Give up on Forex

[ezekiel]

i agree ... demo or use a mini account until you get comfortable with your way of trading. then slowly add to your account to actually start profitting from the market.

Great post above ... patience and discipline are key. Never force a trade

[cornellj]

Very good advice have been given on this thread by the participants. I will make this recommended reading for all new traders.

I will add one comment.

Before you are ready to start trading a real account with your own money you must have traded at least three major trends of sevenhundred pips or more and survived them while making a profit.

The patience you needed to achieve this will ensure profitability in future.

[bobnat]

Originally Posted by jcool123

BUILDING CONFIDENCE WHILE TRADING THE FOREX


‘HOW TO ACHIEVE CONFIDENCE’ Writer: Jeff Langin



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

Realize that you have done something wrong.

That's absolute rubbish, and dangerous rubbish at that. All systems lose trades. If you lose a trade and you stuck to your system, you've done everything right and nothing wrong.

One needs to read carefully and critically.

Nat

[FXSnipe]

Well said Bobnat, the writer does not know what he is talking about. Taking a loss is part of the game and it does not mean that one has done something wrong if the trading plan was followed.


Noone knows if the next trade will be a winner or loser, regardless of how good your trading system

[manchestertran]

Thanks for all your advices,it very useful for me especially at the moment.

Last night i thought about it and finally found out why i keep losing.
It's because of sychology.I have developed good trading plans and good money management,but i often get in and get out of trade at the wrong time due to my weak heart and i often trade based on feeling and too much emotion involved.
So for now i will try back paper account and practice more on sychology.I think this the most important thing in trading,and also the hardest thing.
Thanks everyone.

[watchdaride]

When i was in a rut the best thing would be to stop for a week and see why you were loosing so much . Education is also a big part of the game . Since we all do not have a mentor or teacher the next best thing is watching trading seminars and tapes. I have a ton of them and watch 2-3 hrs a day . You must learn by your mistakes.

[jcool123]

Bobnut,

We all know that losing while trading is normal. As far as we follow good money management, we will be ok. But that article is for someone who is starting not for "Pros" like you and others. It is normal for someone who is starting to revenge the market once he has lost and he will try to make silly mistakes by forcing the trade. I believe that writer is using that fact and adding it to his article. I hope it makes sense.

Take care

[Dr. Zogg]

The secret is not to predict for_ex, especially news events.

First you have to predict the data, then the market's reaction to the data. That's just not possible.

Rather find a way to react to whatever is happening. Every single succesful tra_der I know follows that one simple rule. Don't predict, don't anticipate...react...