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You may be wondering how exactly they are able to do this. To be clear, this does not involve risking more than your trading plan calls for. Instead, you need to be aware of the bigger picture surrounding each trade setup. It just might be something you can stay with for quite some time and possibly add to if the market begins to move in your favor.
And as Jack Schwager reminds us, we need to stick with our winners in order to pay for our losers. Another similarity between spiders and Forex traders is the idea that these web-spinning spiders do not chase their food. Instead they spin a web and then wait patiently for an insect to land in it. As mentioned previously, this waiting could be days, weeks or even months.
But regardless of how long it takes, these spiders never chase their food around the forest floor. Because they know that if they choose a strategic location and build a quality web, an insect will eventually land on it. It has worked this way for thousands of years and continues to work today. As a Forex trader, your trading plan becomes your web.
There is never a need to chase a trade around the market just as the spider does not chase its dinner around the forest floor. Instead, you wait patiently for a favorable setup to fall perfectly into your plan. Only then do you consider putting capital at risk. If that trade setup does not materialize, you move on. If you are like most traders I have worked with over the years, that number is probably somewhere between 20 and 50 times a day.
That is a lot of wasted time and energy. If you are using a stop loss I hope this is the case , there is no need to check your charts more than a handful of times each day. Even if you trade the 4 hour charts, there are only six new periods in each session, and at least two of those periods take place while you are asleep.
This means that the most you should ever check your charts while trading the higher time frames is 4 times a day , maybe 5 or 6 if it is a day with a large amount of event risk. But even 6 times a day is a far cry from the 20 to 50 times a day that most Forex traders take a peek at their charts. Aside from wasting valuable time and energy, checking on your trades too often inadvertently allows emotions to creep in, also called emotional fatigue. This causes you to question a trade setup that might otherwise be valid as well as convince yourself that an unfavorable setup is indeed worth taking.
This emotional fatigue never bodes well for your trading, regardless of how you spin it pun intended. Going back to our comparison of traders and spiders, do these spiders that spin webs run around all day waiting for an insect to land on it? They know that if they are strategic in their approach, an opportunity will eventually come along.
So instead of expending their energy chasing, they wait patiently for the next favorable opportunity to come to them. Having the patience to wait for days or even a week for a favorable trade setup to come along is critical to your success as a Forex trader. All it takes is one or two profitable trades per month to make considerable gains as a trader. This is especially true if you develop your skills around pyramiding, a technique that can drastically improve your average R-multiple if performed correctly.
Persistence is the name of the game as a Forex trader. Many believe that the super successful traders have some special strategy or skill that allows them to do what they do. While traders such as Bill Lipschutz are certainly seasoned professionals in their industry that command respect, they only got to where they are because they never gave up.
Save my name, email, and website in this browser for the next time I comment. Very nice article Justin. This blog raises a question: After waiting for long suddenly when we find several trade set ups at the same time can we take them all? How many at the max do you advice? The last question depends on several factors. Is there any heavy-hitting news scheduled for one or more of the currencies in question?
Are any of those currency pairs correlated? If so, you may not want to take all of them. Thank you. I completely agree. Even Leonardo Fibonacci, the Italian who discovered the Fibonacci sequence, first observed the pattern in snail shells and flowering plants. The same can be said for the Elliott Wave Principle. Its pattern can be seen in shells, waves, even the universe itself.
I cannot tell you how much I needed this today. Coming off of a losing trade. I am now waiting for my next trade set up while trying to learn as much from my mistakes as possible. Are there any books that you recommend I read?
Or any other materials that can help me? I assume from this point it is practice that I mostly need but I am not a seasoned trader so I know there is much to learn. Insects have six legs, three body segments and real or rudimentary wings. Spiders have eight legs, two body segments and no wings. This is Forex not biology class. Justin, this analogy hits home. On several occasions I have placed pending orders and terminated them prematurely.
Gladly though, I have learnt not to chase a trade, thanks to some whips of punishment incurred on my account before. Patience does pay, but being patient can be difficult. I am a newbie and this is a tone of advise on trading and its psychology summed up in a beautiful phenomenal way, thank you, be blessed and safe trading!
I love this analogy. Thanks Justin, this was any eye opener. However, he uses the same email address for all his products. According to Alex, Forex Spider Bot is the most demanded and awaited for expert advisor. He says that this Forex robot was built with a stable and reliable algorithm which waves a profit net like a spider.
He also states that this automated system is so easy to get started with. Customers only need to set it up in 5 minutes so they can start making money immediately. Forex Spider Bot is also designed with the user in mind. However, Alex did not clarify what they meant by saying that this robot had a 3-term algorithm technology.
On top of that, they never elaborated what they meant by saying that Forex Spider Bot has a feature called easy hedging control. Get this: You can now make a steady profit margins thanks to a new innovative way of investing in crypto. YieldNodes is the answer you need to start making a decent profit with cryptocurrency investment whether you are a beginner or professional in the crypto space.
A multi-tiered node rental program is what Yield nodes is bringing to the table. Master-noding is the avant-garde of generating high ROI thanks to the ingenious of Stefan Hoermann and his team. With master-noding, you invest and let the platform do the rest for you. What is master-noding? Yieldnodes operates these crypto master-nodes and optimizes complex strategies to ensure members earn a profit.
Yield Nodes will prioritize your security by providing accurate investment options. Members get protection from external losses or unforeseen changes in market conditions. This is not in any way a get rich quick scheme ; once you deposit funds; you have to wait for the yields to mature. Yieldnodes is providing a proven, innovative, and secure way of making high returns on your investment with crypto master-noding.
With a minimum contract duration of six months, it gives users a chance to fully experience master-noding. If you are still wondering whether this is a safe option, you can cancel the contract at any given time.
For those who want to join and upgrade their investment strategy, Yield Nodes is the solution. Monitoring and self-correction are a hallmark of this trading system. This is according to the developer who seems to be very comfortable making one claim after the other without being bothered to prove their statements. Yes, we mean that each time you open this website, you will always get an alert message telling you how time is limited, and that the offer will expire a few hours from then.
You can prove it yourself by visiting the site now and later on to see if the offer is still on. In our opinion, the Forex Spider Bot is the cheapest expert advisor that we have ever reviewed in this blog. Do you find it ridiculous that a robot that costs almost nothing can change your life?
If the author really means that they dedicated their time and effort into creating a revolutionary trading system, do you believe that they could sell it that cheap or worse still, give it out for free? We do have major issues with the way Tanuka is presenting trading results. It won 25 out of 26 trades. But we know that such a high win rate is not possible to achieve on a consistent basis. On the same screenshot, Alex alleged that Forex Spider Bot opened 22 trades and won 21 of them.
This would have been impressive only if those results were verified and valid. But you see, the problem with Tanuka is that he is just showing us screenshots of supposed trading performance. There is no real verifiable trading performance results to prove that what Tanuka is portraying in these screenshots is the absolute truth.
But as you can see, data that was collected over a period of 24 hours is a very small sample of information to deal with. This period of trading fell between April 27th to May 28th This sounds quite impressive. Unfortunately, it is not how we verify trading performance of robots in Legitimate trading systems are being tested for months and even years while documenting every single trade activity that was placed in the Forex market.
These vendors never rely on screenshots to communicate their messages since screenshots are prone to cheating and manipulation.
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Spin Your Own Web Another similarity between spiders and Forex traders is the idea that these web-spinning spiders do not chase their food. Forex Spider. Entrepreneur. TAKING NO RISK IS THE BIGGEST RISK ◾ FOREX TRADER & EDUCATOR ◾ STATISTICS GRADUATE ◾ TECH INVESTOR. Share ideas, debate tactics, and swap war stories with forex traders from around the world.