Great Post. Simple yet so so true... It truly takes a strategy, faith in the fundamentals of said strategy, and the patience to let the truth of the strategy unfold. Along with the wisdom to know when the strategy is not working--after sufficient strategy testing of course.
And in line with the 'random walk' and 'what goes up must come down' theory, usually they do , (albeit normally 5 mins after the trade is closed lol). But then there is always the good ol Martingale system which, with good money/risk management normally winds up in profit. So what practical advice do we have for maximising profits and minimising loss? Greed and fear are the undisputed factors that need controlling. Ask anyone if they would like to let their profits run to the max and cut their losses short and they will all answer yes but putting it into practice is not so easy as we all know. Time and again trades fake out, whipsaw, nearly touch targets and then suddenly drop back and finish in the red etc, so at the end of the day we can only make a judgement call on each trade and if we get it wrong and close in profit but early, that is just tough luck and we get on with the next. Well that's how I see it.
I think every trader will have a few golden rules that they follow. I think in a few cases, especially if a person is new to trading then pride can often get in the way. Nobody likes to come out of an investment with a loss but sometimes it's better to take a small loss, than to hang on to an investment and end up losing a lot more.
If you are thinking to start trading in forex, you should know some basic rules. Everyone enters into the market to make profit. Without learning about forex, you can not make profit either. You can learn about forex from many ways. You can learn from the professional traders. You can also open a demo account. It will help you to learn all about forex practically. When I was starting forex trading, I also learned the basics from the demo account of TP Global FX. They are very supportive and by their demo account it is very easy to learn forex trading.
The key is to understand how it really works and who is right to work with. I was losing funds to a broker and by the time i realised it, i had already lost $52000 which was over half of my savings. I met a friendly trader and she directed me to the recovery agent Mr Bart Kasch. He helped me recover all my money, every penny. Referred him to friends and colleagues already, you can contact him if you need help at [email protected]
