2.
Don’t take impulsive trades
Say that you are watching the news. You hear something about rate increase and you immediately open a trade. Another example. You read your favourite blog
This is not how it works. Don’t do it. Leave the impulsive decisions for the casino. The decisions that you take will affect your wallet and bank account. Patience is probably one of the hardest (if not the hardest) skills every trader must learn. It is definitely in the top 3 qualities you must have. If there are no good setups for a week, don’t trade. It is better to be at break-even than in negative. Don’t force the market because you can’t.
3. Don’t be greedy.
If you must absolutely, at any cost, chase the move till its last pip go ahead and do it. Call me in 3 weeks and tell me how you are doing.
Don’t be that guy, don’t be that trader. First of all, apply the principle of breaking even your trades once you are in positive territory. It is a great way to risk the free of your existing trade and let it run. Psychologically it will help you to hold your positions a lot longer and as much as needed rather than having the possibility to lose on a trade that was a winner.
The next step is not to be greedy. If there is support or resistance level 5 pips before your target put your target there. Put it even a few pips before the S/R level. Make sure you do everything you can, to turn your trade into a winner. 142 pips profit is the same as 148 pips of profits BUT it is not the same as -70 pips loss.
4. Don’t have unrealistic expectations
Trading is a business of statistics, not certainties.
You will have winners and you will have losers. This is the reality. If you expect to have winning trades only, trading is not for you. Trading is about finding the balance between winning and losing in a way that we make money after 100 trades.
Don’t expect to become a millionaire in 6 months if you have started with 5k account. Don’t even expect to have made 100k. Trading the markets is like going to the gym. It requires a lot of patience and consistency. You can’t cheat.
Even if you have the money to do a liposuction to lose weight, you will not be fat. That’s fine but you are not going to be ripped off either. You see where I’m going with this? There is no other way around besides doing it the right way – training, right food, rest. No matter who you are or how rich you are and how many personal trainers you hire. There is only 1 person in the world who can transfer your body – you.
Greed
If you want to make money trading the markets put the effort, work hard and one day it will happen. Your future is in your hands, just don’t chase the unrealistic dreams that will leave you with empty pockets. There are enough dream sellers out there who are ready to take your money,
Don’t take impulsive trades
Say that you are watching the news. You hear something about rate increase and you immediately open a trade. Another example. You read your favourite blog
This is not how it works. Don’t do it. Leave the impulsive decisions for the casino. The decisions that you take will affect your wallet and bank account. Patience is probably one of the hardest (if not the hardest) skills every trader must learn. It is definitely in the top 3 qualities you must have. If there are no good setups for a week, don’t trade. It is better to be at break-even than in negative. Don’t force the market because you can’t.
3. Don’t be greedy.
If you must absolutely, at any cost, chase the move till its last pip go ahead and do it. Call me in 3 weeks and tell me how you are doing.
Don’t be that guy, don’t be that trader. First of all, apply the principle of breaking even your trades once you are in positive territory. It is a great way to risk the free of your existing trade and let it run. Psychologically it will help you to hold your positions a lot longer and as much as needed rather than having the possibility to lose on a trade that was a winner.
The next step is not to be greedy. If there is support or resistance level 5 pips before your target put your target there. Put it even a few pips before the S/R level. Make sure you do everything you can, to turn your trade into a winner. 142 pips profit is the same as 148 pips of profits BUT it is not the same as -70 pips loss.
4. Don’t have unrealistic expectations
Trading is a business of statistics, not certainties.
You will have winners and you will have losers. This is the reality. If you expect to have winning trades only, trading is not for you. Trading is about finding the balance between winning and losing in a way that we make money after 100 trades.
Don’t expect to become a millionaire in 6 months if you have started with 5k account. Don’t even expect to have made 100k. Trading the markets is like going to the gym. It requires a lot of patience and consistency. You can’t cheat.
Even if you have the money to do a liposuction to lose weight, you will not be fat. That’s fine but you are not going to be ripped off either. You see where I’m going with this? There is no other way around besides doing it the right way – training, right food, rest. No matter who you are or how rich you are and how many personal trainers you hire. There is only 1 person in the world who can transfer your body – you.
Greed
If you want to make money trading the markets put the effort, work hard and one day it will happen. Your future is in your hands, just don’t chase the unrealistic dreams that will leave you with empty pockets. There are enough dream sellers out there who are ready to take your money,
