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Jumat, 28 Februari 2014

Boris's Weekly Email - Trade Like an Olympic Champion

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Blood, Sweat & Pips
- Here are our thoughts on Trading 



   
See how we LIVE TRADE the NFPs on 12.6.13
Thoughts on Trading 
Trade Like an Olympic Champion

 

Last week New York Times ran an interesting article on Olympic athletes. It turns out that in a business where one second can mean the difference between first place and 100th, mental preparedness is as critical as physical ability.

 

  

 

 

 

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The Times wrote,

"Visualization has long been a part of elite sports. Al Oerter, a four-time Olympic discus champion, and the tennis star Billie Jean King were among those using it in the 1960s.

But the practice of mentally simulating competition has become increasingly sophisticated, essential and elaborate, spilling over into realms like imagining the content of news conferences or the view from the bus window on the way to the downhill.
"The more an athlete can image the entire package, the better it's going to be," said Nicole Detling, a sports psychologist with the United States Olympic team.
Imagery has seldom been more in evidence than in Sochi, where the starting areas have been full of Olympians going through the motions, figuratively or literally.

 

 

 

 

While none of us poor slobs will ever come close to Olympic glory, as retail traders we can still learn a lot from these champion athletes.

 

 

 

 My greatest weakness -- and I am sure it is yours also -- is impatience. Once I am in a trade I expect it to move right away and more importantly to start hitting my profit target within an hour or two at most. Many a time I have bailed out of a trade in frustration at a scratch only to see it take off and move well past my initial profit targets.

 

 

Ever have that happen to you? That's because most of us only have one "trade movie" that we play in our minds and that movie is composed of a perfect entry and an immediate payoff to our speculation. You would think that after thousands of trades we would know better. But hope springs eternal and we always visualize a fantasy that almost never matches reality.  

 

 

In contrast to champion athletes who visualize a perfect run with flawless execution, we as retail traders actually have to learn how to visualize reality.


Next time you consider putting on a trade, imagine that your entry is poor. That the market quickly slips against you and then remains moribund for hours as the trade simply sits there floating a loss. Imagine also holding that position, through the boredom, the frustration and seesaw action of the market until either the stop or the target are hit. 

 

It is amazing how helpful this could be. Instead living through these emotions in real time, you will experience them virtually and that surprisingly enough will help you to be calm and professional during the actual trade. No more furious temper tantrums. No more impulsive "adjustments" taken in the heat of the moment. No more "thrill of victory" and "agony of defeat" moments.

 

 

To be a better trader visualize your trades as they occur in reality and just like the great Olympians you will be better prepared for your task.

 

The video of the webinar with Superstar Hedge Fund Trader Turney Duff can be found here 

 

 

 


 

  

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Forex Weekly Technicals Data Dump on Market  03.3-7.14
Forex Weekly Technicals Data Dump on Market 03.3-7.14
Weekly Technicals




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Sincerely,
 

BSignature

Boris Schlossberg and Kathy Lien
BKForex.com

Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.

 

This email was sent to forexhudi.euro@blogger.com by contact@bkforex.com |  
BKForex Advisor | The Desks of Boris Schlossberg and Kathy Lien | NY | NY | 10280

Jumat, 21 Februari 2014

Boris's Weekly Email - Doubling Your Money is Easy

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BK Forex Trading Signals
BK Club Forex Trading Education
Boris' Weekly Trading Newsletter
Bheadhot
Traders First and Analysts Second

Blood, Sweat & Pips
- Here are our thoughts on Trading 



   
See how we LIVE TRADE the NFPs on 12.6.13
Solamente En Espanol
My friend David Aranzabal will be in Miami on March 3, 2013.
THE SESSION WILL BE IN SPANISH ONLY.

Live trading in Miami the American session with David Aranzabal!!!

MIAMI
3 of March, 2014

For the first time in America David Aranzabal will be holding a Forex 1to4 trading session.
With more than 100 sessions of live trading  it's actually the oldest forex program in spanish available.

Live trading American Session + 1 education session day + 1 year online Platinum course + 1 year mentoring program.


Only 4 places available!!!



 

Thoughts on Trading 
Doubling Your Money is Easy ....

 

 Behavioral economists love to pose the following problem.
Please choose from the following selections:
Decision I
Choose between:
A. a sure gain of $240
B. 25% chance to gain $1,000 and 75% chance to gain nothing  

 

 

  

 

 

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Decision II
Choose between:
C. a sure loss of $760
D. 75% chance to lose $1,000 and 25% chance to lose nothing.

 

 

Given those choices the majority of people inevitably prefer choice A and choice D and economists inform us with supercilious delight at the stupidity of our selection and further pontificate that human beings are more risk averse than profit seeking. All of those conclusions are of course true, but they also miss the point.

 

 

 

 The experiment, as set up, is almost certain to elicit the wrong answers. Why? Because of context. Very few people when given those choices think in terms of multiple samples. In decision one for example most people imagine a one time choice to either collect $240 or gamble on the prospect of making $250. Given those constraints of course you would choose A.  

 

 

 Indeed even the great Warren Buffett once remarked that,"I'd rather be certain of a good return than hopeful of a great one." Most of us just don't view life as multiple series of attempts. We believe (whether true or not) that we only have a couple shots to get things right and under those conditions the idiots are not us, but the pointy headed academics who have no idea how real people think.  

 

 

But don't pat yourself on the back just yet. When it comes to statistics we regular folk, are just as prone to making dumb decisions due to context.

 

The most common question I get from retail traders is -- how can I double my speculative capital? Imagine you are typical retail trader and you have $10,000 of risk money that you would like to put to work in the market. You can afford to lose it, but of course what would really like to do is to double it in one years time.

 

Now in a world where a great trading return is 20% per annum you are not not going to get rich quick by playing it safe. Instead you use leverage (let's assume 10X -- a woefully conservative factor for most retail FX traders but I will give you the benefit of doubt). At 10X lever factor a -5% drawdown will cut your account by -50% and a -5% drawdown is almost assured over the course of the year. In fact at 10X lever factor your chances of getting fully wiped out are probably close to 90%.

 

But hey that's ok. That was your risk capital. You come back next year and try to do the same thing. Let's suppose that you do this for a decade and perhaps if you are super lucky two out of ten year you actually manage to double your money. At the end of the decade your "investment" of $100,000 would be worth only $60,000.   

 

But what if you traded unlevered and added $10,000 each year and only managed to eke out a measly 5% annual return? Guess what. That $100,000 investment would be worth more than $130,000 and you would have tripled the initial $10,000 stake.   

 

It's all about how you perceive the problem. Doubling $10,000 is easy, if you have 10 years to do it :).  

 

The video of the webinar with Superstar Hedge Fund Trader Turney Duff can be found here 

 

 

 


 

  

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Weekly Technicals



Forex Weekly Technicals Yearly Highs?  02.23-28.14
Forex Weekly Technicals Yearly Highs? 02.23-28.14

Become a Member of BKForex.com
BKTMedia
2-5 BK Trades Per Week
Each With a Game Plan and
Specific Stop and Exit Directions

Try BKForex.com now for only $59

Sincerely,
 

BSignature

Boris Schlossberg and Kathy Lien
BKForex.com

Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.

 

This email was sent to forexhudi.euro@blogger.com by contact@bkforex.com |  
BKForex Advisor | The Desks of Boris Schlossberg and Kathy Lien | NY | NY | 10280

Sabtu, 15 Februari 2014

Free Webinar this Monday on Day Trading the Forex Market

Claim Your FREE VIP Pass to the eTradingExpo
LIVE from The Traders Expo New York * 
February 17 - 18, 2014
Featuring Webcasts with Experts, Interactive Exhibits, Great Prizes, & Much More!
BKForex invites you to The eTradingExpo, a free, online event featuring LIVE presentations from dozens of world-class trading experts February 17 - 18.
Register NOW for the eTradingExpo →
Tune in for real-time market analysis and instruction from many of today's finest traders, who will assess every corner of the markets, reveal timely trade ideas, and teach proven strategies for spotting set-ups, managing risk, and improving consistency and bottom-line results.
Tune In to This LIVE Presentation from BKForex:
Kathy Lien
Kathy Lien

Boris Schlossberg
Boris Schlossberg
Daytrading the Forex Market with High Probability Set-ups
Monday, February 17, 2014 | 4:15 pm - 4:45 pm EST
Daytrading the forex market can be very exciting, but also treacherous for the retail trader. Learn how individual traders can avoid the common pitfalls of this strategy and select the most promising opportunities by using proper fundamental, technical, and money management analysis. Boris Schlossberg and Kathy Lien will provide a step-by-step walk through some of their most popular daytrading set-ups and show how they integrate market information into actionable trade ideas.
Click Here to Claim Your FREE VIP Access Pass for the eTradingExpo!
Plus, visit the virtual Resource Center for valuable offers including research, reports, newsletters, product trials, and videos from industry-leading product and service providers.
Attend for Your Chance to Win Great Prizes Including $500 Cash, a Kindle HD Fire Tablet, Gift Cards for Top Retailers, and More!
 
This email was sent to forexhudi.euro@blogger.com by contact@bkforex.com |  
BKForex Advisor | The Desks of Boris Schlossberg and Kathy Lien | NY | NY | 10280

Boris's Weekly Email - Oh That Trading Feeling

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Traders First and Analysts Second

Blood, Sweat & Pips
- Here are our thoughts on Trading 



   
See how we LIVE TRADE the NFPs on 12.6.13
Thoughts on Trading 
Oh That Trading Feeling

 

One of the greatest mistakes most novice traders make is the they assume that speculation in financial markets is all about numbers. It is very tempting to reduce trading to a precise algorithm that can compute its way to profit. But unless you are running a high frequency operation that can front run everyone else in the market your chance of success is basically zero. 

 

 

  

 

 

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On the surface trading appears to be all about numbers as we sift through reams of G-10 economic data every day but in reality trading is all about feeling. To succeed in trading you need to understand market sentiment, because only feeling translates into action which in turn translates into price movement which in turn becomes profit. That is why the greatest traders in the world such as George Soros or Paul Tudor Jones are far more adept at understanding market sentiment than global economic policy. Just read their macro projections and then look at the money they made. If they bet their policy recommendations they would never be hedge fund titans.

 

 

A very quick example from this week's price action illustrates what it means to really succeed as a trader. On Wednesday, the Aussie employment came out and the numbers were horrid. Australia lost jobs for the third month in a row. The knee jerk reaction was to sell Aussie blind and the pair dropped by a penny within 20 minutes of the release. But the numbers really weren't important. The key question was whether the data was so bad that it would force the RBA to turn accomodative once again. To that the answer was no, and as traders realized that despite the bad numbers RBA was going to stick to its guns, they reversed positions and the pair much to the consternation of shorts climbed all the way back to pre-news levels within a day.

 

 

 

Trading the Aussie successfully required you imagine several things. 1. What would the RBA do? 2. How would the market react once it realized that fact? 3. How would the shorts act once they saw they were wrong? All of these questions are designed to analyze sentiment and all of them demonstrate quite clearly the old adage that trading is not logical -- its psychological. 

 

 

Next week Kathy and I will be at the New Traders Expo Monday and Tuesday and we will be making several presentations that drive this point home as we demonstrate the BK Way of Trading that incorporates Fundamentals, Techicals and Sentiment into every trade we make. Hope to see you there. 

 

 

The video of the webinar with Superstar Hedge Fund Trader Turney Duff can be found here

 

 

 


 

  

clubsignup  

  

Weekly Technicals

Forex Weekly Technicals No Love for the Dollar  02.17-22.14
Forex Weekly Technicals No Love for the Dollar 02.17-22.14



Become a Member of BKForex.com
BKTMedia
2-5 BK Trades Per Week
Each With a Game Plan and
Specific Stop and Exit Directions

Try BKForex.com now for only $59

Sincerely,
 

BSignature

Boris Schlossberg and Kathy Lien
BKForex.com

Past performance is not indicative of future results. Trading forex carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading on margin, and seek advice from an independent financial advisor if you have any doubts.

 

This email was sent to forexhudi.euro@blogger.com by contact@bkforex.com |  
BKForex Advisor | The Desks of Boris Schlossberg and Kathy Lien | NY | NY | 10280