"You must eliminate āHuman Emotionā as much as possible in this business. It is paramount to success. Unless you are adapt at predicting the future, your mind is a far weaker ally than all the tools in your sandbox.
Using another Star Wars analogy, the Jedi were superior in mind control and were able to play tricks with weaker minds. Humans are an emotional bunch who are not fully prepared for the $4 Trillion Dollar a Day FOREX market.
The market has no concern whatsoever for what your mind thinks, it will go where it wants to go, regardless of what you think.
You must overcome and adapt to ever changing market conditions.
If you set your stop loss at whatever, then you must be prepared to follow through and accept a loss if it happens or have specific rules of engagement to take trade away according to specific trade plan, not just a hunch.
If you have a loss, you must not let the loss damper your enthusiasm. Review your trading plan to figure out what went wrong. Your procedure must become purely mechanical and consistent.
Once you have reviewed and charted in journal the trade. Donāt Hesitate or Donāt Procrastinate.
To coin a phrase from President Jed Bartlet of West Wing T.V. series fameā¦ Whatās Next?
The name of the game in this Business is Patienceā¦
pā¦ips
Aā¦re
Tā¦here
Iā¦f
Eā¦xcited traders
Nā¦ever
Cā¦hase
Eā¦xcess profits
Marathon runners have only one thing on their mind when they are running ā to cross the finish line. They NEVER look back. Same too with Forex trading. You should focus on surviving for the long haul. Sure, you will stumble and fall. But, just pick yourself up, dust yourself off, and carry on. Winners never quit, and quitters never win.
Repetition is the key to success in any endeavor in life, including trading the Forex markets. The more you practice executing trades, the more you trade real money, the better you get.
You just have to keep at it ā over and over and over again. Persistence is the key. Youāre bound to get better at something if you do it constantly and donāt quit. Donāt let the market psyche you out. When you have a down day, just treat it as experience.
The Forex markets arenāt about gambling. It is about running a business, where there will be gains and losses.
Your every effort and constant struggle should be to get a grip on those times when price goes against you. You are in charge. You can get the upper hand on price by trading āsmartly,ā and using good money management techniques, You wonāt win every time.
But, your mission , if you decide to accept, is to limit your losses to small ones, and let your profits soar.
There are no shortcuts to experience. The more experience one has, the more successful you become. Time is on your side.
As Michael Jordan once said, āIf you have a love for the game, your talent will eventually catch up to you.ā
The key is how you handle adversity. What is your personality during adversity?
When you come up against difficult, challenging circumstances, understand, In you there is greatness that youāve just barely begun to realize.
FJ"
