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Trading with Ichimoku Clouds: The Essential Guide to Ichimoku Kinko Hyo Technical Analysis
book

Trading with Ichimoku Clouds: The Essential Guide to Ichimoku Kinko Hyo Technical Analysis

by Manesh Patel
June 2010
Beginner to intermediate
210 pages
4h 47m
English
Wiley
Content preview from Trading with Ichimoku Clouds: The Essential Guide to Ichimoku Kinko Hyo Technical Analysis

Chapter 7. Applied Trader Psychology/Doug Laughlin

At this point you have learned that the Ichimoku charts and trading system can provide you with a powerful view of the markets. This view of the markets can serve as a basis for a consistent trading system that, when applied properly, can give you the tools to attack the markets whether your preference is currencies, stocks, or any other instrument that tends to have a trending component. Unfortunately, neither Ichimoku nor any other well-developed trading system can guarantee your success as a trader. The best historical trading systems have a long-term track record, a consistent trading plan, and work in multiple time frames and under different market characteristics.

The purpose of this manual is to teach you the elements of a successful trading system and its key components. The purpose of this chapter is to acknowledge and accept the given that as individual trainers we all bring with us a history of bias, emotion, and personal perception to the markets. No matter how hard we try to remain objective in trading or in life, we all bring our own perceptions, fears, opinions, and prejudices into our trading rooms. It is important that we first understand and then design methods to control these elements that we bring with us so that they do not get in the way of implementing a successful trading system.

Throughout history all of the best traders have had a well-developed system that was consistent and proven over a considerable length ...

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Publisher Resources

ISBN: 9780470609934Purchase book