A loss is like a rattle snake, DROP IT BEFORE IT KILLS YOU!!!!!!!
As of late, I have been getting emails from traders who have blown up their accounts. Believe me, I know first hand the pain, desperation and frustration that comes with that experience as I have had it many times. The first time I blew up an account I had to get two jobs 7 days a week to almost cover my bills and I was still struggling.
No matter how many accounts I have blown up, I have always managed to do it the same way every time 'holding on to a loss' that grew up to kill me because I refused to let it go, hoping and praying that the market would come back in my favor.
When I would read other traders info that said cut losses, I thought they were being negative and trying to make me lose my money. Had I listened to that wisdom, it would have saved me many heart-aches.
Let's deal with some hard facts about trading:
#1 YOU ARE GOING TO LOSE MONEY HERE!
This is a big girl's game, if You are afraid to lose money, You should be doing something else with your life, it will be much more profitable.
#2 THE MARKET IS VERY VERY GENEROUS AND WILL ALWAYS GIVE YOU OPPORTUNITIES TO MAKE MONEY!!!!!!
-CUT BAD TRADES QUICKLY AND GO IN THE DIRECTION OF PROFIT!!!!!!
Most of us got into forex with the idea that this is easy money, ignoring everything that told us that 95% of all 1st time traders go broke in the market. We ignored it because we decided that we would be part of the 5% who beat the odds. If You are like I was, You read every book You could get your hand on, every website and attended every webinar to make sure You were part of the 5% who were successful here.
FOREX IS NOT HARD. FOREX IS TRICKY AND WITH THE RIGHT EDUCATION AND DISCIPLINE ANYONE CAN DO IT (^_^)
What we fail to realize is that forex is like any other profession, it take most of us a while to be successful here.
NO ONE WHO IS TRULY GREAT DID IT OVERNIGHT, it took continuous education, practice, discipline and sometimes a little blood, sweat, and tears.
I don't care how brilliant a surgeon is, You don't want him to cut on you without PROPER TRAINING & PRACTICE. Notice how many high powered professions are always practicing, 'Practicing Physician', Practicing Attorney'. Other professionals are practicing to get better and so should You.
You can be successful at forex, but not if You are not willing to do what it takes to succeed.
SUCCESS LIST FOR FOREX:
WAIT for a proper trade set-up before entering the market!
LET GO of bad trades quickly!
ALWAYS TAKE MORE than You give!
YOU CAN DO THIS (^_^)