In his prime, NBA legend Kobe Bryant MADE (not just attemtped) 1,000 shots a day in practice to increase his chances of making the 20-30 shots a game he takes. Along with team practice, Peyton Manning (NFL legend) watched hours and hours of tapes of opposing teams every day (even during the offseason) to develop his uncanny ability to read defenses and score…
Patience. It’s a virtue…Especially with forex trading. Arnold H. Glasgow, an American humorist, once said, “The key to everything is patience. You get the chicken by hatching the egg, not by smashing it.” Developing your currency trading plan will take time. Developing skills will take time. Waiting for the right trade opportunities requires patience. Entering…
Ask any quant on Wall Street (the super geeky math and physics PhDs who create complex algorithmic trading strategies) why there is no “holy grail” indicator, method, or system to pull profits 100% of the time. You will probably be given two reasons: 1. You can’t predict the future. Is there any way to know…
We’ve made the School of Pipsology as easy and fun as we could to help you learn and understand the basic tools and good practices used by forex traders all over the world, but remember that a tool and technique is only as good as its handler. A painting does not become a beautiful masterpiece by…
Unless you’re a good lookin’ dude or gal who’s trying to win over his or her crush, never make the first move. What we mean by this is that you shouldn’t always jump in when you see the market moving so quickly. Dealers know that about 80% of the time, markets are ranging. This means…
Meet Arnold. Arnold is from Pipfornia and is a bodybuilder chef who trades. Like many other traders, he has a mechanical system based on breakouts. Arnold even has a special name for it: the Terminator System. He follows his system with rock-solid discipline (which is how he got his abs and bazooka biceps) and with…
A common mistake by many new traders is that they think they can make money… fast! While it’s true you can make money in a short amount of time, it doesn’t mean you will end up profitable in the long run. A typical scenario is that a new trader reads a little bit about trading forex, finds a system online…
Yay! You made it! Congratulations! You’ve read all six gazillion pages of the School of Pipsology and now you have everything you need to conquer the forex world, retire in a year or two, and then go travel the world in your Gulfstream G700™ jet, right? Think again NOOB! I’m still a noob! Sorry to burst…
We can’t stress enough how important proper risk management is to succeed in forex trading. To help keep us from losing our risk capital, we have learned in the Senior Year of the School of Pipsology all about stop losses. But out of the four kinds of stops discussed, which one do you think suits your currency trading personality best? …
More often than not, your attitude towards risk is crucial to determining the success of your forex trading endeavor. This could help you find out which trading style is best for you, what kind of system you should use, appropriate trade management techniques, or how you can improve your trading in general. Are you a gambler, a neurotic, or…