Forex Biggest enemy at Nobullshit Network Forum

jazzz · 12-23-2008, 11:37 AM

In this business, letting your emotions control you will lead to disaster. Instead, you need to have a powerful mindset, or what we call the Trader's Psyche. This is a focused psychological framework that will help you develop selective, wise, and patient broker trading methods. The most successful traders exhibit these mental habits which help them stay focused on the long-term perspective even when the short-term seems overly distracting.

The biggest enemy to your trading success is not the market. It's YOU. And you are your biggest enemy because of your emotions. A profitable trading strategy is not enough on its own. You must also have the right mindset if you want to be one of the only 11.5% of traders who actually succeed.

jazzz · 01-10-2009, 08:01 AM

After planning your startegy you need to execute your trading strategy with discipline and money management through long periods of losses which may last weeks. Don't think you will have a long period of losses?

You will, all traders do, even the top traders. This doesn't mean they don't win long term - they do but short term they ride out these periods with discipline.

Another big myth about Forex trading is drawdown periods don't last long and it's again put around by vendors selling junk products. Drawdown periods do occur and how you deal with them is the key to your success.

You must keep going executing your trading signals, as the market takes your money and makes you look stupid. You are going to have to stay on course and we all hate losing and have egos but losing is part of winning and you need to understand this.
You can enjoy forex trading success but you must keep losses small and stay on course. This is the hard part of Forex Trading and separates out the winners from the losers.

jazzz · 02-05-2009, 07:01 AM

Welcome buddy....

believe the most challenging part of getting started with broker trading is to learn this innovative way of trading. Many potential investors that try to navigate the system unaided end up being frustrated and financially intimidated. There are very simple strategies to becoming successful using the foreign exchange trading system but the first step is gathering all of the necessary information surrounding this type of trading specialty. Securing a reliable Forex trading broker is likely the first and most pivotal step after learning the initial principles.

Regards

jeff15 · 04-07-2009, 09:25 AM

Forex trading needs patience and discipline.traders need to be cautious over the psychology of trading.The matter is When you play with counterfeit wealth, not anything is on risk but when actual capital is on the line, you must not get touchy.

If we allow ourselves to turn into emotional on a trade, we will not exit the trade appropriately, and this could mean holding on to a trade when we have let it go, or letting go before the trade had a chance to turn profitable.

First, we should think about leverage and risk. It is worthwhile that we never risk more than 2 percent of your account balance.We have to plan for losses as well. The majority of traders find it an excellent thing to do to stay at our gains bulky and our losses undersized.Traders must widen the trading plan around this suggestion.

jazzz · 04-22-2009, 12:04 PM

Thanks Jeff for contributing great info here and welcome to the forum. Eliminate Emotion and Your Ego. These are probably the two biggest enemies you'll run into. You won't have to worry about the competitors in the market, you have to watch yourself. Making an emotion trade is just plain gambling. When you have problems with your ego, you start to try to prove something(to someone else) and usually end up showing off. They're both losing strategies.

Bartholomew_were · 01-30-2010, 04:29 AM

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