Become Good at Losing (16 of 26)
We get a lot of questions and comments about what this means. You should know by now that you will lose sometimes when trading. That does not mean you will lose all of your account unless you use poor money management techniques or none at all. It means don’t get all emotional about a loss [...]
December 22nd, 2008Develop the Skills to Trade Bigger (10 of 26)
You need to develop the skills to trade bigger. New traders should trade at their skill level not their pocketbook or trading account level. The new trader should not trade with 10-20 lots per trade just because they have the money. If you can’t trade one lot successfully, what makes them think that they have [...]
December 16th, 2008Keep things in perspective (6 of 26)
Keep a trade log or journal of your trades for the day or week. If you know that your biggest winner is 50 pips then do not allow a losing trade to be larger than 50 pips. If you do allow a loss to exceed your biggest gain then, effectively, what you have when you [...]
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 5th, 2008Only take little losses (18 of 26)
A big win can take care of many small losses and a big loss can wipe out many small wins. It all boils down to money management, following some trading rules, and being disciplined. Enter a trade put on a stop loss take a small loss. -$8 Enter a trade put on a stop loss [...]
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