June 2012
Beginner
420 pages
10h 19m
English
book
Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
by Michael Duane Archer
Content preview from Getting Started in Currency Trading, + Companion Website: Winning in Today's Market, 4th Edition
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
Chapter 20
The Proactive Trader
Introduction
The Goodman Method is composed of three elements: a trading method—Goodman Wave Theory; a money management scheme—the dagger, waltz, and line; and a way of tracking the markets and adhering to the market process—the proactive trader.
The trading method or the money management scheme may not appeal to you, and that is fine. There is more than one way to skin the FOREX cat. But being a proactive trader is a must-do no matter what method you use to seek your currency trading fortune.
“If you do not look, you will not see” is the essence of being proactive. Charlie was disdainful of traders who came to the brokerage house and just stared at the quote boards and the charts—especially the charts. “They are not proactive with the charts,” he would comment.
This chapter contains a set of tools for being proactive. Some of them are specific to the Goodman Method; some of them are not. The former will provide a glimpse inside the more advanced Goodman Method ideas, especially of Goodman Wave Theory. Whatever trading method you decide to use, ask yourself, “How does it help me be proactive with the markets?”
The essence of being proactive is threefold: (1) constantly looking ahead, (2) making hypotheses about why what has happened did happen—and what it means for the market beyond the current bar on the chart, and (3) actively engaging yourself in the market process.
Laydowns
Once a Goodman formation has formed a setup, you are trading for the ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.