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How to Strengthen your Trading Mindset

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Posted : April 15th, 2014

To be able to succeed at trading, you must be fully aware of how to strengthen your trading mindset.

Trying your luck at trading is as good as trying your luck at a card game table in a casino, you take a gamble byt placing your bet on what you consider your aces, try to establish a fallback position by managing your risks and how to play with your cards to make the most out of every possible gambling situation you are in, whether you win or lose.

Here are some common tips on how to strengthen your trading mindset.

Always take full responsibility for your trading decisions.

As a rule of thumb, most investors simply follow the crowd, but successful traders make up their own minds.

Although you should always be open to good advice from other experts, but the final and ultimate decision rests upon you and not with anybody else.

You can always try to focus on the opportunity to learn since there’s plenty of it, but don’t let it cloud your perspective or determine the choices you make.

Avoid the pitfalls of over-trading.

There are basically two types of over-trading – trading too often and trading too many shares.

If you are trading too often, remind yourself that there’s really no good reason to trade constantly, since extreme over-trading creates stress, produces high commissions but sometimes often leads to losses.

This is so because market forces do not last forever and time has shown various examples of the law of gravity in the trading market- that whatever comes up must go down.

Instead of grabbing every stock that comes along, make sure each trade setup meets the criteria of your trading plan, don’t be too over cocky or too selfish.

To prevent trading too many shares, use a risk calculator to determine the appropriate position size before you click the enter button. It relieves stress to know that the amount at risk for each position you hold is safely proportioned to the size of your entire account, this is asset management at work.

Always go easy on yourself.

There’s a tendency for traders who take responsibilty for their actions to be tough on themselves.

After all, this gives credence to the saying that ‘do not cry over spilled milk.’

This could be a good opportunity for some positive self-criticism, but don’t slam yourself too hard or too often, since even the best traders make mistakes.

When you do, learn from them quickly and then let it go.

Avoid yelling at yourself, as self inflicted psychological damage is tough to overcome, so it’s best to avoid it entirely.

Always think like a winner.

Thinking like a winner turns you into a winner, since the sum of your thoughts has an interesting way of showing up in your life.

Thoughts are like muscles, the ones you use the most will grow to become the strongest. Work on the thoughts you want to develop and focus on them regularly, since it has the tendency to become action, action become habits, and habits determine results.

Always think of success and you are much more to be on your way to success.

Lastly, take every effort to relax.

Even though trading is serious business, the best traders know how to laugh – especially at themselves.

Having fun and enjoying at what you do is a very good motivator to give you focus on making money and earning it on trading.

So know how to strengthen your trading mindset and be on your way to success.

Attitude and your trading mindset

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Posted : March 7th, 2014

Traders own their business and set its direction and as leaders they must know how to run their business which is essential to their success, frankly, attitude and your trading mindset can spell your success or failure.

Statistically, 90% of traders lose money.

The trading mindset challenge is how to face up to the challenge of making it among th 10% who make it big in trading.

One way is to understand leadership principles and see how you are applying them to your own trading business.

First, you must know why you are in the trading business, what attracted you to it, what were your motivations and will you be seriously focusing your undivided attention to making it succeed?

Many say that it is money, excitement, challenge, power and a lot of other things.
Imagine you got all of the things you wanted to get out of your trading business:

Setting your own trading mindset will help you get along the way, especially when your attitude comes into the picture.

What is your degree of discipline, how you tend to react to certain conditions and circumstances, who focused are you towards reaching your goals, do you give up easily, etc.?

Managing your energy, time and effort is one sure way to establish a habit and creating a discipline that you hope to use in shaping the path of your trading venture.

One good principle to follow is the 80/20 rule, where 20% of your efforts get 80% of your desired results.

You can focus your energy on the efforts that get you the results, or let yourself get distracted. If you allow yourself to get distracted, you are very busy, however you do not produce the result that you want in the time frame that you want.

Perception is also another useful tool in establishing the right attitude for your trading mindset.

We face challenges and difficulties throughout our trading business, but this is just a normal fact of trading.

Question is, how do you deal with these setbacks?

If you consider your losses as being the cost of doing business and an overhead for your business, then it is easier to accept the fact and move on, taking into consideration that your loss is a way for you to learn from it and avoid it from occurring another time.

It is important to realize that it is about your perception and how you view it. Losing is not an option, it is a fact of life that one has to deal with and how you perceive it whill make you reshape your path towards your trading mindset.

Of course, fear has a way of making one reluctant about a certain decision, but take advantage of the fear in making calculated risks and having other options if one trading decision does not work to your advantage.

Take ownership of your trading business, make your decisions work for you and not let others do it for you.

Trading is a stiff competitive market and a hard truth to it is that if there are winners, there definitely has to be losers, otherwise it cannot be considered a market.

Many of us put more value in others’ opinions than our own and we tend to want to be safe than sorry and if something goes wrong, we have someone else to blame, as long as it is not us.

If we follow others, we do not have to take responsibility for our results. We can blame the advice, the markets or anything else, but the sign of true leadership and the ideal trading mindset is that you should not fear mistakes, but on how to handle the consequences and eventually move on.

One of the signs of great leaders is not that they do not make mistakes. It is that they handle the consequences and move on.

Remember that the most important thing to establishing that trading mindset is not only to make decisions, but also how to live with the consequences and how to take things in stride.

Your attitude and trading mindset, if done for the right reasons, conditions and goals, will definitely spell out your advantage over others.

A basic introduction to trading mindset

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Posted : March 4th, 2014

Many people talk about the wonders of trading and how it can be best approached, but knowing how to establish and identify your entry signals can mean a lot to setting the right path to trading, therefore, a basic introduction to trading must be in order.

The primary goal to trading is for profit, since the penultimate goal for it is to sell for a profit. But do take note that trading is like gambling, where one cannot determine or tell what exact market forces are at play and what it can ultimately do to spell your trading choices.

Self determination is another key to your trading success. No one will tell you what to do next, you have to plan for yourself, expecially since there are no hard and fast rules for this career.

Other people may tell you what to do, and they could be right for a time, but do try to consider that the point is that the market fluctuates, and trading is about watching the market, analyzing it, and acting on your own.

Understand and manager your opportunities and risks.

All those people grabbing opportunities mean that the really good ones go away.
The random opportunity that most likely pops up in a trader’s life is a crisis in supply. Something has interrupted the normal flow of supply and demand, dramatically raising the price and this is a temporary chance.

Others will also be jumping on opportunities the same as you do. These may be the regular suppliers, those with surplus stock or another trader with a source elsewhere.

Wisely judge the risk and make your move.

Scamming is a career for some, so always be wary of people offering cutthroat deals or tempting offers. Thoroughly read the conditions of a contract, count zeros, and just be aware of every possible fine print on documents before signing.

Gambling to win means not letting the house make the rules. The difference between luck and success lies in the amount of risk managed. Sometimes you could get lucky and at other times not, so risk analysis and management lie at the heart of any method that can be termed reliable.

Setbacks happen and this is a risk in trading, where there are casualties and losses.  Play at the stakes and risk levels you can afford, don’t lay down all your cards and have nothing left to pick up on. Make every effort to know the market. This will help a lot in determining how you could establish the ins and outs of the market you are in.

Every trader needs to know his territory,and those item markets he is interested in

Trading is a world of compound interest, challenges and opportunities. One can invest in buying and selling more items in a single item market, you can pick up when you fell there is a slack on one item or you can diversify into other types of items.

The nature of the market is purposeful chaos. This is so because the market is the aggregate actions of thousands of people, therefore it cannot be trusted. It will change on you at the flick of a finger, void plans, erase profits, render prior knowledge obsolete or even render you penniless if you don’t play your cards right.Patterns change, so don’t just rely on it totally. As what the previous point indicates, one day it could be favorable for you, but that can change the next day, even the next hour or so. So this is a basic introduction to a trading mindset and this can help you be on your way to more profitable gains and calculated risks.

GBPForex free GPB/USD forex signals for 22 January 2014

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Posted : January 22nd, 2014

BUY @ : 1.6530

TP 1 : 1.6550

TP 2 : 1.6560

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GBPForex free GPB/USD forex signals for 15 January 2014

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Posted : January 15th, 2014

GBPForex Free Signals for GBP-USD 15 January 2014

SELLL at : 1.6400

TP 1 : 1.6380

TP 2 : 1.6370

This is Free GBPForex Free signals. Use it at your own risk

GBPForex Free Signals for GBP-USD 07 January 2014

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Posted : January 7th, 2014

GBPForex Free Signals for GBP-USD 07 January 2014

SELLL at : 1.6400

TP 1 : 1.6380

TP 2 : 1.6370

This is Free GBPForex Free signals. Use it at your own risk

GBPForex Free Signals for GBP-USD 20 December 2013

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Posted : December 20th, 2013

GBPForex Free Signals for GBP-USD 20 December 2013

SELLL at : 1.6360

TP 1 : 1.6330

TP 2 : 1.6310

This is Free GBPForex Free signals. Use it at your own risk

GBPForex Free Signals for GBP-USD 19 November 2013

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Posted : November 19th, 2013

GBPForex Free Signals for GBP-USD 19 November 2013

SELLL at : 1.6105

TP 1 : 1.6070

TP 2 : 1.6050

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GBPForex Free Signals for GBP-USD 15 November 2013

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Posted : November 15th, 2013

GBPForex Free Signals for GBP-USD 15 November 2013

BUY at : 1.6115

TP 1 : 1.6150

TP 2 : 1.6160

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GBPForex Free Signals for GBP-USD 12 November 2013

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Posted : November 12th, 2013

GBPForex Free Signals for GBP-USD 12 November 2013

SELL : 1.5900

TP 1 : 1.5870

TP 2 : 1.5860

This is Free GBPForex Free signals. Use it at your own risk

Disclaimer
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