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BUILDING CONFIDENCE WHILE TRADING THE FOREX


‘HOW TO ACHIEVE CONFIDENCE’ Writer: Jeff Langin



Patience and Discipline:


These are the two key necessities of successful trading.

To be disciplined, one must have patience.

To be patient, one must have discipline.

Say this as it were your daily prayer.

Say this to yourself every time you contemplate a trade.


Never try to make a trade happen.

A successful trade is a trade that comes to you.

Always let the market move to you.

Don’t be a trade-slave.

Always make the market work for you.


Each time you have a successful trade, take the confidence

you’ve gained and use it to build more confidence.

Confidence builds confidence.

If you take a loss, stop trading for the day.

Realize that you have done something wrong.

Examine your error, discipline yourself and except it.

Find which rule you’ve broken, learn from it,

keep the lesson and let the trade go.



Trading:



Respect your margins.

Manage your money in a business-like fashion.

If you can trade 10 lots, trade those ten lots on the

best trade that presents the least risk.

Forget about the other trades.

If you make one successful trade every two weeks you

most likely have avoided 5 others that would have gone sour.

Congratulate yourself and be happy with your accomplishments;

You are achieving your goals.



Accounts:



Paper trade; it’s free of charge.

Paper trade only a mini account

Trade your paper mini as if it were your own money.

Never consider trading real money unless you have

successfully doubled at least three paper minis in a row.


Once you have succeeded and decided to trade real money;

Trade only a mini account.

No matter how much money you have you cannot

afford to real trade anything but a mini account.

No matter how much money you have, treat your

mini account as though it was all the money that you have.



Goals:



Make your trading goals clear and never waver from your goals.

Trade your mini account until you have increased it five-fold.

Now, double it.

Once you accomplished the above you have the skill level of a pro.

Avoid giving the taxman the upper hand by giving as much of your

profits as you can afford to your favorite charity. This will enrich your

soul and help others in need.

Congratulate yourself every day, smile at others; enjoy your family,

your life and your new career.