DislikedI agree quite a lot with Tdion.
Luck has a big part to play in forex - but it's not everything, what you do when your luck is in is what makes the difference.
Have a look at these books that so many of you revere - market wizards as an example. These famous traders are almost all the recipient of some luck. They all tell tales of their 'big strike' - the one where they traded too heavy, sweated it out and won. that strike often just kickstarted their career at the right time. for every guru that had the lucky strike there were 99 others laying in the gutter.
Many of you love the stories of Richard Dennis - he was lucky too for a while - but then he went to almost 80% drawdown in an account and quit the game. quitting is good - quit whilst you are ahead though not when the house is burning.
Luck is a big part in forex. as Tdion says, when you place that trade you are then in the hands of lady luck. The key in this game is that when lady luck smiles at you you smile back, take her on a date, caress her, get her slightly drunk, talke her home and then .... errm, ok sorry, thought this was youporn lol.
Its what you do with the winners and what you do with the losers that matters - maximise on the wins - that's what the pro's do.
The number one rule is to get out of the casino when you are winning and don't hang around. Make the trades - win then call it quits for the day - take the money and run. Give yourself a single trade loss limit, a daily loss limit, a weekly loss limit. if you hit it then get out the house, if you make a good trade then juice it again and again, slap that fu&*^%r around and get everything you can out of it and then GET OUT
They say quitters never win - it's a lie to keep you in the house. smart quitters do win - they quit when they are ahead.
That's the game, entries dont matter a toss.Ignored
AS LONG AS:
- you will not consider trading as a business
- will rely on LUCK to win
- call trading GAMBLING
- Dont learn to take the responsibility (blame on luck)
- Don't learn to accept losses(bad luck)
- Cant find an edge to trade--you edge could be a very simple one. You dont have to be an Einstein to be a trader.
YOU ARE BOUND TO LOSE...
Dont waste your time and money here. Donate both to a charity.
Go to Vegas for a kick.
Trading is a very SERIOUS business and for very serious people.
Serious People:
- For whom Quitting is not an option.
- Who dont blame circumstance for their failures
- Whose success depend ONLY on themselves and NOTHING else.
Dont agree what I said; just try to understand it... It will be a very good start.
GOOD LUCK TRADING.... Luck that YOU create for yourself.