Small Wins vs. Large Losses

by Kirk Norwood | Jan 20, 2009 | Inside The Trader's Mind, Money Management, The Disciplined Forex Trader

When we first start trading all of us have big dreams of how much money we will be making.  We dream of the new life we will be having.  All the places we will travel to and the things we will have.  What happens to those dreams? Many of us are so excited to get...

Setting And Accomplishing Realistic Goals

by Kirk Norwood | Jan 16, 2009 | Money Management, The Disciplined Forex Trader

We have all probably heard of the trader who turned $10,000 into over $1,000,000 in one year. Well it has been done but do you really believe you can do it? You've also probably seen the ads and websites, which claim big returns with minimal work. Ask yourself, is...

Know When to Hold 'em Know When to Fold 'em (22 of 26)

by Kirk Norwood | Jan 9, 2009 | Money Management, The Disciplined Forex Trader

We hear all the time that a trade should be scaled out of by one half when you reach a profit target then set your stop loss to break even on the remaining portion of the trade and let it run to see if it will make more money.  By scaling out of a trade means to...

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...