Success In Trading

Success in trading is all about consistency and to achieve that we must follow the golden rules.

These are:

1 Only take the best opportunities.

2 Always minimize risk. Taking only low risk
opportunities is part of this.

3 Use good Money Management.

4 Have the discipline to follow these rules, especially the first one. It is all too easy to get over-confident and take anything you see. You soon lose your shirt that way. “Only the best is good enough for our trading!”is a good motto to follow.
You can’t learn how to do it without doing it.

© Forex Factory

Wednesday, January 7, 2009

The Oracle of 2009

The SPX should rally to 1150 or so and then decline to at least 600It is likely that we will reach the 1994 previous wave lows of SPX 430 before this Bear ends in 2010 to 2011, but in 2009 a more realistic target is the next support area near the 1996 lows of SPX 600.

Since we dropped 50% from the highs in 2008, we will probably do the same in 2009 and that means a rally to the SPX 1140-1200 level in the first half of the year before we decline to the 550-600 level in the second half. Since this Bear is more severe and unfolding faster than I expected, we must also consider a darker scenario that sees the highs of 2009 closer to the 1000 area and a second half decline to the SPX 500 level in 2009.
Safe Haven | The Oracle of 2009
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