Navigating The Forex Veins: Profitable Mining Strategies In Dallas – Copyright © 2006 by Rob Booker. All rights reserved by us. No part of this publication may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, scanning, recording, or otherwise, except as permitted under Sections 107 or 108 of the United States Copyright Act of 1976. without the written permission of the author. Requests for permission should be sent to the author by email at [email protected], with “Publication Permission” in the subject line of the message. Limitation of Liability/Disclaimer of Warranties: The publisher and author make no representations or warranties as to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. The trading advice contained in this book may not be suitable for every trader, and you should consult with a professional, personally, before trading. Neither the publisher nor the author shall be liable for any loss or profit or commercial, special, incidental or consequential damages. Printed in the United States of America.
I have absolutely no idea who you are, what you do for a living, if you just trade currency, or futures, or livestock, beanie babies, cold cereal, your best friend’s vinyl rush collection (please, does anyone else Think Getty Lee looks like a dead cow?), or your wife’s beautiful china. I know that if you’ve traded currencies, you’ve probably lost some money here and there, and I hope this handbook helps you out a bit. If you’ve never lost money trading currencies, I want you to close this book, open your trading account, do last month’s report, and then puke on yourself. Oh, and none of the people featured in this book are real. Well, I’m real. And so is my wife. And my cats are real too, although they aren’t technically “people”. P.S.S. For a free trial of my nightly forex report, point your browser to:
Navigating The Forex Veins: Profitable Mining Strategies In Dallas
It’s no wonder the question people often ask me is, “Can I succeed at this?” Mostly, they ask me the question after a devastating loss. It’s a natural time to ask a question, but it’s a terrible time to answer it yourself. Why? Because you can succeed, and whenever you start feeling depressed about losing, you stop believing in yourself. If you stop believing in yourself, you stop working hard, and if you stop working hard, you start making more mistakes, and a vicious cycle begins. A loss brings depression which brings more loss, and then before you know it you’ve lost your entire first account. You don’t have to trade that way. A good way to do business. I trade currencies for a living and you can too. It may take you more than a year to succeed. maybe
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More but you can do it. You don’t have to be better at math than most people. You don’t need to score high on an IQ test. You don’t have to be a smart person to know. You just need to be disciplined. This book includes: 1. Revised versions of ebooks I’ve written over the years. Each of them have been downloaded thousands of times from my website. I’ve dusted them off, rewritten them, added new content – all with the aim of sharing with you what has helped me become a successful trader. 2. New material that has never been published before, including a chapter on testing; A chapter on the 10 rules of trading, and a picture of a smoking monkey, which serves no purpose but made me laugh. 3. A New Edition of the Miracle of Discipline. This section is larger than all the other chapters in this book, but this version of the essay has actually been edited to bring you only the most important concepts. You’re going to hear me say this a million times, and I’ll say it here to start: In trading, discipline is more important than anything else. duration. I hope you will share your successes and your failures with me. You can contact me by visiting my website: http://www.robbooker.com or by email: [email protected] I answer every email I receive. Sometimes it takes me a while to answer them all, but I do. On the website, I try to put as much free content as possible. Stop for a while. Rob Booker Wheeling, W.Va. January 2006
Come Into My Trading Bathroom 1 Strategy:10 9 The Role of Confidence 21 On Trading Dr. Spock 29 The Woodchuck and the Possum 35 The Miracle of Discipline 43 The 10 Rules of Trading 67 Oh, Crap! I lost all my money! 73 5/13/62 81 Why I Learn 95
When you read Alexander Elder’s book, he invites you into “his trading room.” When you come into my trading room, you’re actually coming into the bathroom. In fact, this introduction should be subtitled: The Complete Guide to Flushing Your Profits in the Toilet. I learned how to trade the hard way. by losing Up and up. Think about the dumbest mistake traders make: I’ve done it. Think of another one: I made that too. Only by keeping excellent records, being determined and learning from my mistakes was I able to trade profitably on a consistent basis. But along the way I learned that if you don’t want to flush your profits down the toilet, you should do the following: 1. Trade as much as possible. Trade all the time. 2. Never close a losing trade. 3. Always close a winning trade as quickly as possible. 4. Never test a trading system. Trade live soon.
5. Fund your first live account with all your savings. 6. Fear of losing, winning, trying, failing and succeeding. 7. Ignore the trend. 8. Don’t ask someone better than you for help. Anyway, you get the idea. I did all this, and more. Boy, I was really stupid. But now it’s all over. Once I turned to profitability, I never looked back. basic
Pdf) Rob Booker
Before we go into the specifics, I want to make sure you have a basic knowledge of currency trading. If you know what a pip is, how margin works, and that kind of stuff, you might want to skip this section. Currency Market Currency market is the most liquid and largest financial market in the world. More than $1.5 trillion USD is traded daily in the worldwide currency market. It is at least 15-20 times larger than all equity markets in the United States and Europe. Over 90% of all daily transactions involve trades in the majors, including the US dollar, Japanese yen, euro, British pound, Swiss franc, Canadian dollar and Australian dollar. Currency markets are only “closed” on Saturdays, meaning little or no trading takes place during that time — remember, most of the heavy trading is done by banks, which do not have open trading desks on Saturdays. However, from Sunday morning Eastern Standard Time (which is already the start of the week in Asia), through Friday to around 5:00 PM Eastern Standard Time, traders are moving the market. Hedge funds have become big players in currency markets, as the US stock market has not provided enough opportunities for these companies to stay in business (many hedge funds
Always be in some kind of trade). Currency markets are more volatile (that is, they move more), so active traders, such as hedge funds, can go in and out of trades as often as they want. In currency trading, there is no central exchange – so all trading takes place as “over the counter” trading – where buyers and sellers match each other directly through various dealers or on banking trading systems. Two leading trading platforms for banks and hedge funds are Reuters and EBS. Banks, hedge funds and large traders trade using an “interbank” system – that is, they seek buying and selling opportunities directly from each other using Reuters or EBS (or other) platforms. This platform allows them to see current prices, usually with very tight spreads of 1-3 pips on majors. Another unique feature on these robust trading platforms is that traders can view buy or sell orders outside of the current market price. If a bank trader wants to buy $100 million euros, they can literally order the entire amount from another bank trader – usually at a price slightly different from the current market price. Individual speculators, like you and me, trade using dealers like GFT, Oanda or HotspotFX. When you place an order with a trader, that trader usually takes the other side of the trade immediately. Your dealer doesn’t match you
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