admonish their patrons to “Mind your Ps and Qs” as a reminder to, as we say today, “drink responsibly”. Or, as the term came
So minding your Ps and Qs is appropriate behavior for a forex trader. We like to think that following formula, along with our trading system, is the key successful forex trading:
PATIENCE + QUALITY QUICKNESS = PROFIT
Stated another way,
“Waiting
(PAT I ENCE) for the right trade conditions to develop (QUALITY) then acting immediately (QUICKNESS) leads to great trades (PROFIT)”.
We try to always remember the above formula when we trade.
have developed a means of
controlling impatience and maintaining perspective - so that when a good trade presents itself we are ready to execute it
down to mean today, “Be careful”.
As a youngster, we generally took it to mean “be good”.
If you expect to make money trading forex, you had better be good – and you surely must be careful.
Almost all markets are experiencing s i g n i fi c a n t volatility these days. As previously stated, good trades are
not always
available in all markets at all
times – they develop in their own time. Traders must have the PATIENCE to wait for a good trade to develop. We have lost many dollars on trades that we should not have made in the first place.
Te reason was that we sat down with the attitude that “we are going to trade”.
+
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102