February 2019 - Page 200 of 281 - Financial Occultist

Your long term success will be based on your willingness to keep on speculating while managing uncertainty, fear and greed, losses and gains, the knowns and the unknowns. Success is about speculating again after multiple, managed losses knowing that the next big winner may just be the next trade. Success is about speculating again after a winner, not fearing that the next trade may chip away at your recent gains.

Successful traders think differently than the rest and they never quit…win, lose, or draw.

Get Out When You’re Wrong

05-Feb-19 08:22 am

Education

Anirudh Sethi

wrong1 Successful traders know that discipline is what allows them to enter their trades when the odds are in their favor and, more importantly, to get out when they’re wrong.
Being right is not the problem. What you do when you’re wrong is the crucial issue.

There are a lot of traders who buy then pray while the market goes against them, because they think that it will eventually go their way.
Most traders average down and wait for the market to turn their way.
Trading my way, I always have defined amount of money that I am willing to lose.
I let the market decide how much money I’m going to make.

12 Difference between Losers & Winners Traders

05-Feb-19 08:12 am

Education

Anirudh Sethi

1. Losers trade against the trend, but winners trade the impulsive wave of the current trend.

2. Losers have no money management because they aim quick profit; but winners target steady profits by risking 2 or 3% of their investment.

3. Losers don’t set stop loss order expecting to be faster then the market in case of reversal; winners know that any time news can make the price reacts suddenly. Therefore use protective stop loss in case of news release.

4. Losers have no trading plan, they emotionally jump in and out of the market when the price moves; winners build solid entry and exit plans.

5. Losers cut early their winning trades and let losses run and wipe out their account; but winner s cut quickly their losses. When the trade is positive, they set the stop loss to the break even to protecting their profit. Otherwise, they open to 2 lots to closing the first lot when the stop loss value is reached and let the second winning trade run with a trailing stop from the breakeven until it is touched.

6. Losers do trade many strategies at the same time, but have mastered none of them; winners master one successful strategy and move to the other.

7. Losers think the market or the broker is against them, winners don’t fight against the market they try to understand it; they know how to choose between brokers with objective criterions.

8. Losers think Forex is gambling; but winners develop skills, discipline, self control, and patience, they work hard for being successful traders. Winners learn from their mistakes and constantly improve their main trading strategy.

9. Losers perform emotional trading after the release of alarming news, winners respect their trading plans.

10. Losers do overtrading, they even trade at the daily pivot point; winners trade the best opportunities at support or resistance according to the price reaction.

11. Losers can trade a bad risk reward opportunity; winners aim good risk reward with ratio such as 1/3 or 1/4. A won trade protects their portfolio from several small losses.

12. Losers use any strategy or expert advisor without back testing it; but winners know that long term profitability is one of the key of Forex trading success. Winners don’t focus on the percentage of winning trades.

Lao Tzu: A Wise Trend Follower

05-Feb-19 07:50 am

Education

Anirudh Sethi

“A good traveler has no fixed plan, and is not intent on arriving.”

“If you look to others for fulfillment, you will never be truly fulfilled.”

“When I let go of what I am, I become what I might be.”

“People in their handlings of affairs often fail when they are about to succeed. If one remains as careful at the end as he was at the beginning, there will be no failure.”

“Respond intelligently even to unintelligent treatment.”

“If you do not change direction, you may end up where you are heading.”

“The power of intuitive understanding will protect you from harm until the end of your days.”

“When you are content to be simply yourself and don’t compare or compete, everybody will respect you.”