My Millionaire Goal

AUDUSD (H1) 3 Mar

1. MACD Divergence
2. Breakout of a previous high (not shown on chart above)
3. Breakout seems to lack conviction, as indicated by price action. The breakout bar has a long upper tail, and the other two bars are doji that represent hesitation.

Like I mentioned in my previous post, I’m focusing on reading the book by Al Brooks… So far, price action has proven to be a reliable way to trade… My success rate is much higher with price action than with systems based on indicators….  especially when I use price action together with MACD divergence… Only problem is, the trades do not occur as frequently as I would like it to… So, I got to learn more about price action to identify more trading opportunities….

Currently, I’m spending a lot of time learning how to trade forex…. I’ve coded a lot of EAs, but none of them were totally satisfactory…. So far, the best EAs are still those that trade by following the trend… Turtle trading being one of them… If you are interested, you can download my EAs from the Forex Expert Advisor page.

Please note that I DO NOT trade these EAs with real money, I use them solely for backtesting purposes… As such, please DO NOT trade the EAs that I posted…unless you got too much money to burn and want to lose some…

Anyway, although turtle trading is pretty profitable, I know I’m not able to trade the system because I am psychologically not strong enough to stand long periods of losses… Knowing my weakness is one of my strength in trading….

So, I’m still searching for the “Holy Grail”… Currently, I’m investigating trading with price action…. results are reasonably good… but it’s too early for me to conclude anything… I need to learn a lot more… so, I’m ordering these two books from Amazon….

1. Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading)
2. Trade What You See: How To Profit from Pattern Recognition (Wiley Trading)

Let’s hope this is my “holy grail”… I always believe that to succeed in trading, you have to find a system that suits your personality…. So, you need to be constantly exploring, going through the trial-and-error process until you finally find one that resonates with you….

I’ve got this great video to share… It features Tony Robbins interviewing two of his very successful students, Frank Kern and John Reese.

Everybody knows Tony, he’s probably the world’s best peak performance coach and motivational speaker. I’ve read two of his best-selling books and purchased his audio program… His enthusiasm is contagious and he really opened my mind and changed my beliefs… If you have yet to read his books, or you are totally skeptical about these self-help books, believing that Tony Robbins is just a salesman trying to dupe the naive into buying his books, products, seminars etc… I would urge you to give yourself another chance… Read with an open mind and YOU WILL see improvements in your life…

I know some of you would argue that these “feel good” books are just that, they make you feel good but after a while, the effect fades off and you’re back to your old miserable life… now made worse because you had just acted like a fool for the past few weeks believing in those self-help scams…

I would like to remind you that everyday, we eat to counter our hunger, but after a few hours, we feel hungry again… does it mean we should not eat at all… since the effects will only last a few hours? No, I’m sure you’ll find that ridiculous… maybe you’ll argue that if you don’t eat, you’ll die; but to me, living a life without a goal, without a belief that you can achieve what you aim for, is really, well.. pretty much like death…

I do get disappointed, I do get tired… and there are definitely times when “motivated” is the last word I would use to describe how I feel…. but every time I feel like giving up, I’ll pop into a bookstore and pick up a self-help book… or I’ll listen to Tony Robbins’ audio program… just to give myself a healthy dose of motivation.. like medicine, they cure my sense of hopelessness and push me forward again…

So, here’s a dose of motivation for you too… check out the video… especially around the 13:00 mark when Tony shared about the “Holy Grail of Belief”… truly inspirational… also listen to John Reese’s Porche story…. simply love that story… (btw, for those of you who are wondering, John Reese and Frank Kern are both very successful self-made millionaires… made their fortunes selling products on the Internet… Just google their names)

http://tonyrobbinstraining.com/320/interview-with-frank-kern-and-john-reese/