Forex Trading Journal Excel Template 2020 Download for Free
Forex Trading Journal Excel Template 2020 Download for Free
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Top 5 Most Famous Traders Of All Time
In all industries there are people credited to being the simplest . In design, the late Steve Jobs is credited to being the simplest in his industry. In boxing, Muhammad Ali was credited to being the simplest boxer of all time. In U.S. politics, there's a consensus that Lincoln was the nation’s greatest President by every measure applied. In the trading world, a variety of traders are known worldwide for his or her skills. From Jesse Livermore to George Soros, we are sharing these tales of past and present traders who had to claw their thanks to the highest . Here, we'll check out the five most famous traders of all time and canopy a touch bit about each trader and why they became so famous. Jesse Livermore Jesse Livermore jumped into the stock exchange with incredible calculations at the age of 15, amassed huge profits, then lost all of them , then mastered two massive crises and came out the opposite side while following his own rules, earning him the nickname “The Great Bear of Wall Street.” Livermore was born in 1877 in Shrewsbury, Massachusetts. Visit شركة اكويتي السعودية He is remembered for his incredible risk taking, his gregarious method of reading the potential moves within the stock exchange , derivatives and commodities, and for sustaining vast losses also as rising to fortune. He began his career having run far away from home by carriage to flee a lifetime of farming that his father had planned for him, instead choosing city life and finding work posting stock quotes at Paine Webber, a Boston stockbroker. Livermore bought his first share at 15 and earned a profit of $3.12 from $5 after teaching himself about trends. George Soros George Soros has a fantastic backstory. Born in Hungary in 1930 to Jewish parents, Soros survived the Holocaust and later fled the country when the Communists took power. He went on to become one among the richest men and one among the foremost famous philanthropists within the world. Most day traders know him for his long and prolific career as a trader who famously “broke the Bank of England” in 1992. Soros made an enormous bet against British Pound, which earned him $1 billion in profit in only 24 hours. Along with other currency speculators, he placed a bet against the bank’s ability to carry the road on the pound. He borrowed pounds, then sold them, helping to down the worth of the currency on forex markets and ultimately forcing the united kingdom to crash out of the ecu rate of exchange Mechanism. It was perhaps the quickest billion dollars anyone has ever made and one among the foremost famous trades ever taken, which later became referred to as “breaking the Bank of England”. Soros is believed to have netted a complete of about $44 billion through financial speculation. And he has used his fortune to find thousands of human rights, democracy, health, and education projects. Richard Dennis There are only a couple of traders which will take a little amount of cash and switch it into millions and Richard Dennis was one among them. Known as the “Prince of the Pit”, Dennis is claimed to have borrowed $1,600 when he was around 23 years old and turned it into $200 million in about 10 years trading commodities. Even more interesting to notice , he only traded $400 of the $1,600. Not only did he achieve great success as a commodities trader, he also went on to launch the famous “Turtle Traders Group”. Using mini contracts, Dennis began to trade his own account at the Mid America commodities exchange . He made a profit of $100,000 in 1973. The subsequent year, he capitalized on a runway soybean market to earn $500,000 in profits. He became an impressive millionaire at the top of the year. However, he incurred massive losses within the Black Monday stock exchange crash in 1987 and therefore the dot-com bubble burst in 2000. While he's famous for creating and losing tons of cash , Dennis is additionally famous for something else – an experiment. He and his friend William Eckhardt recruited and trained traders, a couple of men and ladies, the way to trade futures. These so-called Turtle Traders went on to form profits of $175 million in 4 years, consistent with a former student. Paul Tudor Jones Paul Tudor Jones thrust into the limelight within the 80s when he successfully predicted the 1987 stock exchange , as shown within the riveting one hour documentary called “Trader”. The legendary trader was born in Memphis, Tennessee in 1954. His father ran a financial and legal trade newspaper. While he was in college, he want to write articles for the newspaper under the pseudonym, “Eagle Jones”. Jones began his journey within the finance business by trading cotton. He started trading on his own following 4 years of non-trading experience, made profits from his trades but got bored, and later hired people to trade for him so he would not get bored. But the trade that shot him to fame came on Black Monday in 1987, when he made an estimated $100 million whilst the Dow Jones Industrial Average plunged 22%. He became a pioneer within the area of worldwide macro investing and was an enormous player within the meteoric growth of the hedge fund industry. He's also known for depending on currencies and interest rates. He founded his hedge fund, Tudor Investment Corp, in 1980. The fund currently has around $21 billion in assets under management and he himself has an estimated net worth of nearly $5.8 Billion. John Paulson Super-trader John Paulson built a private fortune worth $4.4 billion from managing other people’s money. Born in 1955, Paulson made his name and far of his money betting a huge amount of money against the U.S. housing market during the worldwide financial crisis of 2007–2008. Paulson bought insurance against defaults by subprime mortgages before the market collapse in 2007. He netted an estimated $20 billion on the collapse of the subprime mortgage market, dubbed the best trade ever. However, his diary since that bet has been patchy at the best . Within the years following the financial crisis, Paulson struggled to match this success. Failed bets on gold, healthcare and pharmaceutical stocks caused investors to escape his hedge fund Paulson & Co, cutting its assets under management to $10 billion as of January 2020 from a high of $36 billion in 2011. Earlier this year, Paulson announced the fund would stop managing money for outdoor clients and switch it into a family office. He launched the fund in 1994.
The fledgling Forex dealer can choose a self-coordinated internet exchanging methodology. This kind of expert merchant chooses the Forex Scams best stage that fits with a general technique. The online stages are managed. There will be a commission expense for any offer or solicit orders put through this sort from online framework.
The new Forex dealer can choose to utilize an online tutor framework. There are counselors accessible through a few of the internet exchanging frameworks. Workshops are offered that help with outline choices and request investigations.
There are online robotized Forex exchanging frameworks that can be chosen. These records for the most part require a bigger store sum that is remembered for a pool of assets that are exchanged together.
A Forex Trading Journal The online merchant getting by through self-guided Forex exchanging might need to devise an individual exchanging diary. Composing a different diary can keep an ongoing record of the online exchanges that are finished. There are extra motivations to keep a Forex diary, and these reasons are the accompanying:
[WallText] For those who really want to be forex traders.
Im sry if u find some grammatical errors, english is not my mother language. Let me know and i will fix it. First of all, look for at least half an hour without interruptions to read this manual. This is the system that has created trading professionals. He has done it and today he continues doing it, as it happened with me. It is not a system written in any forum, in fact I believe that it has been the first to collect all the ideas and create a structure to follow to carry them out, but these same ideas and procedures have been the ones that the winning traders have used during decades and will continue to use, since they are based on completely objective and real foundations. Let's go to it: Hi all. It is known that the observation time makes the patterns elucidate, and after some time in the forum and throughout this trading world I have found many patterns in the responses of the people, I have reasoned about them, and I have realized their failures, why they fail to be profitable. There are people who have put effort into this. Not all, but there are people who have really read a lot, studied a lot, learned a lot and tried a lot, and even then they are not able to achieve stable profitability. The question is: Is there enough in that effort? Is there a specific moment in the line of learning where you start to be profitable? The question is, logically. There are traders that generate constant profitability. Hedge funds, investment firms ... and the difference is in areas where people for some reason do not want to invest time. Why are there more messages in the strategy forums than in the psychology, journals and fundamental analysis together? As human beings, our brain is programmed to look for quick positive responses. In nature, the brain does not understand the concept of long-term investment. There is only a short-term investment made from the difference between what we think will cost us something and what we think it will contribute. If we think that it will cost us more than it can give us, we simply do not feel motivated. It is a simple mechanism. The market plays with these mechanisms. There are more scalpers created from the search for that positive emotion than from the search for a scalping system. In short, we are not programmed to operate, and there lies the fact that only a huge minority of operators are profitable. Among others, I have observed several patterns of behavior that make a trader fail, and they are: - Search for immediate pleasure: The trader wants to feel that he has won on the one hand, and on the other he wants to avoid the feeling of loss. Following this there are many traders who place a very low take profit and a very high stop loss. This is not bad if the probabilities have been reviewed before, the mathematical factor of hope, the relation with the drawdown .. but in the majority of the cases absolutely nothing of statistics is known. There is only that need to win. They win, they win, they win, until one day the odds do their job and the stop loss is touched, returning the account to its origins or leaving it with less money than it started. This does not work. - Search for immediate wealth: Again it is something immediate. People want good emotions, and we want them already. The vast majority of traders approach this world with fantasies of wealth, women and expensive cars, but do not visualize hard work, the sickly hard work behind all this. From there underlie behaviors like eternally looking for new robots or expert advisors that promise a lot of money, or new systems. The type of trader that has this integrated pattern is characterized by doing nothing more than that. Spend the day looking for new strategies Of course he never manages to earn constant money. - Think that trading is easy: Trading is not easy, it is simple. Why? Because when you get the wisdom and experience necessary to find yourself in a state of superior knowledge about the market and effectively make money, it is very simple; you just have to apply the same equation again and again. However, it is not easy to reach this equation. This equation includes variables such as risk understanding, mathematics, certain characteristics in the personality that must be assimilated little by little, intelligence, a lot of experience .. This is not easy. This is a business, and in fact it is one of the most difficult businesses in the world. It may seem simple to see a series of candles on a screen or perhaps a line, or any type of graphic, but it is not. Behind the screen there are hundreds of thousands of very intelligent professionals, very disciplined, very educated, very ... This business is the most profitable in the world if you know how to carry, since it is based on the concept of compound interest, but it is also one of the most difficult. And I repeat. It's a business, not a game. I think you'll never hear a lawyer say to his boss: "We're going to focus all our time on finding a strategy that ALWAYS makes us win a trial, ALWAYS." What does it sound ridiculous? It sounds to me just as ridiculous for trading. But you are not to blame, you have been subconsciously deceived through the advertising brokers and your own internal desires, to think that this is something easy. - Lack of discipline: Trading is not something you can do 10 minutes on Monday and 6 on Thursday. This is not a game, and until you get a regular schedule you can not start earning money. There are people who open a graph one day for 5 minutes, then return to their normal life and then one week returns to look at it for other minutes. Trading should not be treated as a hobby. If you want to win "some money" I advise you not even to get in, because you will end up losing something or a lot of money. You have to think if you really want trading to be part of your life. It's like when you meet a girl and you want to get married. Do you really want to get into this with all the consequences? Because otherwise it will not work. Visualize the hard work behind this. Candle nights, frustrations, several hundred dollars lost (at the beginning) .. enter the world of trading with a really deep reason, if you lose a time and money that no one will return, and both things are finite! - Know something and pretend to know everything: Making money in the markets is not based on painting the graph as a child a paper with crayon wax and pretend to make money. It is not based on drawing lines or circles, or squares. It is based on understanding the operation of all these tools, the background of the why of the tools of trading. A trend line only marks the cycle of a wave within a longer time frame, within a longer time frame, and so on indefinitely. In turn, this wave is divided into waves with a specific behavior, divided into smaller waves and Etcetera, and understanding that dynamic is fundamental to winning. It is not the fact of drawing a line. That can be done by an 8 year old boy. It is the fact of UNDERSTANDING why. There are traders who read two technical analysis books and a delta analysis book and believe that they are professionals, but do they really understand the behavior of the market? The answer is in their portfolios. After this explanation that only 10% will have read, I will try to detail step by step something that is 90% yearning, and that will have quickly turned the scroll of your mouse to find the solution to all your problems while supporting the beer in a book of " become rich ", rotten by lack of use. These steps must be carried out one by one, starting with the first, fulfilling it, moving on to the second, successively and growing. If steps are taken for granted, or not fully met, it simply will not work. I know this will happen and the person who did it will think "Bah, this does not work." and you will return to your top strategy search routine. That said, let start: 1º Create a REAL account with 50 dollars approximately: _ Forget the demo accounts. They are a utopia, they do not work. There is infinite liquidity, without emotions and without slipagge. These things will change when we enter the real market, and the most experienced person in the world will notice a sharp drop in their profitability when it happens to real accounts. And not only using a demo account has disadvantages, but using a real one has advantages. We will have a real slipagge with real liquidity. Real requotes and more. The most important: We will work our emotions at the same time. Because yes, we will lose or win a couple of cents, but that has a subconscious impact of loss. This means that we will begin to expand our comfort zone from the start. Using a demo account is simply a disadvantage. 2º Buy a newspaper in the stationery or in Chinese (optional), or write one online or in Word: A newspaper will be of GREAT help. You can not imagine, for those of you who do not have one, how a newspaper can exponentiate our learning curve. It is simply absurd not to have a diary. It's like taking a ticket of 5 instead of one of 100. In this diary we will write down observations that we make about the operations that we will carry out in points that I will explain later of this same manual. We will divide the newspaper into 2 parts:
1 part: The operation itself. We will write the reasons for each operation. The why we have done it.
2 part: How we feel. We will unburden ourselves without explaining how we feel, what our intuition tells us about that particular operation and so on.
How to use: We will read the newspaper once a week, thinking about the emotions we felt each day and in what situations, and the reasons. Soon, we will begin to realize that we have certain patterns in the way we feel and operate, and we will have the ability to change them. We can also learn from mistakes that we make, and keep them always in a diary. 3º Look for a strategy that has the following characteristics:
Make it SIMPLE. Nothing of 4 or more indicators or the colors of the gay flag drawn on the graph based on 1000 lines. Why? Because there is always an initial enthusiasm and maybe we can follow a complex strategy for a week, but burned that motivation, saturates us and we will leave it aside.
Therefore, the strategy must be simple. If we use metatrader, the default indicators work. No macd's no-lag and similar tools. That does not lead anywhere. And if you do not believe it, I'll tell you that in all areas of life comes marketing. In addition to trading towards MMA and now I do powerlifts, and there are 1000 exercises to do. However, the classics are still working and work very well. It seems that sellers of strange sports equipment do not share the same opinion, that the only thing they want is to sell! 4º Understand the strategy:
We must gut each process of the strategy and reason about it. What does this indicator do? What does this process? Why this and not another? Why this exit ?. Some strategies will be based on unspecified outputs. This does not suppose any problem because as we get experience in that specific strategy, we will remember situations that have occurred, we will see situations that are repeated (patterns) and we will be able to find better starts and entrances. Everything is in our hands.
5° Collect essential statistical information:
This part is FUNDAMENTAL, and no operator can have as much security in itself when operating as if it uses a strategy that has at least positive mathematical hope and an acceptable drawdown.
Step 1: To carry out this collection of information you need to test the strategy for at least 100 signals. Yes, 100 signals.
Assuming it is an intraday strategy and we do an operation per day, it will take us 100 days (3 months and 10 days approx) to carry out the study. Logically these figures can change depending on the number of operations that we make up to date with the strategy. I have no doubt that after reading this manual we will go for a quick strategy of scalpers, with 100 signals every 10 minutes where the seller comes out with a big smile in his promotional video. I personally recommend a system of maximum 2 daily operations to start, but this point is personal. Is it a long time? Go! It turns out that a college student of average intelligence takes 6 years to finish a career. It takes 6 years just to train, and there are even more races. This does not guarantee any profitability, and in any case most of Sometimes it will get a static return and not based on compound interest. I can never aspire to more. The market offers compound profitability, there will be no bosses, nor schedules that we do not impose. We will always have work, and we can earn a lot more money than most people with careers or masters. Is it a long time? I do not think so. As I was saying, we will test the strategy 100 times with our REAL account that we created in step 1. Did you decide to use a demo account? Better look for another manual; This has to be something serious. They are 100 dollars and will be the best investment of all in your career as a trader.
Step 2: Once with the report of the 100 strategies in hand, we will collect the following information:
How many times have we won and how many lost. Afterwards, we will find the percentage of correct answers.
How much have we won and how much have we lost? Afterwards, we will find the average profit and the average loss.
Step 3: With this information we will complete the mathematical hope formula:
(1 + average profit / average loss) * (percentage of correct answers / 100) -1 Example:
Of the 100 operations there are 50 winners and 50 losers, then the success rate is 50%.
Our average profit is 20 dollars and our average loss is 10 dollars.
Filling the formula: (1 + 20/10) * (50/100) -1 (1 + 2) * (0,5) -1 3 * 0.5 - 1 1,5 - 1 = 0,5 In this example the mathematical expectation is 0.5. It is POSITIVE, because it is greater than 0. From 0, we will know that this strategy will make us earn money over time ALWAYS we respect the strategy. If after a few days we modify it, then we will have to find this equation again with another 100 different operations. Easy? A result of "0" would mean that this strategy does not win or lose, but in the long run we would LOSE due to the spread and other random factors. You have to try to find a strategy that, once this study is done, the result of your mathematical hope is greater than 0.2 as MINIMUM. Finding this formula will also give a curious fact. The greater the take profit in relation to the stop loss, as a general rule more positive will be our mathematical hope. This has given many pages of discursiones about whether to place take profit> stop loss or vice versa. If our stop was larger than the take profit, then the other ratio (% earned /% lost) should be yes or yes positive. But this is just curiosities. let's keep going:
6° Expand our comfort zone:
We will not be able to work with operations of 10 million dollars overnight, but we can progressively condition ourselves to that path. Assuming all of the above, and with a real account, some experience in the 3 months of information gathering and a positive mathematical hope, we are ready to operate in real with some consistency. But how to carry it out? The comfort zone is the psychological limits we have before feeling fear or emotional tension. When we get into a fight, we have left our comfort zone and we feel tension, unless we have a psychopathic disorder. Every time we lean out onto a 300-meter balcony from a skyscraper, we move away from the comfort zone. Every time we speak to a depampanante woman, we move away from our comfort zone. Our brain creates a comfort zone to differentiate what we usually do and is not substantially dangerous, from the unknown and potentially dangerous to our survival or reproduction. And whenever the brain interprets that these two aspects are in danger, we will feel negative emotions like fear, disgust, loneliness, fury, etcetera. This topic is much more profound and you would have to read several volumes of evolutionism to understand the why of each thing. The only thing that interests us here is the "what", and the one, that is, that there is a certain comfort zone that must be expanded without any problems. With trading, exactly the same thing happens. The forex market is a virtual environment in which we lose or gain things, but our brain does not differentiate between reality and what is not, it only attends to stimuli of a certain type. We can lose food in the middle of the forest or also a crude oil operation. Our goal is to condition our subconscious so that it is progressively accepting lost and small benefits, and as time goes by, bigger. The exercise to achieve this is the following:
We will operate on that account of 100 dollars with our mathematically positive strategy for 3 more months.
After these three months, our account should have benefits, because of the mathematically positive strategy.
We will enter 200 dollars more and we will operate a month more raising the lots according to our risk management (I do not advise that the risk is greater than 2%)
At this point, I know how hard it is to resign myself to impatience, but follow those times and do not skip it even if you feel safe, but you will fail, it's simple. Let's keep going:
After that month, we will raise our capital again with a new income. This time we will enter 1000 dollars (save if you do not have 1000 dollars loose, you will recover later on, do you want to make money, enter 1000 dollars.
We will test the operation one month with this new injection. We probably notice difficulties. More blockages, more euphoria when winning ... how will we know when to move on to the next entry? When we do not feel ANYTHING or at most something very shallow, when win or lose If observing the wall and operating is for you the same from an emotional point of view, it is time to enter more money.
We will follow this procedure until we have a basic account of 21000 dollars. The amounts to be paid will depend on our ability to not feel emotions, a capacity that will be taking over time.
We will raise capital until we feel that we block too much. In that case we will drawdown to a more acceptable amount, and we will continue at that level until get discipline and lack of reactivity at that level. Later, we will go up.
If we want to earn more money, we will continue entering and entering. Always following the conditioning scheme of 1 month.
Why a month? A study conducted in the United States revealed that the subconscious needs an average of 28 days to create new habits or eliminate old habits. Emotional reactions are part of the habits. If we maintain some pressure of any emotion during the opportune time, in this case 28 days, will create tolerance and the subconscious will need a more intense version of the stimulus to activate. AND THAT'S ALL! Follow these steps and you will triumph. Here is the golden chalice, the tomb of Jesus or whatever you want to call it. There is no more mystery in the world of trading. This system will accompany you during the next year, year and a half. It's the one I used and it WORKS. Once done, you will have a very profitable system integrated into your being, since not only will it be mathematically viable, but you will also have the necessary experience to make it infinitely more profitable yet. In addition, you will have psychology fully worked on a professional level to have conditioned your subconscious gradually. Happy trading to all of u guys.-
The most effective method to Become a Disciplined Forex Trader
Fruitful forex exchanging is tied in with creating restrained exchanging propensities and having a dealer attitude instead of a card shark mindset. The vast majority who take part in money exchanging anticipate moment remunerates and fantasize ending up medium-term tycoons. The reality of the situation is, best brokers needed to buckle down over a significant stretch of time to accomplish their objectives. They endured misfortunes en route and gained from them. There are some basic stages one needs to take to turn into a trained forex dealer. achievement in forex exchanging requires discipline
Have a Plan
To make progress in forex exchanging, the main coherent advance is build up a decent exchanging procedure and to tail it. Having the order to catch up on a working exchanging plan is the surest method to construct your exchanging vocation and make steady benefits over the long haul. Exchanging plans online forex exchanging commonly include fastidiously leading essential examination and specialized investigation. This implies the dealer must have the option to peruse and translate value developments on exchanging diagrams. The dealer additionally must be skilled at deciphering specialized pointers and recognizing perfect exchanging positions. A decent exchanging arrangement ought to be one that resounds well with your own exchanging style and propensities. Each dealer should attempt to build up an exchanging plan that utilization basic technique. A few highlights of an extraordinary exchanging plan incorporate clear exchange leave focuses for taking benefits and controlling brought about misfortunes, auto acclimation to key patterns, coherent focuses for exchange passage, and controllable cash the executives.
Control Your Emotions
Feelings are the most exceedingly awful foe for online forex exchanging as they cause the dealer to lose spotlight and settle on choices dependent on different factors instead of obvious legitimate actualities. Forex order must be achieved by merchants who have figured out how to get control over their feelings and hold them under tight restraints. The negative feelings that influence most merchants incorporate dread, nervousness, perplexity, and frenzy. These feelings are generally most obvious when the broker is in a losing exchange. Such losing positions settle on dealers lose trust in their choices and at last wind up veering off their arrangement when they let feelings overpower them. Another feeling that adversely impacts on forex dealers is avarice. Insatiability for the most part pops up when the broker is in a triumphant exchange. The forex merchant feels constrained to amplify on benefits and accordingly winds up hanging on excessively long to the exchange. Beside clutching the exchange, a dealer may at first stay on course and close an exchange beneficially as indicated by plan. At that point avarice assumes control over when the dealer sees the exchange proceeding to pick up and the merchant reenters the exchange wanting to make considerably greater benefits. This may wind up bringing about lost benefits recently picked up.
Secure Good Trading Habits
Great exchanging propensities lead to generally speaking exchanging control and long haul benefits. Such great exchanging propensities incorporate setting practical targets, creating and adhering to working exchanging procedures, keeping away from over exchanging, and legitimate planning of exchange passage and leave focuses. Be Realistic Most amateur brokers enter the fx trade field with fantasies about becoming showbiz royalty in a brief period. They fantasy about leaving their tedious day employments and working serenely from their PCs for a couple of hours day by day or week after week and raking in huge profits. This is an over-oversimplified and unreasonable aspiration that is lamentably never figured it out. One thing a merchant should know from the earliest starting point is that exchanging effectively includes diligent work, assurance, discipline, and a great deal of learning. Actually you will contribute your cash and in all likelihood, your initial couple of long stretches of figuring out how to exchange beneficially will include enduring a couple of misfortunes. A decent dealer will keep this is mind and acknowledge the misfortunes while gaining from them. Gainful exchanges will make the taught merchant record the exchange and attempt to imitate that in future exchanges. Being sensible methods you will set practicable and reachable objectives which will develop with time. For example, on the off chance that you begin with a $1,000 speculation and open a record with a forex dealer in Australia, you ought to understand that it won’t transform into $10,000 inside seven days. You may make unassuming benefits of about $200 every week and as you re-contribute your increases you appreciate greater benefits after some time.
Keep a Trading Ledger
The most ideal approach to keep up order as a forex dealer is to screen all your exchanging moves. An all around restrained merchant will keep a diary and make standard sections on all exchanges entered and left. It isn’t sufficient to simply record your exchanges a diary; you ought to continually audit them and utilize the mix-ups and victories to figure out how to exchange all the more productively. An all around continued exchanging diary is additionally the main instrument you will use to build up an extraordinary working system that will work for you. Keeping a diary gives you a chance to see the 10,000 foot view and makes you less inclined to motivation exchanges, which depend on feelings as opposed to certainties.
Keep To a Trading Timetable
When a dealer makes $500 on a 30-minute exchange, they may wind up considering exchanging 24 hours every day to pursue the capability of getting substantially more cash every day. This is an off-base methodology that may prompt burnout and awful choices. A savvy dealer will pick normal exchanging times which are ideal for their individual exchanging styles. A decent timetable may include picking times when forex exchange is at its pinnacle. These are times of high exchange exercises and high liquidity the forex showcase.
Probably the most ideal approaches to learn and pick up involvement in cash exchanging on the web is to widely utilize a demo account. This will help you increase point of view when you in the end start exchanging on a live record. It will likewise enable you to figure out how to deal with your feelings. A decent method to abstain from having passionate exchanges is to figure out how to leave and resume exchanging when you are progressively engaged.
In the event that you need to turn into a forex dealer, the main aptitude you have to secure is forex exchanging discipline. Continuously make sure to abstain from giving feelings a chance to manage your exchanging propensities and choices. For the best long haul results, make a far reaching exchanging system and carefully tail it. Keeping an exchanging record demonstrates to you the historical backdrop of your exchanges and you can utilize the sections for back testing and enhancing your procedure. Tags: The most effective method to Become a Disciplined Forex Trader
I'm fairly new to trading (a years experience) and wanting to setup a smooth system that automates as much as possible but still lets me execute the trades. I've got an idea for it and hoping to get some feedback on it and maybe bounce some ideas. Main goals:
A market scanner which alerts me of stocks and forex markets that have buy or sell signals (probably mostly based on MA crossovers)
A trade entry system which allows me to set my Entry, Stop Loss and Target all at once. Ideally be able to set scaled orders for the Entry as well. Also can ideally set the SL to trigger only on a candle close (of a chosen time frame).
Executed trades are sent automatically to my trade diary.
Overview of portfolio and statistics on my trades.
My plan to create this system is using Excel and VBA connected to the Interactive Brokers exchange. I think it would be possible to do everything I want but I've also heard bad things about the DDE API and this type of excel setup being unreliable. Does anyone have any thoughts or experience on this? And does anyone have any alternate suggestions as to software that would allow me to create this setup? I have programming experience but haven't really a clue when it comes to UI setup so I'm hoping to avoid that learning curve if possible.
Hi guys, I bought my first BuJo today, yay! Got home, wrote out the futures, January monthly as laid out in the BuJo guide. Then... I remembered a few weeks ago I bought a page per day diary for 2019. Now I'm at a crossroads. Guys, can anyone tell me why I should use one over the other? I work as an electrician and trade Forex if that helps. Cheers guys!!!
Ruslan Kamenskiy - Genesis Vision CEO - did you know this?
How much do you know about the GV CEO Ruslan? He is an extremely experienced developer with a HUGE proven track record:
Software developer @ Tools 4 brokers -> Development for the trading platform MetaTrader, multithreaded and server applications, cross-platform applications.
Head Software developer for Forex broker -> Managing and tech leading the development of the site and the trading platform. Included a large web service for exchange Forex services (tournaments, PAMM, signals, diaries of traders, etc.).
Principle software developer - SAINT PETERSBURG STOCK EXCHANGE -> Development of the massive ASP MVC / Angular application for holding tenders and auctions in electronic form. Business logic included the calculation of prices, the life cycle of purchases and applications, signing of EDS actions.
Senior Backend Developer - Epam Systems -> Building the SaaS solution for processing data and investment analysis of private equity. The product offers users a web portal (ASP.NET), a client application (.NET based), a public WCF service and an iPad application with real-time calculations.
Software Engineer - QuantBrothers -> - Development of the concept of a distributed organization economy based on the blockchain
TALK ABOUT LEADING BY EXAMPLE. Right now the Genesis Vision team are quiet, working away, with this guy spear heading the team. I am an early investor in GVT, before it was as successful and hyped as right now. I invested because of many reasons, I would need another thread to discuss them all. However amongst these many reasons, 1 of them was because of this guy, highly experienced, proven track record, I can quite happily say I trust them with my money and GVT. 2018 & 2019 will be HUGE for GVT ~ big things coming!
Hi Everyone, Brand new to reddit here (not sure how I escaped this deep deep black hole of internet for so long). I hope this is the right place. First, I am here to distil what I have learned over the years of being a fool of the market. I’ll then try to piece together the checks and balances I have decided necessary to maintain long term success in investment management and trading. I will break it into two distinct product lines: Cash Equities and CFDs (index/forex) via FXCM/IG etc, as well as a General Risk Management section. I have read extensively, like the usual Jack DSchwagger series, Stock Operator etc. If you haven’t read these I suggest you start there first. General Risk Management and Setup: Positioning/Size I cannot tell you how often I have been burned with poor position management across either cash equities or CFDs. I distinctly recall putting on a massive “no brainer” trade against the EUUSD in 2014 December. Entry 1.224. I got stopped out and lost 50% of my trading capital in 4 hours due to a margin call. I wasn’t even trying to scalp, I just wanted to get very, very rich. (I would’ve too if it weren’t for those meddling kids). The other side of this is that I express my cash equities portfolios in the form of “high conviction” trades/investments. Take A2M.AX. Average Entry of 6.XX through averaging up. It currently sits at more than 70% of my portfolio, even though I have a 12month timeframe. I have a higher conviction on Cash Equities with a far longer time frame than I do CFDs. Hence I position heavier. There is a 2% rule floating out there that I semi-agree with. I’d like to hear your thoughts on this, as I would describe myself as much more of a risk taker and less systematic than I would like. I understand also there are more schools of thought, mechanical, pure TA etc etc. But no matter what fire you choose to play with, I think positioning has been the reason why I have lost money over 90% of the time, even if directionally I am 75% right within my time frame. How do you guys balance your portfolio for maximum returns? Thoughts on 3-4 stock portfolios? Thoughts on CFD margin/position sizing for TA/discretionary? ( I know it will vary by style but would love to hear). Trading Diary When I first waded into CFDs, I knew I wanted to keep a record of all my trades, in the hopes that I can reflect on what technical/fundamental ideas I opened and closed my trades in. A trading diary and reflection on those trades is huge in order for you to stop repeating really stupid mistakes. Until recently I never had the mindset of actually sorting through the wins and losses of my past trades. YOU MUST HAVE A SYSTEM of going through the past days/weeks worth of trades. Reflection and reinforcement is key. I think starting a blog for yourself is not a bad idea. It may not have readership, but it carries the important function of reflection and learning. Just as I am doing this very moment.. Research/Information Funnel The Economist. Period. *infinity. Start here. (Especially relevant for macro) When I first started in Cash Equities I made the novice error of joining forums. Granted there is some great content that someone else more experienced has found and analysed, thus cutting down your research time. Right? Wrong. I think it actually causes a shift in your behaviour to trust and rely on their primary opinion. If they’re right even once, you will now face a bias and think of them as a beacon of truth. Read Thinking Fast, Thinking Slow. As humans we’re inherently very lazy. Don’t let it make you take shortcuts. I put this in general risk because information and bias is a HUGE risk to how you formulate your trading or investment thesis. Even I noticed that the majority of my information sources including twitter liked to preach the “melt up” of the spooz etc. Confirmation Bias exists, especially in Investing. These guys had been talking of a market that was too strong for at least 2 years. Even though it finally semi-happened, they were still wrong for two years! Do you believe it would be valuable to find a peer group IRL as an additional source of information/debate? Timeframe This closely relates to position/sizing. Timeframe goes hand in hand with positioning and how we wish to express risk. A low beta Banking stock with healthy dividends might warrant a larger position size if you look at it from a 10 year view point. The spooz on a 20 year view point would warrant a very different mindset when compared to a tick chart. I have found it more helpful when thinking about timeframe as not “predicting” when I think something would happen, but use it as a matter of determining sizing.Am I really comfortable TSLA as 50% of my portfolio for 20 years? Hmm Health Something I feel understated and forgotten about is the fact that sitting down for 10 hours a day with your eyes following green and red isn’t healthy. A healthy body will produce far better results if your headspace is clear and your emotions are in check. I would put more than a fair share of my mistakes as being due to emotionally driven trades (lose x find 2x) or trading when my physical mind is no longer sharp. Trading and Investing is a full time endeavour. Unless you are extremely fortunate or lucky in how you express your trades and investments, it will take a lot of time and involvement to find an edge that is more than just market. *I mean, isn’t that why we are here? * [Edit] How do you guys ensure you’re balancing work or study and investment? I find myself mostly 100% work ever since graduating uni. This turned out far longer than I expected. I would love to hear all feedback. Put me in my place! This is especially because I am about to commit more time to this as I bring it into a truly serious endeavour. [Edit] Removed personal info
Hey All, TLDR: I have been trading w/ Stop-Losses and Take Profits, and have been successful in a Demo environment. How can I transition properly into a real-money account ($1000, 1:10 margin)? I've been reading into Forex for the past 2 months, listening to some podcasts (traderspodcast for one), watching some Tech Analy videos on youtube, babypips.com, and recently trading on MT4 + Oanda's demo. I started with a $5000 demo account on a 1:100 margin, about a month ago, and am now sitting at $25000. I realize this is with a 1:100 margin which increases potential for growth/loss and a demo account doesn't have the same psychological implications as a real money account. Does anyone have any suggestions/recommendations/experiences in this transition? Thanks! Edit: Thanks for the overflow of responses! Lots of great reading and advice from all of you. To help myself (and others) I plan to set up a blog for myself documenting this transition talking about the "mental battle" and issue's that pop up. It would be sort of a "diary/reflection" on myself and my trading attitude as of right now and where I am in the future to help me see how I've matured as a trader... to help me become a better trader :)
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