This is about looking at candles or price and the mind noticing that price is going in a particular direction. So a trader comes to think naturally that ‘it’s going south’ or ‘it’s going north’. Taking a position on this sort of observation often turns out to be wrong. All that matters is where the visible trend is going. Why? Because price may move south in a trend heading north. The bias created by observationRead More
On several occasions I’ve referred to ‘expectation‘ as against ‘prediction‘. I can expect a delivery of a package at my home this morning (for example) but that does not mean I know it is going to arrive for certain ‘this morning’ or that I predict that it will. ‘Expectation’ means a reasoned position/opinion based in information I might have or inferences I may make based on a range of things. How is expectation important inRead More
Many new traders are brainwashed by various experts out there into believing that there are certain rules in trading. For example some say, “Never margin to more than 10% of your account size.” Others go, “Ignore the RSI totally.” Traders can sometimes become confused about what they refer to as ‘rules’. Rules may be self imposed boundaries as part of a personal strategy or method. However, some traders take these to mean that their rulesRead More
It’s often thrown around that ‘The trend is your friend’. I had heard or read these words several times in the last three years. I understood the words and the idea behind it. It is not a difficult thing to understand that the prices of instruments in markets move in trends. This is easy to see by watching a moving average (MA) or exponential moving average (EMA). But it is easy to spot a trendRead More
Lots of new traders are looking for a magic solution to make money. They come into trading as a sort of flirtation – to see ‘if it works for them’. It doesn’t. There are no hard statistics on this but Charlie Burton estimates that about 80% of people who begin trading a live account will leave within 6 months. That’s about our estimate as well. There is no single method or trick to making moneyRead More
Well, well… what’s this all about now. I’m afraid you’ll have to read on. And if your dog needs a bath (and I don’t know if you who reads this has a dog and I couldn’t care less), then go bathe the dog! If you have time, look below at results of a true change in performance following a change of strategy. Some time ago Newtrader.club said to all new traders that change takesRead More
What if there was a way to take money out of the markets (legally of course) without having to figure anything?! That must be the ‘Holy Grail’, some will say! And others will say IMPOSSIBLE!! And if you found the Impossible, would you share it? I don’t think so. Newtrader is investigating just such a Holy Grail. Yes – this is Mission Impossible! It starts with the chart below (which you click on to seeRead More
There is no excerpt because this is a protected post.
Many new traders are unaware that they actually need nerves of steel. Some will argue that ‘nerves’ are not part of the equation – if one is truly in the so-called fearless state. But hang on – on the way to achieving that state, there will be ‘nerves’. It’s no good expert traders telling new traders to lose their nerves. After a new trader gets his nerves of steel, then he actually realises there isRead More
These interviews may seem meaningless to new traders but in reality they’re worth millions! See also: Who the devil is Dan Zanger and why should anybody care?