Fellow Chartered Accountant | CFD Swing Trader My posts are not financial /investment advice. DYOR
FX Market
Joined November 2008
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It's a new month full with possibilities.
Would you be committed to following your trading rules or I should understand?
You don't need to have a perfect entry.
Just use appropriate lot size at any price you are joining the trend
I don't really believe in missing out on a trade you know has potential to move well.
Would you miss a trade because price has left your entry price?
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The purpose of life is not only to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.
***Ralph Waldo Emerson.
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Consistently trading the same setup is where the edge is and not one off home run that can't be repeated
The market do take such profits back.
How long have you been trading your current system?
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The purpose of life is not only to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.
***Ralph Waldo Emerson.
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Doing nothing as a trader is profitable only if you know what you are waiting for.
You might be missing opportunities thinking you are waiting and your next trade after the wait can hit SL.
Do you know what you are looking for once you open the chart?
Since you are like no other being ever created since the beginning of time, you are uniquely incomparable.
***Brenda Ueland.
Accept all losses produced by your system.
If your system have an edge, all losses would eventually be recovered without increasing risk unnecessarily.
Do you increase your risk per trade when in drawdown? How exactly do you manage risk when in drawdown?
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Your Profit or Loss statement is the reflection of all your activities in the market.
Do you like the results you are seeing or there is need for improvement?
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The number of trades you pick and the lot size used after a huge loss shows whether you are trading the market or you are just gambling.
Revenge trade which is gambling usually occurs after a big loss
How do you manage your emotions after a big loss?
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Preservation of capital is more important than aiming for more returns.
Do you set stop loss for all your trades or you use mental stop loss?
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Most traders are trading with incomplete strategy that has no statistical edge.
I don't think any trader would want to change a strategy that is working
How long have you been trading your current strategy?
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Wishing all traders a profitable trading week.
The market would surely produce your setup, just don't run out of capital before then.
Do you trust your trading system to always provide opportunities?
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If you are not profitable after 10 consecutive trades, it's likely you won't be profitable after 20 consecutive trades.
Traders, Is 10 consecutive losses lossing streak or it's time to review the strategy?
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Want to make money 💰 from Forex trading?
You need to consistently follow the same trading rules regardless of the individual trade outcomes.
Are you following your trading rules?
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Most traders don't have actionable plan.
Is your plan data backed? If yes try follow it consistently and see your trading improve
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Newbie and struggling trader should use weekends to review last week trades and backtesting.
Until you have an edge, don't use your weekend for partying 😔
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If one loss affects your mood, then you don't trust your system.
Focus on building your edge, be consistent in its application and loss won't bother you as your system would recover them all
A profitable trader can have a losing day.
An unprofitable trader lets one losing day define them.
Big difference.
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