How does trading compare with the game of chess? The answer is simple. Study chess and study harmonic pattern trading with Fxgroundworks.com. Like a good chess player, don’t be in a rush, don’t get into the market without first studying the position and volatility of the pairs you want to trade.
Be patient. Wait for a viable pattern that has good structure and is in a good position. Size up your opponent.
FXGroundworks.com alerts the patterns and the positions where price might reverse, making the trader more aware of where and when to enter the market. They set up your ‘game’ and your trading ‘board’ for you.
The key to being a good trader is similar to playing a game of chess, where the strategic moves of trading are clearly revealed by the harmonic patterns available on FXGroundworks. It is vitally important to study the charts and to make yourself fully conversant with where the pair has travelled and where it might travel in the near future. As in chess, you need to set up your ‘play’ with forethought and careful planning.
All too often we just want to jump in and get a piece of the action. That’s by and large always a mistake. We usually pay a penalty for rashness, whether it’s with trading, with chess or with life in general. However if we take our time to study the market, study the way the pairs are moving and the impact of the news events that are coming up in the current week, we position ourselves far better to make winning trades . That is, with a valid pattern. Never without a compelling pattern. Never risking a Queen or Bishop by having them threatened by a pawn. In other words, never just jump into the game.
Being aware of events that might strain the direction or speed with which a pair or a currency might rise or fall is vitally important. Finding out who might be going to speak and doom a currency or make it buoyant can help you remember to watch a pair’s progress.
Setting up your chess moves is much like a trader being conscious of low volume time periods such as beginnings and endings of weeks and months or the volatility of traders exiting positions to close off their books at period end.
Large commercial traders or market makers may be away from the market and it is just as important to know that as is knowing when news is coming. When volume returns so does probability and the chance of taking that better than average trade off that potential reversal zone.
Knowing when to call a trading ‘checkmate’ becomes second-nature once you’ve mastered the fine art of harmonic pattern trading with Fxgroundworks.com. Check, mate…..then come and play.