No. 4 even though we suffered a loss… is a ‘GOOD’ trade. Why? Because we followed a plan, Whether or not it is a good one, only time will tell. But, we showed discipline both in creating a plan and in following that plan. We deserve a pat on the back.
Powered By S3 Media Maestro
If you have been able to get your trading discipline mastered then you are truly miles ahead of the 95% that lose at trading. There are myriads of books on ‘getting your head right’ to be a trader. “Trading in the Zone”. “Controlling Your Emotions” and so on… all of these books concentrate mostly on getting the trader in shape to be successful.
There are a few that deal with an actual strategy to employ to be profitable in your trading. However, if the trader is not disciplined it will make no difference how good that strategy is. This is why you will here successful traders say that you can give a bad strategy to a good trader and he will make money. Or… a good strategy to a bad trader and he will lose money. Because the success many times is not dependent upon the strategy but rather it depends upon the disciplined trader.
When we first heard about forex and found out that a lot of money could be made trading currencies. The first thing we thought of was about learning how to find the ‘holy grail’. What combination of indicators or news items will be the right mix to make me a fortune. The last thing we were thinking about was US. Getting tough with ourselves and developing self discipline. We are thinking that the ‘holy grail’ is a strategy or indicator. Something that is outside of us when in reality discipline or lack thereof is going to make or break you in the forex business.