All successful traders have finely honed skills, superior information, and unique strategies for exploiting markets. Once you have all of these, then psychology enters the picture to provide consistency and resilience in the face of challenge. But what happens if you have a good mindset, but don’t hone your skills, obtain superior information, or cultivate unique strategies?
You’ll calmly and smilingly go up in flames!.
CLICK TO ENLARGE & READ AGAIN & AGAIN & AGAIN
Trading has to do a lot with yourself. Trading is not about the market.
You have to get your emotion and psychology right before you go to trade. Without the good emotion or feeling of the day, you will be most likely be losing during that day.
Do Not Trade, If …
– You cannot afford to lose the money. (Prepare to lose)
– You have a Bad day (quarrel with wife/child/boss).
– You are Sleepy
– You are Not comfortable in trading
– Technology failed You
Do not be afraid that you will lose the opportunity for the ride up or down. There are plenty of opportunity out there in the market everyday.
Remember: If you trade, you will lose money. If you don’t trade, at least you wont lose money.
The funny thing that i found out … People will lose money if they care about their money but people will make money if they don’t care about the money.
Get yourself right first and the money will come to you.
David Linton’s Cloud Charts provides a good introduction for new traders seeking to learn more about Ichimoku (or Cloud Charts).
It is divided into 3 sections with a total of 16 chapters.
The first section (comprising of 7 chapters) deals with general Technical Analysis
The second section (comprising of 5 chapters) introduces the reader to Ichimoku
The last section (comprising of 3 chapters) discuss more about Advanced Cloud Chart Techniques.
For the experienced traders, it is possible to skip the first 7 chapters and head straight to the second section where it introduces the Ichimoku indicators, the constructions of the chart and the various signals for trading.
In my opinion, the author (David Linton) is able to depicts pretty clearly on the construction of the charts; how various Ichimoku indicators are constructed and how it is represented on Ichimoku.
As a trader, there are times where we choose to neglect the construction of the indicators. On hindsight, I am glad that the chapters reinforce my understanding of the charts and its possible implications when I am looking for support/resistance and the possible change in trend.
One important aspect of Ichimoku charts is the use of colours to differentiate different ‘moving averages’ and the change in cloud direction (or kumo twist). The book did not fall short in this area with all the charts in colour. (more…)
