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    Thread: simisola's trading journal

    1. #611
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      without money management,
      In fact, without adequate money management we are just wasting our time and resources and you might not know it now but time will make you understand like it did to me, because you shall watch yourself from year to year without making any meaningful progress due to the fact that you are always blowing out your trading accounts!
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades

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    3. #612
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      In fact, without adequate money management we are just wasting our time and resources and you might not know it now but time will make you understand like it did to me, because you shall watch yourself from year to year without making any meaningful progress due to the fact that you are always blowing out your trading accounts!
      Money management is really vital in our trading life. We need to always stick to proper money management so that we can stay longer in trading. we don't want to get account blown up for small time. So, we must focus on discipline in trading. Thus, we are here to share opinions and mostly we are advised to follow proper money management, isn't it?.

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    5. #613
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      Quote Originally Posted by forexianz View Post
      Money management is really vital in our trading life. We need to always stick to proper money management so that we can stay longer in trading. we don't want to get account blown up for small time. So, we must focus on discipline in trading. Thus, we are here to share opinions and mostly we are advised to follow proper money management, isn't it?.
      Yes, the money management is vital in our work, there is nothing a trader will do nicely without having to consider the money management. If traders are really sure that they want to make success in the market, they need not to rely on their trading strategy alone, the trading strategy will only cause much of the failure for traders, that is why it is not good at all for traders to do a thing like that. Also, to be a real trader means that you will have to blend a good skills together, and that will include working with good management and plans too.

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    7. #614
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      Quote Originally Posted by simisola View Post
      If we can disobey any rule of the forex market is believed that money management should be exempted from that, we cannot earn from this business with a mindset that is flawed, forex is definitely for the people that have hard heart, don't expect that you will become successful with a bad habit and attitude, you will just be disturbing yourself for nothing, if we are to go by the figures that 90% or more are losers in the forex business, that should put fine amounts of fear in our minds that we really need some form of carefulness in this business, successful trading is not a day's job, so much discipline is involved.
      Good explanation simisola i think the same way as you do, one just cannot recover account in couple of days, do it slowly, if you want to be a rich person all you need to do is take all the necessary steps first dont jump to the last step of the ladder. but i dont know why did you said that we should exempt money management from it ??

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    9. #615
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      If we can disobey any rule of the forex market is believed that money management should be exempted from that, we cannot earn from this business with a mindset that is flawed, forex is definitely for the people that have hard heart, don't expect that you will become successful with a bad habit and attitude, you will just be disturbing yourself for nothing, if we are to go by the figures that 90% or more are losers in the forex business, that should put fine amounts of fear in our minds that we really need some form of carefulness in this business, successful trading is not a day's job, so much discipline is involved.
      you are right my dear friend, yes forex trading is meant for traders that has mind, if we dont have a strong mind in the market, we will somehow be loosing unnecessary in the market, and we must not have it in our mind that we can be successful in the market in a short period of time, success take time to build and it talk us more knowledge as well

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    11. #616
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      if we dont have a strong mind in the market, we will somehow be loosing unnecessary in the market,
      Yes strong mind needed to do Forex business in right direction, Forex looks like very easy business but it is not cause handling the trading platform software is too easy but understanding this business is not so easy.

      We are sometime make many mistakes like over trading, big lot size trade, trade without calculate risk management and hold long time loss open trade etc is most common mistakes in Forex market, we are always face it but never learn from it and do again and again same mistakes, so that we never make success in Forex market, in this case a good and trading plan can make us good and experienced trader in Forex market I think, if we want to be a good trader then must to practice and gather more and more knowledge is must I think.

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    13. #617
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      Quote Originally Posted by kazol76 View Post
      Yes strong mind needed to do Forex business in right direction, Forex looks like very easy business but it is not cause handling the trading platform software is too easy but understanding this business is not so easy.

      We are sometime make many mistakes like over trading, big lot size trade, trade without calculate risk management and hold long time loss open trade etc is most common mistakes in Forex market, we are always face it but never learn from it and do again and again same mistakes, so that we never make success in Forex market, in this case a good and trading plan can make us good and experienced trader in Forex market I think, if we want to be a good trader then must to practice and gather more and more knowledge is must I think.
      We really need to have strong mind in this business. If we have strong mind, that means we have a strong patience. We need to be patience all the time in trading. Patience is needed when we want to learn and trade. Moreover, if we don't get good patience in our mind, definitely we can't earn good income from this business.

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    15. #618
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      Quote Originally Posted by forexianz View Post
      We really need to have strong mind in this business. If we have strong mind, that means we have a strong patience. We need to be patience all the time in trading. Patience is needed when we want to learn and trade. Moreover, if we don't get good patience in our mind, definitely we can't earn good income from this business.
      ONe has to be so serious with the business if they want success, that way the demo account is a way to learn and understand the business, if one can learn from the demo account and develop their trading skills and market understanding, the more they can become more of a successful trader.

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    17. #619
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      Quote Originally Posted by forexianz View Post
      If we have strong mind, that means we have a strong patience. We need to be patience all the time in trading. Patience is needed when we want to learn and trade. Moreover, if we don't get good patience in our mind, definitely we can't earn good income from this business.
      I have come to understand that in order to become good forex traders then we need to exercise good patience in all that we do in the trading environment because without patience then you can never learn how to trade the market and even when you possess good trading skills then you need patience to wait for the right setups to come your way!
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades

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    19. #620
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      Quote Originally Posted by forexianz View Post
      We really need to have strong mind in this business. If we have strong mind, that means we have a strong patience. We need to be patience all the time in trading. Patience is needed when we want to learn and trade. Moreover, if we don't get good patience in our mind, definitely we can't earn good income from this business.
      There are many things that you need to learn by first thing is to find out your flaw i mean there might be a trader who is a patient one but he is not getting it right because the strategy that he uses is not a good one, so he need to fix it and on the other hand there might be a trader who is greedy so he needs to fix that too, so for each individual trader the problem is different

      What do you think about this ??

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