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?
Holy Cow! There's No Holy Grail!
Ask any quant on Wall Street (the super geeky math and physics PhDs who create complex algorithmic trading strategies) why there is no "holy grail" indicator, method, or system to pull profits 100% of the time. He or she will give you these two reasons:
1. You can't predict the future.
Is there anyway to know what a central bank president will say during a speech? Or maybe what a super famous investor or hedge fund manager says during a random TV interview?
Do you know when the next terrorist attack will hit and cause risk aversion?
How about a natural disaster like an earthquake or tsunami?
The list of unforeseen market moving catalysts is infinite and when they happen, they can rock the markets and your system.
Understand that this is part of trading and the best you can do is be prepared.
Be ready to have your world rocked. And we don't mean that in the way you think it means.
2. Data doesn't move the market. Humans do.
There will be times when data or market themes do not mesh with price action.
Why is that?
Maybe the outcome was priced in ahead of time? Maybe traders weren't focused on the data that was released? Maybe there was an institution covering a huge position that was on the wrong side of the market?
Would all players in the market react to an unforeseen catalyst the same way?
Whatever the price behavior may be, the decisions that lead a trader to take action aren't always logical or congruent to the information out there.
When you multiply this by the millions of players with different goals/strategies and different sized trading accounts, it becomes impossible to tell where the overall market will go every single time.
You can't quantify or calculate human behavior and unknown future events into an elegant mathematical equation to completely get rid of risk.
There will always be some level of uncertainty and there will be times when you will be on the wrong side of a market move.
Actually....there will be MANY times when you will be on the wrong side of the market.
Perfectionists should probably stay away.
For those of you who always feel the need to be correct, we must warn you now...
Nobody can perfectly predict the market every single time.
All hope is not lost though if you decide to stubbornly not listen and continue your search for the Holy Grail.
Rumor has it that if you can find a pink unicorn standing under a rainbow, you will come across an invisible leprechaun who will give you the Holy Grail. And the iPhone 5! Good luck.
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?