Here come 3 other tips, by Ed Ponsi and Steve Ward, guest speakers of this year's conference and Yuri Rabassa as attendee.
“Think Outside the Box”
By Ed Ponsi, speaker of the ITC 2012 and President of FXEducator LLC
Never listen to people who tell you that something can't go any higher or can't go any lower. A currency a stock a commodity can always go higher or lower. It doesn't matter what has already occurred.
The trick is we have to be able to believe what we have never seen. If you have seen a currency at a price in the past it is much easier to imagine that happening again then it is to imagine a currency at a price we've never seen. So most of the time we place the trade that assumes that the price will return to where it was, to where we remember it
But if you talk to hedge fund managers people who are really good at this sort of thing you begin to understand how they think. Bruce Kovner made an incredible statement in the book market wizards. He said the reason why he was successful is because he can imagine prices that had never occurred before. He could imagine something hitting all time high or low and believe it. Believe it as a possibility just as real as prices he had seen in the past.
So when prices breakouts to new lows or new highs all these people get killed because they just couldn't imagine it happening. But it's your job to imagine happening even if you don't think it's going to happen.
I guess what I'm saying is we have to stop believing so much in what we believe. We have to put less weight on what we think is going to happen and be more open to possibilities that we had not considered.
“How to trade with confidence”
By Yuri Rabassa, attendee of the ITC 2012, Forex Trader and Co-Founder at ForexDuet.com
Here´s the tip that has allowed me to trade with confidence any strategy on any timeframe. I don't ever trade any strategy without having tested it hundreds or maybe thousands of times before with Forex Tester. Once I´m trained with that strategy, and if I´m able to double my back-testing account, I know my real odds. Then I trade it on a demo account for some time to check if its pace fits with my needs in real time. If I´m still able to increase my equity, and only then, I put real money on it.
If you always follow these steps it´s easier to stick to your plan and follow your strategy rules with discipline, because you know it works, and because you are trained to use it.
‘Keep It As Simple As Possible’
By Steve Ward, speaker of the ITC 2012 and Owner and Director at High Performance Global
One of the best traders I know – and recognized as one of the best globally – has a relatively simple strategy combining some moving averages, market profile and price action. In contrast I have worked with many retail traders who have hugely complex strategies and a number of them. How complex or simple does your trading strategy need to be? Einstein said this best when he stated ‘keep it as simple as possible; but no simpler’. That is probably a good maxim for your trading strategy too.