Forex Loser’s Checklist, Do You Qualify? Part 2
Read Part 1 of this Post Here.
Switch Trading Systems
Are you continuously looking for some new systems? Are you visiting forums to look if there is new indicator or setup that can improve your trading. Let me tell you a secret, a lot of system out there are profitable only if traders start to follow their trading plan, keep records and analyze their mistakes. Blaming the system and moving on only hides the real cause of the problem – Trader Himself.
Buy New Soft wares / EAs
Have your come across websites that promise that their Expert Advisor would take away your emotions out of trading by trading automatically for you and you only have to log in once a week to check your profits. Those companies also promises 2000% return annually, simply incredible. Before your spend another penny on such software ask yourself would you bother to open up a website to sell your incredible EA which makes you tons and tons of money for $99 a month and then sit there and reply to customer inquiries. I guess NOT.
Double Up Losing Trades
Have you ever added to your losing position, hoping that when it comes back it would be even more profitable? If yes, then you are suffering from “Marrying the Trade” syndrome. As I said earlier “Use Stops and Get Stopped”. Every time a trade hit stop loss you should congratulate yourself for following your trading plan.
Reverse and Trade in Opposite Direction
Tell me who has not done this? This happens when we doubt ourselves and stop following trading plan. Once you have placed the trade then stop looking for confirmation or analyze it further. Leave it alone and let it do its thing. Come back later to check if it all worked out alright.
Read this article on how you can save yourself from account burn outs. Click Here.
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Share your experience, leave a comment below
I have to admit I qualify with the last item “Reverse & trade in opposite Direction”… but as you said who hasn’t done that, right? I don’t believe in buying miracle robots to trade for me, I use my broker´ ac-markets web tools and that is it, but I do check forums and blogs to see what other forex traders are doing…
Good luck to all!
Thank you for the info. It takes time and energy to become a forex trader, and every bit of info shortens the learning curve!
Jack
http://www.forexbookmarks.com
Thanks again for tips. Socrates said that the “unexamined life is not worth living”. Well the unexamined trading life is not profitable. Can you help me by sending the MS One Note file or a template form of it?
yeah i agree!! the only secret is to follow what is your trading plan and it will make a good results:)
yeah i agree!! the only secret is to follow what you have plan about your trading and sooner you will see a good results..:)
I have been guilty of all of the above … looking back i needed it to get me in the right frame of mind …. some things just cannot be taught ..
good post