Ultimate Holy Grail

After many years and tens of thousands spent on trading FOREX, I have finally mastered and built what I can proudly call - the ultimate holy grail sytem! I will not go into detail the nuts and bolts of this system but the potential of how much this system can make is limitless.

No complex indicators, no news watching, no paid insider news. I can literally see the price move even before it happened at least a few hours ahead. The only drawdown is that it requires manual operation and filtering until I can develop an EA out of it.

Don't Chase The Market

I was once told by a very wise man: "Take your time picking a good trade. Don't trade for the sake of trading. The market can always wait. It won't run away."
I can't stress how true that is. Walk away when there are no good trade set ups. Or, you can trade with your gut instincts when the rules don't align and find yourself regretting afterwards. The reason we picked up trading in the first place is because of its flexibility. Not because we like being enslaved to the monitor sweating over trades that's not supposed to be entered. Sure, winning can be addicting when you don't even know the reason behind the the trades. But it can become a very bad habit. You long for the excitement of winning. You want to experience that moment when your trades hit TP. You slowly forget the purpose of trading and you start questioning why trading is so difficult. Trading becomes nothing but gambling for expensive thrills.

The game is simple- to stay in the game and win. Walking away when there are no good set ups is winning. Money not risked is winning. Learn to plan your trades and then trade the plan. Anything outside of the plan is purely emotional gambling. You win some, but you lose more.

10 Signs That You Are Not Confident With Your Entry

More often than not, you may find yourself in a situation where you don't know whether you should hold on to your trade(s) or close them. More particularly losing positions!

I always remind my young trader friends some of the important rules before entering a trade. One of them is to list down at least 5 solid technical reasons for entering a trade. If they are unable to come up with enough reasons based on technical analysis, the entry is void. You will be surprised when most of the time, traders enter their trades solely based on gut feel or emotion.

I will list here the top 10 signs (in my experience) that you are on the wrong side of the trade:

1. You have sleepless nights

2. You start reading forums to see if there are anyone else with the same trades as you do

3. You start checking on economic calendars to see if there are upcoming news that might save your losing trades

4. You can't seem to focus in doing other things. Or communicate with other people effectively

5. You start looking around for a "better" system or EA

6. You keep telling yourself that if you survived this ordeal, you will never repeat the same mistakes again

7. Thoughts of quitting trading comes across few times

8. You are wondering whether you should deposit more funds to allow more room for drawdown

9. You start looking aimlessly at the chart wondering whether you should hedge the losing positions but not sure how to get out of it afterwards

10. You start hoping and sometimes pray for miracles

I find myself having a rather nostalgic feeling writing these as each of them bring back bitter memories. The worst part is, these are trades that are potentially account killers. I would never want anyone to experience these as the continued stress will lead to decline in spiritual, mental and physical well being. However, the sad part of reality is that every serious trader must go through these in their trading career. When we make mistakes, learn from it and move on. Without first experiencing failure, one can never taste success. And one can only appreciate how sweet success is after tasting failure.