Today in the Akademy i will be showing how being lazy is the best way to become a professional trader. Permit me to
say; All professional traders are lazzzzzyyy. THE LAZY MAKES MORE MONEY IN THE MARKET.
Lazy is simply better.
Lazy may not be better for any other life's adventure, but it is surely the best way to be profitable in the forest market. Yea simply put again: It is the best way.
From my researches done about Guys like George Soros, Warren Buffet, Fox Johnathon and many others shows that they all have one trait in common. They are all lazy!
Do i really mean lazy like lazy? Yes i mean lazy. In the forex market game, most price action traders are simply just lazy while they still make all the money. Also i discovered that they are among the 10% of highly profitable traders.
There is nothing as good as knowing what to do in the market, getting it done and then simply go to sleep or do something else. Nothing! As a price action trader, this is the way most of them behave:
They go to their computer screen after the New York session is closed for the day; 9-10 pm Nigerian time (depending on which brokerage you choose). They just look at all swing points, Check some good price action setups that formed at or during the close of the NY trading session, they mark out all valid resistance and support swing points they have noticed; Go ahead to draw out those lines, they look at the trend and see where it has been from the last 1 week (This is why I advocate that you use daily charts time frames), they try to note the trend; whether it is a valid/strong or soon to end trend and finally they will check if their high profitable price action is present..... Price action setup like the pin bar price action setup. Once all their yardstick is met, they take the trade.
This is all done in order to build a case for entry. Now after these Technical analysis, that lazy ass will be looking to place a pending order below support or resistance zone (depending on whether he wants to short or long).
Note also that all price retracements will be noted so they know where to place a strategic pending orders, a big room stop loss and maybe a 4:1/5:1 profit ratio in most cases. After all that analysis which will not take up to 20-30 minutes of their time, they go to sleep having set the trade, they simply forget the trade and sleep or do something else.
You don't have to stay awake all night.
Most traders think they are being zealous sitting in front of their screen all day watching every single price movements. You see them adjusting their trades; trailing their stops because they do not have the understanding that the lazy traders have. They don't understand the power of sleep.
Our PHCN (Power Holding Company of Nigeria) one day interrupted the power supply one day after placing a trading. I was furious though, but i had already set that trade. I was quite new and learning price action then. so when the light was restored after 6 hours or so; I opened up my chart only to discover the price had went in my favor 70 pips.... Woow!! so i learnt that day that; you really don't have to sit down there in front of that screen monitoring everything.
Don't twist it!
When i say lazy, i don't mean you should be dull about your game. Most lazy guys I have met here in Abuja, Nigeria are the most richest and what I deduced from their lifestyle is that they know their business more than anyone else. Please go here 5 reasons why you are not making money that article might help to drive this point home. I believe you know what I mean?
So you get yourself educated and get lazy. This is because your being so awake or too reactive will not change the direction or what the market wants to do. So i think being simple, intelligent and lazy is better.
I hope you love this post? if you do please leave me a comment to tell me you appreciate the effort to get you educated. Let me have all your questions also if you have one.
See you again soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a Great trader!
say; All professional traders are lazzzzzyyy. THE LAZY MAKES MORE MONEY IN THE MARKET.
Lazy is simply better.
Lazy may not be better for any other life's adventure, but it is surely the best way to be profitable in the forest market. Yea simply put again: It is the best way.
From my researches done about Guys like George Soros, Warren Buffet, Fox Johnathon and many others shows that they all have one trait in common. They are all lazy!
Do i really mean lazy like lazy? Yes i mean lazy. In the forex market game, most price action traders are simply just lazy while they still make all the money. Also i discovered that they are among the 10% of highly profitable traders.
There is nothing as good as knowing what to do in the market, getting it done and then simply go to sleep or do something else. Nothing! As a price action trader, this is the way most of them behave:
They go to their computer screen after the New York session is closed for the day; 9-10 pm Nigerian time (depending on which brokerage you choose). They just look at all swing points, Check some good price action setups that formed at or during the close of the NY trading session, they mark out all valid resistance and support swing points they have noticed; Go ahead to draw out those lines, they look at the trend and see where it has been from the last 1 week (This is why I advocate that you use daily charts time frames), they try to note the trend; whether it is a valid/strong or soon to end trend and finally they will check if their high profitable price action is present..... Price action setup like the pin bar price action setup. Once all their yardstick is met, they take the trade.
This is all done in order to build a case for entry. Now after these Technical analysis, that lazy ass will be looking to place a pending order below support or resistance zone (depending on whether he wants to short or long).
Note also that all price retracements will be noted so they know where to place a strategic pending orders, a big room stop loss and maybe a 4:1/5:1 profit ratio in most cases. After all that analysis which will not take up to 20-30 minutes of their time, they go to sleep having set the trade, they simply forget the trade and sleep or do something else.
You don't have to stay awake all night.
Most traders think they are being zealous sitting in front of their screen all day watching every single price movements. You see them adjusting their trades; trailing their stops because they do not have the understanding that the lazy traders have. They don't understand the power of sleep.
Our PHCN (Power Holding Company of Nigeria) one day interrupted the power supply one day after placing a trading. I was furious though, but i had already set that trade. I was quite new and learning price action then. so when the light was restored after 6 hours or so; I opened up my chart only to discover the price had went in my favor 70 pips.... Woow!! so i learnt that day that; you really don't have to sit down there in front of that screen monitoring everything.
Don't twist it!
When i say lazy, i don't mean you should be dull about your game. Most lazy guys I have met here in Abuja, Nigeria are the most richest and what I deduced from their lifestyle is that they know their business more than anyone else. Please go here 5 reasons why you are not making money that article might help to drive this point home. I believe you know what I mean?
So you get yourself educated and get lazy. This is because your being so awake or too reactive will not change the direction or what the market wants to do. So i think being simple, intelligent and lazy is better.
I hope you love this post? if you do please leave me a comment to tell me you appreciate the effort to get you educated. Let me have all your questions also if you have one.
See you again soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a Great trader!
No comments:
Post a Comment