Master Don Juan
- Jan 8, 2006
- Reaction score
- Dallas, Texas
That is all some excellent advice! Great stuff man!AngelusPUA said:I am just good at it, not everybody has the head and dedication for FOREX.
I set myself a few rules which I stuck by at any cost, discipline was the key my success most people fail not because of the market but because they are undisciplined. I cannot stress enough the importance of discipline and you can NEVER let emotion get in the way.
Most people lose 20 pips they get angry and make a stupid investment to get revenge on the market and they lose everything.
Here are the rules that kept me on track and made me successful when 90% of others failed.
-Trade only one or two currencies, if those currencies don’t move for the day don’t put your money in other currencies. If there is no movement in your two main currencies don’t trade for the day.
-Keep a trader journal so you can learn from your mistakes
-The pas does not equal the future; historical trend information is not solid proof of where a price will go tomorrow
-Stop orders are there to protect my money and once that are set they should NEVER be moved down only up to trail your profits.
-If you lose your first 3 trades of the day, turn off your computer and start again tomorrow.
-Never bet more than 2% of your equity or 10-20% if you are just starting with 1-2k.
-Never let emotion take control of your trading, the perfect trader has no emotion when he trades.
-If you do find yourself getting emotional whilst trading turn off your computer and go do something to relax.
-Never go against what your trading plan says (mine says cut losses of at 20-30 pips and only buy when all indicators are saying the same thing.)
-Don’t be greedy if you mange to make anything over 10pips that is already a 10% profit of your investment and it is more than enough.
-Always set stop orders
There are probably a few more but thats all I can recall now