Ultimate Forex Formula
Foggy Focus - if there isn't a clear understanding of what needs to be done, you don't stand a chance.
Most traders guess when placing trades. They cross their fingers on their left hand and click the mouse button with their right, hoping that it turns out to be profitable.
Don't even think about developing a romance with your computer screen, staring lovingly into it all day long, thinking that by studying charts and trying to figure out what the hell the markets are doing, you will shove money into your account.
No, it doesn't work like that. If you want to burn yourself out fast, follow that crap. That's not the way to true freedom. If you're looking for true financial freedom, that's not the path to it. Because you'll be simply trading your job to sit every day in front of a screen. And that would defeat the purpose of leaving your job, right? Who wants to sit down at home all day long missing out on life? Not me.
4. Poor Discipline - When fear and greed overwhelms you, you're headed down destruction path. Disciplined trading means sticking to a PROVEN strategy. One that wins MANY more times than it loses. And once you veer from that, you're toast. Have you suffered from any of these in the past? If you have, would you like to trade in a way that you never suffer from any of these again? Without plodding through a long learning curve? Sure you would! Listen...
2. Sloppy Strategy - Most traders don't have a solid, fool-proof strategy. They don't have a strategy proven to work when the markets are up and when they are down. So they're at the mercy of the market. 3. Poor Money Management Skills - I used to suffer from this... most traders over leverage their accounts because of greed. They want to make the big whack. But, instead, the markets WHACK their accounts and, in some cases, WHACKS their trading career because of lack of persistence.