Technical Analysis tools are “useless", unless You are using them right!
http://www.HawkeyeTraders.com New traders suffer the frustrating experience of having a positive trade that immediately reverses to a negative position, causing him to panic resulting in closing his positions – only to watch his trade revert back to the trend and go up even higher. This often occurs because the new trader does not understand price action and the importance of using dynamic stops that move with the price, while allowing enough room for the price to have small retracements. Instead of looking at their timeframes, or their emotional state of mind, they blame the indicators. As Nigel (Founder of Hawkeye Traders) often states, “Trading success is 10% indicators, and 90% trader.” Also, remember, each moment in the market is unique and the markets do not move exactly the same every day. Learn to move with the markets, instead of fighting for the market to move within your specified timeframe. Expand your definition of scalping by using different timeframes depending on how the market was moving and how much time you wanted to sit in front of the screen. And, if you are new to trading, be smart. Design your business plan for long-term trading first. DO NOT START OUT AS A SCALPER. Scalping is the hardest method of trading that you can attempt and equates to the equivalent of trying to be a surgeon but bypassing the training required to become a surgeon. Instead, design a plan that uses the Hawkeye “Roadkill methodology”, which is simply a reversion back to the dominant trend of the slow chart and is one of the easiest methods to learn for trading. You use two timeframes, a slow and fast. When the slow timeframe has an established trend (Hawkeye Trend dot is either green or red), then wait for the fast timeframe to return to the Hawkeye Trend dot color on the slow chart. For example, the long term Hawkeye Trend dot is green. We look at the fast chart and the Hawkeye Trend dot is white, maybe even red. We wait for the fast chart Hawkeye Trend dot to go back to green and we have “Roadkill”. Enter on the first or second Roadkill and your probabilities of having a great trade are increased. So, if you find yourself still looking for the Holy Grail, instead take an in-depth look at yourself. Are you exiting before your technical analysis indicates that you should? Are you constantly changing your technical analysis because they don’t work? Are you married to your timeframe? If you answered yes to any of these questions, join our weekly Live market trading sessions to learn how to expand your knowledge and skills. Visit http://www.HawkeyeTraders.com --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "forex trading" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/forex-trading -~----------~----~----~----~------~----~------~--~---
