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Forex trading is one in every of the great money making opportunities offered these days. People from many walks of life, men and women, decide to join the forex trading world everyday trying for the nice vogue of life a profitable forex trader will achieve.
But Forex trading is additionally a war where you'll lose your cash and confidence if you're not wise enough in your battles against the market, a wise, typically formidable and even brutal enemy.
There is an old saying by the Chinese military genius, Sun Tzu that says, “the obsession for victory is a mind set that advantages the enemy”. And these wise words apply without any doubt to the world of forex trading. In the war with the markets nothing is more damaging to a trader than “the obsession with victory”.
There are many new traders that suppose they must never close a trade till it will flip into a profitable one; or suppose their predictions primarily based on a explicit indicator and technical analysis can perpetually be right and the forex market will start behaving in the manner they had predicted in any moment, no matter if the charts clearly indicate that it's not doing it and the margin of the account is getting depleted.
This is, in no manner, a wise forex trading strategy; it is not a wise war strategy. With that behavior you will solely be giving free cash to the markets, i.e., you may be defeated by your own obsession with being profitable whether or not everything goes against you indicating you need to shut the trade or tighten your stops.
Therefore, never fall for obsession when trading the forex markets; nothing smart will result from this behavior. You need to forever place your stops according to your tolerance level and be wise together with your indicators. Remember they can fail you. They principally tell chances and when coping with possibilities there's perpetually room for strange behaviors that won't believe what you were expecting.
My recommendation; be wise, use your criteria and never ever obsess with a trade.
But Forex trading is additionally a war where you'll lose your cash and confidence if you're not wise enough in your battles against the market, a wise, typically formidable and even brutal enemy.
There is an old saying by the Chinese military genius, Sun Tzu that says, “the obsession for victory is a mind set that advantages the enemy”. And these wise words apply without any doubt to the world of forex trading. In the war with the markets nothing is more damaging to a trader than “the obsession with victory”.
There are many new traders that suppose they must never close a trade till it will flip into a profitable one; or suppose their predictions primarily based on a explicit indicator and technical analysis can perpetually be right and the forex market will start behaving in the manner they had predicted in any moment, no matter if the charts clearly indicate that it's not doing it and the margin of the account is getting depleted.
This is, in no manner, a wise forex trading strategy; it is not a wise war strategy. With that behavior you will solely be giving free cash to the markets, i.e., you may be defeated by your own obsession with being profitable whether or not everything goes against you indicating you need to shut the trade or tighten your stops.
Therefore, never fall for obsession when trading the forex markets; nothing smart will result from this behavior. You need to forever place your stops according to your tolerance level and be wise together with your indicators. Remember they can fail you. They principally tell chances and when coping with possibilities there's perpetually room for strange behaviors that won't believe what you were expecting.
My recommendation; be wise, use your criteria and never ever obsess with a trade.
Really would like to say thanks to all of you guys. Sharing Knowledgeable information here.
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