Define What Type of Trader Are you?

Transcription

1 Define What Type of Tade Ae you? Boke Nightmae srs Tend Ride By Vladimi Ribakov Ceato of Pips Caie 20 of June

2 Disclaime and Risk Wanings Tading any financial maket involves isk. The content of this e-book, its vaious associated websites (paticulaly and and all elated coespondence ae neithe a solicitation no an offe to puchase o sell any financial instument. Although evey attempt has been made to assue accuacy, we do not give any expess o implied waanty as to its accuacy. We do not accept any liability fo eo o omission. Examples ae povided fo illustative and educational puposes only and should not be constued as investment advice o stategy. No epesentation is being made that any account o tade will o is likely to achieve pofits o losses simila to those discussed in this e- book. Past pefomance is not indicative of futue esults. By puchasing the softwae, subscibing to ou mailing list o using the website you will be deemed to have accepted these tems in full. The publishes, thei epesentatives and associates do not and cannot give investment advice. We endeavo to insue that elated websites ae available 24 hous pe day but we cannot be held liable if, fo any eason, a site is unavailable. The infomation povided in this e-book is not intended fo distibution to, o fo use by, any peson o entity in any juisdiction o county whee such distibution o use would be contay to law o egulation o which would subject us to any egistation equiement within such juisdiction o county. Hypothetical pefomance esults have many inheent limitations, some of which ae mentioned below. No epesentation is being made that any account will o is likely to achieve pofits o losses simila to those shown. In fact, thee ae fequently shap diffeences between hypothetical pefomance esults and actual esults subsequently achieved by any paticula tading pogam. One of the limitations of hypothetical pefomance esults is that they ae geneally pepaed with the benefit of hindsight. In addition, hypothetical tading does not involve financial isk and no hypothetical 2

3 tading ecod can completely account fo the impact of financial isk in actual tading. Fo example: the ability to withstand losses o to adhee to a paticula tading pogam in spite of tading losses ae mateial points which can also advesely affect tading esults. Thee ae numeous othe factos elated to the maket in geneal and to the implementation of any specific tading pogam, which cannot be fully accounted fo in the pepaation of hypothetical pefomance esults, all of which can advesely affect actual tading esults. We eseve the ight to change these tems and conditions without notice. You can check fo updates to this disclaime at any time without notification. The content of this e-book and all elated websites and coespondence ae copyight and may not be copied o epoduced. U.S. Govenment Requied Disclaime Commodity Futues Tading Commission Futues and Options tading have lage potential ewads, but also lage potential isk. You must be awae of the isks and be willing to accept them in ode to invest in the FOREX, futues and options makets. The past pefomance of any tading system o methodology is not necessaily indicative of futue esults. 3

4 Dea Tade, A few weeks ago, my wife Maina and I had a quiet dinne togethe and we discussed, as usual, Foex elated issues. We both bought the subject egading the low-quality content that many online maketes ae sending to thei subscibes petending to undestand the Foex maket. You see, just like youself, I'm also following pobably the same newslettes you subscibe with and like you, I get the same old amateuish stuff all the time. Like you, when I get an offe to lean o ty a new poduct, I'm intigued by the offe. Although I have been tading the Foex maket fo yeas, I believe tading education is an ongoing thing and I'm always excited to lean new tading stategies. Unfotunately, again and again I get disappointed by the poo content that I eceive to my inbox almost evey day, and often seveal times a day. So, on a toast of wine, my wife and I have decided to teat ou subscibes diffeently and to eally show ou diffeence fom the est of the cowd. Fo seveal weeks now, I've been woking on a plan to delive to you as much as my accumulated knowledge and expeience as I can. I'll ty to do it in a chonological and inteesting way, since I can't eally tell what each and evey subscibe expeienced o leaned peviously. So, I have to stat fom the beginning... "Befoe you begin tading, you have to define what type of tade you want to be?" The idea behind this question is to help you undestand and detemine in advance, what type of tade you ae, o what type of tade would you like to become. So, let's talk about what types of tades can be found? 4

5 The "Day Tades" Those tades pefom seveal tades thoughout a tading day. They usually ty to locate oppotunities duing the one day peiod. It could be anything between 1-10 oppotunities pe day (of couse evey tades with his o he own tading style). A typical day tade invests 3-4 hous a day in tading. They usually like to examine chats of 15 minute to 1 hou time fames. This is a job like any othe, pefomed by people who ae doing it fo a living. This type of tading equies self discipline, patience, and the ability to cope with a loss. A loss is pat of any tade's life. The "Scalpes": Those ae tades who ty to captue seveal pips hee and thee, on evey tade they ente. This type of tade looks fo tades in the moe elaxed hous of the day, when a tading ange develops (although thee ae some who look fo stong movements instead). Scalpes usually go fo the highest possible success ate, as close as possible to 100%. That enables them to isk moe than the potential gain, and still come out highly pofitable. A typical scalpe might wok aound 3 hous a day. Scalpes usually like to examine chats of 1 minute to 15 minutes time fames. Tade sizes ae usually lage because the small pip count of the gains (say 5 pips) need to be eflected in high $$ amounts in the account. The "Swing Tades": The majoity of tades belong to this goup. Swing tades typically hold a tade fom seveal hous to seveal days. They look at chats of 1 hou to 4 hous typically. Many of these tades ae not pofessionals who make a living out of tading, but athe view it as an altenative o supplemental income souce, o a second job alongside thei day job. Many utilize technical analysis but stay tuned to the fundamental (economic) side of tading. 5

6 The "Investos": These ae quite a ae beed in the wold of Foex, as they'e mostly into stocks. Long tem investos locate tades on highe time fames such as a daily o weekly chat. Thei goal is to locate a lage tend and join it. This type of tades can hold a tade fo seveal months, until it eaches thei long-tem pice taget. The "Automated Robots Uses": These Foex tades eithe puchase eady-made obots to tade fo them, o develop thei own obots. Because the obot is doing all the wok automatically, this type of tade enjoys much moe feedom and some devote thei fee time to look fo moe tading stategies that will incease gains. Now that you undestand the vaious types of tades that can be found in the wold of Foex tading, it's time to find out to which goup you belong. To which goup of tades you belong? To answe this question, you need to ask youself the following questions: 1. How much time ae you pepaed to invest in Foex tading? 2. What pecentage of gain do you expect to have in a month? Just do me a favo and be ealistic! Eaning 100% etun evey month is not ealistic. This tuns tading into wild gambling. Fo me, 10%-20% pe month is geat. So, be honest about this. 3. If you've aleady been tading fo a while: what type of stategy you found most successful fo you - Scalping? Swing tading? What woks best fo you is you pathway to success. Don't ty to find something else o foce youself to use a diffeent tading style. Cling on to the method that attacts you the most and has 6

7 poven to wok fo you. Don't foget that with the same tading style, some tades will win and othes will lose. It's all in the head. If you don't know any good tading systems don't woy, I'll show you geat systems in futue s. 4. How much funds ae you willing to lose without the loss affecting you in any way? Neve, eve, eve play with money you can't affod to lose! When you play with money you need fo othe puposes, you will lose it because you will tade diffeently. Believe me, I've been thee. 5. Do you have the equied tading envionment? A tade needs a quiet suounding with no outside intefeences. Do not consult with anyone. Thee will always be someone thee to suppot o ague with you opinion, but that doesn't mean they'e ight and you'e wong. You own decision is always the best one. Afte you answeed these questions, you'll pobably ealize what type of tading woks best fo you. I'm pesonally a day tade, and have an additional account fo swing tading activities. Thoughout my tading caee I've tied numeous tading systems with evey possible time fame. It took me time to daw conclusions, and now I know what woks best fo me. Now it's you tun to know what woks best fo you. That's it fo now. In the next few days, as pomised, you'll eceive ou new indicato that we ae now testing. To you success, Vladimi Ribakov 7