Friday April 1, 2011 13:30
How To Use The Decision Bars On MT4?
Posted by Pro Trader as Forex Signals
Download this 82 page PDF Candlestick Patterns Guide FREE and discover the Decision Bars Trading Software. Master these Forex Charts. Watch these 3 shocking Portfolio Prophet FREE Presentations. Les Schwartz for DecisionBar Trading Software: Here are a lot of misconceptions about what makes a successful trader. I know it goes against all logic, but one of the biggest misconceptions is that successful traders have to ability to “Buy at the Bottom” and “Sell at the Top.” Real traders Buy when the market is going up and Sell when the market is going down. Only wannabe traders agonize over finding “Tops” and “Bottoms.”
This is a subtle but VERY important difference in mindset. The art of trading (and it is an art!) is not about predicting the future. Trading is about:
1) Reacting to current market movement in light of past market movement and
2) Having a plan to react to future market movement…regardless of the direction of that movement.
In other words, trading is not about knowing what the market will do, it is about knowing what YOU will do. (Note: This is where all other trading “systems and robots” fail miserably and DecisionBar excels.) The most important characteristic of a successful trader, is that a successful trader is willing to take complete responsibility for his/her trades. Conversely, the wannabe trader is looking for an excuse (someone or something to blame) even before the trade is entered. Back on March 3rd I got an email from a trial subscriber. He wanted to know why my DecisionBar Trading software did not predict the move indicated by “1″ below:
I pointed out to him that the move was caused by the Non-Farm Payroll report for February, and that it was the responsibility of the trader to do his homework and know when scheduled, market-moving reports are going to be released, but he didn’t want to hear it. I then pointed out that smart traders don’t take positions when reports like this are released. They exit their positions prior to the report. Holding positions when reports like Non-Farm Payrolls are released is gambling, not trading.
He then told me that he was short when the Non-Farm Payroll report was released, took a big hit, and was giving up trading. I asked him why he was short when the only valid DecisionBar signals were long, and the only short signal was negated by the Risk Oscillator! He told me that the market had bottomed a while ago and he expected it to reverse to the downside, so he took the unconfirmed short signal because it validated his opinion.
The oldest trading system, the “Hunch” system of trading, has never worked and never will. In the space of a few hours this wannabe trade made just about every mistake a trader can make, but he refused to take responsibility for his trades. He was ready to blame everyone but himself.
More and more these days, would-be traders are looking for ways to avoid taking responsibility for their trades. They want automatic systems, robots, trading services and anything else they can find to blame for a losing trade.
Then, when all the systems fail them, they turn DecisionBar and actually learn how to trade. DecisionBar Trading is a trading METHOD, not a system! There’s a world of difference. DecisionBar provides you with all the information you need to make profitable decisions, and allows you to take full responsibility (and credit) for for all your successful trades! My DecisionBar Trading Software is software that supports the same tried and true trading methods I used to support my family for 20 years. It will do its part as long as you do your part…like knowing when Non-Farm Payrolls will be released.
Please visit my website right now and see how my DecisionBar Trading Software can make YOU a successful trader. If you want to try that new Robot that just came out this week, that’s fine. We’ll still be here next week. The “Ultra Pips Robot” (or whatever silly name they are calling it) won’t. It will be replaced the “Mega Pips Robot,” which will make the “Ultra Pips Robot” obsolete! Do people really fall for this stuff? This just in:
I use Decision Bar with MetaTrader4, and I have three different forex pairs and one futures chart (SP500) that I monitor from 5AM to 8AM PST. Almost every day with Decision Bar I can pick out at least one good trade each morning and that is usually all I am looking for. Sometimes after work I trade on the Asian market open for an hour or so. On average I gain about 25 pips or 7 or 8 points every day. For me that is now about a $1,000 per week. Considering that I still work, that is wonderful extra income. When I doubled my money I pulled out my initial investment so I would only be trading with house money and that is a great feeling… Keith A. — Washington, USA