Rookie Mentality (Beginning of June History)

[crushing46]

As you can see. POOR PYSCHOLOGY. Lots of tiny winners, few BIG LOSERs. This gets talked about over and over when learning FOREX. I will say its next to impossible not to fall into BUT thats why we demo, get VERY used to and comfortable with a system (it doesnt even have to be that great) and get out of your HEAD. Why didn’t I exit those big losers sooner? Because instead of trusting my system I held on to hope it would go the way I intended. Why did I exit those winners so soon? I think you know.

Good luck traders!

-C R

[FOREXunlimited]

I’m not a big fan of the whole “cut your losses early and let your profits run” saying.
Trying to reduce something so difficult to just that one sentence is unfair- it’s just not that easy.

You should instead just know where you’re getting in, and out and that’s that.
Having 3-5 “If, then” statements work best.

[crushing46]

Right, this was more me not sticking to my system and getting emotional as opposed to cutting losses, letting profits run saying. The big losses were me “hoping and praying” my entry reasons would pan out, my system said to get out about half way through to my stop loss and I just didn’t. I said “I’m sticking to it and i’ll just let it hit my SL” I have an exit indicator that says when to leave a trade that I didn’t follow. So I also didn’t listen to that same indicator on the small wins.

My point was lost in translation but boils down to sticking to your plan and accept the wins and losses it gives you.

I agree on the If, Then statements. Trade like a machine and you’ll be just fine. Flip a quarter at the close of each candle and manage the trade from there and see if you can double your money

[alfredcoby]

thats me tryong to even modifying my strategy while am failig to control my emotions