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Being a disciplined trader and taking the trades when your trading plan
indicates is what making money is all about. If you don't take the
trade you should not beat yourself up over it but learn from the
experience. Most new forex traders will have a negative trading
experience when they first start trading. They will usually quit and
never return the currency markets. You expect winning trades and
having a positive mental state will help you achieve your goal.
The mental aspects of the defeat are long lasting and can be reversed
with proper adjustments to you trading style. You need to learn the
losses are part of every traders experience. Getting more stock or
forex education will start you on a profitable trading business.
This is a opportunity not defeat to learn from your losses. Read and
learn form other successful forex traders which will give you the
knowledge necessary for a positive trading outcome. Passing blame on
someone else is in reality your own weakness. You are responsible for
each trade.
You are the one that hits the buy button not some other
trader. Make sure to check the highs and lows for the pair you are
trading especially if you are daytrading. Don't add to a losing trade
this is a mistake new traders make hoping it will reverse. A big part
of the traders mind game is to be patient and let the trades develop.
You can't beat the forex market by placing trades out of boredom.
Trading against the trend most of the time will get you stopped out in
a hurry. Don't fight the trend but look for resistance and wait for
confirmation of a trend reversal. Watch your time frames and make
adjustment accordingly.
Short time frames can have allot of chop and be range bound. If you are
daytrading then you need a tighter stop loss when markets are range
bound. News can also effect the range a pair is trading in so you must
learn to be patient. This is all part of your mind set to becoming a
profitable trader. Not all days have good time frames to trade so
daytading might not be good. On those days you might want to swing
trade a longer time frame. |
