7 Trading Truths You May Not Know

[analyst75 12]

7 Trading Truths

 

1.     Nobody has the perfect trading plan. Seeking perfection will stop you from trading, and the markets lessons will be forever shrouded in mystery unless you put money into the markets.

 

2.     Most of the things you’re worried about will never eventuate. The frantic and neurotic barely ever excel in the markets. Find that quiet place inside your heart and remember to breathe before you put on your trades today.

 

3.     Clinging to past victories will lead you to miss the chart patterns in front of you right now.

 

4.     Admonishing yourself harshly for past failings will annihilate your energy to keep trading.

 

5.     Do the right thing, even when no-one is looking, because integrity in the rest of your life translates to integrity in following your trading plan. The way we do one thing is the way we do everything.

 

6.     Your self-esteem should never be in the market’s hands. The market is an inconsistent teacher, subject to aggressive swings of fortune and failure, with smatterings of sadism. It’s up to you to stay level and consistent, and not be flung about on tumultuous tides of price action.

 

You decide how good you are. You decide how you’re going to do this. You decide to implement your trading plan. No one, and I mean no one can topple your tower if you decide to build it with exceptional foundations. It’s in your hands. There’s no one to blame, no circumstance to use as a scapegoat.

Author: Louise Bedford

Profits from free accurate cryptos signals: https://www.predictmag.com/ 

 

 

[fxeconomist 11]

I don't think my trading plan is perfect but at least it helps me to honor my stop losses and avoid overtrading. I developed it from the ideas I learned on Hotforex webinars. 

[aimhi 10]

I believe that stop losses are good option to cut loses earlier before they blow up entire account. 

[fxeconomist 11]

On 4/1/2023 at 1:00 PM, aimhi said:

I believe that stop losses are good option to cut loses earlier before they blow up entire account. 

Yes withhout them trading turns into gambling. Basically it is the key criteria of gambling - inability to cut loss. 

[aimhi 10]

Gambling and Trading are two different chapters however many new forex traders take it as gambling which lead them to losing money because whatever we take into casino is theirs.

[RJo 10]

On 10/4/2024 at 8:59 AM, aimhi said:

Gambling and Trading are two different chapters however many new forex traders take it as gambling which lead them to losing money because whatever we take into casino is theirs.

Well said.

Broker-dealers that aren't connected to centralized exchanges or the prime interbank exchanges are, in fact, casinos--where nothing extends beyond "the house."