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Sin forex


Sin forex. Someone argued that in Forex trading, one can only win at the expense of another and hence, it is no difference from gambling and it is unproductive and wrong to do so. Lets begin with the statement of "one can only win at the expense of another". Would you not apply for a job knowing that if you succeed, other applicants.

Sin forex

He has a monthly readership of , traders and has taught over 20, students. Yes, it keeps your position size smaller after losing a trade s …but why do you want to automatically reduce your position size after every loser?

That flies in the face of the FACT that if you have a randomly distributed trading edge ALL trading edges are randomly distributed you never know for sure when you will hit a winner or a loser. You have your answer right here!

The best way to gauge how much you should risk per trade is simply risking what you feel comfortable with; ask yourself if you can handle 10 losses in a row on your current risk amount per trade, if you can handle that and not become emotional or blow out your account then your risk level is probably OK. We want to measure risk in dollars, not pips or percentages. So, start being realistic and stop committing the deadly trading sin of being a greedy idiot. This one is clearly a deadly sin because when beginning or struggling traders start scalping on a 5 minute or 15 minute chart, it literally is only a matter of time before they blow out their trading accounts.

I think this is the sin that no matter how much we preach and tell people not to commit it, they just keep doing it until they have lost so much money that they either finally switch to trading higher time frame charts or give up all together.

These are gimmicks folks, they sound really good, but in reality they are just wasting your time and masking over the reality of what it takes to trade successfully, and that is why combining complicated and messy trading methods with price action is the a deadly trading sin.

Our next deadly trading sin is arrogance or cockiness, however you want to put it, many traders fall prey to this sin and it ends up costing them dearly. Time and time again we get people emailing us who are clearly failed traders making all the most common emotional trading mistakes, yet they seem unaware that they are even doing anything wrong and are puzzled as to why they are losing money. In other words, they are blinded by their own arrogance and they are playing some game of pretending they are a pro trader even though their account balance proves otherwise.

This deadly trading sin of arrogance and cockiness is definitely more widespread amongst male traders than female traders. There really is no reason to get caught up in analyzing 30 different currency pairs, because the major Forex pairs as well as gold, silver and maybe the Dow cash market, provide you with more than enough opportunities each month.

Many traders love to over-analyze, over-trade, over-leverage, and generally just be over-involved in everything when it comes to their trading. That really is what it all boils down to.

The problem with this is that you cannot be in control of the market, you can only be in control of yourself, AND how you feel has nothing to do with the outcome of your trades. Another problem that traders have with thinking too much is being afraid to trade or having problems with pulling the trigger on their trades. This means they end up thinking in circles and ultimately end up taking no action because they flood their head with so many thoughts they literally become mentally paralyzed.

Once you realize that you should be operating off of a trading plan that you have developed while not in the markets and while you were being objective and logical, things will get easier for you. It primarily takes a simple adjustment of your attitude and expectations about trading to put an end to these 7 deadly trading sins and any others you might be making.

This view, however, is full of subjectivity. Thus, we should best not selling this idea to people as this is our view or experience. There are many people trading these pairs all over the world for they have well accustomed with the characteristics of the pairs they like. Should we not attempt to remove them as far as we can as they are considered sins in the of trading world? No matter what he said. For me that is the truth.

I have learnt a lot using that idiot philosophy. Tried to use some exotic pairs, got blown up. Tried scalping- got destroyed. But if a man is being pressurised from outside in trading he will not be succesful.

Reading about many other successful traders, most of them seem to apply a rule such as this. This is not my theory by the way, this was the consensus of all the traders in the book market wizards one of the best trading books out there. You created very good articles and shows human behaviour very hard to control without to follow the rule. I have been guilty of all sins at various times, but at the moment only sin in trading exotics. I do that because I am bored only trading 6 pairs.

Honestly, it only takes me a few minutes at 5pm EDT to decide if there is a trade to take. I also have a CCI strategy I like to use as confirmation — especially if I am considering a counter trend trade. Mostly it gives me more confidence if it agrees with pinbar at confluence point. My advice is to trade ridiculously small and keep records to prove your account is growing before you increase lot size. My problem is fear of increasing risk because I have lost accounts and developed a loser mentality.

Still, since using your wisdom for the past 3 months, I see measurable improvement and my hopes and confidence are building nicely. Useful lesson Nial as always. Now that I have returned to the forex market it is easier for me to believe that I have no control over the market and that it is ok to be wrong; you can still be successful.

Hopefully, with discipline and patience I will be more successful this time. Time will tell, but I suspect success first starts from within and radiates outward. Thanks Nial…yes I am continually learning to control my temptations to not over trade, over analyse, over think or over risk my trades.

LTTTM is and continues to be instrumental with keeping my trading simple. Personally, keeping the bet risk roughly the same in dollars,during a streak stands out most within the seven you chose to address for the article.

Nial…great summary of key trading issues…sure some things should be tweeked a little here and there to suit the individual…but 7 deadly trading sins in a nutshell none the less thanks for your continued sharing. Nail, a very good article. It helps a lot to decide inclusion or not of indicators. I agree, its better not having them! I think it doesnt matter either way. A crap system will send you to the poor house everytime regardless of your moneymanagement.

Then apply the risk in dollars. No matter what dollar amount you decide to risk its still some percentage of your account. Hi Nials, spot on mate. Sins 3 and 4 have been my past problems.

Just not sure which pairs I shold trade other than 4 of the most dollar cross pairs. Any sugestions to add to my research would be appreciated. Hey Nial, great reading and great website!!! Only recently discovered your site and have devoured every page and video and am looking forward to purchasing your course very soon!!

Clarity and simple math rule the day!! Finally, having bought 3 good systems, I find myself doing what you describe in 4. Partly combining methods and partly trying to use different methods according to the market, time of day, how I feel and so on! I need to simplify, build confidence in what I see on the charts, rather than what an inidicator tells me, and spend less time glued to the screen.

Thanks for the insight. I am grateful again today because you touched most of my weak areas. For me a newbie, I think 4hr TF is good for me to trade. Thank you and have a nice day Niel. Great lesson Nial, actually I encountered all the 7 sins you mentioned, but probably the most deadly for me are 2, 3. Sometimes I lost money because of 6.

Thank you Nial,The Bible says in James 4: Have a wonderful weekend. Hi Nial, Thanks again for a really good summary of exactly the problems that I as newbie are faced with very often. I changed to 4 hour charts and look for a possible entry and the go the the 15 min just to pin point the best entry.

It works very well. Hi Nial, as always a good read. I too have my own list of 7 Deadly Sins of what not to do, these are part of my Trading Plan, they are 1. Holding a losing trade in hopes you get back to even 2. Believing it cannot go any lower 3. Thinking a lose is only a lose when you sell 4.

Following the Crowd 5. Trading against the Trend 6. Adding to a losing position 7. Selling your winniers and letting your losers run. Esepecially the sin of being a greedy idiot, which I thought I had mastered.

So I got a -1R loss instead!! Perfect timing for me! I needed to read the list of sins. Hi Nial Thank you for the advice,I am guilty of a few of those. I blew out 2 accounts because of it I have since being in and out of profit and now I am re-adjusting my trading system once again. Thank you once again your tips are just fantastic Keep up the good work Nial.

Indeed I am guilty, 4 out of 7 as far as I am aware of as well as being able to admit it. I guess something of a major step if I was in AA program. Something like an addiction or personality flaw where rock bottom has to be achieved first in order to find a strong catalyst for change. For myself the reason I got into trading was due to curiosity, challenge, mastery and financial security.


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