Part I. A Bit More About Personality
Commander in Pips: I’ve thought a bit and decided to offer you a small chapter, dedicated to personality of traders. First, it will be a little faster chapter that will let you relax a bit, second – it will let you look at yourself from another point of view. We will discuss some features of traders of different kinds, so that will help you probably understand what type is close personally to you.Pipruit: I think this might be exciting, since I like this kind of psychology lessons.
There is no need to talk about people who are absolutely different not only in terms of personality but also in terms of national culture and history, mentality but also education and other things. So we should not feel any surprise that there are so many views on markets also. Some of us prefer fast, often but small profit, while others prefer to even lose a bit while they will take multiple attempts to catch the trend, but then they will be with a solid trend that allows them to get much profit.
Our differences also can be seen when applying the same trading systems. There are not so many well-known trading systems and most traders use one or another with some adjustments and/or combination with another, or even without any adjustments. Still, although they apply the same approach – the results always are different. This comes from our personality. This is a driving force of our world, otherwise how boring the life could be. But here I want to tell you that personality is important for another reason.
The point is that if you will force your personality into a way of trading that is unnatural to you, that is absolutely mismatched to your personality – you will come to frustration, and your trading will be burden instead of a journey.
Pipruit: I see, and how can I understand what type of trader I am?
Commander in Pips: I offer to you some specific types of trading styles. Depending on different circumstances that we meet in our life – you will be able to figure out some common issues that take place in your life also. In other cases specific signs of your character will help you to make choice.
Still, initially I would like to remind some foundational term – time. As your first step you should deal with that important substance. Depending on your conclusion, later choices you will easily make.
Pipruit: And what do you mean by “time”?
As we already said – learning never ends. It means that despite how experienced a trader you are – there is always something that you can study. It is difficult to reach consecutive progress in trading without study on a constant basis. You can take some pauses in study – that’s Ok, but can’t let yourself “just trade” and think that you know enough. Sooner or later the market will force you to back to study, since the market is driven by the wisest traders and they are studying all the time. With their influence the market shifts every time, and becomes more and more cunning. If you will not understand what is going on – say goodbye to your money.
So, what am I speaking about? You have to estimate how much time you can dedicate to trading – to read and study, trade, analyze charts, news, work on your trading system, and analyze performance – be with the market. For some there is no problem to dedicate full-time to trading. With “full-time” I understand absence of any other job. Still most people have a job, study in college or school and other daily occupations so they can't spend 8-10 hour days with the market eye-to-eye. Reasonable understanding of this issue will let you to appoint realistic targets – that’s all. Not all traders have to be scalpers or short-term traders and if you are not the trader of such a kind, some think that you can’t be a trader at all – absolutely wrong. Even if you trade during a small part of the day and apply long-term trading you can be a trader. Just apply your trading plan and the routine according with your personal issues, as we’ve discussed in previous chapter.
Pipruit: Probably you’re right. Currently I can’t be a full-time trader – I’m studying in college and have a part-time job.
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Table of Contents
- Introduction
- FOREX - What is it ?
- Why FOREX?
- The structure of the FOREX market
- Trading sessions
- Where does the money come from in FOREX?
- Different types of market analysis
- Chart types
- Support and Resistance
-
Candlesticks – what are they?
- Part I. Candlesticks – what are they?
- Part II. How to interpret different candlesticks?
- Part III. Simple but fundamental and important patterns
- Part IV. Single Candlestick Patterns
- Part V. Double Deuce – dual candlestick patterns
- Part VI. Triple candlestick patterns
- Part VII - Summary: Japanese Candlesticks and Patterns Sheet
-
Mysterious Fibonacci
- Part I. Mysterious Fibonacci
- Part II. Fibonacci Retracement
- Part III. Advanced talks on Fibonacci Retracement
- Part IV. Sometimes Mr. Fibonacci could fail...really
- Part V. Combination of Fibonacci levels with other lines
- Part VI. Combination of Fibonacci levels with candle patterns
- Part VII. Fibonacci Extensions
- Part VIII. Advanced view on Fibonacci Extensions
- Part IX. Using Fibonacci for placing orders
- Part X. Fibonacci Summary
-
Introduction to Moving Averages
- Part I. Introduction to Moving Averages
- Part II. Simple Moving Average
- Part III. Exponential Moving Average
- Part IV. Which one is better – EMA or SMA?
- Part V. Using Moving Averages. Displaced MA
- Part VI. Trading moving averages crossover
- Part VII. Dynamic support and resistance
- Part VIII. Summary of Moving Averages
-
Bollinger Bands
- Part I. Bollinger Bands
- Part II. Moving Average Convergence Divergence - MACD
- Part III. Parabolic SAR - Stop And Reversal
- Part IV. Stochastic
- Part V. Relative Strength Index
- Part VI. Detrended Oscillator and Momentum Indicator
- Part VII. Average Directional Move Index – ADX
- Part VIII. Indicators: Tightening All Together
- Leading and Lagging Indicators
- Basic chart patterns
- Pivot points – description and calculation
- Elliot Wave Theory
- Intro to Harmonic Patterns
- Divergence Intro
- Harmonic Approach to Recognizing a Trend Day
- Intro to Breakouts and Fakeouts
- Again about Fundamental Analysis
- Cross Pair – What the Beast is That?
- Multiple Time Frame Intro
- Market Sentiment and COT report
- Dealing with the News
- Let's Start with Carry
- Let’s Meet with Dollar Index
- Intermarket Analysis - Commodities
- Trading Plan Framework – Common Thoughts
- A Bit More About Personality
- Mechanical Trading System Intro
- Tracking Your Performance
- Risk Management Framework
- A Bit More About Leverage
- Why Do We Need Stop-Loss Orders?
- Scaling of Position
- Intramarket Correlations
- Some Talk About Brokers
- Forex Scam - Money Managers
- Graduation!