This blog will probably not be very popular, but hopefully I can reach some newbies before they get knee deep in trouble with the forex. Please, I repeat, please stop trading until you’re familiar with mental analysis. Do you know that mental analysis is more important than fundamental and technical analysis? I’ve been trading for over 2 years, and it took me two years to understand that I wasn’t mentally prepared to take on the market. Trading with emotions will get you in trouble. One of the best reads that should be in everyone’s library is “Trading in the Zone,” written by Mark Douglas. There is a quote in that book that I feel everyone should memorize and fully understand before they begin trading: “There is a random distribution between wins and losses for any given set of variables that define an edge.” When you fully understand that quote and you have a system that has an edge that you can execute flawlessly, then you will make nothing but money in this market. Now, all I do is make nothing but money trading the markets because of my understanding of market psychology. Always remember that the qualities that have served you well elsewhere is life will cost you money in the market.
- Joined Feb 2006 | Status: Blah blah blah | 1,410 Posts
The breaking of a wave cannot explain the whole sea.
- Joined Feb 2006 | Status: Blah blah blah | 1,410 Posts
The breaking of a wave cannot explain the whole sea.
- Joined May 2005 | Status: Member | 1,494 Posts
In trading, there is no bullshit. You either make money or you don't.
- Joined May 2005 | Status: Member | 1,494 Posts
In trading, there is no bullshit. You either make money or you don't.