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1、TipsforTraders
2、7/21/2008HowToAvoidGetting“WashedandRinsed“intheMarketsIhavethehonorandpleasureofmentoringanumberofverytalentedtraders-somewhoarefull-timeprofessionaltradersandsomethattradepart-time.AndsinceIamonmy37thyearasaprofessionaltrader,I'veseenandmademostanymistakeyoucanthinkofornam
3、einmyowntradingaswell.Takingalossisapartoftradingandnomatterhowgoodatraderyoubecome,youwillalwayshavelosses-andsometimes,youdon'tseethelosscoming,sothat'swhyalwayshavingprotectivestopsinthemarketissoveryimportant.Buttherearealsotimeswhentradersget'turnedaround'andthenthemarket'washesandrin
4、ses'them,whichmeansthetradergetsintoapositionwhenpricemakesanewloworhighandthengetsstoppedoutoftheirpositiononapullbackandthenpricereturnsbacktoandmovesonintheoriginaldirectionoftheirposition[ofcourse,theyareflatnow,withlesscapital].Takinglossescannotbeavoided.Being'washedandrinsed'canusua
5、llybeavoided,ifatraderknowswhattolookfor,keepstheirsensesaboutthemanddoesn'tovertrade.Thispastweek,fourofthetradersImentorcorrectlycaughtthesameEuroUSDcashFXtrade,avoidingthelossmostcurrencytraderstookearlierinthedayandmoreimportant,missingthetwo'washandrinses'thatoccurredrightbeforethequa
6、litytradesetupinthiscurrencypair.AsIwatchedeachofthetradersshowmetheirtradesheetsandimagesandtellmehowtheystalkedthetradeandmanagedtomissthepitfalls,astheytoldmehowtheysetuptheirentryandstoplossorders,Ihadtosmiletomyself,becauseoneofthejoysofteachingandtradingisthatyousometimesgettoenjoyth
7、esuccessofyourstudentsandtheprofitsyouyourselfmadeonatrade.IalsocaughtthisniceEuroUSDcashFXtrade,soI'doubledmypleasure'fourtimesasIlistenedtoeachofthefourstudentstellmethedetailsoftheirprofitablecampaignintheironeononementoringsessionthefollowingday.Inthenexttenparts,we'lltakealookatthetra
8、deandseewhatthepitfallswereandhowsometradersgotturnedaround.andmoreimportant,howsometradersavoidedthepitfallsandfoundthediamondsintherough!1of13Youcanseeinthechartbelowthatasthedaystarted,theEurowasstrengtheningconsiderablyagainsttheUSdollar.Theseare240minuteb
