Well, I need a couple more weeks and a bit more discipline but I am beginning to sniff potential. I have a small target per day and then I try to be very conservative once I have achieved that. I am entering with a basic 3 to 1 risk reward model, quite small positions, which if I make 6-8 plays a day requires me to only have a 50% success rate.
I do keep breaking my own rules....and going for the big one....I need to stop this....its very annoying to spend good thought getting to a destination and then bad emotion to throw it all away....not just a truism for trading that methinks.
I stumbled up a great site with heaps of grea info and this fantastic top 10 rules for FX trading
The 10 Rules1. Never Let a Winner Turn Into a Loser
2. Logic Wins, Impulse Kills
3. Never Risk More Than 2% per Trade
4. Trigger Fundamentally, Enter and Exit Technically
5. Always Pair Strong With Weak
6. Being Right but Being Early Simply Means That You Are Wrong
7. Know the Difference Between Scaling In and Adding to a Loser
8. What is Mathematically Optimal Is Psychologically Impossible
9. Risk Can Be Predetermined, but Reward is Unpredictable
10. No Excuses, Ever
This is taken from : http://www.investopedia.com/university/forex-rules/
Until later, pip pip
I have been looking around for another way to make some money. I'm not confident with the housing market in NSW, shares are all over the place.....so something that has liquidity and continuity. Now gambling is immoral and for idiots right...so I'm going to try the Foreign Exchange Market and document my progress here.
No comments:
Post a Comment