Quote:
Originally Posted by james
As you can see from this simple exercise it is not where you enter a position that determines your success. It is how much you make on average over your trading career not how many times you are right. Traders are judged on how much they make not how many times they are right, in fact being right is irrelevant to whether you make any money. Yet the majority of traders are obsessed with entry signals, each of them has a desperate need to be right. This is a sign of a trader’s ego creeping into their trading and it is an early warning signal of impending doom.
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Exactly, James .. there are as many 'entry signals' as there are traders and nearly all of them can potentially make a lot of money
if managed correctly. That is where
your own psychology comes in and that is the determining factor between success & eventual failure IMO.
Because it is 'easy' to make money with forex (once you've mastered a few basics) trading these markets will go to the core of your own relationship with money .. and before you are allowed to become truly successful you will have to master the largest obstacle: yourself. If you have greed issures, or fear issues, or lack & limitation issues or arrogancy or complacency issues or any other issue .. trading the forex market will uncover them & taunt you with them until you figure out what is
really holding you back.
That's why the support of so many others in here, like you, tymen, Tess, Jo, Andrewunknown, to mention just a few, is so important to those of us still learning how to master ... ourselves.
