I dont care if you think updating your journal is boring right now, stop complaining and start doing the things that YOU KNOW you need to do to become successful. I can promise you that if you keep screwing around by being unorganized and half assing it, you are never going to pull the sort of money from the market that you want. You NEED to look at your track record on a regular basis to see something tangible that reflects back to you your ability or inability to trade. This will work to keep you on top of your game. DONT LISTEN TO ANYTHING BUT THE CHART, because the chart reflects everything Thats right, the price movement on a raw, indicator free price chart, reflects all variables that affect a market. So, dont get bogged down analyzing economic news and watching CNBC, just learn to read the price chart and then let the price action dictate your trading decisions, not what some talking head on TV thinks. Also, NEVER trade what you think is going to happen, only trade what you actually see happening in the charts. What I mean is this, just because you think the EURUSD is going higher doesnt mean it actually is, and your thoughts have no bearing on the EURUSD or any other market. The only thing that matters is what the price chart is telling you, so learn to read and trade from that instead of outside sources. DONT GET GREEDY or you will never make a profit. Greed is perhaps the most prevalent reason why most traders fail. The late Rene Rivkin, a famous Australian stock broker and trader, had a classic line about greed Leave some for the next guy. Here are some tips on how to avoid letting greed get the best of you Aim for a target before you place the trade Yes, thats correct you should already have a target in mind before you enter a trade, and its best to pre define your exit before you enter. Exiting is not an exact science, and there are times when deviating from your initial exit plan makes sense, but you should always decide before you enter a trade what your ideal exit strategy is and then try to stick to that plan as much as possible. Dont change your exit strategy once your trade is live just because you think the trade is going to charge on in your favor forever, only change it if you have a very obvious price action based reason to do so. Never move your stop loss further from entry What I mean by this is entering a trade and then the market starts to move against you immediately, do you move your stop further away from the market price, or do you hold it in place Obviously, the only logical course of action is to accept your loss and hold your stop where you pre defined it, yet many traders email me saying they have moved their stop away and now have a very big open loss they dont know what to do with. The answer is you have to take the bigger loss because you did not take the smaller lossalways take the smaller loss by not EVER moving your stop further from entry. Arduino Delphi Serial Communication With Arduino. Be happy to take a logical profit If you have a nice 1 2 risk reward profit and there is no obvious reason to try and trail your stop, then by all means take the profit Dont just leave a trade open because you are mesmerized by the potential for the market to move further in your favor. Come back down to reality and realize the market ebbs and flows and its more likely going to move back against you soon then move in your favor if its already given you 2 times your risk. Only trail stops once your trade is well into profit I only attempt trailing my stop if my trade is up about 1. I am in a runaway trend or a strong breakout move that clearly has potential to keep going. Dont start moving your stop up just because the trade pops in your favor the first 1. Give the trade some room to grow and breath. Trading is like a garden, you have to give it time to grow to taste its fruit. Dont live in hope I like to think of hope as the catalyst for greed. Traders often hope that their trades will go on forever in their favor, or they hope that if they move their stop loss just a little further away, the trade will come back for them. While hope is generally a good thing in every other area of life, in Forex trading it can cause you to do irrational things that destroy your trading account. GET SOME BALLZ, because trading is not for the emotionally weak or for wussies. Thats right, if losing 5 trades in a row makes you cry and whinge, then forget about becoming a trader. Dont trade if you dont have the money to lose, its really that simple.
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