iCharts Discussions

[kashidun]

Success demands you stay focused. Going on tilt over losses due to small stop losses, bad timing, having full time job, etc. – are excuses to humans seeking excuses. True professionals understand stalking currency pairs and managing risk management until finding Zero Risk trades that run.
Do you spend quality time sulking over bad trades for an extended period?
History and many in-house surveys suggest students that experience at least three consecutive bad trades begin to seriously doubt their abilities. Reader’s Digest version: They FREAK out and start to revert back to old habits, due to inexperience.
Humans revert back to old habits, a comfort zone when times go bad learning a new craft. I’m amazed at amount of people throwing money around for software searching for easy access to profits. Most never withstand the onslaught of understanding how to deal with losses.
Without learning how to deal with losses, traders will never fully grasp or understand the wins. Risk management is vital to one’s continued success. Embrace losses. Don’t accept them, but embrace losses as part of the journey.
This will be a key to those trading live accounts. Learning to accept losses without fear, self-doubt, regret and knowing your trading plan will produce over the long haul. Another term I use is called the Laws of Probability. My strength is in using numbers where I have the edge in advance.
This brings calm and confidence to seasoned traders.
How can you make the best of a setback?
First, identify what you did right and what you did wrong. Sometimes a trade goes wrong because you were in a bad mood. Perhaps you were stressed out or tried to risk too much money. Perhaps you didn’t prepare far enough in advance for a trade. Maybe your trading approach was inappropriate for current market conditions. You may had a small stop loss and bad timing caused a reversal to take you out before the pair turned around and went in direction you thought.
Things may have not gone your way because you did not trade under optimal conditions. It’s necessary, however, to identify those conditions where you trade at your best and to trade under those conditions
Second, don’t be afraid to identify what you did wrong and admit it. The biggest obstacle to improving your trading approach is to deny you have limitations and to try to cover them up. We usually engage in such deceptions because we believe that we cannot overcome our limitations. If we have the courage to admit what we did wrong, however, we can be more open to change.
Third, it’s vital to be committed to making a change. You must be willing to do whatever it takes to change. Making a change is difficult, and if your heart isn’t it in, you will find a variety of reasons to not change. In the end, you must make the decision to change in order to actually change. You cannot just think, “I would like to change or it would be advantages to change,” but you must think, “I am determined to make a change.”
Finally, you must maintain optimism. You must believe that change is possible and that if you work hard enough, you will achieve the change you desire.
When searching for success as a trader, it’s vital to continue to improve. You must pick yourself up after a setback. When your ego is hurt, you cannot wallow in self-pity. You must get up and fight. Losses are only setbacks if you think of them that way. Rather than see a loss as a tragedy, look at it as a stepping stone on the path to more profitable trading.

[vinay28]

Good one!

[sairanga19]

another important quality for sucessesful trader is,he should not be reckless when he achieves continous ten trading wins assuming that market dances to his tunes

[jasachin2005]

A good Trader has no Ego !

[svkum]

good article , read somewher , this may be copy paste

[kashidun]

Yeah... I got it thru mail, just posted here.

[amitsaraf01]

u need the right education
right trading education
else you just keep searching searching and searching