Forex-Trading-Mistakes

Trade What You See Not What You Think About Trading

 

Trade What You See Not What You Think About Trading

Those of you that have been trading for an extended period of time can attest to the fact that trading will test your patience, nerves and frustration levels like nothing you’ve ever experienced. This is because the markets are always in motion and this, in turn, leads to constant uncertainty. Since the human mind is not programmed to think in these terms, for many traders this is a major cause of stress, especially for those that haven’t learned how to re-program their mind to deal with the vagaries of the market place.  Consequently, a trader has to come up with the proper trading strategies to deal with these issues and be profitable.

So what’s the best antidote for this malady? There are actually several.  The first one is to have a very straight forward process that is repeatable. By definition, a process has to have a consistent and detailed set of rules. If a trader has this he can then be accountable and take responsibility for every decision that he makes.  The alternative to not having a trading strategy is that all his decisions will be driven by all of the emotions that come with putting money at risk.

The second, and probably most important antidote to deal with this malady, and subsequently being profitable is having the correct mindset.  Once the rules are in place, a trader must make decisions based on his method. The mindset comes when a trader begins to take full responsibility and is accepting of the outcome once the decision is made.  In other words, once action is taken a trader must be perfectly OK with the end result.

In order to learn a new way of doing something, to truly master it, we need to leave any preconceived notions and biases behind. When learning a new trading strategy, it’s absolutely crucial that you ‘wipe the slate clean’ of the previous methods and systems you’ve tried (which obviously haven’t worked). This might mean you need to make a conscious effort to ‘unlearn’ certain trading methods and ideas that you have learned up to this point in your trading career. If you don’t, you’ll end up combining them with price action and trying to come up with some ‘hybrid’ trading method, and in my opinion this is usually a very bad idea.

 

Did you ever stop and think that maybe most of what you’ve learned about trading up to this point is just wrong? Most people feel a blanket of comfort from knowledge, but what if it’s the wrong knowledge?

If what you’ve been doing in the market hasn’t been working, it’s probably time to try something different. However, if you’re going to commit to that, you need to let go of what you’ve previously learned about trading and dive in head-first to a new approach…

Stop trying to combine a multitude of trading methods together….

 

Your trading approach for entering and exiting the market should be simple enough that any non-trader, or even a kid, could understand it. If you’re combining a multitude of trading methods together, it’s likely that YOU don’t even understand what you’re looking for in the market, and you obviously can’t develop a profitable trading edge if you aren’t even sure what you’re trading strategy is.

Over-complicating the trading process is one of the biggest reasons why such a high percentage of traders fail over the long-run.

You need to either commit to one strategy or the other, but you definitely don’t want to combine multiple methods together. I read emails from beginning traders who are trying to combine such silly ‘methods’ as astrological planet alignment, Gann lines, Elliot Wave together with my price action strategies, and somehow they think this is a good idea! It’s outrageous, to say the least. But, sadly, most people make this mistake at least for a while…until they realize it isn’t working for them.

Thus, to really have a good chance at becoming a skilled and successful price action trader , you need to truly wipe the slate clean and start fresh. If you’re bringing over your fancy trend lines, elliot waves,  Ichimoku Clouds, macd’s, stochastics, etc. and trying to use this stuff with what I teach, you’re doing yourself a disservice.

Take your  first step to success in trading today

Sometimes in trading and in life, we need to admit mistakes to move on and make real progress. Clearly, if you’re learning something new, it stands to reason that the previous lot of knowledge on how to trade didn’t really work for you. Therefore, it’s time to let go and wipe the slate clean.

 

At Equity Explorer we focused on small stop loss and proper money management. We teach you, how by using simple process you can make money every day without fear of stop loss. Our day trader use only 8-12 pip small stop loss for making 20-30 pip profit in every trade. So trading 2-3 hours every day with our trade plan, our day trader are able to booked 100-150 pip every day, without holding any open position over night with confidence and able to take pleasant sleep over night. So I want to give you just a couple – a few principles actually, not just a couple, but a few principles I use in my own life to stay consistently successful as a trader.

Join our daytrading course now

28 Comments. Leave new

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June 22, 2015 5:37 pm

hello sir,
great article sir , i have been reading this article so many times but every time i read this article i found some thing new lesson from it .
Now I am trading very confidently and easily earn 100 pips per day during london session. thank you so much sir

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Equity Explorer
June 23, 2015 3:46 pm

Thanks aditya, keep doing what you’re doing and you’ll keep getting what you’re getting

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Equity Explorer
June 23, 2015 3:43 pm

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