تعليم الفوركس للمبتدئين

الجزء الأول
مبادئ عامة في النظام الهامشي
فكرة عامة عن أسلوب العمل بنظام الهامش
ماالمقصود بالعمل بنظام الهامش ؟
لكي تستطيع فهم آلية العمل بنظام الهامش بسهولة فإننا سنشرحها عن طريق مثال محسوس سيرافقنا طوال الوقت
لنفترض إنك أردت المتاجرة بالسيارات وذلك بأن تقوم بشراء سيارة ثم تقوم ببيعها في السوق لمشتري وبسعر أعلى فكيف تقوم بذلك ؟
ستذهب إلى إحدى وكالات السيارات الكبيرة وستختار احدى السيارات التي تتصور أنك ستجد عليها طلبا في السوق لنفترض أن سعر السيارة لدى وكالة السيارات هو 10000 $
فكل ماعليك هو أن توفر هذا المبلغ وتدفعه لوكالة السيارات وبذلك تكون مالكا لسيارة بقيمة 10000$ .. وبما أن الغرض من شراء السيارة هو المتاجرة بها فإنك ستذهب إلى السوق وتعرض سيارتك آملا بأن تبيعها بسعر أعلى من السعر الذي اشتريتها به .
الآن لنفترض انك عندما ذهبت إلى السوق وجدت أن الطلب على نوعية سيارتك مرتفع وان هناك الكثير من الناس يود شراءها ..عندها ستقوم بعرض سيارتك بسعر 12000$ مثلا ..
فإذا بعتها بهذا الثمن يكون ربحك الصافي عن المتاجرة بهذة السيارة 2000$
ولكن ماذا لو ذهبت إلى السوق ووجدت أن الطلب على نوعية سيارتك ضعيف وانه لايوجد أحد يرغب بشراءها بسعر 10000$ وأن أقصى سعر يمكن لأحد أن يشتري سيارتك به هو 8000$ ؟
فماذا يعني ذلك ؟
يعني بكل بساطة انك إن قمت ببيعها بهذا السعر فإن خسارتك في المتاجرة بهذة السيارة ستكون 2000$
انها عملية واضحة يقوم الكثير بعملها يوميا ..ويمكنك أن تقوم بذلك أنت أيضا .
لكن مهلاً ..!!
لكي تقوم بالعملية السابقة فإنه يلزمك أن تكون ممتلكا لمبلغ 10000$ منذ البداية لتتمكن من شراء شراء السيارة به ..وهذا هو رأسمالك في المتاجرة .
فإذا لم تكن تملك هذا المبلغ لن تتمكن من شراء السيارة وبالتالي لن تتمكن من بيعها في السوق ..
معنى ذلك لكي تتمكن من المتاجرة بالسيارات لابد أن تكون ممتلكا لكامل قيمة السيارة أولا ..
هل هناك طريقة لأن تقوم بهذة العملية دون أن يكون لديك 10000$ ؟
نعم هناك طريقة .. وهي أسلوب العمل بالهامش Trading in margin basis
كيف ذلك ؟
ماذا لوقال لك صاحب وكالة السيارات : " إذا كنت تود شراء سيارة للمتاجرة بها فلا حاجة لأن تدفع لي 10000$ كامل قيمتها كل ما هو مطلوب منك هو أن تدفع لي عربون مقدم بقيمة 1000$ فقط وسأقوم بحجز السيارة باسمك حتى تتاح لك الفرصة لبيعها في السوق ثم تعيد لي بقية قيمتها "
إنها فرصة رائعة ولاشك ..
لاحظ أننا قلنا هنا "حجز" السيارة باسمك .. أي أن وكالة السيارات لن تعطيك السيارة فعلا بل ستقوم بحجزها باسمك وتجعلها تحت تصرفك لغرض المتاجرة بها بحيث يمكنك أن تبيعها بالسعر الذي تشاء وكأنك تمتلكها فعلا .
ولكن لماذا لاتعطيني السيارة ؟
لأنك لم تدفع سوى عُشر قيمتها فقط ..فإن اعطتك السيارة فقد تأخذها ولاتعود ..!!
لذا فهي لاتعطيك السيارة بل تحجزها باسمك ولكن تبقى لديها ..
إذا كيف يمكنني المتاجرة بها ؟
حسناً ..عندما تعلم أن لديك سيارة محجوزة باسمك بغرض المتاجرة وانه يمكنك بيعها بالسعر الذي تشاء فإنه يمكنك الآن الذهاب إلى السوق والبحث عن مشتر بسعر أعلى من سعر شراء السيارة .
لنقل انك عثرت في السوق على مشتري للسيارة بسعر 12000$ عندها ستأمر وكالة السيارات أن تبيع المشتري السيارة المحجوزة باسمك بسعر 12000$ .
سيقوم المشتري بدفع 12000$ ويستلم السيارة ..
ستقوم وكالة السيارات بخصم قيمة السيارة وهو 10000$ وسترد لك عربونك الذي دفعته وهو 1000$ زائدا الربح كاملا وهو 2000$
وبما إنك لاتنوي أصلاً إلا المتاجرة بالسيارة فإنه لن يفرق معك أن تحصل على السيارة فعليا أم تظل لدى وكالة السيارات ..
المهم أنه اتيحت لك الفرصة بالمتاجرة بسلعة قيمتها عشرة أضعاف المبلغ الذي دفعته وحصلت على الربح كاملا وكأنك تمتلك السلعة فعليا .
وبهذة الطريقة تضمن وكالة السيارات حصولها على كامل قيمة السيارة وتحصل أنت أيضا على الربح كاملاً .
وبهذا يكون الجميع سعداء ..!!
في المثال السابق بمجرد دفعك لمبلغ 1000$ تمكنت من الحصول على ربح 2000$ أي 200% من رأسمالك المدفوع لمجرد انك وجدت شركة تسمح لك بدفع جزء بسيط من قيمة السلعة التي تود المتاجرة بها .
إنها فرصة رائعة أليس كذلك ؟
ولكن كيف حصل ذلك ؟
حصل ذلك لأن صاحب وكالة السيارات اتاح لك الفرصة بمضاعفة leverage رأسمالك المدفوع وهو 1000$ إلى عشر أضعاف أي إلى 10000$ وبذلك أتاح لك الفرصة لأن تتاجر بسلعة قيمتها الفعلية أكبر بعشر أضعاف قيمة رأسمالك المدفوع .
هذا ما يسمى مضاعفة رأس المال أو الرافعة المالية Leverage .
فعندما تحصل على إمكانية مضاعفة رأسمالك عشر أضعاف معنى ذلك إنك مقابل دفعك – استثمارك – لمبلغ ما فإنة تتاح لك الفرصة للمتاجرة بسلعة تزيد قيمتها عشر أضعاف قيمة رأسمالك .
وعندما تحصل على امكانية مضاعفة رأسمالك لمائة ضعف معنى ذلك إنك مقابل دفعك لمبلغ ما فإنه ستتاح لك الفرصة للمتاجرة بسلعة تزيد قيمتها مائة ضعف قيمة رأسمالك .
وستحصل على الربح كاملاً وكأنك تمتلك السلعة بشكل فعلي .
أي لو طبقنا ذلك على المثال السابق فإنه مقابل دفعك لمبلغ 10.000$ ستتاح لك الفرصة للمتاجرة بسيارات قيمتها 100.000$ أي عشر سيارات مرة واحد .. فإذا ربحت على كل سيارة مبلغ 2000$ معنى ذلك أن ربحك على الصفقة كاملة (2000* 10=20000$) ستحصل عليها بالكامل وكل ذلك الربح مقابل استثمارك لمبلغ 10000$ كعربون مسترد سيعود لك في النهاية ..!!
هل هذا معقول ؟
نعم معقول .. وهو ما يحدث بمئات الملايين يوميا في الأسواق المالية وبنظام المتاجرة بالهامش .
هل علمت الآن كيف تصنع الملايين ؟!
لنعود مرة أخرى لمثالنا السابق :
في البداية ذكرنا طريقة المتاجرة العادية وتمت بالشكل التالي :
قمت بعملية شراء عن طريق دفعك لكامل قيمة السيارة .
قمت بالذهاب إلى السوق وعرض سلعتك للبيع .
قمت بالبيع .
فإذا بعت سيارتك بسعر أعلى من سعر الشراء تكون رابحاً , وإن بعتها بسعر أقل من سعر الشراء تكون خاسراً .
أما عندما قمت بالمتاجرة بطريقة الهامش فهذا ما حصل :
قمت بالشراء من وكالة سيارات تقوم بمضاعفة رأسمالك عشرة أضعاف وذلك بأن قمت بدفع مبلغ 1000$ كعربون مسترد وكنت بذلك مالكاً مؤقتاً للسيارة حتى يتم بيعها وإعادة قيمتها .
عندما قمت بدفع 1000$ أتاحت لك وكالة السيارات إمكانية المتاجرة بالسيارة التي قيمتها 10.000$ , أي إنها مكنتك من المتاجرة بعشرة أضعاف رأسمالك .
ذهبت للسوق وعرضت سلعتك التي تمتلكها بشكل مؤقت للبيع .
قمت بالبيع وذلك بأن أمرت وكالة السيارات أن تبيع السيارة التي تمتلكها مؤقتاً - والموجودة لديهم باسمك- للمشتري الذي عثرت علية في السوق وبالسعر الذي تحدده .
قامت وكالة السيارات بتنفيذ الأمر وقامت ببيع السيارة للمشتري , ثم خصمت قيمتها الأصلية - التي باعتك السيارة به - أي 10.000$ وسلمتك الباقي كربح صافي لك وأعادت لك العربون الذي دفعته في البداية .
لاحظ هنا ..
أنه عندما قامت وكالة السيارات بمضاعفة رأسمالك عشرة أضعاف , فهي قامت بذلك لتتيح لك الفرصة للمتاجرة بقيمة سيارة ( سلعة ) تزيد قيمتها 10 أضعاف قيمة ما دفعت على أن تقوم بتسديد باقي قيمة السيارة بعد أن تقوم بالبيع , أي انك عندما دفعت مبلغ 1000$ وأصبحت مالكاً مؤقتاً للسيارة فإنك أصبحت مديناً لوكالة السيارات بمبلغ 10.000$ حتى تسدد قيمة السيارة كاملة , حيث أن مبلغ 1000$ الذي دفعتها هي مجرد عربون مسترد عند التسديد .
فإذا قمت بأمر وكالة السيارات بأن تبيع السيارة بسعر 12.000$ , فإنها ستنفذ الأمر وستقوم بخصم 10.000$ قيمة السيارة وستعيد لك العربون الذي دفعته أولاً زائداً 2000$ هي ربحك في المتاجرة .
ولكن ماذا لو بعت السيارة بسعر أقل من سعر الشراء ؟
ماذا لو بعتها بمبلغ 8000$ مثلاً ؟
ستكون مطالباً باستكمال قيمة السيارة من جيبك الخاص , أي ستكون مطالباً بدفع مبلغ 2000$ حتى تستكمل قيمة السيارة ثم تسترد عربونك الذي دفعته مسبقًا .
فكما أن وكالة السيارات لا تشاركك الربح فهي لا تشاركك الخسارة أيضاً .
فسواء ربحت أم خسرت فهي لا تطالبك إلا بدفع كامل قيمة السيارة بعد بيعها , فإذا أمرتها ببيع السيارة بسعر أعلى من سعر الشراء ستنفذ الأمر وستخصم قيمة السيارة ثم ترد لك عربونك زائداً الربح كاملا ً .
وإذا أمرتها ببيع السيارة بأقل من سعر الشراء , ستنفذ الأمر أيضاً وستلزمك أن تدفع من جيبك الخاص ما يكمل قيمة السيارة كاملة , ويكون هذا المبلغ هو خسارتك في هذه الصفقة .
ففي المثال السابق عندما بعت السيارة بمبلغ 8000$ فإنه عليك أن تضيف من جيبك مبلغ 2000$ ليصبح المبلغ 10.000$ وتقوم بتسديدها لوكالة السيارات وتكون أنت من تحمل الخسارة وليست وكالة السيارات , وفي كل الحالات ستسترد عربونك المدفوع مسبقاً .
ولكن لماذا لا نخدع وكالة السيارات ؟!
حسناً : عندما بدأنا تعاملنا مع وكالة السيارات التي تسمح لنا بمضاعفة رأس المال عشرة أضعاف كل ما دفعناه هو مبلغ 1000$ , وعندما أمرنا وكالة السيارات ببيع السيارة بسعر 12.000$ - بعد أن عثرنا لها على مشتري بهذا السعر – قامت الوكالة ببيع السيارة بالسعر الذي حددناه وأعادت لنا العربون زائداً الربح كاملاً .
إذاً : إذا أمرنا الوكالة أن تبيع السيارة بسعر 8000$ فلن نضيف من جيبنا شيئاً فكل ما لدى وكالة السيارات هو 1000$ , لذا سنجعل وكالة السيارات هي التي تتحمل الخسارة ..
لذا لن ندفع شيئاً ... سنهرب ..!!
لكي لا يحدث ذلك فعلاً , فإن التعامل مع وكالة السيارات بطريقة الهامش له نظام خاص يمكننا أن نختصره بجملة واحدة :
لابد أن تودع أقصى مبلغ يمكن خسارته في الصفقة مسبقاً لدى وكالة السيارات .
كيف ذلك ؟
لكي تتاح لك فرصة المتاجرة بنظام الهامش والذي يسمح لك بالعمل بأكبر من حجمك عشرة أضعاف فإن وكالة السيارات ستشترط الآتي :
أن تفتح حساب لديها وتودع فيه مبلغ 3000$ مثلاً .
ستودع هذا المبلغ مقدماً لدى وكالة السيارات .
ستقوم وكالة السيارات بالمقابل بمضاعفة رأسمالك عشرة أضعاف leverage وستسمح لك بالمتاجرة بسلعة مقابل أن تدفع عُشر قيمتها فقط كعربون مسترد فقط .
ستقوم أنت بشراء سيارة , وبما أنه لا يلزمك إلا دفع عُشر قيمتها , وبما أن قيمتها 10.000$ فإنه لا يلزمك إلا دفع 1000$ كعربون مسترد .
عندما تقوم بشراء السيارة سيتم خصم العربون من حسابك أي ستقوم بخصم 1000$ سنسمي هذا " الهامش المستخدم used margin " .
سيظل في حسابك الآن 2000$ غير مستخدمة سنسميها " الهامش المتاح usable margin " . سيكون هذا المبلغ هو أقصى مبلغ يمكن أن تخسره بالصفقة .
وبذلك تضمن وكالة السيارات أنك أنت من سيتحمل الخسارة إن حدثت وليست هي , ولن تخش أن تهرب لأنه يوجد لديها في حسابك المبلغ الذي يمكن أن تخسره .
فعندما تأمر وكالة السيارات أن تبيع السيارة بمبلغ 12000$ ستنفذ الوكالة الأمر وستبيع السيارة وستخصم 10.000$ قيمة السيارة وستعيد عربونك زائداً الربح كاملاً وستضيفه على حسابك لديها وبذلك يصبح حسابك لديها = 5000$ .
أما إن أمرت وكالة السيارات ببيع السيارة بسعر أقل من سعر الشراء لنقل 8000$ ستقوم وكالة السيارات بتنفيذ الأمر وستبيع السيارة ثم ستخصم 2000$ من حسابك لديها لتستكمل بقية ثمن السيارة , ثم ستعيد لك عربونك إلى حسابك وسيصبح حسابك لديها 1000$ فقط .
هل علمت لماذا يسمى هذا الأسلوب في العمل " المتاجرة بنظام الهامش " ؟
وذلك لأنه يتم التعامل والتداول على هامش الربح والخسارة في المتاجرة بسلعة ما دون الحاجة لدفع كامل قيمتها , حيث يضاف الربح من الصفقة لحساب المتاجر ويخصم هامش الخسارة من حساب المتاجر .
ماذا تفهم أيضاً ؟
تفهم إنه لا يمكنك في أي صفقة أن تخسر أكثر من المبلغ الموجود في حسابك لدى الشركة التي تتيح لك المتاجرة بنظام الهامش .
ولكي نوضح أكثر هذه النقطة الهامة .. تابع معنا في الصفحات التالية .






الجزء الأول
مبادئ عامة في النظام الهامشي
فكرة عامة عن أسلوب العمل بنظام الهامش
ماالمقصود بالعمل بنظام الهامش ؟
لكي تستطيع فهم آلية العمل بنظام الهامش بسهولة فإننا سنشرحها عن طريق مثال محسوس سيرافقنا طوال الوقت
لنفترض إنك أردت المتاجرة بالسيارات وذلك بأن تقوم بشراء سيارة ثم تقوم ببيعها في السوق لمشتري وبسعر أعلى فكيف تقوم بذلك ؟
ستذهب إلى إحدى وكالات السيارات الكبيرة وستختار احدى السيارات التي تتصور أنك ستجد عليها طلبا في السوق لنفترض أن سعر السيارة لدى وكالة السيارات هو 10000 $
فكل ماعليك هو أن توفر هذا المبلغ وتدفعه لوكالة السيارات وبذلك تكون مالكا لسيارة بقيمة 10000$ .. وبما أن الغرض من شراء السيارة هو المتاجرة بها فإنك ستذهب إلى السوق وتعرض سيارتك آملا بأن تبيعها بسعر أعلى من السعر الذي اشتريتها به .
الآن لنفترض انك عندما ذهبت إلى السوق وجدت أن الطلب على نوعية سيارتك مرتفع وان هناك الكثير من الناس يود شراءها ..عندها ستقوم بعرض سيارتك بسعر 12000$ مثلا ..
فإذا بعتها بهذا الثمن يكون ربحك الصافي عن المتاجرة بهذة السيارة 2000$
ولكن ماذا لو ذهبت إلى السوق ووجدت أن الطلب على نوعية سيارتك ضعيف وانه لايوجد أحد يرغب بشراءها بسعر 10000$ وأن أقصى سعر يمكن لأحد أن يشتري سيارتك به هو 8000$ ؟
فماذا يعني ذلك ؟
يعني بكل بساطة انك إن قمت ببيعها بهذا السعر فإن خسارتك في المتاجرة بهذة السيارة ستكون 2000$
انها عملية واضحة يقوم الكثير بعملها يوميا ..ويمكنك أن تقوم بذلك أنت أيضا .
لكن مهلاً ..!!
لكي تقوم بالعملية السابقة فإنه يلزمك أن تكون ممتلكا لمبلغ 10000$ منذ البداية لتتمكن من شراء شراء السيارة به ..وهذا هو رأسمالك في المتاجرة .
فإذا لم تكن تملك هذا المبلغ لن تتمكن من شراء السيارة وبالتالي لن تتمكن من بيعها في السوق ..
معنى ذلك لكي تتمكن من المتاجرة بالسيارات لابد أن تكون ممتلكا لكامل قيمة السيارة أولا ..
هل هناك طريقة لأن تقوم بهذة العملية دون أن يكون لديك 10000$ ؟
نعم هناك طريقة .. وهي أسلوب العمل بالهامش Trading in margin basis
كيف ذلك ؟
ماذا لوقال لك صاحب وكالة السيارات : " إذا كنت تود شراء سيارة للمتاجرة بها فلا حاجة لأن تدفع لي 10000$ كامل قيمتها كل ما هو مطلوب منك هو أن تدفع لي عربون مقدم بقيمة 1000$ فقط وسأقوم بحجز السيارة باسمك حتى تتاح لك الفرصة لبيعها في السوق ثم تعيد لي بقية قيمتها "
إنها فرصة رائعة ولاشك ..
لاحظ أننا قلنا هنا "حجز" السيارة باسمك .. أي أن وكالة السيارات لن تعطيك السيارة فعلا بل ستقوم بحجزها باسمك وتجعلها تحت تصرفك لغرض المتاجرة بها بحيث يمكنك أن تبيعها بالسعر الذي تشاء وكأنك تمتلكها فعلا .
ولكن لماذا لاتعطيني السيارة ؟
لأنك لم تدفع سوى عُشر قيمتها فقط ..فإن اعطتك السيارة فقد تأخذها ولاتعود ..!!
لذا فهي لاتعطيك السيارة بل تحجزها باسمك ولكن تبقى لديها ..
إذا كيف يمكنني المتاجرة بها ؟
حسناً ..عندما تعلم أن لديك سيارة محجوزة باسمك بغرض المتاجرة وانه يمكنك بيعها بالسعر الذي تشاء فإنه يمكنك الآن الذهاب إلى السوق والبحث عن مشتر بسعر أعلى من سعر شراء السيارة .
لنقل انك عثرت في السوق على مشتري للسيارة بسعر 12000$ عندها ستأمر وكالة السيارات أن تبيع المشتري السيارة المحجوزة باسمك بسعر 12000$ .
سيقوم المشتري بدفع 12000$ ويستلم السيارة ..
ستقوم وكالة السيارات بخصم قيمة السيارة وهو 10000$ وسترد لك عربونك الذي دفعته وهو 1000$ زائدا الربح كاملا وهو 2000$
وبما إنك لاتنوي أصلاً إلا المتاجرة بالسيارة فإنه لن يفرق معك أن تحصل على السيارة فعليا أم تظل لدى وكالة السيارات ..
المهم أنه اتيحت لك الفرصة بالمتاجرة بسلعة قيمتها عشرة أضعاف المبلغ الذي دفعته وحصلت على الربح كاملا وكأنك تمتلك السلعة فعليا .
وبهذة الطريقة تضمن وكالة السيارات حصولها على كامل قيمة السيارة وتحصل أنت أيضا على الربح كاملاً .
وبهذا يكون الجميع سعداء ..!!
في المثال السابق بمجرد دفعك لمبلغ 1000$ تمكنت من الحصول على ربح 2000$ أي 200% من رأسمالك المدفوع لمجرد انك وجدت شركة تسمح لك بدفع جزء بسيط من قيمة السلعة التي تود المتاجرة بها .
إنها فرصة رائعة أليس كذلك ؟
ولكن كيف حصل ذلك ؟
حصل ذلك لأن صاحب وكالة السيارات اتاح لك الفرصة بمضاعفة leverage رأسمالك المدفوع وهو 1000$ إلى عشر أضعاف أي إلى 10000$ وبذلك أتاح لك الفرصة لأن تتاجر بسلعة قيمتها الفعلية أكبر بعشر أضعاف قيمة رأسمالك المدفوع .
هذا ما يسمى مضاعفة رأس المال أو الرافعة المالية Leverage .
فعندما تحصل على إمكانية مضاعفة رأسمالك عشر أضعاف معنى ذلك إنك مقابل دفعك – استثمارك – لمبلغ ما فإنة تتاح لك الفرصة للمتاجرة بسلعة تزيد قيمتها عشر أضعاف قيمة رأسمالك .
وعندما تحصل على امكانية مضاعفة رأسمالك لمائة ضعف معنى ذلك إنك مقابل دفعك لمبلغ ما فإنه ستتاح لك الفرصة للمتاجرة بسلعة تزيد قيمتها مائة ضعف قيمة رأسمالك .
وستحصل على الربح كاملاً وكأنك تمتلك السلعة بشكل فعلي .
أي لو طبقنا ذلك على المثال السابق فإنه مقابل دفعك لمبلغ 10.000$ ستتاح لك الفرصة للمتاجرة بسيارات قيمتها 100.000$ أي عشر سيارات مرة واحد .. فإذا ربحت على كل سيارة مبلغ 2000$ معنى ذلك أن ربحك على الصفقة كاملة (2000* 10=20000$) ستحصل عليها بالكامل وكل ذلك الربح مقابل استثمارك لمبلغ 10000$ كعربون مسترد سيعود لك في النهاية ..!!
هل هذا معقول ؟
نعم معقول .. وهو ما يحدث بمئات الملايين يوميا في الأسواق المالية وبنظام المتاجرة بالهامش .
هل علمت الآن كيف تصنع الملايين ؟!
لنعود مرة أخرى لمثالنا السابق :
في البداية ذكرنا طريقة المتاجرة العادية وتمت بالشكل التالي :
قمت بعملية شراء عن طريق دفعك لكامل قيمة السيارة .
قمت بالذهاب إلى السوق وعرض سلعتك للبيع .
قمت بالبيع .
فإذا بعت سيارتك بسعر أعلى من سعر الشراء تكون رابحاً , وإن بعتها بسعر أقل من سعر الشراء تكون خاسراً .
أما عندما قمت بالمتاجرة بطريقة الهامش فهذا ما حصل :
قمت بالشراء من وكالة سيارات تقوم بمضاعفة رأسمالك عشرة أضعاف وذلك بأن قمت بدفع مبلغ 1000$ كعربون مسترد وكنت بذلك مالكاً مؤقتاً للسيارة حتى يتم بيعها وإعادة قيمتها .
عندما قمت بدفع 1000$ أتاحت لك وكالة السيارات إمكانية المتاجرة بالسيارة التي قيمتها 10.000$ , أي إنها مكنتك من المتاجرة بعشرة أضعاف رأسمالك .
ذهبت للسوق وعرضت سلعتك التي تمتلكها بشكل مؤقت للبيع .
قمت بالبيع وذلك بأن أمرت وكالة السيارات أن تبيع السيارة التي تمتلكها مؤقتاً - والموجودة لديهم باسمك- للمشتري الذي عثرت علية في السوق وبالسعر الذي تحدده .
قامت وكالة السيارات بتنفيذ الأمر وقامت ببيع السيارة للمشتري , ثم خصمت قيمتها الأصلية - التي باعتك السيارة به - أي 10.000$ وسلمتك الباقي كربح صافي لك وأعادت لك العربون الذي دفعته في البداية .
لاحظ هنا ..
أنه عندما قامت وكالة السيارات بمضاعفة رأسمالك عشرة أضعاف , فهي قامت بذلك لتتيح لك الفرصة للمتاجرة بقيمة سيارة ( سلعة ) تزيد قيمتها 10 أضعاف قيمة ما دفعت على أن تقوم بتسديد باقي قيمة السيارة بعد أن تقوم بالبيع , أي انك عندما دفعت مبلغ 1000$ وأصبحت مالكاً مؤقتاً للسيارة فإنك أصبحت مديناً لوكالة السيارات بمبلغ 10.000$ حتى تسدد قيمة السيارة كاملة , حيث أن مبلغ 1000$ الذي دفعتها هي مجرد عربون مسترد عند التسديد .
فإذا قمت بأمر وكالة السيارات بأن تبيع السيارة بسعر 12.000$ , فإنها ستنفذ الأمر وستقوم بخصم 10.000$ قيمة السيارة وستعيد لك العربون الذي دفعته أولاً زائداً 2000$ هي ربحك في المتاجرة .
ولكن ماذا لو بعت السيارة بسعر أقل من سعر الشراء ؟
ماذا لو بعتها بمبلغ 8000$ مثلاً ؟
ستكون مطالباً باستكمال قيمة السيارة من جيبك الخاص , أي ستكون مطالباً بدفع مبلغ 2000$ حتى تستكمل قيمة السيارة ثم تسترد عربونك الذي دفعته مسبقًا .
فكما أن وكالة السيارات لا تشاركك الربح فهي لا تشاركك الخسارة أيضاً .
فسواء ربحت أم خسرت فهي لا تطالبك إلا بدفع كامل قيمة السيارة بعد بيعها , فإذا أمرتها ببيع السيارة بسعر أعلى من سعر الشراء ستنفذ الأمر وستخصم قيمة السيارة ثم ترد لك عربونك زائداً الربح كاملا ً .
وإذا أمرتها ببيع السيارة بأقل من سعر الشراء , ستنفذ الأمر أيضاً وستلزمك أن تدفع من جيبك الخاص ما يكمل قيمة السيارة كاملة , ويكون هذا المبلغ هو خسارتك في هذه الصفقة .
ففي المثال السابق عندما بعت السيارة بمبلغ 8000$ فإنه عليك أن تضيف من جيبك مبلغ 2000$ ليصبح المبلغ 10.000$ وتقوم بتسديدها لوكالة السيارات وتكون أنت من تحمل الخسارة وليست وكالة السيارات , وفي كل الحالات ستسترد عربونك المدفوع مسبقاً .
ولكن لماذا لا نخدع وكالة السيارات ؟!
حسناً : عندما بدأنا تعاملنا مع وكالة السيارات التي تسمح لنا بمضاعفة رأس المال عشرة أضعاف كل ما دفعناه هو مبلغ 1000$ , وعندما أمرنا وكالة السيارات ببيع السيارة بسعر 12.000$ - بعد أن عثرنا لها على مشتري بهذا السعر – قامت الوكالة ببيع السيارة بالسعر الذي حددناه وأعادت لنا العربون زائداً الربح كاملاً .
إذاً : إذا أمرنا الوكالة أن تبيع السيارة بسعر 8000$ فلن نضيف من جيبنا شيئاً فكل ما لدى وكالة السيارات هو 1000$ , لذا سنجعل وكالة السيارات هي التي تتحمل الخسارة ..
لذا لن ندفع شيئاً ... سنهرب ..!!
لكي لا يحدث ذلك فعلاً , فإن التعامل مع وكالة السيارات بطريقة الهامش له نظام خاص يمكننا أن نختصره بجملة واحدة :
لابد أن تودع أقصى مبلغ يمكن خسارته في الصفقة مسبقاً لدى وكالة السيارات .
كيف ذلك ؟
لكي تتاح لك فرصة المتاجرة بنظام الهامش والذي يسمح لك بالعمل بأكبر من حجمك عشرة أضعاف فإن وكالة السيارات ستشترط الآتي :
أن تفتح حساب لديها وتودع فيه مبلغ 3000$ مثلاً .
ستودع هذا المبلغ مقدماً لدى وكالة السيارات .
ستقوم وكالة السيارات بالمقابل بمضاعفة رأسمالك عشرة أضعاف leverage وستسمح لك بالمتاجرة بسلعة مقابل أن تدفع عُشر قيمتها فقط كعربون مسترد فقط .
ستقوم أنت بشراء سيارة , وبما أنه لا يلزمك إلا دفع عُشر قيمتها , وبما أن قيمتها 10.000$ فإنه لا يلزمك إلا دفع 1000$ كعربون مسترد .
عندما تقوم بشراء السيارة سيتم خصم العربون من حسابك أي ستقوم بخصم 1000$ سنسمي هذا " الهامش المستخدم used margin " .
سيظل في حسابك الآن 2000$ غير مستخدمة سنسميها " الهامش المتاح usable margin " . سيكون هذا المبلغ هو أقصى مبلغ يمكن أن تخسره بالصفقة .
وبذلك تضمن وكالة السيارات أنك أنت من سيتحمل الخسارة إن حدثت وليست هي , ولن تخش أن تهرب لأنه يوجد لديها في حسابك المبلغ الذي يمكن أن تخسره .
فعندما تأمر وكالة السيارات أن تبيع السيارة بمبلغ 12000$ ستنفذ الوكالة الأمر وستبيع السيارة وستخصم 10.000$ قيمة السيارة وستعيد عربونك زائداً الربح كاملاً وستضيفه على حسابك لديها وبذلك يصبح حسابك لديها = 5000$ .
أما إن أمرت وكالة السيارات ببيع السيارة بسعر أقل من سعر الشراء لنقل 8000$ ستقوم وكالة السيارات بتنفيذ الأمر وستبيع السيارة ثم ستخصم 2000$ من حسابك لديها لتستكمل بقية ثمن السيارة , ثم ستعيد لك عربونك إلى حسابك وسيصبح حسابك لديها 1000$ فقط .
هل علمت لماذا يسمى هذا الأسلوب في العمل " المتاجرة بنظام الهامش " ؟
وذلك لأنه يتم التعامل والتداول على هامش الربح والخسارة في المتاجرة بسلعة ما دون الحاجة لدفع كامل قيمتها , حيث يضاف الربح من الصفقة لحساب المتاجر ويخصم هامش الخسارة من حساب المتاجر .
ماذا تفهم أيضاً ؟
تفهم إنه لا يمكنك في أي صفقة أن تخسر أكثر من المبلغ الموجود في حسابك لدى الشركة التي تتيح لك المتاجرة بنظام الهامش .
ولكي نوضح أكثر هذه النقطة الهامة .. تابع معنا في الصفحات التالية .

Learning to Trade Forex

Learning to Trade The Psychology of Expertise

Forex Mentor by Peter Bain
The new Leading Professional Currency Trading System shows you how to trade currencies like the Pros!
Peter Bain has put together a stunningly comprehensive forex course. He shows you exactly how the professionals are doing it. All the benefits of a live trading seminar, but in the comfort of your own armchair. We recommend checking out the video clips on the website
WHAT YOU WILL LEARN ...
• Indicator that beat out the other 99 as the most successful technical market pointer
• How to use futures data to confirm the currency cash market trends.
• Take money from the Euro which puts an average $US760 on the table everyday!
• How to use hedge your currency trades.
• Learn these never revealed techniques in this seminar video recording.
• Watch and Listen to a topic as many times as you need.
• 150 page detailed trading manual. See Table of Contents at the end of this page, 35 page Getting Started Guide
• Real currency trading examples from the last 8 months designed to further reinforce every trading concepts
• Access to daily pivots for the 4 major pairs and "News not Noise" Forex news digest and commentary.
Get on-going support from our members-only mentorship program which includes daily examples, questions and answers, tips, articles

Learning to Trade: The Psychology of Expertise
Written by Brett N. Steenbarger, Ph.D.
When people hear that I am an active trader and a professional psychologist, they naturally want to hear about techniques for mastering emotions in trading. That is an important topic to be sure, and later in this article I will even have a few things to say about it. But there is much more to psychology and trading than “trading psychology”, and that is the ground I hope to cover here. Specifically, I would like to address a surprisingly neglected question: How does one gain expertise as a trader?
It turns out that there are two broad answers to this question, focusing upon quantitative and qualitative insights into the markets. We can dub these research expertise and pattern-recognition expertise, respectively. These perspectives are much more than academic, theoretical issues. How we view knowledge and learning in the markets will shape the strategies we employ and—quite likely—the results we will obtain. In this article, I will summarize these two positions and then offer a third, unique perspective that draws upon recent research in the psychology of learning. I believe this third perspective, based on implicit learning, has important, practical implications for our development as traders.
Developing Expertise Through Research
The research answer to our question says that we gain trading expertise by performing superior research. We collect a database of market behavior and then we research variables (or combinations of variables) that are significantly associated with future price trends. This is the way of mechanical trading systems, as in the trading strategies developed with TradeStation and the systems featured on the www.futurestruth.com site. We become expert, the mechanical system trader would argue, by building a better mousetrap: finding the system with the lowest drawdown, least risk, greatest profit, etc.
A variation of the research answer can be seen in traders who rely on data-mining strategies. The data-miner questions whether there can be a single system appropriate for all markets or for all time frames. To use a phrase popularized by Victor Niederhoffer, the market embodies “ever-changing cycles”. The combination of predictors that worked in the bull market of 2000 may be disastrous a year later. The data-miner, therefore, engages in continuous research: modeling and remodeling the markets to capture the changing cycles. Tools for data mining can be found at www.kdnuggets.com.
There are hybrid strategies of research, in which an array of prefabricated mechanical systems are defined and then applied, data-mining style, to individual stocks to see which ones have predictive value at present. This is the approach of “scanning” software, such as Nirvana Systems’ OmniTrader. By scanning a universe of stocks and indices across an array of systems, it is possible to determine which systems are working best for particular trading vehicles.
As most traders are aware, the risk of research-based strategies is that of overfitting. If you define enough parameters and time periods, eventually you’ll find a combination that predicts the past very well—by complete chance. It is not at all unusual to find an optimized research strategy that performs poorly going

forward. Reputable researchers develop and test their systems on independent data sets, so as to demonstrate the reliability of their findings.
Can quantitative, research-based strategies capture market expertise? I believe the answer is an unequivocal “Yes!” A perusal of the most successful hedge funds reveals a predominance of “quant shops”. Several research-based stock selection strategies, such as Jon Markman’s seasonal patterns (www.moneycentral.com) and the Value Line system (www.valueline.com), exhibit long-term track records that defy mere chance occurrence.
And yet it is also true that many successful traders neither rely upon mechanical systems nor data-mining. Indeed, one of Jack Schwager’s most interesting findings in his Market Wizards interviews was that the expert traders employed a wide range of strategies. Some were highly quantitative; others relied solely upon discretionary judgment. Several of the most legendary market participants—Warren Buffet and Peter Lynch, for example—employed research in their work, but ultimately based their decisions upon their personal synthesis of this research. Quantitative strategies can capture market expertise, but it would appear that all market expertise cannot be reduced to numbers.
Developing Expertise Through Pattern Recognition
The second major answer to the question of trading expertise is that of pattern recognition. The markets display patterns that repeat over time, across various time-scales. Traders gain expertise by acquiring information about these patterns and then learning to recognize the patterns for themselves. An analogy would be a medical student learning to diagnose a disease, such as pneumonia. Each disease is defined by a discrete set of signs and symptoms. By running appropriate tests and making proper observations of the patient, the medical student can gather the information needed to recognize pneumonia. Becoming an expert doctor requires seeing many patients and gaining practice in putting the pieces of information together rapidly and accurately.
The clearest example of gaining trading expertise through pattern recognition is the large literature on technical analysis. Most technical analysis books are like the books carried by medical students. They attempt to group market “signs” and “symptoms” into identifiable patterns that help the trader “diagnose” the market. Some of the patterns may be chart patterns; others may be based upon the identification of cycles, configurations of oscillators, etc. Like the doctor, the technical analyst cultivates expertise by seeing many markets and learning to identify the patterns in real time. Note how the pattern recognition and research answers to the question of expertise lead to very different approaches to the training of traders. In the research perspective, traders learn to improve their trading by conducting better research. This means learning to use more sophisticated tools, gather more data, uncover better predictors, etc. From a pattern recognition vantage point, however, trading success will not come from performing more research. Rather, direct instruction from experts and massed practice leads to the development of competence (again like medical school, where the dictum is “See one, do one, teach one”).
Another way of stating this is that the research viewpoint treats trading as a science. We gain knowledge by uncovering new observations and patterns. The pattern recognition perspective treats trading as a performance activity. We gain

proficiency through mentoring and constant practice. This is the way of the athlete, the musician, and the craftsperson.
Can expertise be acquired by learning patterns from others and then gaining experience identifying them on one’s own? It would seem so: this is traditionally how chess champions and Olympic athletes develop. There are also examples of such expertise development in trading: Linda Raschke’s chatroom (www.mrci.com/lbr) is an excellent example of a learning device that takes the pattern recognition approach. Users of the site can “listen in” as Linda—a Market Wizard trader herself—identifies market patterns in real time. My conversations with traders who have enrolled in this service leave me with little doubt that they have acquired profitable skills, eventually moving on to becoming successful independent traders. Richard Dennis’ experiment with the “Turtles” is perhaps the most famous example of how expertise (in this case, a pattern-based trading system) can be successfully modeled for people with little market background.
And yet there are nagging doubts about the actual value of the patterns typically described in market books and tapes. A comprehensive investigation of technical analysis strategies by Bauer and Dahlquist found very little evidence for their effectiveness. An attempt to quantify technical analysis patterns by Andrew Lo at MIT found that they did, indeed, contain information about future market moves, but hardly as much as is portrayed in the popular literature. Because pattern recognition entails a healthy measure of judgment, it is very difficult to demonstrate its efficacy outside of the expert’s hands. In other words, the expert trader may be utilizing more information in trading than he or she can verbalize. This is certainly the case for chess experts and athletes. While they can describe what they are doing, it is clear that their proficiency extends well beyond the application of a limited set of rules or patterns.
This phenomenon has been the subject of extensive study in psychotherapy research. It turns out that there really is a difference in results between expert therapists and novices. But it also turns out that there is a difference between what expert therapists say they do and what they actually do in their sessions. This was noted as far back as the days of Freud. While he advocated a set of strict therapeutic procedures to be followed, Freud’s own published cases deviated from these significantly. What appears to work in therapy is not what the therapists focus on—their behavioral techniques, psychoanalytic methods, etc.—but the ways in which these are employed. Using techniques in a sensitive way that gains the client’s trust and fits with the client’s understandings is more important than the procedures specific to those techniques.
So it may be with trading. Expert traders describe their work in terms of price-volatility patterns, momentum divergences, or a nesting of cycles, but it might be the ways in which these patterns are employed that makes for the expertise. Great traders may be able to identify patterns in their work, but it is not clear that their greatness lies in these patterns.
Implicit Learning: A New Perspective
The term implicit learning began with the research of Brooklyn College’s Arthur Reber in the mid 1960s. Since that time, it has been an active area of investigation, producing numerous journal articles and books.
Implicit learning can be contrasted with the research and pattern recognition perspectives described above, in that the latter are examples of explicit learning. By conducting research or by receiving instruction in market patterns, we are

learning in a conscious, intentional fashion. The implicit learning research suggests that much of the expertise we acquire is the result of processes that are neither conscious nor intentional. A simple example drawn from Reber’s work will illustrate the idea. Suppose I invent an artificial “grammar”. In this grammar, there are rules that determine which letters can follow given letters and which cannot. If I use a very simple grammar such as MQTXG, then every time I show a subject the letter M, it should be followed by a Q; every time I flash a T, it should be followed by an X, etc.
The key in the research is that subjects are not told the rules behind the grammar in advance. They are simply shown a letter string (QT, for example) and asked whether it is “grammatical” or not. If they get the answer wrong, they are given the correct answer and then shown another string. This continues for many trials, generally in the thousands.
Interestingly, the subjects eventually become quite proficient at distinguishing the grammatical strings from the ungrammatical ones. If they are shown a TX, they know this is right, but that TG is not. Nevertheless, if you ask the subjects to describe how they know the string is grammatical or not, they cannot verbalize any set of cogent rules. Indeed, many subjects insist that the letter arrangements are random—even as they sort out the grammatical ones from the ungrammatical ones with great skill.
Reber referred to this as implicit learning, because it appeared that the subjects had truly learned something about the patterns presented to them, but that this learning was not conscious and self-directed. Reber and subsequent researchers in the field, such as Axel Cleeremans in Brussels, suggest that many performance skills, such as riding a bicycle and learning a language, are acquired in just this way. In such cases, we learn complex competencies, but cannot fully verbalize what we know or reduce our knowledge to a set of patterns or principles.
Such implicit learning has been demonstrated in the laboratory across a variety of tasks. Cleeremans and McClelland, for example, flashed lights on a computer screen for subjects, with the lights appearing at six different places on the screen. The subjects had to press a keyboard button corresponding to the location of the light on the screen. There were complex rules determining where the light would flash, but these rules were not known by the subjects. After thousands of trials, the subjects became very good at anticipating the location of the light, as demonstrated by reduced response times. Significantly, when the lights were flashed on the screen in a random pattern, no such reduction in response time was observed. This was a meaningful finding, since the patterns picked up by the subjects were not only outside their conscious awareness—they were also mathematically complex and beyond the subjects’ computational abilities! (Like the markets, the patterns were actually “noisy”—a mixture of patterns and random events.)
It appears that much repetition is needed before implicit learning can occur. The thousands of trials in the Cleeremans and McClelland study are not unusual for this research. Moreover, it appears that the state of the subjects’ attention is crucial to the results. In a research review, Cleeremans, Destrebeckqz, and Boyer report that, when subjects perform the learning tasks with divided attention, the implicit learning suffers greatly. (Interestingly, conscious efforts to abstract the rules from the stream of trials also interfere with learning). This has led Cleeremans to speculate that implicit learning is akin to the learning

demonstrated by neural networks, in which complex patterns can be abstracted from material through the presentation of numerous examples.
The implicit learning research suggests a provocative hypothesis: Perhaps expertise in trading is akin to expertise in psychotherapy. While therapists say their work is grounded in research and makes use of theory-based techniques, the actual factors that account for positive results are implicit, and acquired over the course of years of working with patients. Similarly, traders may attribute their results to the research or patterns they are trading. In reality, however, the research and patterns serve as rationales that legitimize the absorption of markets over a period of years. It is the implicit learning of markets across thousands of “trials” that makes for expertise, not necessarily the conscious strategies that traders profess.
Implications for Developing Expertise in the Markets
Such an implicit learning perspective helps to make sense of Schwager’s findings. There are many ways of becoming immersed in the markets: through research, observation of charts, tape reading, etc. The specific activity is less important than the immersion. We become experts in trading in the same way that subjects learned Reber’s artificial grammars. We see enough examples under sufficient conditions of attention and concentration that we become able to intuit the underlying patterns. In an important sense, we learn to feel our market knowledge before we become able to verbalize it. While simply “going with your feelings” is generally a recipe for trading disaster, I believe it is also the case that our emotions and “gut” feelings can be important sources of market information.
The reason for this is tied up in the neurobiology of the brain. In his excellent text The Executive Brain: Frontal Lobes and the Civilized Mind, New York University’s Elkhonon Goldberg summarizes evidence that suggests a division of labor for the hemispheres of our brains. Our right, nonverbal hemispheres become activated when we encounter novel stimuli and information. Our left, verbal hemispheres are more active in processing routine knowledge and situations. When we first encounter new situations, as in the markets, we tend to process the information non-verbally—which means implicitly. Only when we have made these patterns highly familiar will there be a transfer to left hemisphere processing and an ability to capture, in words, some of the complexity of one’s understandings. As we know from studies of regional cerebral blood flow, the right hemisphere is also activated under emotional conditions. It is not surprising that our awareness of novel patterns, whether in artificial grammars or in markets, would appear as felt tendencies rather than as verbalized rules.
o finally we get to the traditional domain of the trading psychologist! How do we know when our feelings convey real information for trading and when they merely provide interference from our conflicts over success/failure, risk/safety, etc.? Developing trading expertise is not so simple as following such slogans as “tune out your emotions when you are trading”. Much of what you might know about the markets may take the form of implicit knowledge that is encoded nonverbally and experienced viscerally.
This is an area that I am currently researching, and I welcome readers to stay in touch with me about the results. I will make sure updated information is posted in a timely way to my personal page at www.greatspeculations.com. I also hope to have my own book out on the topic early in 2003; my page will also keep readers abreast of that development. But in the remainder of this article, allow

me to engage in a few speculations of my own regarding the implications of implicit learning for trading success.
1. Many are called, few are chosen – I believe the implicit learning perspective helps to explain why so few traders ultimately succeed at their craft. Quite simply, they cannot outlast their learning curves. If, indeed, it takes thousands of trials to generate successful implicit learning, a great number of traders would have been bankrupted by then. Many others might not survive that number of trials simply due to the time and energy required. It is impossible to hold a full-time job and generate the degree of immersion in the markets needed for implicit learning. On the other hand, it is impossible to obtain a full-time income from trading without developing the mastery conferred by years of experience. Part-time traders never develop expertise for the same reason that part-time chess players or athletes are unlikely to succeed. For purely practical reasons associated with raising a family, making a living, etc., few people can undergo the “starving artist” phase of skill-building.
2. Emotions interfere with trading – This is a near-universal observation among full-time traders and captures an important understanding. Fear, greed, overconfidence, self-blame—all of these can undercut even the most mechanical trading. Indeed, when Linda Raschke and I surveyed 64 traders for their personality and coping patterns, the factor of neuroticism—the tendency to experience negative emotions—emerged as a major factor associated with trading difficulties. This makes sense from an implicit learning perspective. To the degree that a trader is focused on his or her fears, self-esteem, fantasies, etc., attention is drawn away from the learning process. The problem may not be emotionalism per se; there are many highly emotional, but successful traders. Rather, the issue may be the degree to which emotions interfere with one’s cognitive processing by competing for attention. Focusing on negative emotions may be a much larger problem than actually experiencing them. Many outstanding traders “explode” when they make a rookie error. For them, however, the storm blows over quickly; less successful traders appear to be less able to let the issue go. As a result, they become caught in a cycle of blame, increasing self-consciousness, and further blame. As a psychologist, my leaning is to help traders experience their frustration and get over it quickly, rather than “overcome” it altogether. (In my chatroom session with Linda Raschke, I will be addressing how to accomplish this).
3. The advantages of learning trading vs. investing – If the internalization of complex patterns requires many thousands of observations across different market conditions, the challenge for the trader is making this process as efficient as possible. My sense is that there may be an advantage to learning trading, as opposed to investing, simply because short-term traders are apt to observe many patterns in the course of a single day or week. The investor, conversely, may note a pattern every few months or years, greatly extending the amount of time needed for implicit learning. This dynamic would help to explain why many of the most successful traders I have met have had experience working on the exchange floors. In the fast-paced environment of the floors, a trade may last seconds to minutes, with many trades placed per day. Complex research strategies and chart analyses fly out the window when time frames are compressed to that degree. Instead, traders become so immersed in the markets that they acquire the (implicit) ability to read moment-to-moment patterns of momentum and price change. This creates an ideal implicit learning environment; having so many patterns to read per day makes the development of expertise much more efficient. Ironically, it also might help account for difficulties floor traders often experience when they attempt to trade off the floor. Without the

contextual cues that help them process those price and momentum shifts, floor traders lose their edge—even though they may think they are employing their same, successful trading methods.
4. Developing technologies for training traders – If we look at how experts are trained in other fields, we notice a common factor: an intensive period of apprenticeship in which the student works under a master and obtains continuous instruction and practice. Consider, for example, the cultivation of expertise in the martial arts. Many years will be spent in the dojo studying under a sensei before the black belt is conferred. Instruction alternates with practice; rehearsal of techniques alternates with the application of techniques in real-life (tournament) conditions. The online medium has created a variety of promising strategies for training traders, such as Linda’s chatroom, real-time market commentary via weblog, and services that allow simulated online trading. My sense is that we will see an accelerated shift from services that emphasize trading techniques to comprehensive trading “dojos” that incorporate real-time instruction, practice, and coaching. Already we are seeing expert instruction modules built into conventional software programs such as Metastock. This move toward implicit learning environments strikes me as a most promising application for peer-to-peer networks, as traders share research resources and trading experiences and learn from each other. (See www.limewire.org for more information on Gnutella and P2P networking).
5. Developing technologies for facilitating learning – This is my primary research interest in trading psychology. A broad array of research suggests that learning is mediated through the brain’s prefrontal cortex, which also controls attention, concentration, planning, and other executive functions. We also know that children with learning disabilities are significantly more likely than others to possess neurological deficits associated with the frontal lobes, including attention deficit hyperactivity disorder (ADHD). Elkhonon Goldberg cites considerable research that indicates we can improve the functioning of our frontal cortex through structured exercises, much as we can build our muscles in the gym. Such exercises have been used, for example, in delaying the onset and progression of Alzheimer’s disease. Is it possible, however, to develop super-states of concentration and learning in a mental gym the way that bodybuilders can hone their physiques in a weight room? I believe we can. I am currently working with Dr. Jeffrey Carmen on biofeedback strategies that directly measure regional cerebral blood flow to the prefrontal cortex. Utilizing infrared sensors to detect heat changes in the forehead (reflecting increased frontal blood flow), it is possible for traders to know exactly how much of their mental processing power is available to them at all times. Moreover, it is possible for them to learn strategies for increasing their frontal activation and maximizing their optimal learning states. This would allow traders to process each trading day (or lesson) as thoroughly as possible, creating more efficient learning.
My research to date suggests that the state of mind induced by the biofeedback exercises is not unlike the state that people enter during hypnotic induction or meditation. It is a state of relaxed and focused concentration. Such a mind frame minimizes the impact of emotional interference at the same time that it quiets the verbal, internal dialogue that permeates much of our cognitive lives. Following Goldberg’s hypothesis, I believe that the capacity to enter such states of consciousness may allow us to efficiently process novel information by facilitating right hemispheric activation, even as it dampens emotional arousal and the interference of critical, verbal thinking. This very much fits with psychologist Mihalyi Csikszentmihalyi’s observations of “flow” states among highly creative and

successful individuals. The learning of expertise may depend as much upon the mind state of the learner as the quality of the instructional materials.
Conclusion
I began this article with a straightforward question: How does one gain expertise as a trader? We have seen that expertise is often described as the outcome of an explicit research process or as an explicit acquisition of knowledge about recurrent patterns. Much skill-based learning, however, is acquired implicitly, as the result of processing thousands of examples. Small children learn language, for example, long before they can verbalize rules of grammar and syntax; we learn complex motor skills, such as hitting a baseball, without ever being able to capture our expertise in a way that could be duplicated by another person.
While immersion in research and in pattern recognition can indeed produce trading expertise—a finding made clear by Schwager—the key ingredient in trading development may be the immersion, not the research or the patterns per se. If this is true, efforts to find the best trading system or the most promising chart pattern are off the mark. The what of learning trading may be less important than the how. If you want to become a proficient trader, the most promising strategy is to immerse yourself in the markets under the tutelage of a master trader. You need to process example after example under real trading conditions, with full concentration, to develop your own “neural network”.
I believe the most exciting frontier for trading psychology is the development of tools and techniques for maximizing implicit learning processes. Such techniques would assist in the acquisition and utilization of expertise by training individuals to sustain states of consciousness in which they are open to implicit processing. As I hope to demonstrate more thoroughly in my forthcoming book, there are reasons for believing that experienced traders possess greater expertise than they are aware of. This tacit knowledge, to use Michael Polanyi’s memorable term, reveals itself during “hot streaks” in trading and those wonderful experiences where we just “know” what the market is doing and place winning trades accordingly. Too many traders look to emulate others. The secret to success, conversely, might well be to gain greater access to the expertise we have already acquired implicitly and learn to become the traders we already are when we’re at our best.
Well, if you’ve followed me thus far through a lengthy article you no doubt have much of capacity for attention and concentration needed to become a master trader! In the coming months, I hope to elaborate many of the ideas and techniques alluded to in this article, and I encourage you to stay in touch regarding new directions and developments.
With that, I will part with a last research finding from Reber. Remember those artificial grammars that people had to learn, such as MQTXG? Letters were displayed to subjects that either followed the grammar (i.e., Q could only follow M; T could only follow Q, etc.) or that did not. The subjects did not know the rules of the grammar, but over many trials could figure out which combinations of letters were right and which were wrong. Suppose, however, that the grammar is changed in the middle of the experiment, so that the new constructions follow the rules of NRSYF instead of MQTXG. Will subjects continue to display implicit learning?
The answer is enlightening. After many trials with the initial grammar, without knowing the rules, subjects will choose “MQ”, “TX”, and “QT as grammatical

constructions while rejecting “QM”, “XT”, and “TQ”. Once the grammar is switched, the subjects’ learning goes out the window and their guesses retreat to chance levels. But with enough new trials, subjects pick up the new grammar and are able to recognize “NR”, “SY”, and “RS” as grammatical and reject “RN”, “YS”, and “SR”. In other words, people not only learn complex patterns implicitly; they continue their implicit learning when the patterns shift. This has major implications for the development of market expertise. The markets are always changing, but as long as we stay in our optimal learning modes, we can adapt with them.
Brett N. Steenbarger, Ph.D. is Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University. Dr. Steenbarger is an active trader and author of The Psychology of Trading (Wiley, 2002). He writes feature columns for the MSN Money website (www.moneycentral.com) and several trading publications, including Stocks Futures and Options Magazine

Aswan

(literally meaning "trade"); Coptic: ⲥⲟⲩⲁⲛ Swān; Greek: Συήνη Syene; Arabic: أسوان‎ Aswān; Spanish: Asuán) is a city in the south of Egypt, the capital of the Aswan Governorate. It stands on the east bank of the Nile at the first cataract and is a busy market and tourist center. It contains the island of Elephantine.
Aswan is one of the driest inhabited places in the world; as of early 2001, the last rain there was six years earlier. As of 31 March 2008, the last rainfall was a thunderstorm on May 13, 2006. In Nubian settlements, they generally do not bother to roof all of

the rooms in their houses.

History
swn.tin hieroglyphs
Aswan is the ancient city of Swenet, which in antiquity was the frontier town of Ancient Egypt to the south. Because the Egyptians oriented toward the south, Swenet was the first town in the country, and Egypt always was conceived to open or begin at Swenet[citation needed]. It stood upon a peninsula on the right (east) bank of the Nile, immediately below (north of) the first cataract of the flowing waters, which extend to it from Philae.
Swenet is supposed to have derived its name from an Egyptian goddess with the same name, the Eileithyia of the Greeks, Ilithya of the Romans, and of which the import is the opener. The ancient name of the city also is said to be derived from the Egyptian word for trade[citation needed].
The Stone quarries of ancient Egypt located here were celebrated for their stone, and especially for the granitic rock called Syenite. They furnished the colossal statues, obelisks, and monolithal shrines which are found throughout Egypt, including the pyramids; and the traces of the quarrymen who wrought in these 3000 years ago are still visible in the native rock. They lie on either bank of the Nile, and a road, 4 miles in length, was cut beside them from Syene to Philae.
Swenet was equally important as a military station and as a place of traffic. Under every dynasty it was a garrison town; and here were levied toll and custom on all boats passing southward and northward. The city is mentioned by numerous ancient writers, including Herodotus (ii. 30), Strabo (ii. p. 133, xvii. p. 797, seq.), Stephanus of Byzantium (s. v.), Ptolemy (vii. 5. § 15, viii. 15. § 15), Pliny the Elder (ii. 73. s. 75, v. 10. s. 11, vi. 29. s. 34), De architectura (book viii. ch ii. § 6) and it appears on the Antonine Itinerary (p. 164). It is also mentioned in the Book of Isaiah from the Scriptures (ref. Isaiah 49:12).

View of Aswan from the Tombs of the Nobles on the other side of the Nile
The latitude of city that would become Aswan, located at – 24° 5′ 23″– was an object of great interest to the ancient geographers. They believed that it was seated immediately under the tropic, and that on the day of the summer solstice a vertical staff cast no shadow. They noted that the sun's disc was reflected in a well at noonday. This statement is only approximately correct; the ancients were not acquainted with the exact tropic: yet at the summer-solstice the length of the shadow, or 1/400th of the staff, could scarcely be discerned, and the northern limb of the sun's disc would be nearly vertical.
Eratosthenes used measurements at Aswan (Elephantine) to contest the Flat Earth theory and attempt to determine the circumference of the Earth, using Syene (as the Greeks called Swenet) as the originating point and Alexandria as the terminal point of a measured arc (based upon shadow length at the solstice) to make an accurate estimate of the circumference of the Earth.
The Nile is nearly 3000 yards wide above Aswan. From this frontier town to the northern extremity of Egypt it flows for more than 750 miles without bar or cataract. The voyage from Aswan to Alexandria usually occupied between 21 and 28 days in favourable weather

Sharm el-Sheikh

Months is a tourist town in Sinai, the evolution of the tourist activity significantly in recent years, lies the importance of the Sharm el-Sheikh on its head when the Red Sea where it is to fork Gulf of Suez and Aqaba, which led to an environment more distinguished is the key element in the tourist attractions .. Therefore there and around the most important nature reserves in Ras Mohamed, Nabak. In the face of Sharm el-Sheikh there are islands of Tiran and Snaver at the entrance to the Gulf of Aqaba .. One of the most important head of their Christian and Ras Umm Sayyed along with the head of Mohammed. Other advantages that are unique to the magical nature of towering mountains and golden beaches, water and coral reefs Allazordi magical depths that will attract divers and researchers in the depths of virgin nature and up to 250 people coral atolls and thousands of fish and marine creatures add To nature reserves in Ras Mohamed, protected Nabak Abu Galway and protected nature reserves which contain geological features and valleys and mountains of granite, sand dunes and rare birds, animals, reptiles and Harts. It also includes a jungle Ashjaralmangerov which Tattabrmutna ideal breeding birds. The visitors enjoyed the Sharm el-Sheikh this landscape beauty. Sharm el-Sheikh are the latest areas of recreation and relaxation in the world, and in ten years during which he became a hotel 150 most determined to be a resort, that is, sing the same hotel on the tourist search for comfort and relaxation elsewhere, The hotel where all the means of entertainment, and there are luxurious restaurants and tourist happy that the contribution of Eastern and Western cuisine, in addition to the cafes and cabarets, plenty of tourists to choose among them, are multiple activities, from riding horses or playing tennis, amusement or children, water skiing, Or diving or diving trips or water for the enjoyment of water and natural riches which tourists can be seen at sea on his boat a glass

The most important tourist destinations in the city of Sharm el-Sheikh 1 - Bay blessing: - Bay area is considered a blessing main centre to attract tourists in Sharm el-Sheikh where the Bay area where the blessing of all necessary from the tourist complexes, markets and restaurants of various types in addition to the many night clubs in order to attract tourists Aalajnbe, as the Bay area Nima line when the night feel like you've found in Europe, but for the hotels located in the Gulf of blessing Vndkr them (my blessing, Shepherd, Marriott, front and rear,

Sonsini, Novotel, pyramid, Sharm Holiday, Nuria, etc. ...)

One Thousand and One Nights: - located in the Heights or Sayed, a compound containing the park cafes, restaurants and shops selling antiques and relics Aaltdkarih and also regulates the pool halls of Music and also contains a cinema presenting the latest Arab films Old City: - somewhat similar to existing markets in the city of Cairo, where there are all necessary shops, restaurants and shops Reserve Ras Mohammed: - The area of Ras Mohammed and the islands of Tiran and Snaver natural reserve in 1983 in the first natural reserve in Egypt and located at the confluence of these protected the Gulf of Suez and the Gulf of Aqaba in the southern part of the Sinai peninsula is about 12 kilometers from the city of Sharm el-Sheikh, about 70 Kilometers from the city of Tur

2 - protected Abu Galway: - lies protected Abu Galway on the Gulf of Aqaba on the road between the Sharm el-Sheikh and Taba area called Wadi Alrsash, has declared in a reserve in 1992. The topography of this region is characterized by a special system of integrated environmental and combines the environment of desert and mountain range and valleys punctuated by giving special beauty of the area .. In addition to the marine environment rich qualities magnificent coral reefs and fish are also colored protectorate rich Wildlife includes deer, foxes and Alteatel and breed mother and Downs Hedgehog Dhahran, many of the

rodents and reptiles

-- Protected Nabak: - considered the natural reserve in Nabak in 1992. These are protected in the region between the Sharm el-Sheikh and Dahab, Wadi or infection in South Sinai .. And protected away 35 kilometers north of Sharm el-Sheikh

South Sinai governorate has unique characteristics make them at the forefront of areas which are hoped to any follower of the sport of diving and enjoy the content of the underwater treasures rarely found anywhere in the world, particularly the Ras Mohammed, which is annually the number of practitioners (10 thousands) Ghattas. There is also the region more than 20 training center for diving universally recognized and the trainee is given a licence to be diving and inspection of global organizations (PADI). One of the most important areas of diving ** Ras Mohammed area south *** Beginning of the Gulf of Aqaba *** Area of Ras Umm Sayyed - even the employee's north -- Bay Buckthorn: - lies about 25 kilometers from the Gulf of blessing. 2 - hotel zone Sharkas me: - lies about 5-7 kilometers from the Gulf of blessing. 3 - hotel or Mr. Heights: - away from 8 - 10 kilometers from the Gulf of blessing. 4 - the road to the airport: - lies about 12-15 kilometers from the Gulf of blessing.

Tourism in Egypt

Tourism in Egypt

Egypt museum treasures were hidden from the distant past castles, deserts and palaces, museums and paintings, their effects and markets At the same time is also an Islamic state contemporaneous vibrant mixed cultural heritage traditional Arab hospitality, which embraced thousands of years ago and still feature the people so far Visit Egypt considers itself journey through a tunnel of time. Cairo Cairo is the focus of an ancient civilization go back more than fifty centuries ago mosques and ancient pharaonic faces raised over crowded with cars and a crowded market. Curfew in the narrow alleys of the ancient city and empathy attractiveness of the distant past of the oldest African city. Buy memorabilia of artefacts from the market or go to visit the pyramids and the effects that still remain from the seven wonders of the world and saw the splendor Sphinx see vague and do not forget to pray in mosques Egypt's ancient mosque Amr ibn Al-Aas Mosque, Ahmed Ben Tulun Mosque and the old Muhammad Ali in the great size of the jellyfish constellation Lighted outstanding and countless windows of glass Almahq not miss visiting the Museum Tahrir Square, which is the world's richest museum includes Amnon Tutankhamen Tut treasures of gold were buried and Anwar each Pharaohs In this corner of the museum remember the past Egypt's Al-Majid. Khan El-Khalili market, local revert back to the fourteenth century, which presents a set of magnificent gold and silver and manufactures ceramics and wood artefacts from the restaurant Alleyways these narrow infested bustling headquarters are thousands of shops selling jewellery of an ancient artefacts and micro-precision, and there markets Other market in the city such as Krdash specialized in the spring of cotton and silk clothing embroidered with the Egyptian and nature Harrania market, which is the main centre of the carpet industry manual You can also tour one of the shopping centers in Cairo to see the various Egyptian products together in one place. River Nile Egyptian empire in the era of the Nile is the way a hundred precious vital waterway which still brings fertility and development of the Nile and the desert was still floating over the blue waters of ships and traditional triangular sail on its temples and archaeological sites since the era of pharaonic empire Kum Whereas Dandara, Edfu and Luxor and Karnak and will be surprised to see you sailing over The quiet waters of the Nile there is no doubt that you enjoy traveling life and recognize the marvels past and the civilization of ancient Egypt through the tranquillity and comfort on a vessel river. Helen flights Blue Nile water is wide lifeline in Egypt can go to the boat trip in Droubi traditional Egyptian meal or enjoy while you are at the cruise ship Nile looking pages blue waters of the net. Nilo your trip is the retrieval of past life. Alexandria Is the largest Egyptian port located on the edge of the Nile River Delta and the Fertile defined as the pearl of the Mediterranean Alexander the Great founded in the reign of Cleopatra is the crossroads of three of the oldest civilizations Pharaonic and Greco-Roman and ancient monuments in left, which contains a memorial monument and mosques and refreshingly broad streets in the city also enjoy modern beaches The crowded Mediterranean port of the net Almiahalzarka Fort Qaytbay This huge fortress by the sea waves break it is one of the landmarks of the city located near the car of Alexandria which is one of the Seven Wonders of the World Alanicoci near the neighborhood, which is full of character Ottoman mosques and homes old and live surrounded by water Mediterranean blue and enjoy the bustling and vital known in the popular districts Egyptian. Hurghada Hurghada is the recreation area enJOY in the Middle East streets with trees growing on its Albasagh Joe Sahara fresh Badie make faster expansion in the Egyptian city of surrounding buildings luxurious new Jama Hurghada and the old market and believes the luxury hotels along the beach-sand beaches of soft white. Sharm el-Sheikh Gardens Morgan Sharm el-Sheikh and Ras Mohamed world-renowned for viewing Wear a mask and Alasnord and diving in the blue waters of the Gulf beaches of white sand and sea to the world of beauty which is believed by reason in the depths of the Red Sea and if you want fun away from the water, you can also lease a private car and explored the interior Sinai virgin Your visit to Sharm el-Sheikh happened can not be forgotten. Luxor Shorter was a good capital for more than the year 1000 where monuments and temples and cemeteries when the Pharaohs in their time Golden Shamkhani on the world civilization and the spoils of war and spread their empire Lvov land where the author over the blue waters of the Nile River. City neighborhoods Located on the eastern shore of the river as they see the effects of Luxor and Karnak, which are the remnants of the finest archeological sites, since the time of the Pharaohs, who came to visitors from around the world. City of the Dead If crossed River Nile at sunset to the west coast will pass the huge statue grateful size and the Temple of Queen Hatshepsut great mountaineering West to reach the Valley of the Kings of the world famous inscriptions on the life and the Baath after the dead when the beliefs of the ancient Pharaohs Pharaonic temple land Shorter than you can visit temples in villages near Edfu, Kom Ambo and Dandara, where shining columns painted in golden sunlight on your Blue Nile. Aswan The atmosphere of Aswan and dry location beautiful waterfall on the first of the Nile River make it a favourite resort fantastic over the years as well as places that are unique to the city of Aswan granite quarries like the old obelisk believes there is enormous size, which is still lying on its side half refined You can also visit the makers of carpets or enjoyment Cup of tea in his honor Ketrakt viewer famous Nile River and pass through Filokat to the island of Philae and cemetery songs Khan. Abu Simbel The effects of Nubia - the oldest civilizations known carved on the list of Abu Simbel rock overlooking the lake that resulted from building the High Dam main temple glorifies the sun god Ra recorded wars Kingdom Nubian old alliance and to the north there is another temple dedicated to the favorite wife of King Nfrtari and Hathor god of love and beauty of this memorial Under the desert sun is only physical reminder of the ancient beliefs take any chance and go to visit Abu Simbel to Aswan