I don't really believe discretion is trading with your emotions. Discretion is being able to deviate from set rules because of a particular thought process.
This particular thought process does not necessarily mean that it is based off emotion, but could be based off probabilities of what the trader believes will happen.
Quote:
Originally Posted by fxnewbie
????? 
He say "for newbies". Discretionary means that you trade involving your emotions. Even seasoned traders can't completly control emotions and that's one of the most frequent causes of bad trades.
Forex is discipline, knowledge, hard work and patience. If you find a good mechanical system that suit you (many good here to choose), demo trade it first for at least 3 months. When you find youself consistenly wining and feel confortable trading it, you can try with (little) money.
By that time, you will notice you have gain more discipline and patience and, if you are smart and good worker, more knowledge too.
Learn from the masters here. Some of them are very grumpy (be careful with your questions to them, do your homework before asking coz they hate lazy questions), but finally they agree to help. Good people.
Welcome to Forex and good luck, viv_1612 |