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Big Profits from Currency Trading
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Big profits from Currency Trading
If you want to make big profits from currency trading, you
need to lock into and follow the longer-term trends.
“The art of contrary” thinking is one of the most powerful
tools a trader can use, and is a trait with which all true great
traders are familiar with.
What is the Art of Contrary Thinking?
Humphrey Neill’s book, "the art of contrary thinking,”
the best known work on the subject, is based on a simple powerful
idea that:
"When everybody thinks alike, everybody is likely to
be wrong"
“The art of contrary” thinking consists in training your
mind to ruminate in directions opposite to general public opinions;
but basing your opinion in the light of current events and human
behavior”.
Why Contrary Trading Works
By spotting situations when the consensus of a currency
is either extremely bullish or bearish, means that a trend change
is imminent, as it is likely the emotions of greed and fear
have pushed prices too far away from true value.
If you can step aside from the crowd and take a contrary
view at these turning points, you can make big currency trading
profits.
Contrary thinking can be used in any market and is highly
effective in currencies.
Contrary thinking can be used to make really big currency
trading profits and if used selectively, when markets are extremely
over bought or oversold, you can be in right at the start of
the trend for maximum profitability.
In any currency you look at - The Yen, Euro, British Pound
Swiss Franc Canadian or Australian dollar and many others, there
are always occasions where a currency trend in the news is forecast
to continue, due to overwhelming evidence in its favor and it
then promptly collapses!
Big profits from currency trading can therefore be made
by using the art of contrary thinking when the market is extremely
bullish or bearish.
Why? Because everyone who has bought has taken positions
and there are no buyers left. Prices have moved away from fair
value. When there is no more buying to enter the market, a trend
change is imminent.
It is clear that to succeed and make big profits in currency
trading you need to think independently of the majority at important
market turning points.
You can make big profits in currency trading from trend
following, but you can with a little practice spot potential
turning points in currencies as well which will help you bank
profits, tighten stops or open new trades right on the turn,
for maximum profitability.
Contrary trading will not only make you big profits in currency
trading but in ANY market and has worked for centuries, as human
nature never changes.
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