Forex Trading - View Single Post - lost hope to win in the forex deadly game

FX_Capitalist · #12 (**permalink**) 01-26-2008, 05:49 AM

1st off let me tell you that I dont post much if at all unless i feel I have to in these forums, so its on you to question my credibility. Im more focused on trading than posting and thats how I learned. I have a few points for you.

Get some discipline for with that comes profits.
And be disciplined day in and day out. Also dont be in denial of it either that you are but ur not fully. focus on it.
possibly youve been doing the same thing for 4 years and things haven't worked out. Do things differently.

Please lower your trade size when u trade horribly. Dont try to get back at the market because the market always has you waiting for you to put more money into it for it to take.

Dont turn a winner into a loser. take the profits whenever you can.

Earn your right to trade bigger positions. build up to it. dont over leverage yourself and consider your risk to reward.

Develop a plan and stick with it and dont change it unless its to improve it.

dont ever try to be someone else or implement someone elses ideas into your own. remember its SOMEONE ELSES IDEAS and you are NOT that SOMEONE thus it wont work for you like it worked for them if it even worked at all.

Dont ever let your loser exceed your biggest winner. EVER. this is why you break even or worse end up negative.

Live to trade another day. Another day another dollar. If you dont survive today you cant make that dollar tomorrow.

Your best loss is your 1st because it gives you a plain signal that something is wrong. and if you continue on with it then you shall lose again. You should be apalled for thinking of executing a plan to make the same mistake again.

Also you talk of hope and of winning.
Ill tell you this. There is no hope but there is winning.

IF you hope you are guaranteed to lose. There is/are no FOREX GOD(S) there is no EUR/USD goddess no USD/JPY SAINT no GBP/JPY god.
The only god is the market itself and it owns all traders who risk their capital...just that its giving to others and not to the rest.

lastly...

*Winning isn't everything...Its the only thing.* For you to win someone has to lose plain and simple. But winning shouldnt be interpreted as just gaining more capital on wining positions. It can be taking a small loss and limiting it to get you in better position of a better trade.

Dont ever take a big loss EVER because those hurt and prevent your winning day/session/week whatever timeframe you trade.

Also fuck the news, Its history when you hear it. The ones that made the money are the ones that made the news. The ones that had their positions set before the news even happened. you have to be a part of that. because if you aren't youre gonna be the loser getting in... when everyone else just closed out.

Also don't speculate for if you do you will lose its basically gambling dont even over think it. Speculation is lack of knowledge. put your real knowledge to use somewhere else.

Dont aim for hitting home runs with 400 pip moves etc hit some singles doubles triples and the occasional HR.
You'll score more hitting singles than ever hitting a grand slam every time.

Also love to lose money early and get out of your losers early. make the 10-20 pip Stop losses and if those get hit then it was a bad entry try again.

If a trade won for you do it over and over again and build a foundation with it. then later on you can magnify it.

All traders are created equal in the market no matter what capital you have the bottom line is how much you make in comparison to the size of your account while minimizing your losses.

Dont over analyze the situation for if you do you will hesistate and you will be to late. One must act on impulse because the same price will never be there again at the same time. yes you might land at the same price later on but it would have been time you lost and your point of entry is done.

Know when to exit, dont be greedy the market loves to take back what it gave to you and give it to someone else.

In the end the market has all the calls, it is the judge and it is always right. the question is how much are you willing to be right with it?

Just a few things from me to you. I dont write this much but the markets are closed so I might as well. dont ever give up given up is when youre dead. and this will no way kill you. relax re focus and return to trading.

-FX_Capitalist.