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- Too often, I hear from traders who insist they "specialize" in a market
- Although they may suffer a feeling of comfort and also mastery by trading exclusively in a single market, this sort of approach is really a serious mistake
- As day traders, we're interested in profitable markets
- But what defines a profitable market has nothing regarding the sort of flip it is; rather, it all depends on what it's trending
- Consequently, an excellent trader should commit him or herself to trading trending markets, whatever they are
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- Pivot points are most frequently used to determine support and resistance levels, which are the prices at which trends will have a tendency to reverse direction
- The support level indicates where the price may find "support" as it goes down and start to turn back up again
- The resistance level may be the opposite: the price in which a trend tends to stop rising and start dropping
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- But hear will be the catch, once you learn to trade the correct way, you don't need dozens of silly new trading devices
- Once you can effectively read charts and trade consistently for a profit, start a limited foray into trading that may lead you to your own trading business and an enjoyable lifestyle
Perhaps everyone is lured to futures trading as a result of potential rewards which it offers to give people who play their cards right. And playing YOUR cards right means having the right training, not just to be able to make sound financial decisions, but in addition practicing discipline, because, inevitably it, participating in stock trading uses a lot perseverance and patience.
To be a successful trader you MUST have a arrange available as a resilient automated program. I developed Forex Profit Monster in 2006 and also have been trading it on the live account since 2007. That's almost several years... although FPM doesn't win every month (no automated program does... if someone else efforts to inform you theirs are you going to would want to run another approach) they have kept my losses and drawdowns down and delivered comparatively steady profits over time. The month of September was no exception, which has a win well over a combine of,200 pips. This extraordinary month puts me in a replacement high for total pips won and additional importantly, at a replacement loaded with my account balance! It's conjointly almost doubled the pip total for your year... on the whole a fantastic month!