6 Ways To Become A More Confident Trader.

It is a new week and it is always good to read about advice when it comes to forex trading.
I came across this from Russ Horn...

It is about 6 Ways You Van Become A More Confident Trader

Enjoy the 6 things you can do to become a more confident trader.

1. Know your trading system inside and out.
Make sure that before you are trading live that you are very clear about your trading signals. Any wishy-washy or uncertainty in your signals will cause you a lot of doubt. Make sure your system is crystal clear to you... that includes entries and exits.



2. Know that the odds are in your favor.
Testing your trading system is so important. You have to know if your system can deliver the goods or not. Once you have decided that your system is able to win more than it loses, you are on the right track.

3. Understand that you aren't going to win them all.
If you know that you are going to lose trades and that you absolutely cannot avoid them will actually help you pull the trigger. Even better is knowing the percentage of the trade you might lose. If you understand that you are going to lose 40% of all the trades you take, you will be less hesitant to trade.

4. Have some kind of Trade Management in place.
Once the trade is in progress, the hard work begins. You will want o monitor and actively manage your trade. As the trade moves, you will be looking for ways to move your stop loss closer to your entry level. This method should already be part of your trading plan. Doing this will ensure that your losses are always smaller than your wins.

5. Accept the risk of the trade you are taking.
You will be risking a certain percentage of your account on each trade you take, are you comfortable with that risk? If you can't bear to lose the 2% you are risking on the trade, then you should be risking less. Once you fully accept that you could lose the trade, and that it's OK if you do, you will be happy to place the trade.

6. Believe that you can make money at trading.
Traders are making money everyday in the Forex markets, but if you think the markets are out to get you, you will always doubt the trades you take. I am sorry to burst your bubble, but you are not important enough for the market to pay any attention to what you are doing. No matter how much you scream and shout, you are invisible to the market. Know that it's possible to make money and go get your share!


happy trading, Yours sincerely,




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