TheForex trading secrets

The Forex trading secrets

TheForex trading secrets

Forex Secret 1: Cut your losses

The first function that the new trader must accomplish is to learn the
business . Whilst doing so the key is to minimize your
tuition fees, so cut those losses, because they are your tuition fees. The
money spent on software, newsletters, books, seminars etc. is often
trivial in comparison.
As we learn the business we find that we tend to churn away without
getting very far. We learn to cut losses, but find that we make plenty of
good trades but not only are we cutting losses, we are also cutting our
profits. No surprise there. The ego, desperate for anything positive, takes
any profit it sees. But this is also no good because if you are going to
make money you have got to take those big profits. To do so you need

Forex Secret 2: Run your profits

OK, now you are starting to make progress. You should be making con-
sistent profits on a one contract basis. But you have not cracked it yet.
You have not competed all of the 55 steps (see Chapter 2), nor are you
fully through the Trader’s Evolution (again see Chapter 2). But you
have your core on your side and your right hemisphere is starting to get
involved. Now you can start to implement the final secret.

Forex Secret 3: Trade selectivity

You have got to learn how to pick only the best opportunities. This takes
time. You have got to find the right trading approach for yourself. You
have got to narrow your focus on the market. There is far too much
information out there to absorb, even for your right hemisphere. So
decide on your methodology, concentrate on what you need, and
become an expert in its application. When you do this you will know
which are the best opportunities and which are not. At the same time
you will need to develop the mental discipline and patience to wait for
just those opportunities.
Actually I will give you an added bonus

Forex Secret 4: Trade with the trend

That way you will have many more winners.