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IF YOU FOLLOW GOOD TRADING RULES! ~ best forex trading books of all time
If You follow good trading rules, You will come out ahead. The problem is Traders want instant gratification.
If You are 70 pips in the plus and You get stopped out, cut that bad trade. What we forget is that if we take a 15pip hit then we are still ahead by 55pips.
As a Traders, You will lose some battles. SO WHAT?!!!! The important question at the end of the day is; have You won the War! You must win the war here in order to succeed, and that is going to involve learning to cut trades that are eating away at Your hard earned capital.
As Traders if we play all day and come out ahead by 8 pips, all we focus on is the 30 pips we lost
WRONG!!!!!!!
Mourning the loss puts Your focus on what is wrong instead of what is right, which puts You at a huge handicap the next time You are up to play.
There are 2 things that I believe will help Your game...........
#1 Congratulate Yourself on a good days play and the fact that You came out ahead!...
#2 Lastly never beat Yourself up for a bad trade, review Your missteps and see how You could have played better. After analyzing it, use the lesson to improve Your game.
Many traders will make 30 pips and see another good entry that ends up going against them and many times will give the market back that gain because they dont want to lose any money.
If You dont have the discipline to cut a loss, then You dont need to play this game! All You do when You hold a bad trade is make rich fat cats out of those who spend their lives tricking traders.
Listen to me, if You play by good, sound, solid rules then You will mostly come out ahead. You can take up to 4 hits a day and still come out ahead as long as You follow good sound rules with discipline.
http://tradersbud.blogspot.com/2009/10/discipline.html
Keep Your losses small and stick with Your trade until Your rules say cut it. Dont forget that the best traps look like legitimate trade set-ups; thats how they get us.
They lead us into traps deliberately, but it is up to us to spring these traps and free ourselves to follow profit. They only trick us to get us out of the way so that they can enjoy the real price move without our interference.
Too many of us will lose several hundred pips because we refuse to take another loss, when the simple, but not easy truth is: when We realize that price has gone against Us, We can cut that bad trade and make great money following profit, instead of rationalizing why that bad trade has to work out!
Many of Us will go so far as to call Our bad trading bad luck, but the truth is, it is bad trading that comes from a lack of a good set-up, a lack of discipline or refusal to follow good trading rules in the face of a loss.
No GOD is not punishing You, You are as smart as the next girl/ guy doing this, they have just learned the level of discipline that it takes to be successful and YOU CAN TOO!
Listen, I hate a loss worst than anybody and have lost more money than I have gained because of it. What I am discovering is that with patience and discipline, I can take much more from the market than I ever give!
Following good rules all of the time will put You in the winners circle and keep You there! It is possible and it is possible for Y-O-U!
You can absolutely do this. You can be successful at forex, with patience, discipline and a good trade set-up!
YOU CAN DO THIS (^_^)
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