Third, the how to be an excellent Forex investors on advanced tutorial _ Zhang teacher exchange

Introduction to becoming a successful professional Forex investors, is not an easy thing, you need to develop a long-term, sustained and stable profitability. From this point, the short-term success is not able to explain the problem. J P Morgan �� said: "to be a currency experts, it is first necessary to become a self control. "Enter the advanced course, you need to know yourself, and then build the own characteristics of trading decision system, and according to the deal. In strict accordance with this recommendation, to ensure that you will not be successful in the short term lose even worse after! first lesson: the foreign exchange market behavior in the foreign exchange market is the market: a large group of intelligent people, faced with a similar market information, using roughly the same analysis forecasting techniques, follow all the recognized by trading rules, to a zero-sum game. The result is not only a small number of experts from the thousands, tens of thousands, tens and even hundreds of millions of dollars accumulated wealth, there are numerous public always earn big compensates small until wiped away still do not know exactly where the failure. For most small investors, their situation more unfavorable: limited experience, to each their own traps are not met due to a substantial tuition fees, capital limited, often just into the foreign exchange market, has possession of the barrel; information is at a disadvantage. Therefore, the general public in this field is filled with the charm of a zero-sum game, often become a victim of the bottom. The aim of this section is to tell the public the root cause of their failure. In a sense, the foreign exchange market failure, often are not able to beat the market, but is not able to overcome their own. 1, psychological mistakes: crowded places to grab to blind obedience is the mass of a deadly mental weaknesses. An economic data published, a sudden flash of news, 5 minute price chart a "breakthrough", then bust jumped into the market. Not afraid to lose money, I'm afraid we make money not only their own profit. Remember when the 1991 Gulf war, a pre-war situation slightly nervous, dollar has risen sharply in the foreign currency on the day before yesterday, January 17, the day of the war, almost 100% of the investment people have jumped to sell foreign currency, the results of the admission of foreign currency rose all the way, the list of quilt cover live, have confidently market turns, is the result of natural losses. War, unrest in favour of the dollar's strength, this is a basic principle, why the sudden failure? mass often in market making the same mistake, sometimes different financial company of the list price of all quilt cover live almost the same, so that everyone suspected market eyes staring at himself. In fact, the market is fair, to the foreign exchange market is currently trading near trillion a day, any individual is difficult to manipulate. September 1992 by the European monetary crisis, the market speculators throwing polished Sterling, pounds, within a short period of time prices 5000 points, United Kingdom bank repeatedly, even using the interest rate intervention, to no avail. In the foreign exchange market, for investors, the "crowded places don't go" but worth the mind of the monitor. 2. psychological problems II: deficient students take heart, win the heart health greed can be divided into price fluctuations in the underlying the rise, decline and spare gear, are not out to do, if the tide by single punters do not append to figure pulled low-average price point. The general trend was eventually tried, but unforeseen market value on the top or bottom and give a price, the market price of top, bottom, left to market their own formation, but once you turn potential formation, is the most profitable opportunities to resolute follow-up ... These do single truth, many investors are aware, but in practice, but they do have a single market, single quilt cover hundreds of points and even a 2 point, also not uncommon, why not? one important reason is since capital limited, into a single, after loss, gain, because money get insecure and disturbing the mind, has lost to follow the technical analysis and trading rules. Some investors are doing wrong single often like to lock the single, which uses a new buy or sell orders the original loss single latch. This method is that Hong Kong, Taiwan of some financial companies invention that enables investors to accept loss mental balance easily, because investors can expect price when you open a list of the end. In fact, investors in lock single, reconsider doing single, often instinctively be profitable list of open positions, leave the red list, instead of considering the market trend. In most cases, the price will continue to face in the direction of investor losses, then locked up, and then open, unknowingly, lock single price point is a few hundred points for hundreds of points. Unlock single, accidentally became a great sin of doing over and over again. Occasionally, seizing a hundred points of rebound, but also because of the loss of single-price point is too far away and refused to cut losses or single, the result is increasing. Probably every investor knows that quickly cut the importance of the loss of single, novice lose lose in drift single, veteran losing also lose in it, just the most deadly of all errors in the error, however, investors or again and again to repeat this error, why? due to ordinary investors often feels, but experts are often do as planned. Blindly following single cause losses, dejected, franticlast, knowing that the roof, or save to chance, indecision, continue to relaxing the stop plate price point, or no stop disc concept and planning, the market value of total look forward to the next resistance point completely reverses, the result is a loss that sapped. And this loss of students take heart that corresponds to the psychological problems, is profitable health greed. Under the Bill, the price is going up, why the price of single?, began to look at, and so the list reaching accords to losses, less willing to single out, being forced to cut head appeared, has suffered heavy losses. Many people tend to have this experience: money list again, have lost hundreds of point loss luck back only 20 to 30 points deficit, the Commission expects even come again, luck can even commissions, and expect to make several points out ... Corruption is often the result, the market seemed to have eyes, always with you want at the price of open positions only narrowly when turn-around, and never return. Losses for several times, will be on the market in raw fear, occasionally seizing a general trend, price into a good, but set up at ten to eight will tense up and grew even commissions earned 10 point 20 points, they fled positions. Losing money is not willing to give in to the market, to bite when top, making money like stealing aLike dare not to win, so bold, capital loss optical nature. 3. psychological mistakes: superstition foreign objects rather than market itself into transactions, another great mental mistakes is superstition market some news, rumor, and not subject to market itself. 1991 February 7 days ago, Japan Bank had to intervene in the market, buy Yen throw dollars Yen strength to 124. February 7 (approximate), Japan Bank began to interfere in the market, Japan government officials have repeatedly issued a statement, indicating that the United States and Japan have agreed to continue to take strong, Japanese yen and investors flocked to buy yen, however, the yen has started to decline. In this case, investors often do not go looking for and I believe the reason to promote Yen fell, but because of having to buy the yen in order to live, every day of the quilt cover hopes Japan Bank to rescue her. As a result, almost every day, Japan officials about the yen should be strong, sometimes Japan Bank day entry intervention in three to four times the price to buy the yen, but they almost fell, all the way up to a thousand points, many investors had only a second to buy yen, list of seven thousand dollars were lost, chopped single at Japan does not live up to, but do not reflect on your own why loss so heavy. Let investors lose money in the Bank of Japan is not, but the investor himself. Since then, the Yen because of a number of scandals and political instability, market chose this factor, but investors didn't dare to believe that the market itself. Ordinary investors certainly has the potential to produce top-class in the foreign exchange market, the key is to overcome psychological problems. Even the largest bank of traders, in psychological problems that inevitably lose money, eventually be eliminated. Retail investors in fact can be divided into three kinds of people. The first is basically on the foreign exchange market is still very strange Starter; the second is in the foreign exchange market has had a little experience, based on technical analysis, analysis has a unique experience; the third is the result of years of meticulous research and practice, the reach of the people. The second one is the most extensive retail investors group, is also the most easy money, they tend to think that their overconfidence could easily have used his knowledge of methods of money from the Forex market, the result is often the: they once fell into the trap of the market, until the capital I lost everything, only to find yourself on the "cut losses single speed, slower flat profit single" like most basic Forex market winning skills, but none were able to thoroughly mastered. The point was made that foreign exchange operations like cooking recipes, raw materials, and so on are almost, but cooked dishes. In fact, foreign exchange operations closer to the game, like the game of go, chess, match, different chess player, outcomes or better or negative or and the top of the master can only be a handful of both effort and understanding. Another part of the human experience in overcoming weaknesses in growth, have the opportunity to become masters of the foreign exchange market, and quite a few people even experienced ultimately lose. Of course, be eliminated by the foreign exchange market does not indicate that there is a problem with your intelligence, but merely show that you are not able to adapt to the market. Many great talent, chess or very ordinary. So if your savings-won and one of the few that do not have to be fully used to prove that you will order. You know, occasionally win in a game of chess and is not equal to qitan ACE. However, the foreign exchange market the opponent while difficult, but you can often be privatized, and patience to wait until you are easier to grasp the situation occurs when re-entry. This is to compensate for your lack of excellent skill. Simply rely on technical analysis or fundamental analysis, is hard on the foreign exchange market trends make accurate projections. Because of the price change factors affecting complex and changeable, too many unpredictable events, it is difficult to completely rely on technology and the possible pattern to solve the problem. Technical analysis techniques, some useful, some are amazing, real chances of winning great trick, I'm afraid it will not easily disclosed, because a lot of people, it is possible to fail �� in the foreign exchange market such effective market, it is not possible to everyone at the same time making money. Even the practical techniques, on different occasions and different time its effectiveness may be quite different. For example, breaking point pursuit method, more than a decade ago was once very effective technical analysis techniques are now so common market movements leave breaking point will increase the number of the phenomena, the break point pursuit method does not always have the chance of winning. The effort spent in some fancy technology, it is better to do experience the characteristics of the foreign exchange market, in particular, the price trends within a specific time of behavior characteristics. Lesson two: foreign exchange market risk control the risk of foreign exchange market is a very big market, it is primarily the risk of a decision of the Exchange prices are too many variables. Although the existing foreign exchange fluctuation theory book can be said to be the most fitting, from economic theory to the study, from mathematical statistics to study, or research from geometry to, even from the psychological and behavioral sciences to study, but the foreign exchange market volatility is still often surprise investors ' accident. On the Forex market investor and operator, the various aspects of knowledge should have in mind, and consciousness of the risk control and planning is indispensable. 1, do one of the planned business do business has its own set of tricks, some of them according to the plan of the project, some intuition when back when entering. In General, these two kinds of people in the ways of doing things is not a mistake. Intuition in business are naturally not needs teaching at the book, but plan to do business the best resistance to read this chapter under the temper. Do foreign exchange business plan has many principles and rules, but if it comes down to simple elements, it is simply a enter and exit the starting point of any transaction, regardless of whether the transaction ultimately profitable. Once you determine the starting point, the price level changes can be attributed to the increase, decrease or maintain the status quo. A trading scheme will have to enter the actual market development blueprint for action. Once the price levels occur as described above three changes in any of the transactions were made under the plan to sell or buy decision. In developing the plan, although many of the key factors to consider, but the core problem always is in what circumstances quit have entered transactions. This actually consists of three exit plan. First, you must have an acceptable loss plan, once the transaction failure, should ease exit. Secondly, you must have an acceptable profit plan, once the profit objectives are achieved, can be satisfied. Third, there must be a plan that makes it possible for traders in theNow the market for quite some time important changes will occur to be aborted transactions. To exit a significant loss of business, the most effective programs is to issue a "stop-loss orders". Of course this is premised on the idea of trading people, he is willing to bear the loss. If he is to enter transactions before the set acceptable loss level, then the market price reaches the prior set of this point, the only thing he can do is issue a "stop-loss orders". For a payout transaction, how to develop a transaction directive would not like to develop a plan to deal with losing money transaction instructions. There are several possible here. If a transaction before entering the transaction who has set a profit target, so an obvious possibility is that once you achieve this goal, he immediately issued a "limit order" to exit from this transaction. Another possibility is transactions have been let profits rise until some price changes towards a losing direction into signs appear. In this case, exit plan could be as follows: "in stop-loss point of sale, or sell in index X give the signal to sell; what comes first appeared to act by which method. "No matter what kind of profit plan is an important point is that the transaction must recognize that the ultimate goal traded is to receive the profit. Unless he decided to try luck, otherwise he should always keep in mind that he brought the resumption of clear boundaries. Many successful traders who are well aware, there is no guarantee that earned Qian Yi. Will profit scheme replacement of brain after the transaction eventually will realize a painful truth: "tree is not into heaven. " 2, plans of any plan includes capital elements. The first thing we do a decision is how much do the Exchange. How much money actually used depends on a number of considerations: first, the motive of the transaction, if you just try it or do play, or little money. The second is the trading of human motivation, he'd play in order to make money and how much risk. There is also a relevant factor is the age of the transaction, because this involves his family burden, health status, length of service, and his family on his speculation. These are not inconsequential factors. All in all, the most basic point is that the transaction should not be at the risk of the potential of earning possibilities and such profit on their importance is not commensurate with the risks. Transaction selection and evaluation of investment in Forex, a person must choose profitable trading method. Here are some transactions in the choice of factors to consider. First of all, you want to select a transaction selection method. Trading is a wide choice of methods, counselling, studies or follow acquaintances are select specific transactions. Which approach is better, this is because people vary from matter. Of course there are also some basic reference factors, such as transaction option should be the basis for the theory. If a method in some of the basic concepts for no reason, then this method is insufficient to serve as an example. Second, the transaction option should tell people capture market transactions. Finally, this approach should provide a practical way to let people exit the transaction, the transaction instead of enticing people to do all their trading capital involved in a transaction. Tracking the number of market scheme another element is to determine which you want to track the number of foreign exchange futures market and within a certain time, engages in transactions. Time is a time when the deal is expected to be a question. It goes without saying that a business's overall objective is to achieve and adventure is the maximum possible benefit. As in any other risky investment, "income" is the time of a function, it is not the monetary proceeds used to measure. Two or three days to get a lot for the transaction is successful. On the contrary, the amount in comparison to wait two or three months to receive, even if this is a 100% profit, from the time perspective, would not necessarily be very cost-effective. Stop trading halt trading is an important part of the plan, which set out earlier, there is no more. 3. plan a detailed case study plan on trading success is so important that it was necessary to use a hypothetical example to further illustrate. Suppose that a speculator decided to enter the Forex futures market. He is going to take out $ speculative. He selected the brokerage firm and registered representative, opened an account, deposit the money. For precaution, he decides to start a business, and so do pounds gained some experience before entering other markets. This was in October, the United Kingdom's economic recession allowing GBP fell. But he felt that the price is GBP reflects the recession levels, a further decline in prices for no reason. He also estimated that by the end of the recession in the United Kingdom may, guess GBP is likely to rise. He also indicated that prices had stopped, he thinks this is a price increase is about to start signal. So he decided to pounds. Further market analysis indicates that he may lose to the profit and the ratio of the very small, and the required time is very long, so he decided to pull out money as soon as possible to engage in other transactions. He intends to pounds to lose up to 1 thousand dollars. He is more concerned with his trading funds may be losses rather than changes in GBP. The deal memo column he recorded if at a certain date off the price if not before, to the profit target point, and not to the point of "stop loss", that ended the trading accounts. In such a simple transactions, here the plan details and considerations have exceeded the number of transactions in the actual transaction. Therefore, it is not difficult to understand why there are so many people losing money through Forex futures market. 4. foreign exchange market of the winners and losers in the foreign exchange market of the seaman's fortunes to the half-dozen some Casino in this moment. Winning or losing, the sum of transfer. People have to ask how much one can win, how many people lose? the most famous of speculative records analysts Brail �� history of di China had futures market winning distribution done an analysis. He extracted 8,746 dealer for analysis. Analysis showed that 75 percent of the speculators are losers. In this statistical samples, losers 6,598, winners only 2,148. Loser loss nearly 1,200 million total, far in excess of the total profit of $ 2 million winner. Winner of the 6 of US dollar rate is higher than 1! winning distribution also shows that for most speculativeProviders, the winning amount is large. 84 percent of the winners in the nine-year period win number not exceeding one thousand dollars. A study of the history of di China also showed that the big speculators are not more successful than small speculators. Of course, the last of the result, because the sample is too small, the conclusions are of general interest have yet to be proven. Lesson three: superior experience and stock, futures market, Forex market history when compared to a short, but in recent years has also emerged in a number of transactions. From investment theory and experience, they may be using than stock market veteran, but profitable aspects are gone. Their annual yield is calculated by billion. This introduction of several foreign exchange expert has large company Exchange Department, a large fund owners, but also to start a family. They are little known in China, in the United States in the financial sector, nor is renowned. But in foreign currency and futures industries, as long as a reference to these people, people at once. This was not the person looks great, but they rely on the talent and hard work, earn a lot from the market, and the wealth of wealth and many investors want to earn and seemed to be earned. Bill �� Lipshutz: Bill �� Lipshutz 36-year-old this year just to preside over the Solomon Brothers corporate foreign exchange Division has nearly 10 years, the company earned five percent of the huge profits. The thirties young man was Wall Street is called "Exchange Sultan". He entered the order of the size of the alarming, one at a time into the hundreds of millions of dollars, or even billions of dollars is a common occurrence. Because of his outstanding achievements, complemented by Solomon's financial resources, he chaired the Department of foreign exchange in the world, hundreds of Bank total credit line of US $ 80 billion annually from the foreign exchange market of millions of profit. Interestingly, Lipshutz just started doing FX foreign exchange market of almost equal to zero. In no-man's guidance, he with the company in Wall Street's reputation and strength, a few years trying out a new land. Lipshutz originally studied architecture, but graduate students as they became interested in stock option, simply while taking a master's degree in business administration, graduated from being Solomon company hired. The company management in the inspection, merit, often unconventional talent. In 1982, the Philadelphia Stock Exchange new foreign currency options trading, foreign exchange operations only Lipshutz do expire, so he was appointed to be responsible for the business. Lipshutz, with the assistance of the colleagues established a relationship network. He believes that do Exchange mainly rely on well-informed, money is being accepted by banks. Major trends affecting the market, some great news to get up early to make money. Of course most of the message is open, the key is to look at how to analyze. The application of information to be flexible, to see the reaction of the market. Lipshutz think Germany unification on the foreign exchange market impact. When the Berlin Wall fell, the market sentiment is that this all should put money into East Germany to go, so mark to rose. After a while marketing to realize that after the reunification of Germany to absorb the GDR will take some time, so put money into it unwise. Market is how to come? is Germany's first Chancellor Helmut Kohl, United States Secretary of Baker's comments, East Germany's high unemployment rate, and the Germans on excessive expectations of the Federal Republic of Germany, and so on. The investment community beginning to realize that rebuilding the Eastern Europe. And so the idea gained the upper hand, mark began to plunge. In fact very early on it was holding this view, but the market trend at a certain moment often depends on the market focus. This will require the same market participants ventilation, not everyone wants to go to a Department, but everyone's attention can be perceived. For example, a one-day market interest differential, the second day, also stresses that economic growth. There is a specific example can be seen Lipshutz interpersonal skills. He met opponents because of omissions option to mitigation never with kid gloves, must each other to perform the contract. But there is one exception. That day he discovered the Philadelphia Stock Exchange a Forex quote than market price significantly Commissioner low 100 points. He went to the inquiry, the other price remains the same, he bought 50 contract immediately. Then he asked each other then quoted, the result is the same. He politely to each other and then verify that the reply is business as usual, his continuous and eats into 250 sheets. Another big company discovered this error after eating into the hundreds of photos. After a while Lipshutz and then ask the price, the careless Commissioner still are not aware of. Lipshutz asked him to sell the does not sell 1000 single. This other frightened, a check will find their ruined. This time the Lipshutz guy, telling him apart from the first 50 single, the other a write-off, grateful. Lipshutz later explained that he was motivated by long-term interests. At that time, the Philadelphia Stock Exchange has only been in place for foreign currency options trading soon, if the Commissioner is killed, this new market may also be aborted when Solomon also no good. Many years later he became a big Chief site traders, to Solomon company offers many convenient. At the troubled waters of another company later insisted on each other after many years, Philadelphia Stock Exchange is always in trouble. In the spot market is also often an error value, according to the General as long as you let someone verify each other's still an error, it will not be able to repent. Lipshutz impressing a transaction is in September 1985. Seven developed a summit meeting, let the dollar weak policy. He was on vacation in Italy, Sardinia-7 Summit in the message. $ Walked before strong central banks intervened on several occasions, but in vain. Thus the beginning did not cause much reaction. Lipshutz phone companies, got the news that his assistant Andy sick at home. He quickly gave Andy a call. And New Zealand markets (the earliest opening day) in a entry opening, Andy will throw a 6,000 million. At that time for New Zealand disc, this is not a small sum. Many banks have the effect of the Summit did not grasping that the market has almost no trading volume, up to 200 point spread (normally 10 o'clock), Andy in not mistakenly thrown, 6,000 million already to 600 after the market opened. Lipshutz simply plug in a 24-hour phone line, and Andy and exchange line contact, and done a lot of foreign currency options. That day is the Solomon company Exchange Department harvest to recoup the $ 5 million, equivalent to the Ministry as a whole gains amounted to 25%.Lipshutz once nearly upset. In the fall of 1988, the foreign exchange market was calm, the Soviet leader Mikhail Gorbachev suddenly one day to the UN General Assembly on disarmament, the market can also be understood as the United States with arms reduction, reduction of deficits in the u.s. dollar. US dollar started to rise up in New York, but soon it rose by 1 per cent. Solomon company now have 30 billion u.s. dollars of sell orders in hand, in case of emergency. 1 per cent increase equal to 3,000 million loss. That day is Friday, the market volume is small, he wants to cut single stage is difficult. He decided to throw leashed 3 billion, and tried to rally, USD etc onto Monday opening after Japan spare flat single appearance. Who knows the Exchange still soaring soon Solomon company losses reached 9,000 million. Lipshutz reporting to the CEO, quickly. Executive asked Ming situation encouraged his calm, as planned. Monday opened Japan up really began to decline in the dollar, he patiently wait until European plate flat single appearance, finally escaped death, only loss 1,800 million. Afterwards, Lipshutz soul-searching, consider themselves wrongly estimated the New York market liquidity, so that the situation out of control. Fortunately later managed to avoid greater losses. Lipshutz themselves also have a private account, is his grandmother left behind a legacy, a total of $ 12,000. Option 4 years he did earn a quarter of a million people, but you accidentally lose all. It was in September 1982, he took advantage of the stock market fell down barrier pyramid would have made a lot, but missed the September 23, the stock market hit bottom, then bounced. As a result of too much into a single, 3 days he perished. The learned first made him aware of the importance of risk control, the second he distinguish between public and private, to focus on making money for the company, which has later achievements. On the interbank market (Forex spot), Lipshutz has unique views. He considered that the Bank is mainly to make money on the sale price. The most successful of Citibank do Exchange, each year a profit of 3, 4 billion. If only the post, its not into sin, then you can earn $ 600 million. Citibank does not recognize this estimate. The Bank also has a way to make money: every time a customer into a single, it followed immediately be hit profits. This is illegal in the futures industry, but in the spot market is allowed. Lipshutz believes that trading master both smart and hard working. Whatever else, the wise man perhaps opportunist, stupid people can often hide clumsy, but do the Exchange not only talented, but also to redouble their efforts, it was to the company frequently asked when he should go to work, come home from work? Lipshutz home even bedside sit comfortably with TV monitors, in order to keep observing the market price, understanding, and intuition is also very important, Lipshutz dreams are not forgotten in the foreign exchange market. Once he dreamed of the second day of the trade deficit numbers published on the US dollar, US dollar rose sharply. He dreamed of a new foreign trade figures, and dream of the month the number of amendments, then dream into dollars, the price is rising continuously on a bench after he bought a batch, then the next level he bought another batch, broke the third Road off after he would have played, determining the result bought another batch. The next day's digital out and he dreams of exactly the same, then Forex trend with his dream of hers. The only difference is he is not a single. Afterwards he explained that real feel is to be based on market analysis, with dreams to do simply unreliable. Randy �� Mike Randy �� Mike Wall Street little-known, but his 20 years in the Forex futures market �C but few can match it. He started with $ 2,000, first year earn 7 million, the annual profit in excess of the first year. 80 's Mike, proceeds are in more than 100 million. Mike make money, but his own generation family members, friends do the Exchange, the first two accounts, in 1982, starting from 1 million, 10 year after more than a million. Sophomore, Mike crush on bridge, day and night to play cards, 6 subjects exam. Mike drop out of the army and was sent to Viet Nam war. There, Mike has stood for training, strict discipline and learned to survive. He also became the pacifists. In 1970, after coming back home, Mike continued to pursue his brother as he found the Chicago Stock Exchange, a temporary worker, he began to contact futures. Mike would have to be a psychologist, but Pro before graduation are catching up with the Chicago Stock Exchange, the new open an Exchange foreign exchange futures trading business. At the Chicago Board of trade of a seat on the value of $ 100 k, but in order to attract investors, foreign exchange trading Hall seats only sell 1 million, and complimentary membership for each existing Exchange. Mike's brother got his free seats to the brother, lent him $ 5,000. Mike will deposit into the Bank $ 3,000 for living expenses, and $ 2,000 as foreign currency futures. At that time, Mike on the exchange of knowledge is very limited, see someone buy mark, he went to buy Switzerland francs, that is okay when you play chess playing, so the first year he earned $ 7. Mike 1976 is an important step forward. When the United Kingdom Government was concerned that increased imports over GBP appreciation, and thus announced that do not allow Sterling rose to $ 1.72. At that time, the British pound was at $ 1.6 wandering, in between the news after it unexpectedly suddenly soared to $ 1.72. Subsequent to this point have rebounded, but more playing less. Most of the people in the United Kingdom Government figures do not make more than $ 1.72 GBP, so at this point do short should be no risk. Mike is also intended to: since the United Kingdom Government attitude towards how to clear all suppressed pounds of rally, the description intrinsic demand, market is in fact the daily limit. This may be a chance of a lifetime. Prior to this, Mike up only 30 to 40 single, this time it was entered into the two hundred tickets pay the Bill. Although I was very confident, but he also are scared to death, because so many a little contrary to walk the list will be finished. Mike worked for a few days night restless sleep 5 o'clock in the morning to the Bank's request for quote. One morning, he heard the Bank offer: $ 1.7250 GBP. He thought that other such baocuo, verified once again. He not only themselves but also bought some pound contract, also encouraged and friends together to buy, and then comfortably watch pounds sterling rose to $ 1.90. Three months later he played flat single, smooth in1.90 also throw hundreds of contracts, the results make money. This time, earning transaction Mike million. Mike another proud of is short in the early 1980s, Canada from $ 85 cents to $ 67 way behind, and after five years, into a single volume 1,500, earning millions of dollars. During these years, the Government of Canada supports Canadian intervention although many times, but always half-hearted, until one day Canada Prime Minister Mulroney angrily said: we cannot let Chicago-mongering decided our currency. Market since then, Mike has also played in a timely manner. Mike also fleeing. November 1978, Carter announced the plan to rescue the US dollar, Mike just happen to have a large number of foreign currency to pay. But the first two days he saw from the market strength of rally in recession, so ping away all mark the Bill, only pounds. Informed of the news day 2, an opening foreign currency on the day before yesterday, futures soon to plummeting. Mike hurried to the spot market flat single, loss, loss of 1800 million. There is also a greater loss is done annually. $ Way late 80 's, Mike Chase potential into single, dined into 2,500 pay, could have made $ 2 million. During Canada's election, in a debate, would have been far ahead of the incumbent Prime Minister badly, polls suddenly plunge 16 points, the significant decline in the result, the Canadian dollar, etc Mike bear pressure cut single appeared exactly compensates the 700 million. Mike analysis market insights. On the one hand he is technical analysis, I believe the best ways to make money is with potential, particularly in the middle of a paragraph. On the other hand he also believed that the fundamental analysis is very useful, is the basis for strategic decision-making. He considered the beginning of a trend is hard to do, because you potential direction. End it is very difficult to do, because many people begin to profit from the clawback, market volatility is very much back and forth. He considered the best among this segment, take responsibility and find top were in vain. For fundamental analysis, Mike not superstitious economic theory, he mainly relies on the observation of the market's reaction to the various message to determine the market trend. For example, the bad news out of not falling back up on the market is very optimistic about the intrinsic factors. Mike felt that the market itself is also changing. 70 's market is better to do, break off follow up 100 on sorts, each wave rises or falls also more obvious, in the middle of trouble is relatively small. Mike thinks it was more about the public investor. Today's market is becoming increasingly specialized, false to break off in more and more, fanatical excess phenomena than before, it has increased the difficulty of making money. Last as long as the direction judgement on the single specifically do not matter. Now the market is much more complicated, direction, into a single opportunity does not alone make not the money. Mike thinks the last judgment of 9%, do represent only 1%, now judge only 2%, accounting for 7%. Mike though 20 years remain unbeaten, but risk control consciousness is still very strong. He thinks that if you find that market against you, be sure to immediately cut single-stage, no matter how big losses. In order to save lives, which tube injured multiple! Mike to peer advice is: don't let the pay slip out of control. To ensure that even their own twenty or thirty consecutive wrong also to retain part of the capital. He entered a single time risk typically accounts for 5 to 10 per cent, if you lose, the next time it will take just 4 per cent of the risk to lose the word down to 2%. Mike do when sin not shun from 3,000 single-hand decremented to 10 single, smooth again when doing single-volume recovery. Mike believes that successful traders can have a different personality, one thing is common: they have found a suitable character do single strategy. His brother nature steady, never willing to take on too much risk, so many years doing hedging, performance is good. He himself on the one hand, adventurous, he will this courage to enter orders, on the other hand because of the traditional conservative family education and very carefully, he would this use in risk control. Some people go against his own personality, and inconsistent with the trading strategy. For example, some people are good at system transactions, but do any single veto when their own trading system to provide recommendations. Also some people tend to be long lines, but since patience or feel uncomfortable approaching, the result is always to go short. Some people would have been perfect for on-site traders and yet to be a mediocre investment manager. Some people spend so much effort on a number of possible low-risk trading strategies, set, and finally decided to do a high risk of strategic transactions. In short, our weaknesses in Mike appears to be winning tips. Michael �� Marcos Michael �� Marcos research origin. But he is more interested in the actual operation, the start is stealth stem, then simply quit paying positions, full-time researcher in foreign exchange, futures trading. He is a futures trader, company for several years he made more money than all other traders earn more. 10 years, his company account growth 2,500 times! Marcos's success factors: first, the personal efforts, there was a time when he is almost non-stop 24 hours. The second is where the master track, from darkness to light. For most trading experts, early failure seems to be common. Marcos is no exception, he first transactions do not have time to make money. What is more, he is not only a completely annihilated. This indicates a logic, is that you must have a defeat for where doing something wrong, but does not necessarily prove that you will certainly fail. Q: How did you do futures interested? a: I would have to engage in learning. 1969 �� from Johns Hopkins University graduate, excellence, is the top of his class. Clark University provides me with Dr. scholarships in psychology, pointy Ann secure steady as Professor. At that time, I met a man called John, he declared that can help me invest, every two weeks promise to double. I was moving. I have never been so little investment suspicious that didn't even ask do not ask him how to make so fast and immediately hired him as an investment adviser, weekly $ 30. I took out their savings to $ 1,000 do futures. First I and John to futures, see quote simply did not understand. The company's loudspeakers on suggested buying soybean futures. I asked John to buy it and discovered that he was insane. But we're still into a Bill. Oddly enough, we were just approaching, soybean prices began to fall, it's like marketField post waiting for me to enter and then back out. However I seem to have intuition at that time is OK, we'll cut single-stage, only pay the US $ 100. The next pen is for maize, results and first. Third pen is wheat, results or compensation. We spent 3 days until the money. We had a few days I lost everything to measure whether we are successful. 1000 block compensates light, I fired up John. He said: I made the greatest mistake of his life, he wanted to wash dishes in Bermuda earn points, and then do futures, and became a millionaire after retirement. From then on I never heard of him. I then saved a $ do several money, but I lost everything. My first eight transactions all lose money. Q: have you ever thought maybe you don't fit for futures trading? answer: never. My reading has always been very good, so I think it's just a question of experience. My father my 15-year-old when he died. He left a $ 3,000 insurance. I ignored the mother's objections to pay cash. This time I had to learn to read a book about wheat and soybean book, and then follow an investment adviser's advice and bought tickets wheat contract and made two hundred dollars. I am excited with joy, and so when the price fell back and buy a card, and earn a $. Next is purely is large: in the summer of 1970 I bought 3 December corn contracts, are catching up with the large infestations that year. I then bought some wheat, soybean, a summer is over, I earn a total of 3 million. The following spring, the market has a widely accepted theory: locust hot over the winter and again endanger crops. I borrowed money to his mother, together with its own block 3 wanquan are fed wheat and corn futures. My approach is also after market. One day, the Wall Street Journal published an article entitled "the Chicago Stock Exchange locust than corn field also many" article. Corn futures fell, will soon begin to pull into. I was struck dumb, want to come but just silly watching, I hope that the market will reverse back. I watch, watch, wait I already plummeting out of the field. That night I want a night, no choice but to cut single appearance. The next morning I flat out all the account, a checkout their 3 million compensates light, mother of money also lose 12,000. I was so decided to go get a job. I went to a securities company when analysts, see partition others doing single heart always itch. The Company prohibits analysts do sin, but I don't care so much, mother, brother and his girlfriend to borrow some money, and quietly dry up. In order to remain confidential, I and my agent appointment some whispers. "The Sun is out" is a mean, "overcast" is another meaning. Do I still lose. Lost the borrow, borrow and then lose, repeated the same cycle. Q. did you know they where doing something wrong? answer: good question. I was simply not do single principle that I did wrong anywhere. October 1971, I met in the broker's Office �� Eide, Western Ke Tower all my success is attributed to him. He had just graduated, of a set of computer technology trading system. He let me and him on edge research, to do list. His knowledge of the market is very rich, transactions are also very successful. He is basically doing homeopathy. He taught me how to hack, how to earn enough alone. Although the guidance, Ed I still continue to lose money, mainly my patience, time to master. In the summer of 1972, the Nixon Administration started to freeze prices relaxing. I made the plywood market a lot of money, and earn from 700 to 12,000. When plywood price increases during the period of 1 times more, timber market almost not much movement. I also like the last do corn on all money press. Then just catch the Government published a series of shows that said to combat the timber market and Futures tumbled, I once again desperate. Two weeks I have been at the edge of the soon to be a fiasco. I hated that I made the same mistake again, since I will not dare to do one too many. Fairly good luck, the Government still has not been able to control prices, two weeks after market began to reverse, I, etc. appeared earned 1 times. To the 1973 I have account value added to $ 64,000. Marcos later in the New York cotton Exchange several years traders. Spot trading training his keen sense of the market. August 1974, he hired to do a futures trader, starting from $, 10 years after the roll into the 80 million. In the meantime the company gave him more than 10 million principal amount, the rest of the year every year from his account extract 30 per cent. This 10-year average annual receipts, he has more than 100 per cent, 1979 is amazing results. Gold rose from $ 400 to $ 900 an ounce, Marcos bigwigs, profit drywall. The Soviet invasion of Afghanistan that day, when he first saw on television, with urgent call to the discovery of the gold price is not fixed, to immediately buy 20 million ounces, snatch a few minutes, the gold price rose, he earn a million dollars on. So far, Marcos to visit Hong Kong is also not afraid to go to visit the gold trading field, it pays people remember him. On the foreign exchange market, Marcos more profound experience, he said: there was a time when I do a lot of the exchange rate. Such as Ronald Reagan was elected President after years, the dollar is strong, I often short-selling millions of mark, such a large amount of time and into sin. Because the Forex market is a 24-hour operation, very tired. When I go to bed every two hours with a look at the market. Australia, Hong Kong, Zurich and London spares are all night, I read every dish, as a result of the marriage breakdown. Q: you evening look other market, is not afraid of New York disc when you own an opening direction? answer: Yes. Though infrequently, but always vigilant. This prevents having to skip empty. I remember one time, probably by the end of 1978, when the dollar was killed in a terrible mess. I Ke Kuffner cooperation very dense, every day on the dollar. One day we note the strong US dollar and lightheaded, no messages can be explained by the large price. We hasten to pay flat out all foreign currency. That weekend, Carter announced plans to support the dollar, if we wait until New York disc opening, we will be ruined. It proves our one idea: the big players, including Government, always have a gossip. If we find noLegal metaphor of unexpected price volatility, always first came on, and then check the reason. I mean, courtesy, United States Government prior to the notification of the European Central Bank, they are often in the United States policy published before taking action. Therefore prices are always fixed in European plate first, although the new policy is our side. If you are a European launch, that price is naturally also in the European plate fixed first. I think the best trading hours are often European plate. Q: you in addition to early loss, there are lessons on what failed? a: the worst one is Germany's Central Bank intervention in the market at that time. At the time I do it, buy a lot of mark. Germany's Central Bank suddenly decided to enter punishment speculators. I call the past, told 5 minute lost a million, quickly cut single-stage, instead of sitting waiting 250 million losses become 1,000 million. But half an hour after the fall of all rose back again. Q: do you follow? answer: No. Then I have no will to fight. Q: hindsight, what do you think was cut single right? a:. But after all go back, my heart always. Q: do you think of doing a master is not inherent skills? a: I think you want to become the top player really need inherent skills--talent. This is like an excellent violinist. But being a competitive money master is a can learn skills. Q: had turned defeat into victory you for beginners or lose money traders? answer: first of all, each time into the single risk shall not exceed the principal amount of 5%, so you can be wrong 20 times. Second, there must be a stop-over, to true. Q: you into single while is appeared on the single also to broker? answer: Yes. Another point, into a single post if you feel bad, don't be afraid of embarrassed that came immediately before the show is over. When the first practical heart, a good sleep. I often do the next day all clear. Q: do you sometimes appeared soon after and is not immediately enter? answer: Yes, often day 2. After you entered could not be thinking about. Come to think clearly. Q: do you have any advice for newbie? answer: perhaps the most important principle is to guard won, cut off the gas. Both are equally important. Won if not keep, can't afford to lose. To make your own judgement. I have many friends is the Assembly of experts. I often remind myself, if they do have blindly followed. They have people won soo well, but may keep it alone too long point; some people cut single quick, but won also go fast. You stick to your own style, may be good, the bad are stained. If trying to learn other people's style, the result may drawback on both sides are let you catch up. Q. what ideas most easy to bite? answer: do you think professional advise Wickham. You are a expert really can help. For example, if you are the Jones �� Paul Barber, but he happened to talk to you about market, down may wish to listen to. In General, the so-called "experts", don't do it alone. General brokers can never be trading expert. Listen to the broker, the easiest to lose. Do single need personal efforts to their homework. Q: are there other illusion? answer: there is a kind of idea is stupid: the market is full of conspiracy. I know many of the world's largest trader, you can say that 99% of cases the market more than anyone, sooner or later will go to its destination. Exception to this is Yes, but continuing soon. Q: intuition on how important do sin? answer: very important. Expert intuition are all very spiritual. Courage is also very important: dare to dare to try and defeat, dare to win, not to be able to hold on. Q: when you encounter continuous losing? answer: in the past I have tried with sin, but that wouldn't work. Later I'll minimize the amount of sin, if doing too bad, they just stop doing. But often not bad to the point. Q: is the little man you are so successful. You think you have what difference? a: I mind is open. I don't care what emotionally acceptable, as long as intellectually that incorrect information is acceptable. Q: you daily record their actual capital? a: I used to do records. This is very useful. If your capital in a downward trend, that is to reduce the amount of reassessment made single of the signal. Or you find that you pay more than earned faster, it is also a warning. Q: market and markets many common? for example, you can do corn do foreign exchange and bond? a: I think it will be wellprepared. Principle is the same. Do single is an emotion that is mass psychology: greed and fear. Under no circumstances is one thing. Bruce Kirby haeffner Blues �� �� Ke Dorfner in Forex trading for more than ten years, were amazing, the annual average income nearly doubled. 1978 1 thousand dollar investment to his actions to the 1991 has turned into a million dollars. Ke Kuffner scholar was born. After graduating from Harvard in Harvard and Professor of political science of the University of Pennsylvania. He loves to teach, but scholars career didn't much warmly. In the early 1970s, he started in politics, first campaign, intended to help others their own candidates in the future. Due to lack of funds, he did not want to start from it slowly climb, so eventually had to give up the politicians. Koskov exploring career direction everywhere Nabil, finally determine their own political and economic background is very suitable for financial markets. Once you have clear goals, Ke Rovner is a buried into the financial literature, could find books are read all over again. His special interest is the interest rate issue, in this context of effort on his future foreign exchange help. Ke Livnat first deal is to change the interest rate differential, the results are as expected, made a fortune. He next door, made two difference between the market, but the approach is too early, it lost a bit of the result. Two transaction count down to a small surplus. Really made him start a third transaction. In 1977 he discovers soy supply shortage will occur. Recent futures have started to rise, but long-term futures have not kept pace with the beat. He used this spreads as hedging contracts from a on the profit after the inverted pyramid is better, and soon added to 15 on contracts, a floating profit of up to more than $ 4 million. This time he mistook the broker's advice, to seek greater profit and one-way ping out recent contracts. Results 15 minutes after the broker to tell his task is not good, the market began to fall, has quickly back to plummeting. He yells quickly ping list. Still go in time, in the brief plummeting rebound during his smooth departure, original 4 m in profit only half. Although the account is turned overSeveral times, but koskov NA or their last moment mistake once, for a few days to eat no food. He has two profound experience. First, the futures trading risks and benefits, earn as much money a little lax will soon be paid back. Second, we must always maintain a sensible, don't believe others and take bold action. A month later koskov na recovery transaction, soon will add value to 4 million accounts. He was a company called a trading Assistant's location, a few weeks after the interview, the interviewer Michael �� Marcos called him to the company: "I have good news and bad news. The bad news is that Assistant position can't give you. The good news is that we want to hire you directly to traders. "Marcos later became koskov na teacher. Ke Kuffner admit he learned a lot of important things. First he let koskov na confidence, if done right, played in accordance with the principles of the approach, earn $ 1 million is not a difficult task. He also let koskov na aware to have the courage to admit their mistakes, as long as the judgement of the wise, wrong doesn't matter, concise, and then again to make mistakes, and concise, and more profitable. Ke Rovner is mainly engaged in spot foreign exchange transactions, futures are, but no matter which country's currency, as long as there is an opportunity to approach, often every day in and out of the transaction volume reaches hundreds of millions of dollars. His profound political, economics skills made him on the foreign exchange market are thorough and original ideas. His technical analysis has taken care, neither dependent nor abandoned. Ke Rovner on market and profound insights from a feature interview, a second look. The following extract from his part with the interviewer. Q. you are the world's most successful traders, few can match with you. You are in the difference? a: I find it very difficult to explain why some people, it was not. Personally, I think there are two important factors: first, I have on the future of the world of imagination, can see the difference with reality in the future. For example, I think the US dollar against the yen fell to 100 is possible (he spoke these words 1 dollar 150 yen). Second, I will remain under pressure, to comply with the principle of reason. Q: will the trade skills teach? answer: there are certain limits. Over the years, I trained about thirty years, but only four or five as the ACE. Q: other 25? a: all changed rows. This has nothing to do with intelligence. Q: successful and failed apprentices what obvious difference? a: winners strong, independent, thinking different. They are people reluctant to approach when courageous actions. Their discipline, arena-sized. Too greedy person always jeopardized in any way. Some of the great aura people made money always keep. I have a colleague of clever, idea is good, the market has chosen well, knowledge, he better than I know, but I made money can guard, he is always good. Q: where is he wrong? answer: enter the size too large. I do a single, he made 10 tickets. Each year he always has two principal double, but a year down or break even. Q: do you do when approaching decided to rely on fundamental analysis always? a: I almost always do single market judgement, not by technical analysis. I commonly used technical analysis for guidance, but if you can't market moving about the reasons that I don't approach. Q: does that mean that every single are backed with the underlying cause?: so to speak. I would also like to add that the technical analysis often make fundamental analysis is more straightforward. I give an example: in the past 6 months, I think the reasons Canada Yuan rise, fall, also a lot of reasons, I do not know which interpretation is correct. Someone has to make me a gun, I may choose to "decline". Then the United States and Canada trade agreement announced a breakthrough on the market. In fact in the negotiations towards the end of the Canadian dollar has been rising. Now I can fully understand the market selected instead. Before the publication of the agreement, I think $ walked to a mountain, I don't know if it is to fall or continue to climb. From basic analysis, the United States and Canada trade agreement on $ both positive and negative side. From a technical analysis of the Canadian dollar to breakthrough. That is marketplace more people think positive than negative, so buy Canadian dollars. : This example is not the description, when a significant event occurs or some basic factors of formation, the market's initial response indicates that the long-term trend?. Market always guide, because there's always someone who knows more than you. For example, the Soviets are rows. Q: do? a: do Exchange, grain futures. Q: this is a bit contradictory? Soviet economic mess, but the Exchange has done great. Why?: a joke, they perhaps really looking at our correspondence. But their intelligence is really fast. They have the world's most advanced intelligence system, often overheard business communication. So some large dealer talking on the phone for use on sensitive issues, often against bugs. I mean there are more difficult to intellectually mechanism will lead the market, often in most people also do not know when the first move. Q: is it not the fundamentals of technical analysis? a: I think there are some very in technical analysis, and others are covered. Some engage in technical analysis that can predict the future, it is some exaggeration. Technical analysis of track in the past, but does not predict the future. Do you have your own ideas, looking for some dealer activity can reveal the future trends of other dealers. I personally think that technical analysis like thermometers. Those claiming to be never look at the pictures of the basic analysis of the school as the doctor said he did not give patients temperature. If you were on the market hold responsible attitude, you should understand the market situation--is hot or cold, is moving or delay. Technical analysis reflects voting throughout the market, so there will be a strange phenomenon occurs. By definition, any new graphics there are unusual. Thus more changes of prices is important. Look at the picture makes me alert exception, exploring the potential for change. Q: having market and you get back when you do? how to distinguish between small rebound and bad Sin? answer: as long as a venue, I always set the stop in advance, and only then did I sleep. I know where the venue before. Enter the size depends on the stop bit, stop bit with technical analysis. For example, the market is moving about within the context of a price, stop bit cannot be set in the price, so it is easy to meet. I always stop-bit fixed point in a technical obstacles (resistance or support). If the location chosen well, generally not easily met. Question: when it comes to a stop, as your transaction volume by major,I guess your stop loss orders only, have a pretty good idea, right? so to speak: I put the living arrangements in place for stop loss orders always executed in a timely manner. They are not into the disc surface, but definitely not a mental stop loss, must execute in place. Q: you are into single-volume significantly more than ever, this is not the addition of extra difficulty? a: can have sufficient liquidity to let me play less of a market. For example, copper futures, I liked to do, but the market is too small, not enough liquidity. I like the coffee market has also made a few million last year. But millions have been irrelevant to me, but consume less energy. So I mainly do Exchange. Q: you are responsible for the operation of the do I'm afraid than any other trader. If you catch a period always lose money, how you tackle psychological pressure? a: mental burden indeed is very big, just one day I might lose millions. If losses too seriously, it would not be able to do again. My only concern is that the poor functioning of the capital. Every time I will have a deal to pay too much. But I never lose money itself, as long as it is clearer, and pay in full by trading skills. I learned from experience in controlling risk. But the daily profit and loss does not affect my mood. Q. did you lose money year? answer: Yes, in 1981, I lost a 16 per cent. Q: do the Exchange is the spot or futures? a: I only do spot, except sometimes set city ate the cash and futures price. Interbank market (spot) much better mobility, transaction costs are much lower, and a 24 hour trading. This is very important for us, because we do 24 hours a day. We are doing, what Exchange all European currencies. Including Nordic currency, all the main currency in Asia and the Middle East. Cross-plate is also a good spot. Futures contract amount fixed by doing cross out to go to more trouble. In the spot market, the whole world is dollar-unit, even cross-plate is no exception. Q: are you outside of the United States disc also do many transactions? answer: Yes, I even have a monitoring screen wherever, House, country house, is everywhere. Secondly, my staffers round-the-clock. Encounter event they call me right away. We each currency has a call price. I have an Assistant responsible for processing the call. We joked that he was only a wake me from home twice. He received three or four per night may call. Because there is a plan in advance, he can handle. I usually bring their own trading hours at 8 am to 6 pm, 7 pm. Far East market is very important, 8 p.m. opening, Tokyo early day to 12 o'clock at night. If a transaction is active, I also will do. 12 point after sleeping for several hours, and then got up to catch the next opening. Market of this period. I'm in the global markets have, so the message is very smart. This is a very exciting game. Put aside transactions make money do not speak, I do this one line, one of the main reasons is because I'm on the analysis of the situation in world politics, the economy is very fascinating. Q: to hear you up, it seems that the whole process seems to be playing games instead of work. A: do not feel like work, unless you lose, so I feel very hard. For me, market analysis as a diverse Board, the fun is purely spiritual enjoyment. Q: you talked about the importance of controlling the risk, and to hold a single faith, a transaction generally bear much risk? answer: first of all, I try to do any transactions undertaken risk up to 1% of my account. Secondly, we check whether the order made. If you have 8 list are highly relevant, although divided into 8 species, but is actually a big risk, only 8 times. Q: does this mean if you are optimistic about mark and optimistic about Switzerland francs, you just choose to buy one. Answer: this is the case. But more importantly in a market while doing long chosen to try a short market can do. For example, at the moment I am doing selling US dollars, but I do still do multi Yen mark short. Question: like you do mark B Yen cross-plate is not more than do separate currency? answer: not necessarily. Sometimes just to make money. Q: your trading style is fundamental analysis and technical analysis. If you choose to, you choose a? answer: this is like asking a doctor he is liked by diagnosis doctor or observation. Which are not small. The 70 's when relying on technical analysis is easier to make money. At that time, the phenomenon of false break off. Now everyone is image distribution and technology spread transaction system, I think this technology were negative. Q: do you think of doing a single master have special talents? a: original Super master should be rare. Q: do single successful talent and effort representing percentage? answer: not very little effort may become the master. Someone may be short-term success, but long total no. Recently I just heard that some people do copper futures made last year, but soon 2,700 and all transmission and back. Q: do you have any advice for newbie? answer: first of all, we must recognize the importance of risk management. The second piece of advice is to do less and less to do, and do less. Whatever you think you should enter the number of orders, the first cut in half again. In addition, the novice is often put people in the market. The most common error is that the market as individual right. In fact it is completely detached from the market, it is whether you are winning or losing. A trader if subjective to say: "I wish" or "hope" how, that he would not be able to focus on the analysis of the market, so unhelpful.