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One Word That Will Set You Apart From The Chumps in Forex

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One Word That Will Set You Apart From The Chumps in Forex

Post by fxjedi on Thu Jul 17, 2008 10:52 am

Dear FX Top Gun,


No one wants to be a chump.

I know I never did.

Chumps don’t make a lot of money, they get tricked easily, they don’t have a lot of friends… and did I mention that they don’t make a lot of money?

In the Forex market, there are a lot of chumps.

They get duped into believing that they can open up a demo account, play around for a few days and suddenly they’re the expert. In goes the real money… out comes a flat broke chump.

My message today is “Don’t be a chump.” 90% of the Forex traders today are losing money – they are getting slaughtered… nothin’ but shark bait.

So, I’ve got one word for you (and it’s attached to a very simple strategy) that will help you be an FX Top Gun – not a chump… and help you beat those nasty sharks (the big banks and institutions) at their own game.



The Word Is: Restraint



Yeah, “restraint” is the single word that will separate you from the crowd – which is a good thing since the crowd is losing money hand-over-fist.

It’s an ugly word in our society today. We’re all about fast food and microwaves. Who wants to sit on their hands and do nothing? Where’s the action? That’s why I’m in Forex … the action… the fast-paced, lightning-speed, feeding frenzy of the trade!

Hey, I love all that stuff just as much as the next guy. But sometimes you’ve got to have a bit of restraint. You’ve got to get a grip on yourself, slow down and (I hate to say this) do absolutely nothing.

Let’s talk about when you should – and should not – exercise restraint.

Knowing the difference is what separates the winners and losers in the trading room… and I really want you to be one of those winners. Because being a chump stinks.

No matter what is going on with price action during a day, if your pre-set parameters to enter a trade have not been met, sit on your hands and do nothing .

Overtrading is a common problem, especially with amateur traders. The pressing need to do something is powerful -- either when price is moving wildly or even when price is doing nothing and boredom sets in.

Resist it! Restrain yourself!

Sometimes the best move you can make is to do nothing and wait for another day. Remember… it’s not a race to see how many trades you can execute…



It’s about how much money you make.



If you entered only 1 trade for a month and it made you 10% net, that would be a great return.

The bottom line is this: Activity does not equal profitability.

What does equal profitability is consistently grabbing 10-30 pips a day… and keeping them. And that is what I am all about. I’m all about reaching in, grabbing those pips, and keeping them safely locked away in my bank account.


There’s Room On The Top… Come On Up



But, I’d like to change that. Ok, maybe I’d like to stay on top, but, let me tell you, there’s TONS of room up here for some more folks.


Here’s To Your FX Trading Success,

fxjedi

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Re: One Word That Will Set You Apart From The Chumps in Forex

Post by masif1 on Thu Aug 14, 2008 11:20 am

Thanks fxjedi,

you truly are a master.

very wise words.

from experience I hate to admit but i have been a chump and have still yet to recover. I'm still licking my wounds from the black Monday in January and haven't had the finances or courage to start trading again yet.

I hope to start soon and shall definitely be taking the above advise and look forward to joining you guys at the top.

Thanks

masif1

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