July 4, 2010

Forex Trading And The Obsession To Win.

By Planet Wealth

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pForex trading is one of the fantastic money making opportunities available these days. People from many walks of life, men and women, choose to join the forex trading world everyday looking for the fantastic style of life a profitable forex trader can achieve.br /br /But Forex trading is also a war where you can lose your money and confidence if you are not wise enough in your battles against the market, a wise, often formidable and even brutal enemy.br /br /There is an ancient saying by the Chinese military genius, Sun Tzu that says, ldquo;the obsession for victory is a state of mind that benefits the enemyrdquo;. And these wise words apply without any doubt to the world of forex trading. In the war with the markets nothing is more damaging to a trader than ldquo;the obsession with victoryrdquo;. br /br /There are many new traders that reckon they must never close a trade until it will turn into a profitable one; or reckon their predictions based on a particular indicator and technical analysis will always be right and the forex market will start behaving in the way they had predicted in any moment, no matter if the charts clearly indicate that its not doing it and the margin of the account is getting depleted.br /br /This is, in no way, a wise forex trading strategy; it is not a wise war strategy. With that behavior you will only be giving free money to the markets, i.e., you will be defeated by your own obsession with being profitable even if everything is going against you indicating you must close the trade or tighten your stops. br /br /So, never fall for obsession when trading the forex markets; nothing excellent can result from this behavior. You must always place your stops according to your tolerance level and be wise with your indicators. Remember they can fail you. They mostly tell probabilities and when dealing with probabilities there is always room for weird behaviors that wont agree with what you were expecting.br /br /My recommendation; be wise, use your criteria and never ever obsess with a trade.br /br /————————————————————————-br / Additional Resources:nbsp;nbsp; a href=http://theforexrobotnews.com/ target=_blankForex Robot News/a , a href=http://theforexrobotnews.com/how-to-make-instant-income-of-18900-a-month-or-more-in-stocks.htmlbarry boswell/a , a href=http://theforexrobotnews.com/tag/buy-gbp-botgbp bot/a/p

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