Trading Wisdom

The success or failure of a trade is only dependant on how capable we are of excluding emotions from our study of the markets, and in that knowledge lies the alpha and omega of a successful trading strategy.

When a trader is unwilling to accept losses, it will lead a trader to alter his trade plans after trades have gone bad. In trading, you can’t hide your failures. When a trader easily admit to being wrong, he walks away a winner.

It is important to have a trading plan and follows it in a disciplined way.So having a comprehensive and objective trading plan which can easily be followed and implemented makes up a key element of any successful trader's methods.

Refrain from believing anyone that tells you that forex trading is not risky or that profits are guaranteed. So dont sell your house, that is, trade only with money you can afford to lose. Trading in the forex market can be extremely risky and the entire sum of money invested into the market could either explode and multiply or disappear in one sharp currency move.

Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded. So the only way to make a profit is if the trend is in the direction of your trade from start to finish- it’s as simple as that. Those that have a good trend following method can show good profits in all types of markets since no one knows the future.

Most markets move for only so long in one way before having a reaction back in the other way. It’s better to exit your position in the direction the market is moving and benefit from positive slippage than it is to trail a stop

Trading is like a habit.

You have no business trading without a trading plan. Any successful trader will tell you that if you don’t follow a plan systematically, you’re bound to be unsuccessful. As long as you’re following your trading rules then you’re doing the right thing. Consistent and disciplined execution of your trading system is the goal. A good trade is a trade where you planned your trade, traded your plan and managed your risk. Those are elements for successful trading.

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When it comes to Forex, trying to “get rich quick” is wrong & leads to poverty. Those who want to do right, that is, having the needed knowledge, will get a rich reward. But those who want to “get rich quick” will quickly fail“.

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The Forex Market is designed to transfer money from the Active to the Patient. Be patient, don't fight the market.

Trade around the edges and set traps for the price to fall into...let it come to you, don't go after it.

Don’t hate losing: Expect to win and lose with great regularity. Expect the losing to teach you more about winning, than the winning itself.

Don’t forget your discipline: Learning the basics is easy. Most traders fail due to a lack of discipline, not a lack of knowledge.

Don't take a large risk because the market is not merciful. Taking large risks means that you are going to lose your money quickly.