Quote:
Originally Posted by MakeMoneyorDIE
Because you win a little and it SUCKS you in, then you think its easy
and then BAM ... takes your money....bottom line you are trying to predict something that is unpredictable, you put your best effort on you system but there are still too many unknowns that effect the market, people make money
but only a small precentage.....you have to be tough and emotionless sometimes, which is hard to do with real money...
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Absolutely true. Some traders just get lucky their first 2 or 3 trades or their first 10 trades. this gives them arrogance, and they start getting WAAAAY too aggressive and daring...so a small risk turns into a large risk looking for the big pay off and some bragghing rights. BAM! You lose. now you are shocked, your confidence is weakened, you make another big bet to get it back...BAM! You lose. You started off going in a specific, well planned direction and now you are wandering aimlessly in the Forex woods and daylight is running out.
Trading In The Zone addresses this stuff. I really thought this book was going to be a bunch of hype but my friend gave me his copy and I am glad he did! I did have to buy my own copy because he wanted it back. He said it was too valuable to give away, he said he would need to reread it regularly to reinforce himself. I was amused at first. Now I clearly see what he meant!