The Millionaire Trader's Handbook
Page 45
If you don't learn how to be
patient enough and be well
disciplined, then the market will teach you the hard way.
And once that happens, you'll keep paying your broker bills
until you learn to be patient enough.
So, with all these concepts and misconceptions, the best way
to understand and get the most out of price action is by
doing a top-down analysis.
Top-down Analysis:
I struggled to make money from the market during my early
days of trading Forex. I was very young in 2011, but I was
desperate to do what it took to become a successful financial
trader.
As I mentioned earlier, I was fortunate enough to meet one
of those analysts who worked
for a firm in the UK that
managed people's funds worth billions of dollars in A.U.M,
which was a game-changer for me.
He was such a busy person that valued every second of his
time to do something
tangible and productive, meaning
squeezing out time to guide me through trading was a tough
decision for him to make.
Luckily, I had all the information about Forex, but I needed
someone to simplify things for me, so he found a way to put
me through.
Fast forward, we had to book a paid session on weekends for
his teachings on Skype. And the very first thing he said to me
during my training session was “
Zoom-Out.
”
The Millionaire Trader's Handbook
Page 46
Now, what does he actually mean by “
Zooming-Out
”? It
simply means opening your charts and using the following
keyboard shortcuts.
Ctrl + Mouse wheel or the scroll button
This is wrong!!
It simply means looking at the market from a broader
perspective or going on a higher timeframe to see the overall
trend of the market.
After years of practice and testing, I came up with the name
“Top-down analysis” with modifications.
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