he Forex Edge: Uncover the Secret Scams and Tricks to Profit in the World's Largest Financial Market (James Dicks, 2011)

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Why traders lose money? 

  1. Insufficient education
  2. Insufficient practices
  3. Trading with the money they can't lose
  4. Lack of money management rules
  5. Over-leveraging
  6. Lack of a proper trading plan
  7. Overtrading
  8. Entering trade at a bad time
  9. Only care about one currency in a pair
  10. Dilettantism - insufficient backtest
  11. Trading too many pairs
  12. Choosing the wrong time frame
  13. Trading against the trend
  14. Using too many indicators
  15. Making careless exits
  16. Watching one pair and trading another
  17. Not assessing properly the market's technical condition
Emotional downfall
  1. Acting from basic emotions related to money
  2. Being afraid to take a loss
  3. Trading on a hunch
  4. Feeling a lack of confidence
  5. Feeling overconfident
  6. Doing too much analysis
  7. Trading 24 hours a day
  8. Lacking the will to follow own rules
  9. Being fearful of pulling the trigger
  10. Moving stops
  11. Giving up because of disappointment
  12. Counting your chickens before they hatch
  13. Feeding on adrenaline
  14. Feeling the need to be in the market at all times
Externalities downfall

  1. Choosing the wrong broker
  2. Setting your stops in the open
  3. Following other traders' decision
  4. Adopting an automated strategy based on hypothetical results
  5. Being influenced by rumours
  6. Having a poor understanding of fundamentals
S/R price strategy

  • S/R levels, daily pivot, Fibonacci, trend-lines
  • 4-hours to set S/R, 15-minute for entry
  • 9 a.m eastern time to noon
  • Trailing stop
Contrarian BB strategy
  • 3 20-period Bollinger bands, 1.2 / 2 / 2.5 deviation
  • 34, 100, 200 period SMA
  • Daily pivots
  • Fibonacci retracement levels
  • Trendlines
  • S/R levels
  • Enter after candles moved inside 2.5 and 1.5 deviation, inside the 1.5 deviation area

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