Commonly Held Views That If You Believe Them Will Destroy Your Account!

Forex Trading - Commonly Held Views That If You Believe Them Will Destroy Your Account!

Here are some commonly held views on forex trading that if you believe them will see you lose and most traders do, so don't be with the majority avoid these beliefs at all costs - here they are...

1. Forex Robots Work

You have seen them, present great track records but there all simulations in hindsight!

If you want to lose use one and you can do it quickly, by buying a forex robot with a simulated track record!

2. Trade Short Term

Day trading and scalping is destined to lose as all movements within a day are random. Again when you see a track record of someone saying they win at it - look for the world "simulated in hindsight" Day trading is a mugs game.

3. You Need to Predict to Win

If you think about this it's simply guessing and no one knows what will happen next, so don't predict, trade the truth and reality of price change only.

Before I forget don't be taken in by all the scientific theories of market movement, if there was one, there would be no market as we would all know the price in advance!

Forget predicting and trade the truth of change of price as you see it in black and white on a forex chart.

4, Trading Breaking News

Waste of time - markets don't move on the news, they move on how traders perceive it, that's why markets rally when there most bearish and crash when there most bullish. If you think you can make money trading news, think again.

4. You can Make Big Profits on $100.00!

The amounts that many brokers ask for today is tiny and with the leverage and volatility in currency trading it's like tossing a coin.

No one should consider trading less than $1,000 and preferably $5,000.

5. Use Leverage Available

This is the one that traders hang themselves with. Brokers give 200:1 as standard and even 400:1 and most traders like to use it - but volatility kills them.

Over leveraging wipes out the bulk of new traders 10 - 20: 1 leverage is enough for most traders.

6. All You Need to Win Is a Good System

Not true, its like having a high performance racing car, if you don't have a careful disciplined driver, the car will crash.

In forex terms you can have a good system - but its going to lose and you are going to have to stick with it and ride out the losses. If you cant execute your trading strategy with discipline in these periods, you will never hit the home straight and win.

Think discipline is easy - think again, its not, even for experineced traders its hard to stay on course, when your losing money and the market makes you look stupid.

HOW TO WIN!

As you can gather you need to avoid the majority and get a simple system that's logically and you can apply with discipline. It sounds easy but its not you need to work at it but don't be dismayed your effort will be well worth it and you can soon be enjoying great forex profits on a regular basis.

day trading margin

Day Trading Rules to Live By

Day Trading Rules to Live By

Most people looking to make money in the markets believe that the answer lies in finding some simple technical analysis strategies that will catapult them to profitability.

The truth is that trading is not as simple as beginners believe. It is a profession, and like any profession it requires a learning curve. Reading a book or getting a few simple "tips" is not going to turn you into a professional trader.

After studying for a length of time, it's not uncommon for students to begin their search for the "holy grail."

They search for more indicators, chart patterns, gurus, alert services or the latest secret day trading strategies and other things that will provide their answer to becoming successful.

But here's the fact. Success lies within you .. and it won't come easy.

In fact, one of my favorite success principles is this:

"Successful people do what unsuccessful people are unwilling to do."

Let's apply this to trading in the form of my list of "Day Trading Rules to Live By" ... all of which have to do more with you than with the market.

1. The consistency you need is in your mind, not in the market. Many in the market get frustrated because the market often behaves differently than they expect. You can't rely on the market to be consistent. It is largely a random walk. But there are times when the market does setup with a probability scenario that gives you an edge. Your job is be consistent in trading those probability setups and trade them every time they occur.
2. Trade like a cat. Most beginners over trade. It's one of the most common trading sins. Your job is to be better than other day traders in having the discipline to wait like a cat in the brush until just the right moment (your high probability setup) and then jump on the trade without hesitation.
3. Successful trading is simply a game of not making mistakes. Keep a list of your day trading rules posted on the wall or on your monitor and then follow those rules perfectly. You must be more disciplined than the average trader. Never depart from your rules no matter how good a trade "looks" or "feels" to you if it violates your objective and back-tested rules.
4. Only trade when you are in an optimal emotional state. Never trade when you are tired or are in an emotionally unstable situation (after a fight with a spouse or friend for example). Day trading is more like athletics than academics. Trading on such a short time frame requires you to be able to make split second decisions, and you're risking a lot of money when you do. Make sure your mind is sharp and your emotions are centered.
5. Keep a detailed trading log. Every day trading course I've seen has a trading log. Yet my experience in dealing with trading students demonstrates that less than 10% of them actually use it. This is a huge mistake. Not only should you log every trade, but you should also record how you felt and what you were thinking as you took the trade. In this way your logs will become a type of "biofeedback" mechanism for you. Personally, this was the difference that made all the difference for me.

These 5 day trading rules are not the type of rules that you were probably looking for. The masses want rules about indicators, price bars, where you get in and where you get out.

Granted, you definitely need clear objective rules about those things as well. Yet thousands of traders have those types of rules, and yet continue to fail because those rules are about market action.

They fail because they don't have, or don't follow, the more important rules the rules about their own action.

If you find yourself resisting the importance of these rules about your own behavior, realize that you are one of the masses who feels the same way. But since the masses fail at day trading, you must set yourself apart and do something different than them.

Following these 5 day trading rules are what the retail traders fail to do. Not because they can't do them, but because they are unwilling to do them. And remember, "Successful people do what unsuccessful people are unwilling to do."

Stimulating Thoughts on Forex Trading

I wanted to take the time to share with you a little about the thoughts I have with regards to the forex market. After you've been involved in this business for awhile, you'll pick up on some "aha" moments that suddenly make the whole picture of profiting clear. I'm going to share a few of them with you and hopefully you'll have a few "aha" moments of your own.

We all know bad trade are unprofitable. For the longest time I tried to avoid them, but you can't avoid them completely. I learned the lesson that you just need to learn to take it like man and cut your losses. They're going to happen, so you might as well learn how to handle dealing with them. One bad trade can take away all your money, so learn the fine art of cutting your losses. Sticking with the concept of taking it like man; after a loss you're going to feel like you "need" to make a big trade to earn back what you lost. This is a reactive feeling and shouldn't be acted on. Take it like a man, let the bad trade go and get back to business.

The other big aha moment was the day I realized the morning news was a beacon of free information on what the market will do. Some days have a bigger effect than others, but if there is something that will rattle a currency, you'll see it announced on the morning news. The most common type is the central bank and economic statistics. Learn to catch this type of news and you'll be far ahead of other people.

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