Some of you reading my ramblings know that I've gone live only in April. So far, Forex hasn't been too harsh on me but it hasn't been a picnic.
I've learned a couple valuable lessons this week. Maybe by sharing them here that it will help one person or two. Seasoned traders are welcome to chip in with comments.
-To be good at this, you've got to have no fear! (Be brave!)
You've worked your butt off to get a system that works for you...or you got scammed buying something off the rack from a snake oil salesman on ebay. Either way, you've got to trust your system. You trust yourself don't you? Your system is a reflection of yourself. If you got no confidence in your system, it's time for a reality check.
I learned not to be afraid to be in a trade and stay in a trade. I had confidence in my system and it paid off
-Excitement is non existent (Be bored!)
There is a reference in Rob Booker's "The Woodchuck and the Possum" about the bored successful Forex trader. I've read the words, understood them but didn't truly get the meaning until this week. Folks, this week for me has been the most boring one I've spend in Forex. It's also been my most profitable one since I went live.
There is nothing exciting about charts, about studying the markets and about Forex. As a kid, I had a poster of a Ferrari. Ferraris are cool, exciting and the late Gilles Villeneuve drove one. There's no excitement in Forex and that's why the Greenspan and Bernanke posters don't sell too well.
Unless you're the descendant of Ben Stein and a pack of Valiums, you got into Forex because you think it's sexy and cool. Some watch a late night infomercial of some crappy system and think it's only a matter of weeks before they'll buy that mansion with the ocean view. It's been said by so many people here but it's always worth reminding. Don't get sucked into that trap.
Another thing I learned is that boredom is just the nature of the beast.
-Don't predict (Just be)
You'll hear go with the flow, trade the trend. The trend is your friend from the experienced traders. The less experienced ones seem to be saying things like "The Euro is done" or "the USD will go up".
I have fun reading the prediction comments. It's like watching fans of Chelsea and MUFC quarrel over what team is better. Except that in this league, we have the EUR and the USD. But some are just as fanatical, be it for patriotic reasons or whatever.
Yet another thing I learned this week. My job is not to figure out what will happen later this week or this year. I'm not an economist, I'm not Marty McFly and I'm most definitely not God. My job is to make money on what's already going on.
I've learned a couple valuable lessons this week. Maybe by sharing them here that it will help one person or two. Seasoned traders are welcome to chip in with comments.
-To be good at this, you've got to have no fear! (Be brave!)
You've worked your butt off to get a system that works for you...or you got scammed buying something off the rack from a snake oil salesman on ebay. Either way, you've got to trust your system. You trust yourself don't you? Your system is a reflection of yourself. If you got no confidence in your system, it's time for a reality check.
I learned not to be afraid to be in a trade and stay in a trade. I had confidence in my system and it paid off
-Excitement is non existent (Be bored!)
There is a reference in Rob Booker's "The Woodchuck and the Possum" about the bored successful Forex trader. I've read the words, understood them but didn't truly get the meaning until this week. Folks, this week for me has been the most boring one I've spend in Forex. It's also been my most profitable one since I went live.
There is nothing exciting about charts, about studying the markets and about Forex. As a kid, I had a poster of a Ferrari. Ferraris are cool, exciting and the late Gilles Villeneuve drove one. There's no excitement in Forex and that's why the Greenspan and Bernanke posters don't sell too well.
Unless you're the descendant of Ben Stein and a pack of Valiums, you got into Forex because you think it's sexy and cool. Some watch a late night infomercial of some crappy system and think it's only a matter of weeks before they'll buy that mansion with the ocean view. It's been said by so many people here but it's always worth reminding. Don't get sucked into that trap.
Another thing I learned is that boredom is just the nature of the beast.
-Don't predict (Just be)
You'll hear go with the flow, trade the trend. The trend is your friend from the experienced traders. The less experienced ones seem to be saying things like "The Euro is done" or "the USD will go up".
I have fun reading the prediction comments. It's like watching fans of Chelsea and MUFC quarrel over what team is better. Except that in this league, we have the EUR and the USD. But some are just as fanatical, be it for patriotic reasons or whatever.
Yet another thing I learned this week. My job is not to figure out what will happen later this week or this year. I'm not an economist, I'm not Marty McFly and I'm most definitely not God. My job is to make money on what's already going on.
Not all sins are created equal
)
