Hello forex practitioners, it is with great pleasure I announce this thread. Although I’m relatively new I have learned alot since delving into the foreign exchange market, and always am learning. Of all the material I have read it seems after practical testing of many strategies and techniques, money management and psychological aspects of this endeavour, the number one thing is psychology. Trading is fun, it’s exciting and it is so easy to get caught up in the moment, whether it is unnecessarily adding onto positions or trying to make up money after a loss, over trading is what destroys accounts and ambitions. I have found the most difficult thing to do after entering a trade is to let it run its course. It is so tempting to add on when the market is flowing the way you figured it would, and so tempting to try to gain revenge on the market when it doesn’t play your game. So I’m going to give out some valuable information in regards with what to do when you have entered a trade after assessing it thoroughly and executing according to plan.
The first thing you need to do is go to the shop and purchase some items. Don’t stress, they’re not expensive. You should probably walk to the shop, the exercise and fresh air will do you good. Once you arrive there, you need to find some Self Raising Flour, a bottle of milk, some eggs and some sugar. Now you have to walk home. Hopefully it isn’t raining. The traders life sure can be tough sometimes.
Once you get home mix a cup of self raising flour, a cup of milk and 1/3 of a cup of sugar and one egg. Now whisk that baby like there’s no tomorrow. I don’t want to see any lumps and it needs to be fluffy, not runny. Then heat a frypan to medium-low, add a tablespoon of butter or vegetable oil until it’s hot and make yourself some pancakes! Trading isn’t so hard after all is it?
If you want to be boss you can put some maple syrup or ice cream on those babies! Oh you’re gonna have to go back to the shop to get those now, and your pancakes will be cold by then. Oh my god Trading sucks!
I hope this improves y’alls trading abilities and make sure to tell me how the pancakes turn out.
Cheers,
Shred
Traders interested in forex trading do such efforts that help to make it easy for them .They understand it well how to watch market and what volume is suitable for them. then they do not feel forex difficult any more.
This is the reason why I say that you should not keep trading as your main job. Instead you should be doing something besides trading so after placing your trades you get involve in other activities thinking minimally about your trades.
We as traders always want the next trade and be in the market and Im no different but what I know that i didnt years ago was this. Any day u keep your capital in place and not lose anything g to the forex monster is a win and I consider it as good as a winning trade. Do I get the itch to talk my self into a trade yes. But now I can talk myself out of it more times than not
Some my agree some may disagree
Hell is this even relevant to thread IDK, Im not trading so I need to keep busy lol
If a trader has a strong hesitancy to be flat, then perhaps he should institute an always-in-long-or-short trading system like those used by Bill Dunn for example. Using a system like that, the trader will never be concerned about missing a move. Those systems perform VERY well but they produce a lot of whipsaws. So a trader considering that needs to discover whether his subconscious mind (Fred) will be more uneasy with holding flat or taking many whipsaws. Whichever path is easier for Fred is likely the one that trader should take.
Undoubtedly the most difficult for beginners is Forex. For two reasons:
Leverage
Market efficiency
The best markets to trade for a beginner are FX or Equities. Not because they are less difficult to trade (all markets are difficult), they are simply less expensive to start out and easier to understand.
Not trading is easy, you need to train yourself to follow your trading system strictly and should not enter any trade just for sake of keeping yourself in the market.
Yes keeping you out from trading is a very difficult thing especially when you are new in this business. But there are many traders who over trade and lost a lot of amount. It is an addiction that’s not very easy to let go off.
