Buy EUR/USD at market [last price 1.2423] (Ed Note: Current Price 1.2384)
Knowing When and How to Make a New Trade
There are two things that may cause you to fail as a trader.
Fear and greed.
They are two sides of the same coin — each cripples your ability to make good trading decisions.
Fear of loss can keep you out of a good trade … or cut it short. Greed can push you into bad trades … or hinder your ability to control your risk. You must find a middle ground between these emotional extremes.
How do you keep emotion from controlling your trades?
You can’t eliminate your emotions. But you can control them if you develop an objective framework to exploit the emotional biases of other traders.
And then trust it.
After 25 years trading in financial markets, I can say trusting an objective framework is the clearest path to success.
You want a system that identifies high probability trades. And you want to pair that with disciplined risk management (more on that tomorrow.)
I have such a system.
I’ve honed it over the last two years. Year-to-date, it’s returned 85.4% for subscribers who followed the trade alerts verbatim. That follows an impressive 84% ROI in 2013!
The system uses Elliott Wave Theory to pinpoint trends and turning points. Those key levels dictate my trade decisions. What I might personally think about the euro, Japanese yen or the US dollar doesn’t matter if Elliott Wave analysis says otherwise.
Result: Highly objective trade alerts that make money consistently.
And that’s why you’re reading – to learn about those alerts. Let me share one I issued to subscribers yesterday …
THREE PARTS OF A NEW BSFX TRADE ALERT RECOMMENDATION
Part One: Entry
Tells you to buy or sell, the type of order (stop, limit, market) and suggested entry price
Part Two: Stop-Loss
Tells you suggested exit price if the trade moves against you
Part Three: Profit Target
Tells you suggested exit price if the trade moves in your favor
That’s all there is to it — just three parts in every new trade alert I issue.
Look it over. And be sure to tune in tomorrow when I’ll be sending you ALL Black Swan Forex (BSFX) alerts … LIVE and FREE. You’ll have the opportunity to see everything paying subscribers get to see.
I’ll also be covering another important facet of BSFX: Knowing When to Jump Ship.
A trade can be won or lost at entry, but that doesn’t discount the importance of proper risk management when trades are active. It could very well be the difference between a winning trader and a “treadmill” trader who goes nowhere.
Talk to you tomorrow.
-Jack
This is part of your “Insider’s Look” at Black Swan Forex (BSFX).
Remember:
On Wednesday, November 12th, I’ll be sending LIVE trading alerts and updates to all my readers.
Stay tuned.
