The Bullz and Bearz: Time To Short The EUR/GBP Again

Friday, January 2, 2009

Time To Short The EUR/GBP Again

I shorted the EUR/GBP last week around .97 and took profits right above .951. But, I think it's time to short this again if it breaks .955. The chart is below and is really over-bought as you can tell from the parabolic move upward. Sign up for a membership to see what else I'm trading going into next week!

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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

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Friday, January 2, 2009

Time To Short The EUR/GBP Again

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