Account # 1
buy 0,5 190.14 profit -6151
buy 0,2 189,67 no sl tp:192.85
buy 0,1 187,76 no sl tp:192.85
sell limit 1.0 193,00 no sl tp:191.20
margin level: @242% balance: 3893
Today
Oct 3
1:45am CHF CPI m/m 0.1% -0.1% -0.3%
All Day EUR Holiday: German Unity Day
4:00am EUR Final Services PMI 48.4 48.2 48.2
4:30am GBP Services PMI 46.0 48.0 49.2
4:34am GBP Housing Equity Withdrawal q/q -2.8B 2.5B 5.2B
5:00am EUR Retail Sales m/m 0.3% 0.1% 0.1%
8:30am USD Non-Farm Employment Change -159K -100K -73K
8:30am USD Unemployment Rate 6.1% 6.1% 6.1%
8:30am USD Average Hourly Earnings m/m 0.2% 0.3% 0.4%
10:00am USD ISM Non-Manufacturing PMI 50.2 50.0 50.6
1:00pm USD Economic Stabilization Bill Vote Reject
95% Losser + 5% Winner = Forex!
Have heard forex trading? If yes, maybe you know that 95% trader loss their money on the first 3 months. That means only 5 % trader who success. I am not an expert trader in forex. I’m just average-skill trader and still learn more about forex industry until now. But for your information, an average trader can get result 100 times better than expert trader. Why? Forex is not theory, forex also not science. Forex is a combination between discipline and emotion control.
I have experienced getting well enough result in my first trading with real account. I have a good trading system and I have discipline on running it. My money grew day by day. But you know what happened next?
I once loss several times, then I start to let my emotion take over my trading. And guess what? I loss all of my money within 3 days!!!
Based on my experience, I want to share my experience which probably could help you in first day of your trading. Surely, you often hear about technical analysis, fundamental analysis, trading management, money management, and various other forex theories. So, I feel that I don’t need to tell more about forex theory to you, because it will only make you feel more confuse. I will enhance one important thing, that will balance all theory that you already have: emotional management!
You possibly have your own management trading, like, will not use your capital more than 10% at one trading, or will not use stop loss more than 20 pips. But have you make the rule concerning on your emotional management?
For example:
1. I will never open a position, when I’m having a bad mood
2. I will turn off my computer when I feel angry because I’m loss
3. I will not trading when I feel sleepy
4. I will never open position when I feel tired
5. etc.
I’m sure many things that concerning emotion which often make you loss on your trading. You can think of your other bad habit that often you do, whenever you are in a bad mood to do a trading, and you can start to make the rule to eliminate all your bad habit one by one. I hope you will try to manage your emotion. However, although you are very smart, without emotional management, you would fail sooner or later.
Then, if you want to become the 5%, you must defeat your emotion with emotional management..!!
Enjoy your trading
Article Source: http://www.articlesbase.com/currency-trading-articles/95-losser-5-winner-forex-368804.html
About the Author:
Nicko martantyo is the owner of http://www.ChooseForexBroker.com where you can find information about how to choose forex broker & forex course.
Wikipedia
References:
^ a b c Triennial Central Bank Survey (December 2007), Bank for International Settlements.
^ Source: Euromoney FX survey FX Poll 2008: The Euromoney FX survey is the largest global poll of foreign exchange service providers.'
^ http://www.ifsl.org.uk/upload/CBS_Foreign_Exchange_2007.pdf (December 2007), International Financial Services, London.
^ Alan Greenspan, The Roots of the Mortgage Crisis: Bubbles cannot be safely defused by monetary policy before the speculative fever breaks on its own. , the Wall Street Journal, December 12, 2007
^ McKay, Peter A. (2005-07-26). "Scammers Operating on Periphery Of CFTC's Domain Lure Little Guy With Fantastic Promises of Profits", The Wall Street Journal, Dow Jones and Company. Retrieved on 2007-10-31.
^ Egan, Jack (2005-06-19). "Check the Currency Risk. Then Multiply by 100", The New York Times. Retrieved on 2007-10-30.
^ The Sunday Times (UK), 16 July 2006
^ Safe haven currency
^ John J. Murphy, Technical Analysis of the Financial Markets (New York Institute of Finance, 1999), pp.
343–375.
^ Investopedia
^ Sam Y. Cross, All About the Foreign Exchange Market in the United States, Federal Reserve Bank of New York (1998), chapter 11, pp. 113–115.
^ Michael A. S. Guth, "Profitable Destabilizing Speculation," Chapter 1 in Michael A. S. Guth, SPECULATIVE BEHAVIOR AND THE OPERATION OF COMPETITIVE MARKETS UNDER UNCERTAINTY, Avebury Ashgate Publishing, Aldorshot, England (1994), ISBN 1856289850.
^ What I Learned at the World Economic Crisis Joseph Stiglitz, The New Republic, April 17, 2000, reprinted at GlobalPolicy.org
^ But Don't Rush Out to Buy Kronor: Sweden's 500% Gamble - International Herald Tribune
^ a b Gregory J. Millman, Around the World on a Trillion Dollars a Day, Bantam Press, New York, 1995.
See also:
?
Wikipedia: Foreign exchange market- Forex
Balance of trade
Bretton Woods system
Currency pair
Foreign currency mortgage
Foreign exchange hedge
Foreign exchange reserves
Forex scam
Forex swap
Retail forex
Special Drawing Rights
Tobin Tax
World currency
External links:
Bloomberg- Benchmark Currency Rates
CFTC Commission Advisory- Customer fraud Protection
Federal Reserve daily update
Microstructure effects, bid-ask spreads and volatility in the spot foreign exchange market pre and post (PDF)
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