The Bullz and Bearz: Closing EUR/GBP Short At 350+ Pip Profit!

I'm closing out my short play on the (EUR/GBP) at a great profit. In the graph below you can see that I advised everyone to go short around the green level and now we have come down very far very fast. It's time to not be greedy and take profits on this one.

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Trade Your Plan

Becoming a successful trader means listening to the market at all times. When the market tells you that you’re wrong – sell.

Avoid scenario trading. Scenarios are all around you, trying to make you believe a new trend is starting. Don’t believe it – the trend is about to come to an end.

Set price targets. Not having a profit or loss target is a trading barrier to success. How will you know when to get out? If you don’t set a profit target, raise your stop until price takes you out when the trend changes. Decide what’s more important, being right or making money? Think of those traders who hold on to a stock just to be right.

Don’t be afraid to sell. Losses are the cost of doing business. Don’t trade when you’re emotionally stressed (too excited or too upset). You’re angry and its time for payback. You haven’t had a winning trade in so long you’re sure this one is going to be a big winner – it won’t be.

Trading Psychology

Here are some common misconceptions about trading psychology:

1) I can trade without my emotions.
2) I know what I am feeling each time I make a trade.
3) My subconscious beliefs really don't effect my trading.

Trading is 90% emotional and 10% mechanical. Understanding and learning to trade with (not control) your emotions will help you make, and more importantly keep, more profits. That's why it's important to keep a running log of how you feel when you trade. Were you confident or greedy when you lost money? Additionally, it's important to reinforce positive ideas and thoughts into your subconscious mind. Once you understand how you act when your emotions are a particular way, you will be able to adapt and navigate the markets with more consistency while increasing your returns.

From the Author

I hope you find this site helpful and use it as a resource for trading and understanding the markets. I have traded in virtually every market; from Stocks and Options to Futures, FOREX, and Commodities. After many years of studying the markets and my own trading behavior, I finally found a unique and successful trading system based on technical analysis. I am a "swing trader" which means I trade with a longer time horizon as compared to your typical "day trader." As such, I have decided to share my insights and perspective on the markets with others to help them make consistent profits trading the markets. My goal is to create a community of like-minded individuals that will grow in their knowledge and understanding of the financial markets.

CONTACT ME:
trader[at]thebullzandbearz[dot]com

Investing Disclaimer & Subscription Terms

Investing in the financial markets can involve considerable risk. Past performance is not necessarily an indication of future performance. The information included in The Bullz and Bearz and The Bullz and Bearz subscribers daily updates is prepared for educational purposes and is not a solicitation, or an offer to buy or sell any security or use any particular system. By subscribing to The Bullz and Bearz Trading Subscription via PayPal, you agree to pay the monthly fee or monthly subscription one time fee and agree to be charged a fee of $25 for early cancellation as a result of abusive practices. This fee is mainly for those who subscribe for days at a time then cancel in an effort to take advantage of my trading advice. In addition, by subscribing to The Bullz and Bearz Trading Subscription you agree to not hold The Bullz and Bearz and/or its affiliates legally liable for any losses or wrong-doing whatsoever. Information is based on historical research using data believed to be reliable, but there is no guarantee as to its accuracy. The Bullz and Bearz and/or any affiliates do not represent themselves as acting in the position of an investment adviser or investment manager for funds that are not under their direct control and fiduciary responsibility. The Bullz and Bearz and/or any affiliates, will not provide you with personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. From time to time, The Bullz and Bearz and/or its affiliates, may hold positions in securities mentioned, but are under no obligation to hold such positions. The Bullz and Bearz affiliates include: Kirk Du Plessis, Black Fox Group, Inc. and other non-disclosed entities. The Bullz and Bearz and its affiliates are NOT RESPONSIBLE for any legal action resulting from this website and/or any content contained herein or distributed as part of The Bullz and Bearz.

The Bullz and Bearz

Monday, January 5, 2009

Closing EUR/GBP Short At 350+ Pip Profit!

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