there will be no strategy's, neither "how to exit a trade" stuff..
i will just do what i find i am very good at and that is to make comparisson to other stuff, projecting from a different profession one might have into Forex.
let me try:
Managing a trade, well, it sounds a bit unrelated, i think that a lot wont agree with me and a lot will. The thing is that even if you are a product manager in say Hi-Tech company, i dont know what that means but suppose that for a minute - Do you as the product manager believe that if you have the BEST product ever - the client will buy it no matter what? i dont have a Phd in marketing but i am sure the answer is NO. it depends on how you choose to market your product - advertising, the people you address to, when/where it will be delivered, the price of it - all of those stuff, have influence on the decision of the buyer.
why is it like in Forex? you are sure that you are in the trade of your life - you know what, the trade of the month. does it mean you are going to make money out of it? i dont have a Phd in Forex but i am sure the answer is NO. you are not sure.
it depends on where you move your stop. when you scale out. do you watch the trade closely? do you let it do its thing? maybe you add to your position because you are so confident?
accept that mistakes will be made, and that is a great filter for the good decisions. without mistakes you cant know whether you are actually doing the right thing, or just making it by accident.
what i mean is that - imagine a friend of yours who is trading forex as well, yo ask him how is he/she doing? "wow, man, i have 95% precent winnings, that PA stuff is great!!!"
but the thing is that he/she only makes 7-11 pips per winning trade...
so that friend of yours makes no mistakes - but has no clue of the potential of the style he/she trade.
I always say - choose a way, a direction, try it - make mistakese, then go back and decide again. it takes much less time and effort and pain rather than analyzing getting to the "rigt" answer only to find out that you wasted so much time to be wrong. and then? you go back, just make a decision that is logical, move with it - manage that decision!!!
whatever you choose - that was the right decision - now edal with its outcomes, thinking of the other choice won't do any good - what if it was worse?
I will stop here - its 3:30 AM and its only Monday early morning and i am watching my trades too close. Over Managing.
i hate those Mondays. Dunno why...
I will keep thinking of other stuff..
i will just do what i find i am very good at and that is to make comparisson to other stuff, projecting from a different profession one might have into Forex.
let me try:
Managing a trade, well, it sounds a bit unrelated, i think that a lot wont agree with me and a lot will. The thing is that even if you are a product manager in say Hi-Tech company, i dont know what that means but suppose that for a minute - Do you as the product manager believe that if you have the BEST product ever - the client will buy it no matter what? i dont have a Phd in marketing but i am sure the answer is NO. it depends on how you choose to market your product - advertising, the people you address to, when/where it will be delivered, the price of it - all of those stuff, have influence on the decision of the buyer.
why is it like in Forex? you are sure that you are in the trade of your life - you know what, the trade of the month. does it mean you are going to make money out of it? i dont have a Phd in Forex but i am sure the answer is NO. you are not sure.
it depends on where you move your stop. when you scale out. do you watch the trade closely? do you let it do its thing? maybe you add to your position because you are so confident?
accept that mistakes will be made, and that is a great filter for the good decisions. without mistakes you cant know whether you are actually doing the right thing, or just making it by accident.
what i mean is that - imagine a friend of yours who is trading forex as well, yo ask him how is he/she doing? "wow, man, i have 95% precent winnings, that PA stuff is great!!!"
but the thing is that he/she only makes 7-11 pips per winning trade...
so that friend of yours makes no mistakes - but has no clue of the potential of the style he/she trade.
I always say - choose a way, a direction, try it - make mistakese, then go back and decide again. it takes much less time and effort and pain rather than analyzing getting to the "rigt" answer only to find out that you wasted so much time to be wrong. and then? you go back, just make a decision that is logical, move with it - manage that decision!!!
whatever you choose - that was the right decision - now edal with its outcomes, thinking of the other choice won't do any good - what if it was worse?
I will stop here - its 3:30 AM and its only Monday early morning and i am watching my trades too close. Over Managing.
i hate those Mondays. Dunno why...
I will keep thinking of other stuff..