Preschool>= Lesson Status ?
Kindergarten>= Lesson Status ?
Elementary>= Lesson Status ?
Grade 1 Support and Resistance Levels
Grade 2 Japanese Candlesticks
Grade 3 Fibonacci
Grade 4 Moving Averages
Grade 5 Common Chart Indicators
Middle School>= Lesson Status ?
Grade 7 Important Chart Patterns
Grade 8 Pivot Points
Summer School>= Lesson Status ?
High School>= Lesson Status ?
Grade 9 Trading Divergences
Grade 10 Market Environment
Grade 11 Trading Breakouts and Fakeouts
Grade 12 Fundamental Analysis
Grade 13 Currency Crosses
- What is a Currency Cross Pair?
- Crosses Present More Trading Opportunities
- Cleaner Trends and Ranges
- Taking Advantage of Interest Rate Differential
- Obscure Crosses
- Planning Around News and Fundamentals
- Creating Synthetic Pairs
- Euro and Yen Crosses
- How to Use Crosses to Trade the Majors
- How Cross Currency Pairs Affect Dollar Pairs
- Summary: Currency Crosses
Grade 14 Multiple Time Frame Analysis
Undergraduate>= Lesson Status ?
- Why Keep a Trade Journal?
- Benefits of Keeping a Journal
- What Should You Record in Your Journal?
- Potential Trading Area
- Entry Trigger
- Position Sizing
- Trade Management Rules
- Trade Retrospective
- Trading Journal Statistics
- Reviewing Your Trading Journal
- Difficulties of Keeping a Trade Journal
- Summary: Keeping a Trade Journal
Graduation>= Lesson Status ?
- Which Trading Style is Best for You?
- Which Currencies Should You Trade?
- What is Your Level of Trading Experience?
- Should You Be a Discretionary, Mechanical, or Hybrid Trader?
- What Kind of Mechanical System Suits Your Personality?
- What is Your Attitude Towards Risk?
- What Kind of Stop Suits Your Trading Style?
Be Patient. Stay Disciplined.
It's a virtue...Especially in trading.
Arnold H. Glasgow, an American humorist, once said, "The key to everything is patience. You get the chicken by hatching the egg, not by smashing it."
Developing your trading plan will take time. Developing skills will take time.
Waiting for the right trades requires patience. Entering and exiting a trade at the right moment requires patience.
Discipline is also a virtue, and it means doing the things you need to do to progress and get better....even if you don't want do it.
This means preparing for each trading day or week with research and chart study.
If you're a mechanical or automated trader, this means back testing systems and constantly trying different settings and strategies as the environment changes.
And of course, don't forget about keeping a trade journal and reviewing every single day you trade.
Journaling is the one trading task that separates the wannabe traders from the real deal traders. Unfortunately, most newbies won't do it.
Trading concepts and techniques are simple and easy to learn. What's hard to learn is how to be patient and disciplined to do the right things and make good trading decisions. Truthfully, it will be one of the most difficult endeavors you will ever take on.
To a newbie, sitting on the sidelines and watching the markets move while you wait for your best setups means you're missing out on profits.
This way of thinking leads to a failure of patience and discipline and causes some of the most notorious trading mistakes in the book:
- Impulse trades
- Letting losers run too long
- Cutting winners too quickly
- Revenge trades
These actions will kill your account!
Remember that your job as a newbie is to learn how to make good trading decisions and SURVIVE!
The best thing you can do to stay patient and disciplined is to look at your career as a trader as a marathon and NOT a sprint.
This is not an overnight, get-rich-quick scheme.
This is a commitment to build skills that will allow you to profitably trade in any environment the market will throw at you at any time.
And essentially, free you from the chains of the "Man." Fight the Power!!
If you stay patient, maintain discipline, and commit to constant improvement, then your results today as a forex noob will probably be nothing compared to the results of the trader you will become after years grinding it out in the markets.
Always remember that opportunities for good trades occur ALMOST EVERY SINGLE DAY!
No need to rush into bad trades. They will only set you back from reaching your goals.
Stick to your best ideas and setups, and if they don't come that session, just wait for the next.
Unless the world stops trading currencies (knock on wood) then there will always be opportunities around the corner.
While you are logged into your account,
you can save your progress in the School of Pipsology!
- Congratulations! You Made It!
- Focus on the Process. Not on the Profits.
- Holy Cow! There's No Holy Grail!
- Be Patient. Stay Disciplined.
- Love the Game
- School's Over! Now What?