Quote:
Originally Posted by Lee Saunders
------
On the back of this, I'd like to mention that after three weeks of forex trading, we are starting to do things right.
My father and I have started writing our, combined, analysis in a diary. The diary is useful as we can see a whole day on one page, and if we want to look back, we simply turn to the date we want to review.
Before doing this, we were in the mindset of, we MUST place a trade every day, and we became impulsive. We were briefly looking at charts and, well, chasing the market, pulling out too early, or being stopped out for a loss; only a small loss, mind, as our money management is good (no more than 5% of the acct).
Since we started writing things in the diary, we have taken a step back, and carefully looked at the options. In fact, we haven't placed a trade for 3 days. At first I thought it was a kind of trader paralysis, afraid to enter the market; but no, we have been learning, consolidating knowledge and hopefully the dividends will pay out.
Best of trading to you all,
Lee.
|
Thanks for your post, Lee. You make some excellent points.
As you mention, it is far better to take fewer trades of a higher quality than to take many trades of a lower quality. Know what you are looking for and then only take those trading set ups...no compromises.
Also, if you are trading from longer term charts, you will find that fewer trades will present themselves compared to shorter term charts. But, those that do will provide higher probability entries.
__________________
Enroll in our online
FX Power Course today and get personalized instruction from our team of expert traders 24 hours a day. We have taught over 25,000 students and in just eight lessons, we will teach you the fundamentals of Forex trading. Click
here to get more information.
