Great Day of my Life
Hello Everyone
Name : Zafor Ali
Age : 23
University : IUB
Currently Studing : BBA(2nd)
Campus: Baghdad ul Jadid, Bahawalpur, Pakistan-
Email: zaforalibendas@gmail.com
join me and share The Great Day of your life with me.I love playing Cricket.Would you Like to play with me online.
i'm mostly available on facebook.ALL of my BBA Friends Senior and joiner join me and make a chain of IUBStudents.
fellow this link :
http://www.facebook.com/pages/Islamia-University-Bahawalpur/45387596995
now one thing that i want to share with you right now is
History Of Islamia University Bahawalpur (IUB)
Graduates from this university are expected to display imagination, quick-thinking and intellectual discipline; qualities that fit in well with the aims of National Educational Policy.
The university is driving the process of knowledge transfer, business development technology enhancement in to the heart of the economy of southern Punjab. The university is also helping to meet the need for highly trained individuals, scholars and researchers through out the country.
The IUB is not an ivory tower but is fully engaged to drive the regional economy and society. The talented students will not only graduate in an increasingly multi-national, multi-culture, and multi-ethnic world, but will also be enterprising, creative and innovative.
The university is enabling students to develop and apply their subject-based skills in an international arena and an exchange program is enabling students to undertake work experience in highly professional institutes, giving them transferable skills. Performance indicators show that 85% of graduates from the university are in employment or studying further and also serving at the government-set benchmarks.
INFORMATION ABOUT THE IUB.
I am pleased to say that students of this university have enjoyed many recent accomplishments and look to the future with enthusiasm and confidence.
My most important message to you is that you should have highly dreams to fulfill and greater heights to search and reach.The developing infrastructure in Pakistan is supporting academy prowess with research excellence forming the base of all our academy activates. With globalization of higher education fueled by burgeoning demand of economic wealth and culture aspiration The Islamia University of Bahawalpur (IUB) is poised to expend its operations to become a truly standard university.
Untiring and endeavors have been made to maintain and improve the position of IUB Bahawalpur as a leader of high education in Punjab enhancing social values and fully implementing longstanding principles of education to meet the expectation of people and the government. It is hoped that IUB will enhance already existing excellent research infrastructure meeting the needs of intellectuals and research student’s commitment to excellence has ever remained the distinction of IUB, providing learners the finest education and a supportive learning environment.
To meet the challenges of the current scenario, it is anticipated that IUB will take further necessary measures to sustain its position among the prestigious institutes of the country. Ever challenging enthusiastic and persuading environment of the university provides a good arena to groom and nourish. I would like to encourage the Islamians to lead the student community in Pakistan.
It is the need of the day to provide quality education to students equips them with better handling skills to meet the challenges of future. Let us reshape our world, Pakistan, with the commitment of hard work, sincerity and dedication.
The Islamia University of Bahawalpur (IUB)
The Islamia University of Bahawalpur (abbreviated as IUB) (Urdu: جامعه اسلامیہ), colloquially known as Islamia University, is located in Bahawalpur, Punjab, Pakistan. University has many faculties including Engineering, Pharmacy and Alternative Medicine, Science, Arts, Languages, Social Sciences, Business and Information Technology.
History
The City of Bahawalpur has always been a seat of higher learning. Uch Sharif (a nearby ancient town) had one of the largest universities in the world where scholars from all over the world used to come for studies. As a continuation of this tradition a religious university Jamia Abbasia was established at Bahawalpur in 1925, following the academic pursuits of Jamia Al-Azhar, Egypt. The renowned scholars spread the beacon of Islam by teaching Tafseer of Quran, Hadith, Fiqh, History along with other contemporary subjects.
In view of the changing scenario, Jamia Abbasia was declared as general university in 1975, and renamed as Islamia University Bahawalpur which further modified during 2007 as The Islamia University of Bahawalpur. Initially it started functioning at Abbasia and Khawaja Fareed Campuses with ten departments. In order to construct a modern and self-contained campus, 1,250 acres (5.1 km2) of land was allotted to the university on Hasilpur Road about five Kilometer away from the city centre.
Further development
The sand dunes have been converted into well-built faculties, green lawns, hostels, residential colony, farms and orchards. It is known as Baghdad-ul- Jadeed Campus. The university started with ten departments but now this number has increased to 39 offering 53 disciplines. While planning to commence new departments and disciplines due consideration is given to market as well as area specific needs. Consequently, apart from conventional disciplines of Religious Affairs, Languages and Basic Sciences; education is being imparted in the areas of Pharmacy and Alternative medicine, Business Administration, Engineering, Agriculture, Veterinary Sciences, Informatics, Law, Education, Fine Arts, and Sports Sciences etc. The university values quality education rather than quantity. Towards achievement of this end a team of highly qualified and committed faculty members has been developed. Moreover, research is being made corner stone of the educational philosophy.
Academic departments
This time IUB has more than 53 departments, Faculties and centers.
1. Faculty of Science
* Department of Physics
* Department of Chemistry
* Department of Mathematics
* Department of Statistics.
* Department of Geography.
* University College of Agriculture & Environmental Sciences
* University College of Engineering & Technology
* University College of Veterinary & Animal Sciences
* Cholistan Institute of Desert Studies
2. Faculty of Arts
* Department of Economics
* Department of English
* Department of Library and Information Science
* Department of Media Studies
* Department of Political Science & International Relations
* Department of Saraiki
* Department of Urdu and Iqbaliat
3. Faculty of Islamic Learning
* Arabic
* History & Pakistan Studies
* Islamic Studies
* Law
* Persian
* Modern Progressive Center of Excellence in Islamic Studies
4. Faculty of Commerce & Management Sciences
* Commerce
* Computer Science & Information Technology
* Management Sciences
5. Faculty of Education
* Applied Psychology
* Education
* Educational Training
* Fine Arts
* Health & Physical Education (Science Sports)
* Social Work
6. Faculty of Pharmacy & Alternative Medicine
* Pharmacy
* University College of Conventional Medicine
Sub Campuses
* Sub Campus Rahim Yar Khan
* Sub Campus Bahawalnagar
In order to provide opportunities of higher education to the youth at their door step, two campuses were established at Rahim Yar Khan and Bahawalnagar in 2005. Initially departments of Management Science and Computer Science & Information Technology were established for which response was very encouraging. The departments of Commerce, Education and Educational Training were also launched during the academic year 2006-07.
Hostels
In order to facilitate the students sufficient hostel accommodation is available. Presently, five hostels for boys and Three for girls are in use while another hostel for girls is under construction. The accommodation capacity of these hostels is more than two thousand five hundred altogether. All the old hostel buildings have been renovated and equipped with better living facilities.
* Abu Bakar Hall
* Umer Hall
* Ali Hall
* Iqbal Hall
* Jinnah Hall
* Fatima Hall
* Ayesha Hall
* Amna Hall
* Saqib Hall
Transport
As the main university campus is away from the city centre, buses and coasters ply to transport the students, teaching and non-teaching staff. The facility is also available at Rahim Yar Khan and Bahawalnagar campuses. The university has a transport fleet comprising of 40 buses for students and 04 coasters for teaching staff.
Facts Timeline
1) On 18-02-2010, some students of other departments got engaged with an engineering student on a minor issue. When the clash was about to go worst, Principal of UCET alongwith other faculty members controlled the situation and save the students and university from major clash.
2) 19-02-2010, again students of some departments got engaged with some engineering students and in this dispute two engineering students got gun shots in their legs.
3) Taking advantage of the situation some anti-peace persons spread the rumour of death of those students who got shot. On hearing the death news, engineering students over-reacted and got violent.
4) Due to the neglegence of University Administration and University Security, engineering students damaged the university property.
5) VC ordered to close the university for a week and to inquire the metter to a committee.
6) On 26-02-2010, university closure been extended upto another week.
7) On 01-03-2010, UCET Administration recieved a "compulsary rustication" orders of the students who violated the law & order in the university. It was stated that names of the students ll be forwarded by the security division.
8) On 03-03-2010, UCET Administration recieved a list of 23 students including the Final Year students.
9) UCET (Principal & Faculty Members) were left with no choice to follow that orders.
10) On 04-03-2010, in order to save the future of the students, UCET's 42 Faculty Members alongwith Principal resigned not only from their designation but from their service.
11) Due to the absence of a couple of faculty members and refining the subject of resignation, resignation got a delay of one day in dispatching.
12) On 05-03-2010, resignation been dispatched to the Registrar and higher authorities. Copy of resignation is available at http://saveiub.faithweb.com/index_1.html.
13) On 05-03-2010, at 4:30 PM, Prof. Jan M. Keerio been terminated from the post of Principal.
14) Not only this, VC called that dispute a murdurus attack on himself and declared Principal UCET masterminding that attack.
15) The link of that press release is http://iub.edu.pk/Press_Termination_5_3_10.html
16) On 06-03-2010, UCET Principal alongwith all faculty members cleared all VC mis-statements.
17) VC appointed a new Principal who do not even qualify the HEC & PEC criteria to be a Principal. He is with non-teaching background.
18) On 07-03-2010, instead of considering the resignation basis of UCET Faculty Members, VC announced "Immediate Requirement of Faculty at UCET". Link is http://iub.edu.pk/Jobs_Engineering_7_3_10.html
19) This proves the VC's discrimination towards UCET, UCET Faculty Members and UCET Students.
20) IUB Faculty Members and Principal UCET have given their everything to save the future of students. Now to see what we have to pay back.
RISE UP IUB, Its not about UCET only.
boys and girls Hostels Islamia University Bahawalpur
In order to facilitate the students sufficient hostel accommodation is available. Currently, five hostels for boys and four for girls are in use while another hostel for girls is under construction. The accommodation capacity of these hostels is more than two thousand five hundred altogether. All the old hostel buildings have been renovated and equipped with better living facilities.
Islamia University Bahawalpur gets 19 degrees for verification
A source told Dawn on Friday that the parliamentarians included six MNAs. The IUB has been asked to return the degrees after verification by July 13. One of the MPAs included in the list is the member of the IUB Syndicate.
The MNAs are Sheikh Aftab Ahmad (NA-57), Tariq Mahmood Bajwa (NA-75), Mudassar Qayyum Nahra (NA-100), Muhammad Hayat Khan (NA-170), Arif Aziz Sheikh (NA-183) and Javed Iqbal Warraich (NA-196).
The MPAs are Saima Aziz (reserved seat), Samina Naveed (reserved seat), Amina Jahangir (reserved seat), Dr Malik Mukhtar Ahmad (MBBS degree), Mian Shahid Hussain, Dr Tanveerul Islam (MBBS degree), Makhdoom Iftikhar Hasan Gilani, Tariq Amin Hotiyana, Sardar Muhammad Afzal Tutla, Shaukat Mahmood Basra, Qazi Ahmad Saeed, Ijaz Shafi and Baseer Ahmad Khattak.
PROTEST: Scores of people on Friday demonstrated on Multan Road to protest a lack of basic amenities in their housing colonies.
The protest organisers said sewerage problem, potholed roads and streets and other issues were making life difficult for them.
They said MNA Baleeghur Rehman had failed to fulfil his promises in this regard. Traffic on the thoroughfare remained suspended for an hour due to protest.
BUDGET: The district government on Friday approved the budget of Rs5.74 billion for 2010-11.
A sum of Rs1.93 billion will be utilised on development schemes.
Dawn
I love Reading Computer
Name : Sonia Ahmed
University : Islamia University Bahwalpur (Rahim-Yar-Khan Campus)
Residence : Lahore
Phone# : No
EmailID : sonialife92@gmail.com
Studing : BS(cs) Currently
RollNo : 126
I love to read Computer Science.I have recently done FSc pre-engineering.If any one of you want help in any subject specially in Programming(Java and C++) then don't feel hesitation .
It honer for me if i can do any thing for you.you can meet me after my Class in Canteen
He Called Himself Patriot Boy !
Yes That's true.He is one of us.He is my Class fellow.
Twinkling eyes brown Jacket with White tea-shirt with there friends Farhan,Balil and Ahsen
One of the very famous guy in IUB Rahim-Yar-Khan Campus.
He Love his Country.
if you want to share your feelings with arbi then join it .........
His Blog Address is :
http://patriotboy112.blogspot.com
Admin Says Hello !
Hello My Name is Alisha.
I'm studying in Islamia University Bahwalpur Rahim-Yar-Khan Campus .
this is my first attempt. I would Represent the true Picture of my university.
If you are a student of IUB and you want to Share yourself with others then please tell me about yourself
please comments on others student profile
My id is :
alisha923@gmail.com
Trading Psychology: Mistakes in a Trading Environment
Trading Psychology: Mistakes in a Trading Environment
When it comes to trading, one of the most neglected subjects are those dealing with trading psychology. Most traders spend days, months and even years trying to find the right system. But having a system is just part of the game. Don’t get us wrong, it is very important to have a system that perfectly suits the trader, but it is as important as having a money management plan, or to understand all psychology barriers that may affect the trader decisions and other issues. In order to succeed in this business, there must be equilibrium between all important aspects of trading.
In the trading environment, when you lose a trade, what is the first idea that pops up in your mind? It would probably be, “There must be something wrong with my system”, or “I knew it, I shouldn’t have taken this trade” (even when your system signaled it). But sometimes we need to dig a little deeper in order to see the nature of our mistake, and then work on it accordingly.
When it comes to trading the Forex market as well as other markets, only 5% of traders achieve the ultimate goal: to be consistent in profits. What is interesting though is that there is just a tiny difference between this 5% of traders and the rest of them. The top 5% grow from mistakes; mistakes are a learning experience, they learn an invaluable lesson on every single mistake made. Deep in their minds, a mistake is one more chance to try it harder and do it better the next time, because they know they might not get a chance the next time. And at the end, this tiny difference becomes THE big difference.
Mistakes in the trading environmentMost of us relate a trading mistake to the outcome (in terms of money) of any given trade. The truth is, a mistake has nothing to do with it, mistakes are made when certain guidelines are not followed. When the rules you trade by are violated. Take for instance the following scenarios:
First scenario: The system signals a trade.
Signal taken and trade turns out to be a profitable trade.
Outcome of the trade: Positive, made money.
Experience gained: Its good to follow the system, if I do this consistently the odds will turn in my favor. Confidence is gained in both the trader and the system.
Mistake made: None.
Signal taken and trade turns out to be a loosing trade.
Outcome of the trade: Negative, lost money.
Experience gained: It is impossible to win every single trade, a loosing trade is just part of the business; our raw material, we know we can’t get them all right. Even with this lost trade, the trader is proud about himself for following the system. Confidence in the trader is gained.
Mistake made: None.
Signal not taken and trade turns out to be a profitable trade.
Outcome of the trade: Neutral.
Experience gained: Frustration, the trader always seems to get in trades that turned out to be loosing trades and let the profitable trades go away. Confidence is lost in the trader self.
Mistake made: Not taking a trade when the system signaled it.
Signal not taken and trade turns out to be a loosing trade.
Outcome of the trade: Neutral.
Experience gained: The trader will start to think “hey, I’m better than my system”. Even if the trader doesn't think on it consciously, the trader will rationalize on every signal given by the system because deep in his or her mind, his or her “feeling” is more intelligent than the system itself. From this point on, the trader will try to outguess the system. This mistake has catastrophic effects on our confidence to the system. The confidence on the trader turns into overconfidence.
Mistake made: Not taking a trade when system signaled it
Second Scenario: System does not signal a trade.
No trade is taken
Outcome of the trade: Neutral
Experience gained: Good discipline, we only need to take trades when the odds are in our favor, just when the system signals it. Confidence gained in both the trader self and the system.
Mistake made: None
A trade is taken, turns out to be a profitable trade.
Outcome of the trade: Positive, made money.
Experience gained: This mistake has the most catastrophic effects in the trader self, the system and most importantly in the trader’s trading career. You will start to think you need no system, you know better from them all. From this point on, you will start to trade based on what you think. Confidence in the system is totally lost. Confidence in the trader self turns into overconfidence.
Mistake made: Take a trade when there was no signal from the system.
A trade is taken, turned out to be a loosing trade.
Outcome of the trade: negative, lost money.
Experience gained: The trader will rethink his strategy. The next time, the trader will think it twice before getting in a trade when the system does not signal it. The trader will go “Ok, it is better to get in the market when my system signals it, only those trade have a higher probability of success”. Confidence is gained in the system.
Mistake made: Take a trade when there was no signal from the system
As you can see, there is absolutely no correlation between the outcome of the trade and a mistake. The most catastrophic mistake even has a positive trade outcome, made money, but this could be the beginning of the end of the trader’s career. As we have already stated, mistakes must only be related to the violation of rules a trader trades by.
All these mistakes were directly related to the signals given by a system, but the same is applied when getting out of a trade. There are also mistakes related to following a trading plan. For example, risking more money on a given trade than the amount the trader should have risked and many more.
Most mistakes can be avoided by first having a trading plan. A trading plan includes the system: the criteria we use to get in and out the market, the money management plan: how much we will risk on any given trade, and many other points. Secondly, and most important, we need to have the discipline to follow strictly our plan. We created our plan when no trade was placed on, thus no psychology barriers were up front. So, the only thing we are certain about is that if we follow our plan, the decision taken is on our best interests, and in the long run, these decisions will help us have better results. We don’t have to worry about isolated events, or trades that could had give us better results at first, but then they could have catastrophic results in our trading career.
How to deal with mistakesThere are many possible ways to properly manage mistakes. We will suggest the one that works better for us.
Step one: Belief change.
Every mistake is a learning experience. They all have something valuable to offer. Try to counteract the natural tendency of feeling frustrated and approach mistakes in a positive manner. Instead of yelling to everyone around and feeling disappointed, say to yourself “ok, I did something wrong, what happened? What is it?
Step two: Identify the mistake made.
Define the mistake, find out what caused the mistake, and try as hard as you can to effectively see the nature of that mistake. Finding the mistake nature will prevent you from making the same mistake again. More than often you will find the answer where you less expected. Take for instance a trader that doesn’t follow the system. The reason behind this could be that the trader is afraid of loosing. But then, why is he or she afraid? It could be that the trader is using a system that does not fit him or her, and finds difficult to follow every signal. In this case, as you can see, the nature of the mistake is not in the surface. You need to try as hard as you can to find the real reason of the given mistake.
Step three: Measure the consequences of the mistake.
List the consequences of making that particular mistake, both good and bad. Good consequences are those that make us better traders after dealing with the mistake. Think on all possible reasons you can learn from what happened. For the same example above, what are the consequences of making that mistake? Well, if you don’t follow the system, you will gradually loose confidence in it, and this at the end will put you into trades you don’t really want to be, and out of trades you should be in.
Step four: Take action.
Taking proper action is the last and most important step. In order to learn, you need to change your behavior. Make sure that whatever you do, you become “this-mistake-proof”. By taking action we turn every single mistake into a small part of success in our trading career. Continuing with the same example, redefining the system would be the trader’s final step. The trader would put a system that perfectly fits him or her, so the trader doesn’t find any trouble following it in future signals.
Understanding the fact that the outcome of any trade has nothing to do with a mistake will open your mind to other possibilities, where you will be able to understand the nature of every mistake made. This at the same time will open the doors for your trading career as you work and take proper action on every mistake made.
The process of success is slow, and plenty of times it is attributed to repeated mistakes made and the constant struggle to get past these mistakes, working on them accordingly. How we deal with them will shape our future as a trader, and most importantly as a person.
Currency Trading: Understanding the Basics of Currency Trading
Currency Trading: Understanding the Basics of Currency Trading
Investors and traders around the world see the Forex market as a new speculation opportunity. Before adventuring in the Forex market we need to make sure we understand the basics: how are the transactions conducted in the Forex market? Or, what are the basics of Forex Trading? This is what this article is aimed to, to understand the basics of currency trading.
What is traded in the Forex market?
The instrument traded by Forex traders and investors are currency pairs. A currency pair is the exchange rate of one currency over another. The most traded currency pairs are:
EUR/USD: Euro
GBP/USD: Pound
USD/CAD: Canadian dollar
USD/JPY: Yen
USD/CHF: Swiss franc
AUD/USD: Aussie
These currency pairs generate up to 85% of the overall volume generated in the Forex market.
So, for instance, if a trader goes long or buys the Euro (EURUSD), she or he is simultaneously buying the EUR and selling the USD. If the same trader goes short or sells the Aussie (AUDUSD), she or he is simultaneously selling the AUD and buying the USD.
The first currency of each currency pair is referred as the base currency, while second currency is referred as the counter or quote currency.
Each currency pair is expressed in units of the counter currency needed to get one unit of the base currency.
If the price or quote of the EUR/USD is 1.2545, it means that 1.2545 US dollars are needed to get one EUR.
Bid/Ask Spread
All currency pairs are commonly quoted with a bid and ask price. The bid (always lower than the ask) is the price your broker is willing to buy at, thus the trader should sell at this price. The ask is the price your broker is willing to sell at, thus the trader should buy at this price.
EUR/USD 1.2545/48 or 1.2545/8
The bid price is 1.2545 (we traders sell at this price)
The ask price is 1.2548 (we traders buy at this price)
Pips
A pip is the minimum incremental move a currency pair can make. Pip stands for price interest point. A move in the EUR/USD from 1.2545 to 1.2560 equals 15 pips. And a move in the USD/JPY from 112.05 to 113.10 equals 105 pips.
Margin Trading (leverage)
In contrast with other financial markets where you require the full deposit of the amount traded, in the Forex market you require only a margin deposit. The rest will be granted by your broker.
The leverage provided by some brokers goes up to 400:1. This means that you require only 1/400 or .25% in balance to open a position (plus the floating gains/losses.) Most brokers offer 100:1, where every trader requires 1% in balance to open a position.
The standard lot size in the Forex market is $100,000 USD.
For instance, a trader wants to get long one lot in EUR/USD and he or she is using 100:1 leverage.
To open such position, he or she requires 1% in balance or $1,000 USD.
Of course it is not recommended to open a position with such limited funds in our trading balance. If the trade goes against our trader, the position is to be closed by the broker. This takes us to our next important term.
Margin Call
A margin call occurs when the balance of the trading account falls below the maintenance margin (capital required to open one position, 1% when the leverage used is 100:1, 2% when leverage used is 50:1, and so on.) At this moment, the broker sells off (or buys back in the case of short positions) all your trades, leaving the trader "theoretically" with the maintenance margin.
Most of the time margin calls occur when money management is not properly applied.
The mechanics of a Currency Trading
The trader, after an extensive analysis, decides there is a higher probability of the British pound will go up. The trader decides to go long risking 30 pips and having a target (reward) of 60 pips. If the market goes against our trader he/she will lose 30 pips, on the other hand, if the market goes in the intended way, he or she will win 60 pips. The actual quote for the pound is 1.8524/27 (4 pips spread). Our trader goes long at 1.8527 (ask). By the time the market reaches either our target (called take profit order) or our risk point (called stop loss level) we will have to sell it at the bid price (the price our broker is willing to buy our position back.) In order to make 60 pips, our take profit level should be placed at 1.8590 (bid price.) If our target gets hit, the market ran 64 pips (60 pips plus the 4 pip spread.) If our stop loss level is hit, the market ran 26 (26 pips plus the 4 pip spread equals 30 pips) pips against us.
It's very important to understand every aspect of trading. Start first from the very basic concepts, then move on to more complex issues such as Forex trading systems, trading psychology, trade and risk management, and so on. And make sure you master every single aspect before adventuring in a live trading account.
A Quick Forex Guide for Traders
In this Forex guide we will review some steps you need to take care before you venture into your trading journey and learn about the Currency Trading Basics. Most traders venture into the Forex market with little or no experience in the Forex market. This results in painful experiences like loosing most of the risk capital, frustration because it seemed so easy to make money, etc.
The first thing you need to realize is that, it is not easy to make money. As every other endeavor in life, where important rewards are to come after mastering it, you need to work hard. You need to get very well educated and experienced before having the possibility to receive important rewards on it. The key on mastering the Forex market relies on commitment, patience and discipline.
Ok, you have decided you are going to trade the Forex market, you have seen several advertisings featuring how easy is to make money in the Forex market. You might think this is your opportunity to reach your financial freedom, right away, time is money, why waiting any longer if you have the opportunity to make money now. I know, I’ve been there, but you have a chance now, I didn’t, no body told me what I am going to tell you.
We, Forex traders, make transactions based on a set of rules. These sets of rules are what we call a Trading System. Our systems tell us the exact time where we need to get in the market and out the market in order to make a profit (i.e. buy low sell high.)
Creating a system is the first big step you need to take care first. Why is this so important? Because you need to build a system that suits your personality, otherwise you are going to find hard to follow it, thus hard to profit from. A system can be based on technical indicators or what we called a mechanical system or based on experience and intuition or what we call discretionary systems. I highly recommend using and trying first a mechanical system, because discretionary systems are dangerous during the early stages of a Forex trader (can lead to indiscipline.) With experience, on later stages, you will find out which signals work better and which ones to avoid.
The next step in this Forex guide is to try your system on a demo account. Most Forex brokers offer a demo account, an account with virtual money. This is an excellent choice to test your trading system as there is no money at risk. In this step you will figure out if the strategy works for you. If you feel comfortable trading it, then it is most likely to produce good results. How much time should you stay in this step? It varies, but you shouldn’t go one step further until your system gets consistent profitable results over a period of time. It can take many months, but remember, you need to be patient.
You must be honest to yourself; you need to take every single signal generated by your system, not only the signals you thought were going to work, otherwise, you are going to have problems in the next two steps.
Ok, by know you had consistent profitable results on your demo account. You might think its time to go full. Nope, nope, nope. There is a big difference between trading a demo and a real account. The most important difference lies on emotions (fear, greed, anger, etc.) These are psychological barriers that affect every single decision made by traders regardless of what he/she is trading (stocks, bonds, Forex, futures, grains, etc.) These emotional factors, in my opinion, are the most determinant factor that separates profitable traders from the others.
The next step in this Forex guide is specially designed to deal with emotions and to confirm the results obtained in the prior step (consistent results in a demo account.) At this step you need to trade in a real account with limited funds. Some brokers offer fractional lot trading. Meaning you are able to trade any desired amount (even cents.) The important thing here is that these emotions we’ve been talking about are present only when there is real money at risk. At this stage, you are going to see if you are really comfortable trading your system and if you are able to trade with such system, remember different systems produce different emotions. If you are able to produce similar results than those obtained in a demo account, then ready for the next step. If you didn’t, then you might need to create another system, there is chance your system never fit you. If you created consistent profitable results on this stage, you have a chance to produce similar results in the next one, on the other hand, if you didn’t produce good results in this stage, you will not be able to make on the next stage. Remember, you need to do things right, and be honest to yourself.
The last stage is trading in a real account with sufficient funds. If you are at this stage, and have passed successfully every prior stage, then you have a chance to make it, go ahead and try it, you need to be confident in yourself and in your system, your strategy have already produced consistent profitable results, there are reasons to believe you are going to make it. Very few traders fail at this stage (if passed successfully prior stages.)
Trading successfully is no easy task, it requires a lot of work, patience, discipline, and education. By completing the steps outlined in this Forex course, you have a chance to produce profitable results. I repeat it again, you need to be honest to yourself about the results obtained in every stage. Some times you might need expert guidance regarding your system development strategies.
6 Mistakes That Assure Failure in Forex
Before venturing into your trading journey there are some things you need to be aware of, otherwise you could succeed on your trading adventure, and we don't want that to happen, do we? This Forex training guide will help you track the most costly mistakes Forex traders do.
First of all, make sure you don't have a trading system. Having a trading system might increase the odds of your success. If you have a system, you will have an objective way to get in and out the market. When traders create their trading systems they think objectively since there is no position to be taken at the moment. If there is no position to be taken, there is also no money at risk, if there is no money at risk, we do think objectively and are open to every possibility, thus we are able to find low risk trading opportunities. So make sure you don't have a system and trade based on a randomly approach.
If you have already created your system, then don't follow it, be undisciplined. If you follow your system, there is a possibility that you can profit from the Forex market based on the trading opportunities you have found. If you want to fail on your trading, be sure to be undisciplined.
Don't get educated. Most successful traders are very well educated in the market they trade (stocks, Forex, futures, etc.) If you get educated, you might acquire the knowledge and experience you require to master the Forex market. Don't read about the Forex market, don't enroll into Forex training programs and don't even look at historical charts.
Don't use any money management technique. The purpose of money management is to avoid the risk of ruin, but at the same time it helps you boost your profits, allowing them to grow geometrically. For instance, by using no money management techniques, there is a possibility that in loosing 10 trades in a row you could empty your trading account. On the other hand, by applying simple money management techniques you can avoid it. So make sure, if you want to fail, don't even consider money management.
Forget about psychological issues. You need to get every trade to win. Successful traders know that they don't need to win every trade in order to profit from the market. This is one characteristic that is hard to understand and really apply. Why? Because we are taught, since kids, that any number below 70% is a bad number. In the Forex trading environment, this is not true.
Don't even consider using a Risk-reward (RR) ratio greater than 1-1. If you use a RR ratio of 1-2 (willing to make twice the amount risked in one trade) then you only need a system that is right around 50% to make money. If you use a RR ratio of 1-3 (willing to make three times the amount risked in one trade) then you will need a system that is right around 40% of the time to make money. So make sure to use a RR ratio below 1-1.
By applying every point outlined in this Forex training guide, you will almost assure your failure in your Forex trading journey. Do the opposite, and you will have the possibility to achieve what every trader is looking for: consistent profitable results.
Main Drawbacks of Forex Traders
Why is it that very few traders succeed in the Forex trading environment while the grand majority of traders fail to achieve success? There is no hard answer to this question, there are a few things that will put you one step ahead and will definitely put the odds in your favor.
The main purpose of this article is to guide you through some important aspects of Forex trading. But in a different way, instead of telling you what to do or the best way to do it, it will tell you what to avoid. Sometimes it is better to identify the main drawbacks on a discipline and then isolate them so we have the best results at a certain level of development.
The Holy GrailMany traders spend years and years trying to find the Holy Grail of trading. That magic indicator or set of indicators, only known by a few traders, that will make them rich in a short period of time.
Fact: Well, there is no magic indicator, nor a set of indicators that will make anyone rich in a short period of time. The main reason of this is because market changes, every single moment is unique. Every Forex trading system will fail from time to time. Our work here is to find a Forex trading system that fits our personality as traders, otherwise the trader will find it hard to follow it.
Looking for Easy MoneyUnfortunately most traders are attracted to the Forex market for this reason. Mainly because of the publicity showing or rather trying to show how easy is to trade and make money in the Forex market.
Fact: Yes, it is very easy to trade, anyone can do it. It is as hard as one click. But the second part of it isn’t that easy. Making money or achieving consistent profitable results is hard. It requires lots of education, patience, discipline, commitment, and this list could go to infinite. In a few words, it is possible to have consistent profitable results, but definitely it is not easy.
Looking for ExcitementSome other traders are attracted to the Forex market or any other financial market because they think it is exciting to be a trader.
Fact: Yes, it is very exciting to trade the Forex market. But if this is the main reason you are still trading the Forex market, sooner or later you will discover the most expensive adventure you have ever known. Do some thinking on it.
Not Using Money ManagementMost traders forget about this important aspect of trading. They think they shouldn’t be using money management until they achieve consistent profitable results. They totally forget about the risk side of trading.
Fact: Money management allows your profits to increase geometrically, but also limits your risk on every single trade. Money management tells you how much to risk on each trade. Using money management is a must if you want to achieve your trading goals. By using money management you make sure you are going to be able to trade tomorrow, the next week, month and the following years.
This is one of the most underestimated subjects when it comes to trading. One of the main principles of financial markets is that the price of each instrument is based on the perception of each individual participant “the crowd.” In other words the price of each instrument is determined by the fear, greed, ego and hope of all traders.
Fact: Being aware of all psychological issues that affect the decisions made by traders will definitely put the odds in your favor.
Lack of Forex EducationEducation is the base of knowledge on every discipline. As lawyers and doctors require several years of college until they get their degree, Forex traders also require long years of study. It is better to have someone experienced to guide you through your trading, since some information could take you in the wrong path.
Fact: The market teaches us invaluable lessons on every single trade made. The process of education for a Forex trader could take for ever. That’s right, we never stop learning. We should be humble about the markets and our knowledge; otherwise the market will prove us wrong.
These are some of the most important barriers every trader faces when trying to trade successfully.
What every Forex Training Program should include
Before spending any amount of money on any Forex trading course or Forex training program there are some important aspects you need to take in consideration. There are many training programs available, but not every one of them suits the needs of every trader.
The first thing you should be looking in a Forex training program is the content of the material. Unfortunately, most courses or training programs focus or spend most of the time on basic concepts. Though these basic concepts are important, spending most of the course on them won’t help the trader to make consistent results.
The following subjects are what I consider the most important aspects of trading and every training program or trading course should address:
Main drawbacks of Forex traders - Being aware of the common mistakes made by Forex traders and knowing how to handle them will prevent new traders from making those mistakes.
Technical and fundamental analysis - These are the two main approaches adopted by Forex traders. Knowing how to properly apply each concept will definitely put the odds in your favor.
The three pillars of Forex trading. I consider that these three subjects have the most impact on every trader trading account.
Forex trading system development - Having the right system is a must if you want to have consistent profitable results. Having a system that doesn’t fit you will cause a series of problems that will make your trading account vanish away (second guessing the system, not following your system, etc.)
Money management - This is considered by many successful traders to be the most important single aspect of trading. Money management helps to increase your profits geometrically and at the same time limit your losses (i.e. a good risk reward ratio of about 2:1 will make you money in a Forex trading system that is right only 38% of the time.)
Trading psychology - Being aware and knowing hot to handle the psychological barriers that affect every trader decision will put the odds in your favor.
Other important aspects every training program should include are:
Developing habits for success (such as discipline patience, taking responsibility of every action, commitment, etc.,) understanding and taking our trading as a business, risk and trade management.
Another important aspect you should take into consideration when choosing a Forex training program is the mechanics of it, getting to know how the training program works.
A good Forex course will have the following:
A live conference room, to apply everything learned under live market conditions.
One-on-one coaching, every trader has different needs and requires special attention. For instance a trader wanting to improve the system and requires individual feedback from the instructor about it.
Online trading course, a course that could be accessible through internet. A plus is a course where you are able to access the course at the convenient time for you, so you don’t have to change your lifestyle.
A forum, where members can talk just about everything related to the Forex market and the Forex training program.
Trading the Forex market is no easy task. It requires a lot of hard work. Making the right decision will definitely put the odds in your favor. Take your time when doing your diligence because it is a big and important step in a trader’s trading career.
Mechanical and Discretionary Systems
Mechanical and Discretionary Systems
There are basically two types of Forex trading systems, mechanical and discretionary systems. The trading signals that come out of mechanical systems are mainly based off technical analysis applied in a systematic way. On the other hand, discretionary systems use experience, intuition or judgment on entries and exits. But which one produces better results? Or more importantly, which one fits better your trading style? These are the answers we will try to answer on this article.
We will first analyze the pros and cons about each system approach.
Mechanical systemsAdvantages
This kind of system can be automated and backtested efficiently.
It has very rigid rules. Either, there is a trade or there isn’t.
Mechanical traders are less susceptible to emotions than discretionary traders.
Disadvantages
Most traders backtest Forex trading systems incorrectly. In order to produce accurate results you need tick data.
The Forex market is always changing. The Forex market (and all markets) has a random component. The market conditions may look similar, but they are never the same.
A system that worked successfully the past year doesn’t necessary mean it will work this year.
Advantages
Discretionary systems are easily adaptable to new market conditions.
Trading decisions are based on experience.
Traders learn to see which trading signals have higher probability of success.
Disadvantages
They cannot be backtested or automated, since there is always a thought decision to be made.
It takes time to develop the experience required to trade successfully and track trades in a discretionary way.
At early stages this can be dangerous.
Now, which approach is better for Forex traders? The one that fits better your personality. For instance, if you are a trader that finds it hard to follow your trading signals, then you are better off using a mechanical system, where your judgment won’t play an important role in your system. You only take the trades that your system signals.
If the psychological barriers that affect every trader (fear, greed, anger, etc.) puts you in unwanted scenarios, you are also better off trading mechanical systems, because you only need to follow what your system is telling you, go short, go long, close a trade. No other decision has to be made.
On the other hand, if you are a disciplined trader, then you are better off using a discretionary system, because discretionary systems adapt to the market conditions and you are able to change your trading conditions as the market changes. For instance, you have a target of 60 pips on a long trade. But the market suddenly starts trending up pretty strongly, then you could move your target to say 100 pips.
Does it mean that trading a discretionary system has no rules? This is absolutely incorrect. Trading discretionary systems means that once a trader finds his/her setup, the trader then decides what to do. But every trader still needs certain rules that need to be followed, such as the size of the position, conditions that have to be met before thinking to get in the market, and so on.
I am a semi-discretionary trader. The main reason I chose a discretionary system is that my trades are based on price action, and as you already know, the price behaves similar to the past, but it is never identical, therefore the outcome of every trade is unknown. However, I do have rigid rules on my system, certain conditions have to be met before I even think in getting in a trade. This keeps me out of trouble, once my setup is present and in accordance with the rules I have set, then I closely watch the price behavior and finally decide whether it is a good opportunity or not.
Whether you choose to be a discretionary or a mechanical trader there are some important points you should take in consideration:
- You also need to have some rules and most importantly have the discipline to follow them.
- Take your time to build the perfect system for you. It’s not easy and requires time and hard work, but at the end, if done correctly, it will give you consistent profitable results.
- Before going live, try it on a demo account or even on a small account (I will go for the second option, since psychological barriers will be present).
What is the most difficult thing about trading successfully?
What is the most difficult thing about trading successfully?
There are many things that make trading a difficult task (this should read “trading successfully”, because anyone could trade, no previous experience is necessary, you just need to know how to click one simple buy or sell button). Just to name a few:
You need a sound strategy. You need to find and edge, you need a set a rules that identify low risk trade opportunities, you can use technical indicators, Fibonacci, Elliot waves, price action, or whatever fits you and makes you feel comfortable.
Discipline. Our main goal as traders is to trade consistently, we are not looking for unexpected or random gains (aka outguessing our system), and the only way to get them is by following our system to a 100%, period.
Risk and money management techniques. This is a must for everyone; we need to be able to control our risk on each trade and more importantly our capital! How much are we going risk on each particular trade: amount of pips (risk management) and trading size (money management).
Patience. We need to wait for the right time to enter the market. When is the right time? When your system signals it. Sometimes we see the market moving, and we get eager to trade, but we just need to wait for our signal, which is when the odds are really on our favor.
You need to be realistic. Some traders think it is possible to have 100% of return per month, is it possible? Yes, it is, but not on a consistent basis. In order to get such returns you need to risk a similar amount, and what happens when the market doesn’t smile at you? Your account vanishes.
And this list grows and grows. But... in my opinion what makes trading one of the most difficult tasks, is that it is different...
Picture these two scenarios:
You are asked to answer one of the most difficult questions ever: 2 + 2 = ?
Scenario A. 2 + 2 = 4, right... you get your candy.
Scenario B. 2 + 2 = 4, wrong... you get slapped.
Most areas in life are like Scenario A. You do everything right, and you get good results. You follow your rules, you do what you are supposed to do, and everything runs smoothly, no body yells at you, no body slaps you, and you get the desired results.
But trading, trading is a little different. In fact, it is more like Scenario B. Even when you do follow all your rules, even when you do exactly what you are supposed to do, you could be wrong. Hey, but it gets weirder, listen to this... you could also do everything wrong, you could do the opposite of what you are supposed to do and you could be right!!! Weird isn’t it? I don’t know about any other areas in life where it gets like this... if you know of any, let me know, I have a tendency to like them :)
That’s right, even when you follow your system, let’s say you go short at 13:30, the market could stop you out at 13:31... But you are still doing things right (if you followed the system).
So we need to adapt, most of us think that there is a positive relationship on doing things right and the $$$ result (monetary result). But in trading it isn’t like that, the relationship that is really important about “doing things right” is: whether or not we did follow our system: The relationship is like this:
Remember, we do things right when we follow our rules, regardless of the end result of our trades.
And the next time you outguess your system, I hope the market turns against you... believe me, It will be better for you!
Has The USD/JPY Ever Been So Quiet?
I'm watching this pair very closely because there could be a great breakout opportunity here. This pair has to come to life soon. We just need a 3 minute or a 5 minute candle to close outside of this range (but not too far) and then I think I will enter a trade in the same direction. One thing's for sure - the trading range will be a lot more than 7.8 points at the end of the day so there is money to be made here.
(Update: The USD/JPY has broken upwards as I write this article so I have entered a long position at 80.70 - the close of the 5 minute breakout candle. Looking to close half for 10 points and let the other half run, with R1 the second target. Stop loss is the bottom of the trading range, ie around 9 points away).
3 Ways You Can Use The Average True Range (ATR) Indicator
So let me give you the three main ways you can benefit from using the ATR indicator:
1. Volatility Breakouts
One of the best ways to make money from forex trading is to wait for a quiet period of consolidation, and then wait for a subsequent breakout. There are lots of ways you can do this, but one way is to wait for the ATR indicator to start rising sharply from a low base (indicating an increase in volatility), and then look at other indicators (or maybe just price action) for confirmation of a breakout.
2. Exit Points
The Average True Range indicator can be really useful in helping you determine where you should place your stop loss and profit target. Bill Poulos is a big advocate of the ATR indicator and it often forms part of his trading strategies. You can either exit a position after the price has moved 1 x the current ATR reading, exit once the price has moved 2 x ATR, or do what Bill often does and close half the position after 1 x ATR and the other half after 2 x ATR.
3. Finding Intraday Breakout Opportunities
I personally look at the ATR indicator (on the daily chart) every single morning to determine what the average trading range is for the GBP/USD pair. This helps me find possible breakout trades because if the overnight trading range between 12.00 and 8.00 (UK time) is small compared to the current ATR reading, this tells me that the price is likely to move quite a bit once a breakout occurs.
So these are three different ways you can use the Average True Range indicator, but I'm sure there are lots of other ways you could use this indicator as well. The point is that this is definitely one of the more useful indicators.
Write a program that take two values and print the sum,product,difference,quotient and remainder
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