In the real world, the markets go up and down based on human emotions and reactions. It's basic psychology. The best strategy - Buy when price goes up and sell when price goes down. If you follow this simple rule, you only wrong once the market reverse from up to down or reverse from down to up, because Forex is the most trending market if you can pick the right pairs (the weak against the strong).
Fact Is - You won't win every trade. Losses are unavoidable. But it's how you react to the losses that make the difference.
That's where a golden set of rules come in, instead of getting rattled, you just stick to your system.
If you stick with your rules and plan, you'll become rich. So you must stick to rules because most trader act like gamblers, they kept betting more and more HOPING they can turn market around.
What happens?
They end up losing everything 99 times out of 100.
The key is to let the other guys be ruled by their emotions; you must stick with you games plan rules because if you don't follow a proper plan, the market will chew you up & spit you out.
Fact Is - You won't win every trade. Losses are unavoidable. But it's how you react to the losses that make the difference.
That's where a golden set of rules come in, instead of getting rattled, you just stick to your system.
If you stick with your rules and plan, you'll become rich. So you must stick to rules because most trader act like gamblers, they kept betting more and more HOPING they can turn market around.
What happens?
They end up losing everything 99 times out of 100.
The key is to let the other guys be ruled by their emotions; you must stick with you games plan rules because if you don't follow a proper plan, the market will chew you up & spit you out.
" I am going to give you the only bit of professional trader advice. One (1), Investigate a method that you believe makes money over time and stick with it. Two (2), Try to understand the theoretical underpinnings of the model. Three (3), Trade small until totally convinced method works. Four (4), Your success [profits] comes from implementing the method correctly, not guessing where the market is headed. Five (5), Read number 4 again. Six (6), Give up thinking during market hours. Thinking comes when the machines are turned off, not in the heat of battle"
FOCUS
You only need to master one setup to be a consistently profitable trader.
Screen time will allow you to master one setup; after you have mastered
one setup "own it” you can add another setup. This can be an ongoing
process developing your own style.
The best setup to begin with is the one that you see and understand easiest. If you are forcing yourself to learn a setup because you believe another person is successful using it you may be taking the longer route to profitability. We are all different. Our brains and personalities will gravitate to different setups.
This is also true of exit techniques. Most traders I hear from lengthen their road to profitability by trying to apply too many concepts before owning the first one.
They have studied a myriad of techniques but have yet to master any.
This allows them to talk about trading but unable to consistently trade
profitably.
The first decision to make is; do you desire to be a counter trend trader? or a with the trend trader? Eventually, you can be both. At the beginning, or a new beginning perhaps, you will do best choosing to master a setup and follow the trend. If you have been at this game for awhile and are not yet consistently profitable you know what I am saying is correct.
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