Find Trending Posts Relevant to Forex Event Driven Trading Quote, Trading Psychology Event | A Trading Framework | Part 5.
Part 5 of Tom Hougaard’s Trading Psychology presentation unveils his trading framework. He gives us insight into his trading day and the preparation he does for it, including what he calls “scenario analysis”.
He talks about thinking the opposite of the 90% by ignoring what people say, and refusing to reduce his trading size when on a winning streak. Hougaard explains why not to open a position with a financial instrument just because the price has dropped, and instead shares his insights into when to buy and sell.
Tom also reflects on learnings from expert trader Richard Dennis and how he’s implemented them into his trading. Tom concludes this part of the presentation by sharing his four core pieces of advice for mental preparation, how to ‘become friends with fear’, and developing a low-risk idea.
► Check out the other parts of his presentation:
Part 1: https://www.youtube.com/watch?v=xoGOZD7-3gY&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=2&t=0s
Part 2: https://www.youtube.com/watch?v=p0Tfs7VNp7s&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=3&t=378s
Part 3: https://www.youtube.com/watch?v=4SzQimeHGjk&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=4&t=0s
Part 4: https://www.youtube.com/watch?v=vTboKA-y_So&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=5&t=1104s
Part 6: https://www.youtube.com/watch?v=Gu8smLhXkuo&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=7&t=1s
Part 7: https://www.youtube.com/watch?v=4MH9y03B2JM&list=PLG-cFxyNs94VFAv_l_aW0lOpRxrCtPum6&index=8&t=0s
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Forex Event Driven Trading Quote, Trading Psychology Event | A Trading Framework | Part 5.
Defining a Spike
Even if rate is accelerated contrasted to current previous history does not mean that you have yourself a true spike. As we discussed in recently’s write-up, rate commonly accelerates best ahead of trendlines, only to strike, as well as turn around. These aren’t spikes, however rather simply normal market behavior. Newer traders are most likely to confuse this with spikes. So before you also THINK of going into a long or brief trade trying to “follow the flows” make damn sure you do not have a trendline dead ahead. That’s called chasing rate, not assuming like an investor.
A real spike includes at the very least one solitary bar with large array at the start of the activity.
I typically refer to 5 min bars when I claim this. Smaller sized bars stacked on top of each other in an allegorical activity aren’t spikes. They are simply hostile fads. Please make sure you are covering this concept first a foremost before reading onward.
If you discovered anything from the details that we simply discussed above, spikes need some type of details shock in order to function as a catalyst for the activity. Just then, based upon that stimulant, can we then begin to analyze the durability of the activity.
Yet to sit right here as well as list my own manifesto of thinking behind spike extension versus failing is generally useless. I would possibly be right here for weeks. As well as “summing it up” does little, too. The summary over ought to get you moving in the best direction because regard. Yet from a technological perspective, that’s one more tale, one which we explain with a few concepts now.
What is a pip in foreign exchange?
Pips are the units made use of to determine activity in a forex set. A forex pip is normally equivalent to a one-digit activity in the fourth decimal area of a money set. So, if GBP/USD moves from $1.35361 to $1.35371, then it has moved a single pip. The decimal places revealed after the pip are called fractional pips, or occasionally pipettes.
The exemption to this rule is when the quote currency is noted in much smaller denominations, with one of the most significant example being the Japanese yen. Right here, a motion in the second decimal area constitutes a single pip. So, if EUR/JPY moves from ¥ 106.452 to ¥ 106.462, again it has moved a single pip.
Matching different sorts of trading to a person’s personality type is certainly no guarantee for foreign exchange trading success. Nevertheless, finding a trading style that’s well matched to your personality type can aid brand-new traders find their feet as well as make the best moves in the market. Simply take the quiz as well as answer the 15 concerns honestly to disclose which trading style is the best fit for you.
Find Interesting Posts Relevant to Forex Event Driven Trading Quote and Financial market news, analysis, trading signals as well as Forex financial expert evaluations.
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