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My Forays Into Manual Forex Trading
By Jose Martinez
Yesterday I did what NOT to do when trading Forex. I am recently learning a very powerful system called the E75 system for trading, and it's pretty amazing.
Basically, I placed two trades using the system. They both worked like a charm and I reached my targets on both, about 40 pips each. I then did the worst thing. I got greedy and placed a trade not with the system at all. There were no buy/sell signals. I simply thought the price was going to keep going the way I thought it was. On top of that, I over leveraged the trade. I lost a little ove 4% of my account.
Ladies and gentlemen, that was GREED in action!!
Remember to always, always, ALWAYS, be disciplined about your trade signals, and leverage. Never risk more than 3% of your account, and always adhere to your trading system's guidelines and required parameters for a trade. These parameters are there to maximize the probability of success. The stop loss and money management is there to protect your account in case the trade goes against you...and it will. Make your trading mathematical, emotionless. Celebrate later when you hit your targets. A little word of wisdom from a persistent yet constantly learning neophyte forex trader. |
Trading Tips For The Neophite
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The copyright for this content entitled "My Forays Into Manual Forex Trading" has been specified by the contributor as:
Creative Commons Attribution-No Derivative Works 3.0
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This content may be copied and distributed (but not modified), as long as the original author is acknowledged with a link back to the content page.
If you use this content according to the license specified, you must link to the following URL:
http://josmart.qondio.com/
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This intel was contributed by josmart
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May, 2012
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