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Forex Trading And The Obsession To Win.
from: Adrian PabloForex trading is one of the great money making opportunities
available these days. People from many walks of life, men and
women, decide to join the forex trading world everyday looking
for the great style of life a profitable forex trader can
achieve.
But Forex trading is also a war where you can lose your money
and confidence if you are not wise enough in your battles
against the market, a wise, often formidable and even brutal
enemy.
There is an old saying by the Chinese military genius, Sun Tzu
that says, "the obsession for victory is a state of mind that
benefits the enemy". And these wise words apply without any
doubt to the world of forex trading. In the war with the markets
nothing is more damaging to a trader than "the obsession with
victory".
There are many new traders that think they must never close a
trade until it will turn into a profitable one; or think their
predictions based on a particular indicator and technical
analysis will always be right and the forex market will start
behaving in the way they had predicted in any moment, no matter
if the charts clearly indicate that it's not doing it and the
margin of the account is getting depleted.
This is, in no way, a wise forex trading strategy; it is not a
wise war strategy. With that behavior you will only be giving
free money to the markets, i.e., you will be defeated by your
own obsession with being profitable even if everything is going
against you indicating you must close the trade or tighten your
stops.
So, never fall for obsession when trading the forex markets;
nothing good can result from this behavior. You must always
place your stops according to your tolerance level and be wise
with your indicators. Remember they can fail you. They mostly
tell probabilities and when dealing with probabilities there is
always room for strange behaviors that won't agree with what you
were expecting.
My recommendation; be wise, use your criteria and never ever
obsess with a trade.
About the author:
Adrian Pablo is a freelance writer with articles published in a
number of places. Get a free report on
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