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Many people know how to trade but can't make money

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Many people know how to trade but can't make money

Postby Alan Rich Online » Mon Dec 31, 2012 11:28 am

They think more about the moves in the market than they do their account.

They don't manage risk and they don't step aside when the game changes. We all have our rules. My first one is to make days money.

I've made a good days money on the US market in the first 5 minutes of the day and gone out for a coffee, come back, not done much and then gone home. I would get into trouble with the company the next day but find out that I made more than most people on the floor for that day.

It's not what's happening or how much work you put in its how much profit your account shows at the end of the day and end of the week.
Yesterday was like that for me. I had a day's money banked at midnight and managed my risk on a remaining position. I walked away all day and left my screens, a day's money banked and brilliant week's trading. Job Done.

Another thing you have to watch out for is this.

You have to be very careful when you either do very well or very badly. You can chase moves and over trade either by thinking you can walk on water or by trying to make back any losses. You have to chill out slightly, take it easy even if it's just to get your emotional mind back to its equilibrium again.

Start every new week looking at your account with the last weeks profits in it and you'll feel good about your trading.
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Re: Many people know how to trade but can't make money

Postby Haley12 » Tue Jan 01, 2013 10:08 am

Thanks Alan Rich Online for your valuable and useful suggestion regarding forex trading. It is useful for both new and experienced traders.
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