The Four? Types of Forex Trades

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There are really only two types of trades instead of four. Disciplined and Non-Disciplined.

You can get away for a while with making bad profitable trades but eventually it will catch up with you. Lack of discipline will kill your account.
Resist that urge to increase lot size or try to get even with the market when you had a “non-profitable” trade. If it was according to your plan it was a ‘good’ trade. Don’t call it a loser because that makes you think it was your fault and you are a loser. It’s not about you after you become disciplined.  Keep repeating that to yourself.
“it’s not about me.”
“I did my job.”
“This strategy pays off in the long run because I have backtested it.”

A Final Word On Indicators and Expert Advisors.

As you all know I teach people how to program in the mql4 programming language. over at LearnMql4.com. I really enjoy teaching it and my students send me emails everyday thanking me for making it so easy to learn how to make their own scripts, indicators and expert advisors.
Although I use my programming skills every day, they are not what make me a successful trader. Most traders want to learn to make an EA to “take the emotions out of it.”. This is not always the answer. Many times I have actually given profitable EA’s to people and some made much money with it while others failed miserably.
The difference? You guessed it. Discipline. I use my trade management tool at the appropriate times and many times just trade manually. When conditions are right according to my plan.
I use my programming skills mostly to help me make useful tools that I use on a daily basis in my trading. Like my ‘control panel’ and ‘psychlevels’ which are both available for free in the mql5 market. They do not trade for me nor remove the ‘human’ factor. I make tools that I use.
I use no mindless robot that initiates a trade ‘for’ me and take the ‘blame’ off of me and my lack of discipline. I like to have something to manage the trade after I decide when to enter so that I don’t have to hover over my computer. But many times I take the trade manually with specific stops and profits and R:R.

Hopefully this article has given you something to think about. It’s up to you to decide where you are in your progress towards being a successful trader. Do you have discipline issues? Or are you past that and just trying to develop and backtest a more profitable strategy to follow. Either way I wish you success in trading. PipPip… Jimdandy