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27
7
It's 2009. Get Your Trading S*** Together, Man!
Wed, Jan 28 2009, 17:36 GMT
by Rob Booker
A week ago, I wrote a letter to a friend about his trading.
I told him it was time to get his s*** together.
Dear Horatio:
You wrote to me and said:
My gains for the month are gone. I need a deeper understanding of the Forex Market. Much deeper.
Negative. You do not need a deeper understanding of the forex market. You need a deeper understanding of yourself. And then you need to start doing what you promised me that you would do: you need to close down your accounts with a lot of money in them, and just keep open one small account with just, like, $1,500 in it. Did you do that yet?
Here is what is going to happen if you do not get your s*** together: you are going to lose the rest of your trading capital. It will all be gone very soon.
A deeper understanding of the market is the last thing that matters right now. It might matter later. But right now, you need a deeper understanding of the Third Law of Forex Trading:
If you look externally for a trading strategy, you will never find what you are looking for.
What are the first and second laws? We can cover those another time.
Then you wrote:
I also need to get hold of my attitude of always having to win at everything. I am a workaholic; if I don't trade, then I don't feel like I am working.
Well, then, Horatio, get hold of yourself! Get your s*** together, man! I am here for you, but you gotta stop ...
Published on Wed, Jan 28 2009, 18:04 GMT
TraderRadio.net
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http://www.TraderRadio.net | rob@robbooker.com
Legal disclaimer and risk disclosure
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.Related reports
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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