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October 21st, 2015 @ 11:08 pm by Muhammad Azeem

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USD-CAD-Buy-TradeTrend has finally changed in USD/CAD currency pair in four hours time frame as price did manage to break above old swing high. Based on Elliott wave count, resistance is out now and this means, market is most likely going to rise up more in coming trading days towards 1.3475 price area. However; if price is going to drop below 1.2830  support level then up trend is going to end.

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August 19th, 2011 @ 3:38 pm by Michael Radkay

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On August 5th when I sent my last post, I spoke of the possibility of the U.S. Dollar being on the mend. In that article it was a “thought” and surprisingly the “thought” came to light on a pair that has been the so called safe-haven at the time – the Swiss Franc (CHF). Prior to the world dealing with the debt ceiling drama and the Fed’s announcement to keep rates at historic lows until mid-2013, the USDCHF was acting as it should (USD prices dropping and CHF prices rising). The currency pair has been acting in kind for quite some time now spanning back almost a decade. The Swiss Franc has been flexing its muscle over the greenback year in and year out.

In the moments just after the Fed’s message prices slammed 600 points that day. But in true fashion after big news that traders have been waiting for hits the wires, prices reacted initially as they should (USDCHF fell dramatically lower). However, after the shock was absorbed and a confirmed bottom was secured (seeing higher highs the next few days), the beaten down side of the market (USD) tends to reverse. The reason is that all of the bad news is now revealed and out in the open. Time for healing to begin so to speak. In the days following the news, prices reversed and started to do what I thought they might, which was for the USDCHF to climb. Since I already had a plan in place, I knew how to implement it precisely so when the opportunity hit , I acted without hesitation and took full advantage on August 11th and 12th. The point I truly want to make is not that these trades worked in my favor but the importance of having a plan.

1. A thought,
2. Knowing how to implement that thought precisely
3. Following through and executing that thought without hesitation
4. Reviewing your performance

Now I was fully prepared for a positive or negative outcome but in either event I would have been pleased with my performance because I had a thought; I had the tools and know how to implement the thought precisely; and I followed through by executing without hesitation.

Many students, business owner wannabees and entrepreneurs alike might know how to dream big and talk big, but do you have the fortitude to take the 3 most important steps following the big idea?

RDS Trader Alerts Archive August 12, 2011 (all times Pacific):
•(6:13:37 AM): good morning!! today’s reports and chart snapshot:
•(6:15:53 AM): not much movement across the board…USDCHF on radar again (Bullish bias)…hasn’t pushed that far but minor support (1L pullback) 0.7687…counter resistance showing up session high to 0.7829 (4L range)
• (6:17:14 AM): buy order pending 0.7687usdchf
•(6:41:52 AM): consumer sentiment report in about 10 min.
•(6:53:45 AM): minor support forming EURUSD at session redline 1.4239 (weekly 1.4240)…don’t really like redline setups…USDCHF looks best so far
•(6:55:20 AM): USDCHF moving back in uptrend on 15min…any longs out there looking for session high to 0.7829
•(7:08:21 AM): prices sloshing around…slight downtrend now on USDCHF…careful any existing longs…I am waiting 7687 buy limit pending
•(7:10:04 AM): EURUSD trading thru 1.4240 mark…I’m going to watch that one …focus on USDCHF
•(7:34:52 AM): quiet Friday so far…
•(7:36:21 AM): USDCHF moving back in downtrend on 15min…support still expected 1st time back in window down to 0.7687
•(7:41:42 AM): long 4 at 0.7687 USDCHF
•(7:42:48 AM): that’s nice of them so far…
•(7:43:21 AM): going for a nice ride!!
•(7:44:13 AM): just took half off @ 0.7707 (+20 on each)…still running long 2 from 0.7687
•(7:47:25 AM): very nice!! still running long …looking for session 0.7764 high to possible 0.7829 -4L range target
•(7:51:45 AM): have a 0.7727 stop on remaining with 10 pip trailer to lock in +40 on remaining 2 long and will move it up if it keeps going
•(7:57:17 AM): glad I laid of EURUSD…hate redline trades…I will take the USDCHF :)flat now… +40 on each of last 2…+120 total on entire trade
•(7:58:32 AM): going to leave on a high note and call it a day. Have a great weekend everybody!!

Here is a snapshot of my open orders book on USDCHF long plays the day earlier on 08/11/11 as well…

Whatever you decide to try; you can’t expect to win, if you don’t have a plan in place
Trade Strong!! Trade Smart!! and Always Have Enough to Trade Tomorrow!!

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June 24th, 2011 @ 7:04 pm by Michael Radkay

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“Teed-Off or Green With Envy?


Did you ever realize when you go to a golf course your see people jammed at the driving range and wanna be golfers with their drivers trying to hit the ball 300 plus yards? Pretty common scene. I look at the packed in driving range and then take a glimpse over at an empty practice putting green. Typical scene as well.

The reason in my opinion is that putting is not a glamorous part of the game as it takes finesse and touch, but the driver speaks a loud language as you can GRIP IT AND RIP IT! Nobody seems to want to slow down and think and analyze the break of a putt. Too easy, right or is it too hard? Grip it and rip it or touch and finesse, which side of the fence do you swing on? Sounds like advertising doesn’t it?; as you never see commercials saying they have the best golf ball for putting; you only hear about the best ball that will ensure you drive it straight and long…mmmmm…

These things are not too much different than what you see advertised in trading the forex, futures or stock markets as well. Trade the reports!, Trade the FOMC!, Trade the Unemployment report with a Pro type of thing. CNBC even has a clock countdown before these reports are expected adding to the excitement. Advertising and marketing teaches you to go after in my opinion the wrong thing initially. Have you ever heard the saying “Drive for show and putt for doe $$”? Nobody seems to listen to those golf pros that shout those words. Wanna be golfers yell at their instructors to teach them how to hit the Big Dog like John Daly, Tiger Woods and now Rory Mcilroy.

Nothing feels better I guess than taking a big swing with those sledge hammer drivers in hopes of connecting to hit the long ball. I have watched people take a big bucket of balls and attempt swing after swing as balls fly way left and way right and some even dribble 2 feet away. Occasionally you see a nice one but then things soon get right back to the norm as balls fly way left and way right and dribble 2 feet in front again.

It is the same in trading, teach me how to make a million trading those FOMC reports or Unemployment numbers when the action is quick and fast and pays huge dividends. You hear slogans like ‘you don’t need to know anything or our software will do everything for you”…Warning!! Warning!! I cant say it enough times how this doesn’t prepare you for the other 23 hours and 59 minutes each day. The repercussions to your trading account trying to hit the long ball all of the time is a recipe for a disaster, because when you are wrong just once (and you will be), you wont come back. Begin to take notice on the fine print on the latter half of the popular saying; drive for show, putt for doe $$. Trading the financial reports day one during the volatile moments is so much like running to the driving range or golf course and picking out the driver first thing and trying to rip it down the fairway. Good luck trying that! As far as my eyes have seen from the one hit wonders that I have come across in the trading business is that they never produce lasting consistent results. Even when the one hit wonders connect, the greed consumes them and not long after you hear or read news of their bankruptcy.

I wonder why people don’t practice putting first or our trading equivalent with $0.10 pips per contract? The pendulum motion in a putting stroke is a fraction of the big driver swing but nonetheless the beginnings of the same motion. Just as a $0.10 pip per contract is the same game as the $10 pip per contract. Same price action just only a fraction of the cost while you gain your confidence and your swing.

As you control your putting rhythm and finesse you get better and better. You begin to place yourself in a position to sink the putt or at least get yourself in a 1 to 2 foot radius for a 2-putt at worse (a great goal!). Slow your roll so to speak 🙂 that’s how we roll 🙂 Reward yourself with the driver at the range or on a live round, if you can 2-putt everything on the practice green. Then begin to increase the pendulum motion at the range and hit the wedge, then the 9, 8, 7, 6, 5, 4, 3, 2 irons and then the hybrid wood, 3 wood and finally the driver (notice how its last). Your confidence will be better as you get in a groove with the easier to hit irons first. As you begin to trust your swing at the range you will naturally move up to the harder to hit clubs with experience and begin to create something that will last a lifetime and produce lasting results on the course.

Wait a minute; am I talking about trading? I think so…start with the motion of learning the environment on a practice account (practice putting green), once you know how to use the equipment start trading on $0.10 pips per contract (the irons) and then as you see progress you move gradually up to the $10 pips per contract trades (the driver).  You will enjoy the “Show” and not get Teed-off in the beginning. Your friends will be green with envy, when you play it smart from tee to green and from open to close.

Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!

Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.

© 2011 RDS Trader, LLC.  Have a specific topic you want to read an article on, email us your requests!

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June 25th, 2007 @ 12:20 pm by Paul Wallace

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There was an article in yesterdays London Sunday Times Sports section on the Formula 1 phenomena that is Lewis Hamilton.

For those who are not aware Lewis is the leader of this years Formula 1 racing championship. Perhaps nothing too amazing there until you realise that he is a complete rookie. He has only competed in 7 Formula 1 races however his results have been fantastic; a third place, four seconds and two victories – a trophy (and podium finish) for every race and a respectable 10 point lead.

The author (himself an ex F1 driver) makes a serious point about the mind management help he has received in his training and pays attention to the Mental Conditioning Coach that Lewis uses to help provide him the edge in his driving. Read the rest of this entry »

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March 24th, 2007 @ 12:26 pm by Paul Wallace

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In this my last installment on Fear I will cover the final action block to success as a Trader. You should remember I said the first block was over-analysis which led to self-doubt which in turn leads onto:

Hesitation at the very moment when you need to pounce!

How many times has this happened to you? How many times have you sat there over-analysing a perfectly good set-up whilst listening to your inner voice creating self-doubt in your mind only for you to hesitate on pulling the trigger at the very crucial moment when all of your energy should be focused on following your plan?

Read the rest of this entry »

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March 14th, 2007 @ 10:16 am by Paul Wallace

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If you remember from my last entry I stated that there were 3 blocks to success. The first was Over – Analysis which leads onto the 2nd block:

Self-Doubt which is often experienced as Fear. Having become paralysed by over-analysis you then find yourself doubting your own analysis and your own ability. That internal voice keeps telling you:

  • Your last trade was a loser, so will this one be...”
  • You don’t know what you’re doing do you?”
  • You want to go long but the talking head on Bloomberg is saying traders should be short, surely he knows more than you?”

And a hundred other such self-defeating comments. Read the rest of this entry »

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March 12th, 2007 @ 3:24 am by Paul Wallace

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Carrying on from my last entry – as Traders, there are, I believe, 3 blocks to a Traders success.

The first one is: Over-Analysis. The old analysis paralysis syndrome.

  • Do you find yourself looking at more and more charts trying to gain a better understanding?
  • Do you find each of your charts is littered with dozens of indicators, moving averages and trendlines as you search for the perfect trade?
  • Do you find yourself unable to pull the trigger until you have a 100% possibility of success?

Read the rest of this entry »

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March 7th, 2007 @ 12:57 pm by Paul Wallace

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Fear is defined as ‘the anticipation of pain’, which is very often linked to a past outcome. As traders it can be the defining element between success and failure for an individual. We can have the most elegant and sophisticated of trading strategies but if we’re paralyzed by fear then we will amount to nothing!

  • How many times have you ‘sat on your hands’ and avoided pulling the trigger?
  • How many times have you seen a fantastic set-up in the market only to ignore the opportunity because it wasn’t perfect?
  • How many times have you convinced yourself that when you’re a better/more confident/ better capitalized trader then you’ll take those trades?

To be continued…

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