BASKETBALL AND FOREX - price action forex trading books

BASKETBALL AND FOREX ~ price action forex trading books

We can learn a lot about how we should strategize in forex from basketball. In basketball if a player misses a shot, the team doesnt sit down, close their eyes and ears, while the other team is still playing; hoping that the game is going to come back in their favor. If a coach told you that was his strategy, youd say that was ludicrous. Yet in forex a trader will put in a bad trade, turn off the computer, leaving the mistake to grow bigger, hoping that things will come back in his/her favor.

Good trading doesnt work like that, you have to practice good defense, you have to protect yourself!!

Everyday in forex you have an opponent and you must use your defense if you are going to be consistently profitable.

In basketball if your point guard has an injury that is keeping him from scoring, you cut that player and use the back-up point guard. In forex You must do the same thing. When your primary plan fails, you MUST cut that position and use a back-up plan..

Many times as traders we take a hit and quit. If you have a good strategy, you can keep playing until you are ahead of the game.

Two things you must remember to get into the big leagues. #1 CUT BAD TRADES QUICKLY #2 DONT OVER-TRADE YOUR ACCOUNT. When I say dont over-trade, I mean if you have $1000.00 account dont trade a half of a lot.

If you have a $100.00 account and you trade 1 micro lot (.10) you can grow that by $5.00/day. Everyday that You reach your goal you can add 2 more pennies, which will give you an extra dollar everyday on 50pips. At that end of the 1st week, you will have $35.00, $75.00 the 2nd, and if you stop at that (.30), you can make an additional $150.00 for the month, for a total of $260.00 the 1st month; which is more than double what you started out with. The 2nd month youd have $300.00, that is an additional $3560.00 for the year if you add .02/day to .10 and stopped at .30 and stayed there the rest of the trading year.

Remember forex is a get rich slow game, so dont over-trade your account.

Use discipline with a good strategy. Most importantly CUT BAD TRADES QUICKLY, because the best strategy in the world is no match for a free running loss!

NEVER LET THEM TRAP YOU!!!!!!!!!!!!!!!!!!

CUT BAD TRADES QUICKLY!!!!!!!!!!!!!!!!!



If you take a hit, dont sit down and quit hoping the other team is going to have mercy and let you win. They are your opponent, they are not your babysitters, they are out to beat you. You have to stay in the game, practice good defense, and protect yourself if you are going to come out ahead!!!!!

You can do this(^_^)!!!

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YOU CANT AFFORD NOT TO - advanced forex trading books pdf

YOU CANT AFFORD NOT TO ~ advanced forex trading books pdf

When most Traders are facing the possibility of taking a loss, they tell themselves that they can not afford to take that loss, I am saying, You cant afford not to take it. A running loss is like a poison that sucks the life out of our accounts until it is dry. The biggest gift that I would give to all trader if I could is how to take a loss and follow profit. I know that I am always taking about this, but it is the #1 thing that cause Traders heartache and financial ruin.

If You are giving Yourself pep talks about bad trades, like "It will come back" then You are already in trouble. I have learned to set my stop losses tightly; You may not be comfortable with that, but whatever Your stop loss is, You must honor it and not move it if price is approaching it. If You are stopped out, it means that Your opinion of the markets direction was wrong and the market did not do what You thought it would do.

So what, it is no big deal. I take losses and believe me it sucks, but the truth is, once You let the bad trade go, You are better prepared with more capital for the good trade. If You trade a good set-up, then You are eventually going to find the right trade, but it is an art that requires discipline. It is all timing, discipline and set-up my Friend.

Trading is not hard, every day the market does 3 things, moves up, moves down, moves sideways, thats all. We make this a hard process by holding on to bad trades. LET BAD TRADES GO AND NEVER LET THEM TRAP YOU!!!!!!!!!!!!

LET BAD TRADES GO, AND DONT STOP UNTIL YOU ARE AHEAD OF THE GAME. YOU WILL NOT GET EVERY TRADE RIGHT, SO WHAT, SUCK IT UP AND MOVE ON. EITHER PLAY WITH DISCIPLINE OR DONT PLAY! IF YOU LACK THE DISCIPLINE TO PLAY PROPERLY, YOU WILL ONLY BE ENRICHING YOUR OPPONENT WITH YOUR HARD EARNED MONEY. EVERYDAY SOMEONE HAS TO WIN THIS GAME AND AT THE END OF THE DAY I WANT THAT SOMEONE TO BE ME AND YOU SHOULD WANT THAT SOMEONE TO BE YOU. I CANT WIN ALL OF THE TIME, BUT I CAN SCORE BIG WHEN I DO WIN!!!

A loss is like putting a rattle snake in your pocket, it will eventually kill You!

YOU CAN DO THIS (^_^)!

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