Uploaded by: euinvest101 on May 14, 2012
Darwin Horan-Free Ebook - The Savior Forex Strategy -Part 10
You'll learn more about the futures-forex
connection when we discuss my Forex Market Pulse and the specific relationship
forex has to the U.S. dollar, Dow Jones, crude oil, and gold.
ANALYZING THE MARKET
I've set up some pretty lofty expectations, haven't I? So how serious am
I about doing this in approximately one hour a day? No joke. No hype. I
mean it. Time spent does not equate to success. In fact, I'll go so far as
to say that if you were to reduce the amount of time you spend analyzing
and trading—starting today—your returns would improve. Why? Well, Las
Vegas knows why. They don't build billion-dollar casinos because they look
majestic in the desert. While almost everyone you and I know tells us that
they always leave Vegas a big winner, money in their pockets, someone has
got to be telling a whopper because I'm pretty sure that the water bill alone
at the Bellagio is enough to make my eyes cross. Now if you think I am
comparing trading to gambling, I am, just a little.
While it may be blasphemy in certain circles, comparing trading and
gambling there are similarities that it would do us good to notice. What I
have observed is the time spent sitting at a casino will eventually empty
your wallet if you don't know when to walk away, and I don't even gamble.
The fact that most traders don't know when to stop does draw some
similarities to their gambling cousins. Is trading gambling? Sure, professional
gambling. I've worked with a professional gambler; he was written
up in Forbes and was one of the most disciplined guys I have ever met. He
regulated his diet on days he worked, which is to say the days he would
gamble. He had a strategy, stop loss, money management ...the works! I
can't dismiss that as merely gambling. There are trends in games like craps
just as there are trends in the EUR/USD or crude oil. Yes, I know there are
differ
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