Ever wondered why so many successful & learned people don’t excel in trading as they do in their areas of expertise? This is mostly because they can’t influence the market to get results, as they can manipulate the social circles & employ their networks to achieve results.
Quick question. When was the last time you came across something so profound, a golden nugget of wisdom, so real that you couldn’t keep your calm? Fighting the surging urge to pick your phone and ring your best friend about it.
The main reasoning behind this rule is that once a trader makes their trades known to their peers or to the public, or any other party for that matter, (even worse to their spouses) is that it invites the emotional burden of ego and pride, driven by the desire ‘to be right’.
The common analogy that most people with a day job, or busy daily schedules hold is one of a lack of time to trade, and to sit in front of a computer watching markets all day. Most people think that they have to watch the markets from their computers all day to be traders, which is simply not true. You don’t have to sit in front of a computer all day to trade and make returns.
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If you’re to approach Forex trading as a business, you’ve got to learn the rules of the game and detach trading from your emotions. We simply approach every trade with a mindset of Risk Vs. Reward. The discipline to only place trades with low risk and high rewards is not a matter of contention. You can only learn these disciplines through practicing and proper mentorship from experienced traders. So you want to be a profitable trader?
It’s been a while since I put my pen to paper. It’s 2.17 am, I sit at my desk at home, my eyes fixated on my pen. We have this bond, one that is bound by honor and service. And tonight, it’s my turn to pay for the bargain.
It has never been easier to start an online business than today, where everyone has access to the internet, not to mention an influx of online information that is cheaply and readily available. Let me rephrase that whole part. The Future of Education is already here; it’s called ‘The Internet.’ Whatever you want to learn is right there. From blogs, to podcasts, online courses, you name it! The only barrier is discipline. With a conscious search, you can easily access credible information and online courses that are tailored to suit your need(s).
A close look at the pair on the daily timeframe reveals a clear ascending price channel that has continued to hold grounds. More significantly, the price channel falls within a long-term uptrend, making it a strong pattern to trade off.
A trading plan is the ‘business plan’ for us, traders. The most cognizant definition of a trading plan is ‘a well written guide that is prepared when the market is closed to inform your actions when the market is open.’ That kicks the beginning of the real talk! Any trader without a properly documented trading plan that guides all their trading actions when the market is open is doomed to fail. It is the surest tool that keeps us disciplined while trading the forex markets.