July 22nd, 2009

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 [...]

January 28th, 2009

Trade Journal Entry

This week has been a productive trading week.  I have been spot on in my trades.  I am up in all of my accounts for the week by the follow percentages:    (1) 3%, (3) 5%, (1) 13%, (1) 23%. It is Friday morning and I have been at the computer for a little over [...]

January 26th, 2009

Mentor’s Corner 1:1

I had a marvelous morning Wednesday morning trading the New York open.  Traded both the EUR and EURJPY and profited 200 pips, which took my account up to $7,000 profit since Monday night.  Then, I let my emotions get to me, and the nerves set in. I went short of GBP (don’t ask [...]

December 24th, 2008

The First Loss (12 of 26)

This entry is part 12 of 26 in the series The Disciplined Forex TraderThe first loss is usually the smallest and least painful. When you know that the trade is no good it is best to get out ASAP, do not hesitate or delay or try to think It through just close the trade.  [...]

December 10th, 2008

Chasing the Market (3 of 26)

This entry is part 3 of 26 in the series The Disciplined Forex TraderWait for the market to come to you 100% of the time to prove that you are disciplined.  If you chase the market then you are not disciplined. If a trader says he waits for trades but anticipate the signals and [...]

December 9th, 2008

You get paid to wait (2 of 26)

This entry is part 2 of 26 in the series The Disciplined Forex TraderWhen 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 [...]

October 29th, 2008

Over Coming Discouragement

I have found myself in this boat more than once in my life!  I guess I could say I am no stranger, to pit falls and short comings in my plan to push for success in my life.  (Note: I am not only referring to trading but to life.)  Let’s face it folks  discouragement happens, [...]

October 20th, 2008

Time And Dedication

There are many things you need, to be able to trade the forex market but there are two things that are a must before you will have lasting success.  These are TIME and DEDICATION.
You will start to develop good trading skills once you put in the proper amount of time and decide you will never [...]

October 15th, 2008

The Death Of A Bad Trade

We have all had bad trades. We are sure that we are not the only traders that have suffered some grief from a trade that went wrong. At least in the beginning of our trading careers before we gained control of our emotions and learn to follow our trading rules. The following is an attempt [...]

October 6th, 2008

Chin UP!

"Thrice happy is the man that has a glorious history. Far better it is to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the gray twilight that knows neither victory nor defeat." [...]

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