Reckless Forex Trading Day

Pips Be With You!

When I say this to you, it's your turn to reply back and say "Pips be with you too!"

I haven't gotten that much replies back since the PIPS have not been with me this week.  Or maybe they have been with me but on the negative side. huhuhu 

Reckless Trading

The start of this week is the most bloody experience in my Forex trading life.  I have been trading recklessly.   I thought I wouldn't be susceptible to emotional trading given my experience in stock trading, but I was wrong.  At one point, my usable margin was down at only 40% of my account and I had lots of several positions open at one time.  Every time one of the trades goes against me, I kept thinking about whether I would get called on margin.  Suffice to say, I didn't sleep very well last night.

The nightmares have started.

Wrong Call

How to Trade Forex For Life

In order to trade the Forex market successfully, you must have a Trading System that you can rely on.  This holds especially for those who want to trade the Forex market to earn a living for life.

From what I've gathered so far, the keys to successful trading boils down to 3 main points:

• Money Management
• Strategy
• State of Mind

Among the three, Mario Singh associates 55% of the success to the trader's state of mind.  This goes in resonance with what Alexander Elder wrote in his best-selling book Trading For A Living.

The Trader is the Weakest link in any Trading System -Alexander Elder

Money Management comes second at 30% and only 15% is attributed to Strategy.  Let me explain more in detail below.

Technical Analysis - Certificate of Completion (Risk Management)

The tricks of the trade are endless.  Look what I got for completing the Forex Trading Basic Course on Technical Analysis.  These people really know how to encourage you.  Hopefully the support and encouragement doesn't stop even when you've opened a live trading account already.  (Sound FX: crowd cheering and clapping! I take a bow and thank you all)

Certificate of Completion: Technical Analysis for the Happy FX Trader.  Given by Daily FX.

I found another set of online videos that will compliment the Forex Trading Videos from Mario Singh and Mark So that I posted earlier this week.

This time it's from FXCM's site called Daily FX.

Here's the link:

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