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There are three kinds of Traders; - Forex Trading

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There are three kinds of Traders; - Forex Trading Powered By Docstoc
					Bindal FX
January 2006




In this issue;



      Fear - Procrastination

      The US Dollar Takes a beating

      Trades of the Month – 500 PIP move on GBPUSD

      Success stories

      Come In My Trading Room – Live Webinar http://www.4xmentor.net/seminar.php




NOTE TO MEMBERS

Please, Please, Please………………………

When you send me a question, I need to know the following;

      Which Currency Pair are you referring to?

      The Date and the Time

      Which Time Frame are you referring to 5/15/60 min?

      And Where on the chart are you pointing at

PLEASE attach a copy of the Chart.
Fear of executing a trade - procrastination
                                                              By Jay Lakhani, www.4x4u.net


“ Nothing to fear but fear itself” Franklin D. Roosevelt. Fear is always around us, and will always
be, no matter what is the topic of discussion. The key to survival is finding “ peace”. – Relate this to
trading, than the focus is on cutting your losses and letting the winners run.

There are three kinds of Traders;

   1. Those who “make it happens” – Participate in a trade. They wait for a signal, and when it
      comes, they pounce and pull the trigger. Their golden rule – No Signal – No Trade!

   2. Those who “watch it happen” – Spectators, do nothing whilst the market is moving. Maybe
      fear of trading, - Trading Psychology. Often procrastinating, and looking for a reason “not”
      to trade, instead of focusing on the reason “ Why” you should take this trade.

   3. And those who say “what happened” – Just enquiring and doing nothing.

My focus here is the traders “ who watch it happen” and does nothing – but procrastinate.

Many traders naively search for trades with a high rate of return and a low probability of loss,
however it must be understood that reward sometimes is proportional to risk. The loss is part of the
business, you should welcome the loss and accept it. So long as you minimise your loss, you have
nothing to worry.

Why do traders end up in these situations? The fault of this often lies at various Internet and email
marketing of Trading Systems, black boxes and Secrets. As I have said in my E-book “ The Way To
Trade Forex” – There are no secrets, No Codes and nobody is hiding anything from you.

But you as a trader, are not simply prepared to believe this! Because you feel there MUST be a
secret, else we would all be Soros or Buffet. But, do they really have a secret? – Absolutely not.
What they can do, so can you or me. The tools that they use are available to all of us.

Also problems are created by traders listening to the so-called “Experts” on various chat rooms, and
television channels. I often wonder, if at all these “experts” trade based on their opinions which they
offer, or indeed if they do trade at all? The careful selection of news stories can make YOUR
decision harder.

The problem is without a reason and news, there is nothing to report! The newspapers and
televisions have to fill the space. If the currency pair moves, the “experts” need to explain the
market’s movement. So for example, on a day when the USD is strong, they focus on news items
that in theory could have moved the Dollar up. However, If the Dollar had indeed moved down,
they would have disregarded the “bullish fundamentals” and only discuss the items that could
explain why the dollar had moved down.

This makes it so confusing for YOU the trader. You now have fear, and so do nothing and “watch
it happen” or pull the trigger when it is not the right moment. You now trade emotionally.

So how can you overcome procrastination? To hesitate is to procrastinate. Procrastination is always
a symptom of fear. Why do you hesitate? Because you are afraid. Why do you procrastinate? For
the same reason. You are afraid. – Fear of loss.
If you are confident in what you are doing, than you will not hesitate. So to be confident, you have
to know what you are doing. And for that you must have a system in place – A Trading Plan. The
key document which majority of traders do not have. By having these key documents, you may
have given up much of your fear of the future.

Once you have your trading plan – Imagine those trades – the winning trades that meets with your
trading plan and how you are consistently banking those profitable trades. The power of
imagination is the greatest willpower you will ever have. When you see yourself facing and
overcoming obstacles, the fear is lessened.

I wonder what did the experts say on the cable move on the following chart;

Friday 27th Jan 2006

UP – 100 pips following the news
DOWN – 150 Pips thereafter.

“ the experts” will always have a reason – but listening to them makes you more confused!




A look at the following article “ The US Dollar takes a beating” may give you confidence that
YOU, can become your own expert!


Jay Lakhani
The US Dollar takes a beating

The US dollar has taken a brutal beating since the New Year. Was this expected? Indeed many
analysts and “experts” were calling for a strengthening of the US Dollar even further, when Cable
was at it’s lows in December, and many were looking for a break of 1.7000 and heading south.

The Bindal FX system, using the 60 minute charts, went long at the beginning of January. Just on
Cable one could have banked nearly a thousand pips – trading all signals. This was position trades.

As I have often said in my tutorials that the Chart say’s it all. The price action on the charts reflects
the battle between the bulls and the bears. A clear examination of the charts, will tell you when the
trend is likely to change – You can become your own expert!

Some of you, who may have been following my live Webinar and Forex Video Tutorials, may
recall that I had said that there was a strong possibility of the Cable going on a bull run and
achieving the target of 200 ema on a daily chart.

Well, this is precisely what it did last week – spot on. It than bounced back from the EMA. This
level also coincided with a key 61.80% Fibonacci Retracement level. Since hitting the 200 EMA,
the cable has retraced down by over 250 pips.




        I am now looking at the test of the 60 EMA, this should hold and an area to cover your
shorts and reinstate your longs. A break of this level could result in a bigger move down. So once
again some good trading opportunities either way
                    Did you make a thousand Pips in January?
Why not?

Using just the 60-minute charts, trading all signals could have netted you more than 2000 pips. All
you had to do was follow the system, as taught in the Bindal FX system

Just on Cable in January, you could have had just 3 trades, netting you nearly a thousand pips.




TESTIMONIALS - Jim Jewell – Jay, Read your ebook and am really impressed. Thanks for the
your genuine interest in helping some of us traders to avoid the pitfalls in the Forex trading business
and giving us a better chance of being one the few that succeed.

P. Patel - Last couple of days I have made profits using your trading method and am very glad that
I have someone to refer to when I have questions. I would really like to thank you for helping me
and also answering my questions. I love your mentoring emails.

J.Martin – After reading your ebook, I intend to revise my trading plan based on the ideas and
methods in your book and look forward to expert help in that area. I like very much your emphasis
on simple systems and the meditation, spiritual side as well.

Ron Smith. - As a new trader, I found your manual very helpful in getting started. Your e-mail
mentoring has been excellent. Not many courses offer a follow up service.

Steve Warren - I have done various courses, but never have I come across the level of service that
you provide. It is brilliant and second to none. You truly take an interest in your member’s success.
I have just achieved 1,875 pips in September.
Z. Javed - Brilliant ebook! - I'd read very good books by Elder, Mark Douglas, Toni Turner,
Candlestick course by Nison, Edwin Lefevre etc. however, after reading those I was still trying to
find the 'secret' to trading successfully and was not sure about my system.
After reading your book not only have I realised that the 'secret' to successful trading is that there is
no secret! but now I've also nearly developed a system from your very effective strategies that suits
my psychology and my style. It's made developing my system easier and also one I will have full
confidence in - this had been my main problem!

All in all, money well spent! and thank you! YOU ARE A TRUE GURU!!!!!!!!!
                       Come into Jay Lakhani’s
                          Trading Room
Live FOREX WEBINAR

Date            Monthly – 1st Saturday of each month
Day            Saturday
Time           14:00 GMT
Cost           Special offer - £35.00

Order Now      http://www.4xmentor.net/seminar.php


A unique live Forex Seminar, where Jay will go through some of the outstanding strategies in
Forex, to move you into a higher level of Forex Trading. This will enable you to enter the market
with confidence.

In addition to some of the winning strategies and methodology, Jay will also cover important areas
– such the psychology of trading

What you will learn

   1.   Come into Jay’s Trading Room – look at some of the recent trades
   2.   How to consistently make over a thousand pips per month.
   3.   Forex trading for maximum profit
   4.   Tips on how to let your profits run
   5.   Member Q & A session – look at pre registration questions and charts
   6.   Analysis of Charts and opportunities for the week ahead.


TESTIMONIALS

       Simply one of the best Webinar I have attended - Augustino
       Awesome, thank you - Steve Warren
       Managed to bank over 500 pips simply as a result of your Webinar - Peter Smith
       Excellent tutorial for a novice like me - Biren

				
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