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 19, 2008 | Disciplined Trader Series, Inside The Trader's Mind, Planning A Trading Career
You always want to be able to trade another day. If you really want to trade then you should never put yourself in the position where you have lost your trading capital. One of the most frustrating feelings is when you want to trade and you can’t because...
by Kirk Norwood | Dec 17, 2008 | Disciplined Trader Series, Planning A Trading Career
Develop a trading plan and Stick with it. Do not change your trading plan from day to day Just like a business needs a plan a trader needs a plan. Write down the specific market prerequisites (setups) that must take place in order for you to make a...
by Kirk Norwood | Dec 16, 2008 | Disciplined Trader Series, Money Management
Keep a trade log or journal of your trades for the day or week. If you know that your biggest winner is 50 pips then do not allow a losing trade to be larger than 50 pips. If you do allow a loss to exceed your biggest gain then, effectively, what you have when...
