All possibilities aside,you should accept the fact that you never really know the outcome of any of your trades but you should always know exactly how you will enter the market and manage the trade each and every time. Your consistency lies in your trading plan, not in your daily results. Enforce discipline and go with the flow. Focus on the execution, not the consequences, and just remember when enough is enough. Make sure to use stop losses. |
You should feel and truly understand that unemotional, disciplined trading is the way forward, until an odd predicament comes along to throw the trader off track: A string of losers. That's right, it still happens even to the most seasoned professional traders. Anyone who says that the pros never have losing streaks from time to time is not a consistent trader in my opinion. In fact, we know from experience that it is all down to odds and probabilities and anyone can find themselves on the wrong side of the trade now and then this inevitability is just the result of the chaos of nature itself and the changing markets.
Traders will discover one day that they are just like everyone else in the trading world and can easily lose money quickly if they don't use stop losses. It is almost like we need to have the experience for ourselves, just to believe it can actually happen. Understand and accept right now that nobody can have winning trades all of the time and when this concept is soundly grasped, it is then and only then that a trader can cross the threshold to a consistently profitable career in the forex or stock markets.
Successful traders use stop losses and then develop the ability that allows their winners to run. Traders don't mind getting stopped out now and then as it means just a small loss and preserving their trading capitol and the bigger winners help us to be profitable. My discipline is to remember that my plan is my success and I trust myself to be disciplined enough to follow the rules each and every trading day. Forex Newsletter
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