Babypips.com

Good evening everyone,

A friend of mine introduced me to a website some time back: www.babypips.com

It is a website with tools, educational material, a forum, and others geared towards the forex market. I find it quite a resorceful website. I want to bring your attention to a page. It is one of the “in-house” blogger’s article entitled “Cyclopip’s Weekly Winner.”.

http://www.babypips.com/blogs/currency-cross-eyed/introducing-cyclopips-weekly-winner.html

Scroll down to the second half of the page to where a paragraph titled “Why do all of this???” is. I like what the blogger is doing. Basically, a chart is reviewed at the end of the week. Hindsight analysis is done on the chart (which includes fundamental news), and potential set-ups are talked about.

Now, people may say, “Why trick yourself into thinking you would’ve pulled the trigger on that set-up last week and made 80 pips? The truth is, you didn’t do it,and so you didn’t make money! Stop with the hindsight analysis!”

To quite a large extent, I agree that we should not kid ourselves when we miss out on opportunities. A lot of times, traders will say (me included) that they would have bought this or that, or they would have done this or that, but that they did not see the chart / gut feel affected judgement / (insert excuse here).

However, I like how the blogger in the link above says, “In reviewing the past, we can add to our memory trading bank and  exponentially multiply our trading experience. Just take a cue from some of the best athletes in the world. Guys like Kobe  Bryant and Peyton Manning are notorious for spending hours upon hours review  game tape. They do this to find out other players tendencies (in our case,  market tendencies) as well as to learn what they did wrong and how can they can  improve.”

Read more: http://www.babypips.com/blogs/currency-cross-eyed/introducing-cyclopips-weekly-winner.html#ixzz22ZnzKrEx

Having been active in sports, I find it very true and relevant that professional sportsmen watch a lot of tape. It is by reviewing your opponent, and yourself also, that you find out very interesting information that you otherwise missed out on. In fact, having the words “opponent” and “yourself” remind me of Sun Tzu’s principle: “know your enemy and yourself, and you will win a thousand battles”. Very true right?

With that, you may start to see more hindsight analyses here.

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