Forex trading is the dream of wealth and financial freedom for so many, but it is a dream that alludes most. Why?????
There are probably a myriad of answers to this, but the one I want to deal with today is treating forex like a casino. Forex is not a place to deal with your loneliness, boredom or to get an adrenaline high. It is a legitimate business opportunity that can create wealth and freedom for your family.
The benefit of forex over the casino is that you have the advantage as a trader, because you can enter the market only when conditions are favorable to you. You are not just randomly pushing a button hoping for the best. You have studied your edge and you can cut when your edge doesn't work.
Traders get into trouble when they get on a profit high and can't stop playing or they have a really hard day and must gain that money back. Both of these out of control scenarios mean disaster for the trader, because that is when a gamblers mindset replaces the trader's logic.
It you are struggling in the market these are some things you can do to help yourself.
*Limit your time in the market
*Do not enter the market without a clear reason
*Get a hobby
*Spend time outside of your market structure (home/office)
*Limit the number of trades you take in one session
*Have a set stop loss so that you are not obsessing all day over the market, so if you are wrong, you are out
*Only trade 1 session/day
*Don't try to catch every trade set-up (as most set-ups are traps)
*Get a part time job
*Volunteer your time to those less fortunate
*Take a class
*Teach a class
*---Most importantly: DON'T LET THE MARKET BE YOUR ONLY OUTLET----GET OUT AND TASTE THE SWEETNESS OF LIFE.
If you are anxious until you place a trade whether profitable or not, you may want to take a long look in the mirror.
If you are spending bill money to be in the market, you may want to take a long look in the mirror.
If you are putting your bills on a card and spending your cash in the market, you may want to visit your mirror.
If you don't feel normal unless you are in a trade, you may want to do some deep soul searching.
If you are in the market because you don't know what to do with yourself outside of the market, you may want to step away from the screen for a while.
How do they beat us, if we have the advantage? They will beat us hands down if we feel the need to be in the market all of the time regardless of whether we see a clear advantage or not. They beat us because we are afraid to cut a bad trade. Being a profitable trader means you are willing to do the uncomfortable stuff losing traders refuse to do like cutting a bad trade quickly. The Market is a merciless tank of piranhas, don't use yourself as bait because you feel the need to be in the market no matter what is happening in it.
The brokers are profitable overall because most traders are undisciplined and they count on traders lack of discipline and gambling tendencies to keep them rich. You can not gamble your way to success in forex. IF YOU CAN NOT FOLLOW YOUR OWN RULES WITH DISCIPLINE FOR SUCCESS IN THE MARKET YOU HAVE NO REAL SHOT AT SUCCESS AS A TRADER. YOU CAN NOT BE IN THE MARKET ALL DAY. YOU MAY ENTER THE MARKET BY INVITATION ONLY.
DON'T LET YOUR BROKER FEED OFF OF YOUR FAMILY'S WEALTH BECAUSE YOU ARE UNDISCIPLINED!!!!!!!!
Your rules are there to protect and provide for your family's future. Eat, slept, breathe and trade them religiously without exception!!!!
YOU CAN DO THIS (^_^)!!!!
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