by Kirk Norwood | Dec 24, 2008 | Disciplined Trader Series, Emotions, The Disciplined Forex Trader, Trading Tips
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...
by Kirk Norwood | Dec 23, 2008 | Disciplined Trader Series, Emotions, The Disciplined Forex Trader
You are not a loser because you have a losing trade on. You are, however, a loser if you do not get out of the losing trade once you recognize that the trade is not going to come back. It’s interesting to note how accurate your instinct is as a market...
by Kirk Norwood | Dec 22, 2008 | Disciplined Trader Series, Money Management, The Disciplined Forex Trader
You need to develop the skills to trade bigger. New traders should trade at their skill level not their pocketbook or trading account level. The new trader should not trade with 10-20 lots per trade just because they have the money. If you can’t...
by Kirk Norwood | Dec 11, 2008 | Disciplined Trader Series, Emotions, The Disciplined Forex Trader, Trading Tips
When things are not working out for you cut down on the size of the lots you trade until you get back on track again. All good traders will follow this rule. Why continue to lose on five lot trades when you could save yourself a lot of money by lowering...
by Kirk Norwood | Dec 10, 2008 | Disciplined Trader Series, Indicators, The Disciplined Forex Trader, Trading Tips
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...
by Kirk Norwood | Dec 5, 2008 | Disciplined Trader Series, Money Management, Planning A Trading Career, The Disciplined Forex Trader
A big win can take care of many small losses and a big loss can wipe out many small wins. It all boils down to money management, following some trading rules, and being disciplined. Enter a trade put on a stop loss take a small loss. -$8 Enter...
