The Money Pile (19 of 26)

by Kirk Norwood | Jan 6, 2009 | Disciplined Trader Series, Money Management, Planning A Trading Career, The Disciplined Forex Trader

Make a little bit everyday.  Make a pile of money.  Don’t and make a money pit. When you can do this illustration in a demo account then start trading live. Lets take a $1000 account for example: Make $5 a day for 250 days a year = $1250 ...

Use Time to Monitor the Loss of a Trade (17 of 26)

by Kirk Norwood | Jan 2, 2009 | Disciplined Trader Series, Money Management, The Disciplined Forex Trader, Trading Strategies

You can determine that you will get out of a trade before a news announcement or you will not carry a trade over a weekend.  These are good ideas if you are in a trade that is going against the trend.  Many times the market will move because of news, then...

Become Good at Losing (16 of 26)

by Kirk Norwood | Dec 31, 2008 | Disciplined Trader Series, Inside The Trader's Mind, Money Management, Planning A Trading Career, The Disciplined Forex Trader, Trading Strategies, Types of Traders

We get a lot of questions and comments about what this means.  You should know by now that you will lose sometimes when trading.  That does not mean you will lose all of your account unless you use poor money management techniques or none at all.  It...

Speculators Always Lose (15 of 26)

by Kirk Norwood | Dec 30, 2008 | Disciplined Trader Series, Planning A Trading Career, The Disciplined Forex Trader

I have never met a successful speculator. It is impossible to speculate and consistently have large wins. Don’t be a speculator. Be a trader. Trading in the direction of the trend on a 1 hr or 4 hr chart is always a good way to trade.  Use good money management...

Don’t Worry About the News (14 of 26)

by Kirk Norwood | Dec 29, 2008 | Disciplined Trader Series, Planning A Trading Career, The Disciplined Forex Trader

Don’t worry about the news by the time you read it, it is history. Early in my trading career I was told to not listen to and TV or radio financial news.  Stop reading Magazines, and newspapers about the financial markets.  Learn to trade with what the...

Don’t Turn Your Trades into Religious Trades (13 of 26)

by Kirk Norwood | Dec 26, 2008 | Disciplined Trader Series, Emotions, The Disciplined Forex Trader

If you think about it if you are praying for a trade to go one way there are others praying for it to go the other way. So the divine intervention you are seeking never seems to materialize.  If you are using the praying method of trading you are not being...