Everyone takes trading losses some of the time. All of the great wealthy traders have had draw down periods. Nothing wrong with taking losses. It is a part of the trader process. George Soros took a $600 million dollar loss during the St Valentines Day Massacre. George Soros said: One of the many fears that …
Assuming the holy grail is 100% winrate, while being very profitable of course, then yes such a system almost exists. More like 80-99% winrate exists. The perfect trading system does exists. The only problem is can you get the perfect trader to trade the perfect system? The perfect trading system is highly discretionary and thus …
First of all what is the definition of a discretionary trader? Jack Schwager says: In other words traders who rely on their own judgment as opposed to solely relying on technical indicators, chart patterns, price patterns, forex robots, etc. The traders who solely rely on concrete technical indicators signals, chart patterns, etc and never deviate from them …
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There are many traders that are worried about how well other traders are doing. Or they are worried about how other traders may be learning faster or progressing faster. Or how some other traders have a better system than them. I remember vividly how I wasn’t making much progress in trading and I would go …
It is usually a necessary stage that most traders go through. Although not all of them. Whether a trader goes through it kinda depends on what their beliefs and expectations are when they initially get started with trading. If they have a belief that there is this work-money link, and they convert that into trading …
People who get into trading have taken the plunge that very few people dare to do. Most people are stuck and/or happy with whatever perceived job security they may have. They are not willing to learn something new, let alone risk capital in the markets. Most people never get started. And of the ones that do, many …
Originally posted at forexfactory on May 13, 2011: Ok, so you want to risk 15% of your account on a trade. Got it. Do you know what type of trade you want to place? Do you know if you want it to be a day trade, swing trade, position trade? Do you know if you …
Many people ask how many countries economies should you follow? When they are first starting out they understandably get overwhelmed by the information overload. You may start thinking about all the different countries, all the different economic data, especially of all the different countries that make up the Euro. You have not established a trading …
You go where the volatility and massive order flow is and will be generated into the future. That is why it is ideal to have a working knowledge of many different currency pairs and markets. So you can cherry pick the best opportunities where an explosion of volatility or trend will occur. That is where …