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 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...
by Kirk Norwood | Dec 9, 2008 | Disciplined Trader Series, Emotions, Exit Signals, Money Management
When you are waiting for the market to set up and give you the proper entry or exit signals you are showing discipline. When you exercise discipline you will make more money and lose less money. There is one constant truth about the markets and that is discipline...
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...
by Kirk Norwood | Oct 16, 2008 | Emotions, Inside The Trader's Mind, Money Management
Here are some reasons why traders lose in the currency market: 1.Traders allow their emotions, greed, hope and assumption to take over their trading. This is probably the most difficult thing for a trader to do is to eliminate those things while in the Forex business....
by Kirk Norwood | Oct 9, 2008 | Forex Brokers, Money Management, The Disciplined Forex Trader
I was speaking with a good friend the other day; about demo trading versus live trading, and how to make the transition smooth. He mentioned that he had not yet started trading live, and that he had been offered by a broker a free demo account with an initial...
