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Aiming for the trader's success by creating awareness of the 3M's: Mind, Money & Method by Sunil Mangwani, CEO at FibForex123.

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London Workshop 21st- 22nd June 2009. Patience & Discipline

Posted on May 24, 2009 at 17:43 in Uncategorized by Sunil Mangwani

The main intention is to showcase the topics that will be covered in the upcoming London workshop on 21st – 22nd June.
http://www.fibforex123.com/Forex_power_Workshop.htm

A trader has to have patience & discipline to succeed.
The bottom line is - you need to work out a plan, and then stick to it…regardless.
If you decide on trading only a particular strategy, then you must wait for that setup to occur. In the meanwhile, if price makes some moves, you should not trade those, simply because they do not fit within your plan. 
Psychologically, you need a lot of discipline to stick to a plan, because you always feel you are missing out on the moves.
And if you are trading full time, then this becomes a very big issue. Since you keep waiting for a trade & if the opportunity does not occur, then you get tempted to twist your plan & get into the action…..which is the surest way to disaster.
One can make a living from trading…provided it’s done in the correct way.
It’s not an overnight-get-rich-scheme.
It has to be built up slowly & takes a lot of effort & dedication.
Once you accept this fact, it becomes somewhat easier -:)
Sunil

5 Responses to “London Workshop 21st- 22nd June 2009. Patience & Discipline”

  1. on 14 Jul 2009 at 9:54 am1su25

    Hi Sunil
    Not sure whether this blog is still alive.
    Wanted to know from the fxstreet resident expert on harmoni patterns - on Gbp/Usd intraday chart of yesterday, a bearish crab pattern is in the forming with a price target of point D being 1.6330 area. Would the target for the reversal be around 1.5950 (1.272% of AD) or 1.5850 (1.382% of AD)?
    regards
    su25

  2. on 15 Jul 2009 at 2:18 pm2Sunil

    Hi su25.
    I could not spot this intraday pattern. If you could specify the time frame, then I could have a detailed look at it.
    In any case, for any harmonic pattern, the target for reversal is always the 127.2 or 161.8 of AD.
    Sunil.

  3. on 29 Oct 2009 at 2:17 pm3su25

    Hi Sunil
    Call you spot a bullish butterfly on Gbp/Usd daily chart with D @ 1.5706. What is the typical target for this pattern?
    Regards
    su25

  4. on 29 Oct 2009 at 3:44 pm4su25

    Hi Sunil
    And, on hourly chart of Gbp/Usd, is any harmonic emerging, with A @ 1.6250 and D @ 1.6603, with target @ 1.6326 ~ 1.6115?
    Regards
    su25

  5. on 19 Jan 2010 at 8:12 pm5Arvind

    Hi Sunil,
    Could you please update your blog as we are missing it.
    Thank you in advance.

    Regards
    Ar

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