Forex 10 pips strategy
I also had no idea that I really had not been as clear as I needed to be. So the time has come to release an updated version of the ebook. I forex 10 pips strategy that you find it helpful. One hiker, while being chased, stopped to put on running shoes.
You’ll never outrun the bear if you stop now! I don’t have to outrun the bear. I just have to outrun you. Currency trading can be like running away from the bear. The get-rich crowd has always been attracted to it.
This crowd includes speculators, trading novices, me 6 years ago, retirees, and professionals looking for a way to get out of debt, increase the excitement in their lives, or simply get rich really fast. Up until now, this group might have also included you. From now on, you will be taking money away from these people. These are the people who will be eaten by the bear. You can’t beat the entire market.
But you can trade defensively — and by so doing, position yourself to profit consistently. There are four groups in currency trading. In addition to the novice traders, there are three other levels of participation: the dealers, the institutional traders, and the advanced retail traders. In all of your trading, the dealers are the most powerful and they make the market, setting prices and putting together deals. Although institutional traders move more money around than dealers, it is still the case that your dealer either accepts or rejects your orders every time you trade. The institutional traders work in banks, wire firms, or government agencies.
They trade huge amounts of money at a time, and the size of their trades gives them enormous power. Not super powers, but very close. 1 billion in currency or more every hour. Some are trading billions of dollars every minute.
Next, there are the advanced retail traders. This group is comprised of people from all across the world, sitting in smaller investment firms, offices, or even their homes. Eventually, you want to be a part of this group. Because they don’t move a lot of money on each trade, they don’t have as much power as the institutional players. Because their trades are brokered by the dealers, they’ll never have absolute price-setting power. But, because there are so many novice traders, the advanced traders have plenty of people that they can feed to the hungry bears. Your goal as a currency trader is to aggressively take money out of the pockets of the novice traders.
Someone’s going to take your money along the way, and it’s going to teach you, very quickly, lessons that can only be learned through failure. So, every time you take money from a novice trader, just remember: you’re teaching him a valuable lesson. After a while, you might even enjoy watching your hiking companion being eaten by the bear. Well, you might not enjoy it. But you will deserve every pip you earn. Get ready to put on your running shoes.