Forex Logic Axioms
Trading for many is the reflection of your true self. Your belief about you who are will reflect how you perform in Forex trading. The Foreign Exchange Market and your performance is the ultimate alter ego of your self.
All your belief, vices and virtues will be exposed as you trade in Forex. Know thy self if you want to be successful in Forex trading.
The following are Axoims; read and think about their meaning and what it wants to say to you.
1. Have a trade journal
You can read thousands of books and articles about trading. You can also ask many successful traders on how they do it, but you must understand that there are no better learning techniques than your own experiences.
You can learn more from your own losing and winning experiences. Everyday you should keep a journal, like a diary, of how your trading went. And as the days goes by you can always go back to your journal, read it and learn from it.
Remember that you are the only accountable person in all the outcomes of your trading.
2. Never take a big hit in trading
You can lose all what you have in just one big losing hit, so never ever let good opportunities pass you by and never ever let a bad opportunity eat you all up.
3. Expect losing trades and accept losing trades
When it happens, it will just happen. It is part of every business. It is in the nature of trading, sometimes you win and sometimes you lose.
As you venture into the new world of trading, expect that you will lose soon and accept the fact that it will happen to you.
4. Trading can be madness
You will get confused with how you are doing over and over again but you still get a different outcome each time. What went wrong?
5. Expect the unexpected
Even if you are doing the right thing with the right strategy sometimes you will still lose. Even if you are on a bad side and still you profit, this is also unexpected and happens often.
6. In trading it will require 90% mental ability
90% mental thinking is required and the other 10% is knowledge.
7. Trade when you are not impulsive, with a blank mind, unemotional and unbiased.
Your money is worth taking care of more than your opinion.
8. Do not try to overtrade
This is a common mistake especially from new traders. They tend to trade from one point to another. It's like they are frequent visitors of the market. Overtrading can make you lose a lot of money.
9. The market does not experience any accidents.
The reason is that the market is always right, it is never wrong. If you are losing get out.