How To Win At Trading
The inspiration for this article came from the famous football coach Vince Lombardi.
Put your faith in the basics. You don’t have to have great entries and exits but you do have to have good money management. Good money management will win more often than not and preserve capital. Every trade boils down to doing the [...]
More of What We All Need To Hear
Unless a person has given their all, and what I mean is everything they have in them and about them, should they ever think if quitting. Winston Churchill made it clear when he said, “We shall not fail or falter; we shall not weaken or tire. Neither the sudden shock of battle nor the long-drawn [...]
October 15th, 2008The 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 1st, 2008Successful Traders Summaries
Here are some thought by some of the best stock traders. Good trading principles apply in all markets.
Also, everyone who is truly interested in Forex should read as widely as possible.
Jesse Livermore: The World’s Greatest Stock Trader by Richard Smitten
1. Don’t lose money
2. Always Establish a Stop
3. Keep Cash in reserve
4. Let the (Successful) [...]
Great Success, Small Success
Can anyone be trained to trade for a living? I would say a LOUD yes…. and no.
A great deal can be “taught” like a working strategy. But a lot cannot be taught. One trader will have great success and another just a little success trading the same strategy.
There is something that some [...]
Saving Platform Setups
We thought this would be helpful for those who have two versions of the platform or multiple computers and want the same set up on all platforms. These are the instructions of how to move profiles, templates, indicators, etc. from one platform to another.
How to transfer profiles, templates, indicators, etc. from one platform to another
If [...]
Another Way To Stay In Control
I once heard a trader say that after he made some money in his account he would take out the original investment. Then he was only playing with money he didn’t originally have making the losses not hurt as much. It became easier to make money because he had taken the pressure off himself.
By doing [...]
O.P.L.P. Approach To Trading
Here are a couple of ideas of how to shorten the learning curve in foreign currency trading.
OBSERVE the good trading habits of others. You can get this information from some of the following areas
1. Personal observation
2. Seminars / webinars
3. Books / magazines
4. Reconstruct trades you hear about and see what the market was saying [...]
Letting Winners Run
There is an old saying that says you should “let your profits run”. In regards to this there are two schools of thought. One: this is good advice and it should be followed. Two: it is better to be consistent and follow your system and take several trades out of the long run. The down [...]
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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