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 30 [...]

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 me why) [...]

December 24th, 2008

The First Loss (12 of 26)

The 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.  It has been said that it is never a loser until you get out.  [...]

December 10th, 2008

Chasing the Market (3 of 26)

Wait 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 jumps in the market then he in not a disciplined trader.  He might win [...]

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