There is no such thing as a professional Forex trader who has a set approach
There is no such thing as a professional forex trader who has this approach to the way he trades, it is very binary either you trade and you know 100% what you are doing or you know 100% that you don’t in terms of managing the trade, knowing exactly when you are going to make profits. You know exactly where your stop loss will be, and you know exactly what you want.
There is no such thing as a professional Forex trader who has a set approach
There is no middle ground. Now the enemy of discipline is emotion, discipline leads to good smart decisions. Emotion leads you to make terrible decisions. Think about all the terrible decisions you’ve made in your life. Emotion plays a big part in you, you are not you, you are not your intelligent and rational self.
When I made these decisions I allowed emotions to enter the fray and I paid the price for it, just take Forex for example, think about every mistake you made in Forex, it was all based on the emotion being sidetracked from what works.
Discipline is the most important foundation of the approach followed by Forex
I lacked discipline and we’ll go into more detail in this article yes, it was no surprise that discipline would be one of them but rest assured it’s deeper than you probably think and we’ll be dealing with that when this article comes out because lack of discipline happens to the best of us.
It happened to me this week and it hasn’t happened in a while but there are a lot of you guys out there who know 2 pm. Pacific time is the time the end-of-day candle closes, our spreads go up at 2 am, so I usually go to my charts around 140 which gives me enough time to look at everything.
So I decide whether I want to enter the trade or manage the trade and then move on, it doesn’t take me much longer these days five to ten minutes to look at everything and during this time all the distractions are completely out of the way but what did I do this week.
Experience from a Forex daily trading session
I had my phone close to me which is a big no-no, I always keep it in another room but it went off and I answered the call it didn’t seem like a long call but when I finished it was 2 o’clock and I didn’t realize it and I entered a trade and there should have been a spread Only two or three points.
Then it turned out it was a 16-pip spread and I wondered why I was in the second hole. I took the trade and looked down and saw the time and said I allowed myself to make such a rookie mistake and it was all because I took a very disciplined approach and got lazy and allowed that little piece of my cell phone to enter the market.
Mistakes are no excuse for a Forex trader
The equation is simple and not only did this result in me getting the call right away which is something I don’t normally do especially if it’s time to trade and I paid for it, but it required a 14 pip penalty so just know that discipline is a hard thing to lock in, that even some of us who They claim to have extraordinary discipline. They still make mistakes but these mistakes are no excuse.
We need to get you as disciplined as humanly possible so that these mistakes are as less frequent as possible because they mess up your account and we can’t that in the meantime, before this article comes out, if you feel like you’re struggling with discipline you also have an uphill battle ahead of you, but I can recommend the book Really good, it’s written by Jaco Weil.
Refocus the undisciplined mind into Forex again
I read this thing at least a year ago and it has completely changed the way I think about a lot of things I never thought at this point in my life that a book could do that but it definitely did and I have recommended this to my friends in the past as well and they have responded to me They’re all saying this is good.
This thing kills the only people who don’t respond to the people who don’t have initiative and I haven’t read the book, these people still make stupid mistakes in their lives and will continue to do so.
So the third character trait that every professional forex trader should have is patience, and I know for a fact that a lot of you lack patience because you email me when I say things like you expect me to go out there and try to find an ocean of 10,000 indexes.
Finding a successful indicator in Forex
I will try to find an indicator that works, you would expect me to do demo trading for six to twelve months before I even start investing my own money once, yes I do as a matter of fact that is exactly what I expect you to do.
You want quick instant gratification in Forex, it’s everywhere even in Forex, there are a lot of Forex articles that say look, I just made fourteen hundred pips in one hour and you can also sign up for my course and then this is all stupid.
Summary
The little instant gratification item in the back of your head is screaming and jumping up and down saying I don’t want to do it right now I just want you to do it Feed me something I want to use I want to make a bunch of money Well buddy, you’re on the wrong blog because we do things Correctly, quick instant gratification is never the right way to trade Forex.