January 13th, 2009

Be a Trade Taker Not a Trade Watcher (24 of 26)

Written by Kirk | one

Topics: Disciplined Trader Series, Inspirational
This entry is part 24 of 26 in the series The Disciplined Forex Trader
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The Disciplined Forex Trader

Traders can get depressed because they knew the market was going one way or another; however, they failed to enter the market. Usually the response as to why they did not put on a trade is that they were waiting to be filled at the absolute best possible price (and never got filled), or only two out of three of their market indicators were present and they were waiting for the third. The net result of all this procrastination and hesitation is the trader was correct in Determining the market direction but his profit on the trade was zero. We don’t get paid in this business unless we put the trade on. Don’t overanalyze the trade. Place the trade and then manage it. If you’re wrong, get out. But you’ll never be right unless you actually make the trade. We have a system that if you see 2 of your 5 indicators lining up at the same time enter a small trade.  If you see 3 of your 5 indicators lining up at the same time enter a larger trade.  If you see 4 or all 5 of your indicators lining up at the same time enter an even larger trade.  Then manage those trades for maximum profit.  The key is to not over-analyze, over procrastinate, or hesitate.  If you do you will lose or not make any money.  You will just watch the chart patterns form and move on.

Series Navigation«Be a Trading Machine (23 of 26)The Market Thinks All Traders Are The Same (25 of 26)»
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Comments

One Response to “Be a Trade Taker Not a Trade Watcher (24 of 26)”

  1. Michael Spencer on January 29th, 2009 12:58 am

    Dear Jed,
    Thanks for your support and your web site training. Please continue to send me information from your new email and website addresses. I am making small steps to learning trading. Thanks for the Jump Start strategies. I will most likely purchase your launch pad strategies with the Norwood Stop and your advanced training program as I grasp the fundamentals of your training. I would also enjoy meeting you face to face, so keep me in mind for your trading community meetings in the future.
    Thanks for being willing to teach. Your material is very understandable and helpful.

    Michael Spencer

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