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 Forex Trading Is Like stacking a Pack of Cards.

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asiaforexmentor



Male Number of posts : 50
Age : 26
Registration date : 2011-03-31

PostSubject: Forex Trading Is Like stacking a Pack of Cards.   Mon Mar 19, 2012 5:58 pm

Forex Trading Is Like stacking a Pack of Cards.


Have you ever tried stacking a pile of cards? If you haven’t perhaps you should try it now.
Placing every piece of card, trying to find the precise angle, and with a calm collected touch is the key to building your stack of cards.
First you must have a solid and stable ground
Next you must have got the surroundings covered. No open windows – in case the wind blows, no direct fan blowing at you. etc
Whilst placing that card, you must keep all distractions at bay.
With a cool & calm collected mind, you will be playing it off better than someone who is anxious and excited.
Now while you have built your first layer of cards, you begin to gain confidence. Confidence is good, it shows that whatever you have been doing all this while is working.
However, confidence usually leads to being conceited. And that’s when the trouble begins.
As you begin to feel conceited and feel that this is easy stuff. You tend not to disregard the basis you have put in at the start that had built your base (first layer).
You begin placing the cards faster, with lesser precision and with a conceited heart. No longer calm & compose as you feel that this is a piece of cake and you are able to get the stack of cards growing faster than it should.
You lose the consistency that brought you this far, and with one slight wrong movement.
- Be it the lack of precision – placing it at the wrong angle.
- The lack of planning, without looking at the overall stack to see if the fundamentals are firm enough.
- The speed of the anxious & conceited hand that placed the card.
You let distractions come to you because you thought you had it already.
You let the wind in because you thought it wouldn’t matter.
If either one of the above happens, with one wrong move. You would have caused your whole stack of cards to tumble and fall.
Do the above scenarios sound familiar?
This is the same thing that happens to most traders. Traders always forget what got them winning in the first place. They let the same things to happen to them which eventually caused them to lose it all. Even their initial capital.
Here’s how it relates.
Be it the lack of precision – placing it at the wrong angle.
- In forex trading: It could be entering the trade just based on gut feel, no price action confirmation, trading against the main trend.
The lack of planning – without looking at the overall stack to see if the fundamentals are firm enough.
- In forex trading: Lack of planning would refer to not planning your stop loss, target profit, money management and risk reward ratio.
The speed of the anxious & conceited hand that placed the card.
- In forex trading: It refers to trading psychology and emotions. That’s the key component that caused majority of traders to fail. Greed, fear of loss, getting revenge on the market, afraid of missing a good trade. All this will blind the judgment of a proper trade least say a good trade.
You let distractions come to you because you thought you had it already.
- In forex trading: You let lose of your sight on goal, you bit the hand that had feed you. You begin concentrating on other things – other than forex. You begin boasting on how good you are. You watch the tv while placing a trade. Etc.
Remember: Successful forex trading is mastering all of the above. Its about being consistent on all trades, and not to forget the fundamentals that got you going.
Look forward to seeing you in our group,
Ezekiel from www.asiaforexmentor.com
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