Modesty and Passion – necessary in Trading

Discussion in 'Forex - Currencies Forums' started by Daniela-TFC, Sep 12, 2014.

  1. Daniela-TFC

    Daniela-TFC Active Member

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    A successful trader should be modest. You should accept that not every trade can be a profitable one – taking losses is part of the game. If you expect to be always on the right side of the market you will make poor decision which will affect your long term performance negatively. If you have unrealistic expectations you leave a lot of room for disappointment.

    If you stick to your trading plan and execute the trades accordingly profits will follow automatically.


    Profitable traders are market enthusiasts and are dedicated to their profession
    . Forex trading is not necessarily easy and you will need to invest a lot of time to learn the necessary basics and gain relevant trading experience.

    The Forex Championship platform is a good place to start because here you can compete against other aspiring traders without risking your own money. You need a certain level of experience and “market instinct” in order to be successful in the long run. You can’t become an expert golf player in one week – it takes time. The same applies for trading. You have to have a passion for the market otherwise you will give up sooner or later.


    Sooner or later you will discover that trading is not as easy as its seemed at the beginning. Do not make the mistake and try to solve that issue with an overly complex approach using too many variables and indicators for your trading decision (KISS principle: keep it simple ans straightforward). It is usually best to search for a trading strategy which is not too complicated, the simpler the better.

    Your trading rules should be defined properly and there should be no doubt about the execution of these rules. You should also have precise rules not only about the entries but also about the exits of a position. Define profit targets and close the position once this target is hit. You also need to define rules regarding your position size. A rule of thumb here is that you should not risk more than 1 % of your trading account for each trade.

    Join us today and win fantastic prizes on the Forex Championship!
     
  2. jmoriarty630

    jmoriarty630 Member

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    Interesting ideas. That's how things work in life generally speaking, honestly. When you lose something, you have to learn from it. That's the best and only way of learning.
     
  3. dianethare

    dianethare Senior Investor

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    Awesome pointers there...to keep in mind whilst trading, although never at one point did it cross my mind that modesty and passion can work in a forex trading scenario...glad to know.
     
  4. JoshPosh

    JoshPosh Guest

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    With my trading style I always take loses. But the when I close all trades globally, it's always in profit. Taking loses is part of the game. accept it.
     
  5. Strykstar

    Strykstar Well-Known Member

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    Modesty is needed as is humility, while one person is making profits, there are many people taking losses, you are on the good side, but you can very quickly fall down.
     
  6. Gelsemium

    Gelsemium Senior Investor

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    Well said I think, I don't think we can succeed at any job if we don't have passion, but if we succeed and become too confident our arrogance can kill us, so it's a good combo I think.
     
  7. mobile

    mobile Member

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    Great tips you have here! I would say forex trading is just like stock trading wherein you have to be open to the possibility of losing money. These risks are inherent with any kind of investment. Having emotional intelligence is important for anyone who aspires to win in trading. Indeed passion is the secret tool that keeps you motivated to keep trading despite the mishaps. Thanks for posting your insights!
     
  8. pwarbi

    pwarbi Senior Investor

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    I think anybody who invests will have to be prepared to accept the fact, however careful they are, they will at some point make a loss.

    It's how that person handles it that's the main thing, and while a lot will not be able to handle the fact they have been unsuccessful in one particular investment, that shouldn't put them off speculating on their next venture.
     
  9. radex78

    radex78 Senior Investor

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    Yes I think as trader which they have long time experience they already understand with loss in trades which sometime this occur and inevitable, but we also can learn from these loss, and then make us more carefully to make next decision, if we can trade follow trend hence profit will can to obtained.
     
  10. Linda Smith

    Linda Smith Senior Investor

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    Emotion can cause great problem in trading. Because taking decision emotionally can lead the trade into the loss. Technical decision is far better than emotional decision. I don't give importance to emotion while I trade. My broker Tpglobalfx is also help me to take decision technically. It prevents me from taking decision emotionally. I like them because of their low spreads, dynamic leverage and easy decision making tools.
     

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