Forex patterns and probabilities review of related
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FXUNITED FOREX MALAYSIA 2022
A losing trade that was executed according to plan is better than a winning one that was executed without any plan. Round numbers form nice areas of support and resistance in Forex. A simple strategy can be profitable. It is better to trade rarely but for bigger numbers of pips than to trade frequently but for smaller numbers.
Despite the fact that this book is kind of useless for an experienced trade, it is definitely possible to highlight some advantages of Ed Ponsi's work: The book is very simple. If you have no problem reading newspapers, this book won't be a problem for you too. Some Forex trading strategies are offered. Newbie traders pay hundreds of dollars for similar strategies online. Maybe I will learn to appreciate them one day, but for now, I ignore them. There are also a couple of short-term trading strategies that I skipped over because they don't fit my personality.
But other than that, I actually read through many sections several times and took notes in Evernote. That was one of my favorite trading lessons in the psychology section of this book. He tells a story of two coworkers that were rooting against him after a winning streak. They were really happy when the hot streak came to an end and Ed started losing.
When it was all said and done however, the joke was on them. They ended up working in a restaurant and teaching high school, while Ed is still trading. So while there might not actually be such a thing as karma, having negative thoughts about others ultimately contaminates your own psychology and leads you to make major mistakes.
But if you are trading full-time and you really do want to teach high school, then this is something you should try. I know that I'm a much better swing trader than a day trader. So I only concentrated on the swing strategies in this book. Luckily, they are a few to choose from. About Ed's Trading Methods Now we come to the big question…are his trading strategies any good?
Remember that a trading system alone does not make a good trader. Ed emphasizes this in the book. You could have the best trading system in the world and still lose money. Also avoid the Trading Silodrome and don't jump to a new trading system just because you want to try something different.
With that PSA out of the way, if you do have room in your trading quiver for a new strategy, then there are two reasons why you should read this book and start testing his strategies. First, the systems that he gives you in this book are complete systems. He doesn't hold anything back. Some books are simply lead generators to upsell a more expensive course. That is not the case with this book, you get the complete systems.
Second, the methods are simple and explained very clearly. This may seem like it is easy to do, but you will be surprised how much some authors can complicate even the simplest trading system. The method that appealed to me the most was the Fx-Ed Trend Technique and that is what I'm currently testing. Before I move on to another system in this book, I'm going to get comfortable with this method first though.
So to come back to the question at the beginning of this section, these methods are only going to be as good as you make them. Ed lays out everything you need to get started. He uses standard indicators and measuring tools.