The market will move up, down, and sideways. It does not care about any one trader or any one institution. It does not show favoritism in any one direction it just goes up and down just like it should do. It does not discriminate. It does not intentionally harm any one individual. The market is always right. It is where it is because that is where it should be. You must learn to respect the market. The market will mercilessly punish you if you do not play by the rules of trading and use good money management techniques. Learn to condition yourself to be a disciplined trader and you will be rewarded. Trading the currency market profitable is a learnable task. It really is not that hard to learn to trade the currency market but it is difficult to do because we treat it as a game and not like a business. Most of us do not take it seriously and hold ourselves accountable for our trades. Did we have our stop loss in place, do we think it is only a demo account, we will show the market we will put trades that are twice as large as we should because we are going to get our money back quickly. Here is a big discipline builder. Make your self-accountable to someone else for your trades. It could be someone in your family that knows the rules you should trade with. It could be another trader or a trading buddy or partner. It should be someone that you do not want to be embraced in front of for screwing around and playing emotional games with yourself. If you do not have a lot of time to trade, trade on larger time frames like the 1hr 4hr or day. The rules are the same on all time frames. Just have a good talk with yourself and decide why you want to trade then commit to do what it takes to be successful. If you are not taking it seriously then your have a very expensive hobby because hobbies cost money and trading for fun is expensive. Discipline yourself to do the right thing.
The Market Does Not Care If We Win Or Lose (26 of 26)
by Kirk Norwood | Jan 15, 2009 | Trading Strategies | 0 comments