Objectivity
Objectivity or "emotional detachment" also depends on the reliability of your system or methodology. If you have a system that provides entry and exit levels that you know have a high reliability factor, then you don’t need to become emotional or allow yourself to be influenced by the opinion of others and outside sources who [...]
December 9th, 2008You get paid to wait (2 of 26)
When you are waiting for the market to set up and give you the proper entry or exit signals you are showing discipline. When you exercise discipline you will make more money and lose less money. There is one constant truth about the markets and that is discipline will increase your profits. Let the trade [...]
December 2nd, 20088 of 10: “A Go-for-Broke” Attitude
Awareness # 7- “A Go-for-Broke” Attitude Demo trading can be fun and we believe it definitely has its place when you are learning to trade the Forex markets. It’s also appropriate when practicing your entry and exit signals. BUT trading forex in a demo account is NOT a video game where the entire purpose is [...]
August 25th, 2008False Sense Of Security May Cost You
A trader can be in a trade that goes down but is only a little against him. He has his stop on at a comfortable level but he knows the trade is wrong but stays in because the stop has not been hit. Since he has not been stopped out he holds on thinking it [...]
August 15th, 2008Types of Exits
When exiting a trade, you can do so under four different assumptions. In the best of worlds, exit technique number one is the profit target. Exit technique number two is the trailing stop, which comes into play when the market is starting to move against you after you have accumulated an open profit. Number three [...]
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