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Thread: How to enhance patient and discipline

  1. #1
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    How to enhance patient and discipline

    Other business needs that we work hard and work daily in other to be successful.

    Quite unfortunately we don't need to apply that method in forex trading, believe me, those that did made loss and quit trading, thinking that forex is a course.

    Come to think of it, when reading and learning from some well known good traders, they emphasize on the use of longer time frame which needs so much patient to benefit more. Trader like NIAL FULLER who we all know about his site makes use of the daily time frame in trading.

    From my experience here are key points one should have in mind to enhance patient and discipline.

    1. Making profits does not necessary mean that you should have so many opened trades. That way, refrain from over trading. Then patiently wait for a trade pattern to form, of course we all have our trading method, so wait for a good entry point.

    2. Know that the market moves like wave(fluctuates). In as much as you have made use of good risk management by using your stoploss, close your trading terminal and come back later the next day(if you are trading daily time frame) Always wanting to watch your trades could lead to wrong decision.

    3. When you have missed a trading opportunity(good entry point) always bear in mind that more will still come so don't go against your discipline to enter when it is late.

    GOOD LUCK WITH YOUR TRADE>

    THANKS.

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  2. #21
    Trader Hukam's Avatar
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    Quote Originally Posted by rinaji View Post
    I love this topic, it really a good advice especially for beginners who still have the wrong thinking about making money in forex. Open many orders and have many trades is doesn't meant will be good to gain more profit. The quailty of trades is more important than the quantity, less trades with a good quantitiy of trades is enough for traders to gajn profit consistently. Forex market moves and form a wave even though in the trend phase, it will give big affect on psychology.
    Yeah but now days most of trader's follow the wrong trading approach. All we know that they try to make a lot of money and try to focus on quantity of trading rather than quality of trading. All trader's have to focus on their quality but new trader's take some time to learn about it, its because of less knowledge and less experience its very common to see this type of mistake by newbies in forex market.

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  3. #22
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    Quote Originally Posted by Hukam View Post
    Yeah but now days most of trader's follow the wrong trading approach. All we know that they try to make a lot of money and try to focus on quantity of trading rather than quality of trading. All trader's have to focus on their quality but new trader's take some time to learn about it, its because of less knowledge and less experience its very common to see this type of mistake by newbies in forex market.
    Well, it is good to focus on the quality of trading my friend, but this is not what would do all for the trader. We all need to have full experience on the psychological and managerial part as well. Many traders are too busy working with the things of the direction/ signal making in the market, but the earning is never limited to that only.

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  4. #23
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    Quote Originally Posted by Hukam View Post
    Yeah but now days most of trader's follow the wrong trading approach. All we know that they try to make a lot of money and try to focus on quantity of trading rather than quality of trading. All trader's have to focus on their quality but new trader's take some time to learn about it, its because of less knowledge and less experience its very common to see this type of mistake by newbies in forex market.
    It is a bad idea doing so, and I think it will take some time before they can realize how bad they are trading, maybe then they wouldn't have any money to trade with.

    Personally, I found discipline to be very important in what ever that we are doing, and also I would advice all traders to consider discipline when trading which simply means following their trading strategy rightly.

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  5. #24
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    Quote Originally Posted by splash View Post
    It is a bad idea doing so, and I think it will take some time before they can realize how bad they are trading, maybe then they wouldn't have any money to trade with.

    Personally, I found discipline to be very important in what ever that we are doing, and also I would advice all traders to consider discipline when trading which simply means following their trading strategy rightly.
    [lang=id]the experiences has proved that discipline is they to get success, in everything, we need to support our effort with strong discipline and also patience, and this is the only way for us to keep walking on the track to follow the rules[/lang]

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  6. #25
    Trader lawners1791's Avatar
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    Quote Originally Posted by sharegistFX View Post
    1. Making profits does not necessary mean that you should have so many opened trades. That way, refrain from over trading.
    those had with the decision as entering with the better on precision as submitting of requests with the trading on focusing with the manage to run of customs with the monitoring on referring exit strategy to work of the extents on managing order with the trading.

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  7. #26
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    Quote Originally Posted by samprazaan View Post
    [lang=id]the experiences has proved that discipline is they to get success, in everything, we need to support our effort with strong discipline and also patience, and this is the only way for us to keep walking on the track to follow the rules[/lang]
    Of course, the discipline has really helped me in many ways, but I would like you to know that discipline without good trading system and approach would still amount to nothing. So, the trader should first equip himself with the things of strategies before going further to work on the things of psychology like patience and discipline of the trader.

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  8. #27
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    Quote Originally Posted by splash View Post
    It is a bad idea doing so, and I think it will take some time before they can realize how bad they are trading, maybe then they wouldn't have any money to trade with.

    Personally, I found discipline to be very important in what ever that we are doing, and also I would advice all traders to consider discipline when trading which simply means following their trading strategy rightly.
    One day all bad trader's will surely realize that how bad they are in forex market, and how much money thy are losing in forex. Gambling is bad in forex and trader's lose a big money when they try to do gambling by investing small amount of money every time, every small amount become when we calculate them all in one. I have also played gambling a lot in forex and that's cost me $3000 loss in past.

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  9. #28
    Trader lawners1791's Avatar
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    Quote Originally Posted by sharegistFX View Post
    When you have missed a trading opportunity(good entry point) always bear in mind that more will still come so don't go against your discipline to enter when it is late.
    yes to work with the decision as having of better on backup on supports as possessing use with the different occupation of system and strategy on working with the moderation of risks to refer ones with the finale on delivering secure on returns to complete of target by the end of session with the manage of order.

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  10. #29
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    Quote Originally Posted by Khimi234 View Post
    One day all bad trader's will surely realize that how bad they are in forex market, and how much money thy are losing in forex. Gambling is bad in forex and trader's lose a big money when they try to do gambling by investing small amount of money every time, every small amount become when we calculate them all in one. I have also played gambling a lot in forex and that's cost me $3000 loss in past.
    That is a big amount of money for me madam and yes everyone lose money in this market. The good thing is that now you are on right track, there are many forex trader's who give up in forex when they lose a big capital like you. But you are still in this business, learning from your past and focusing on your goal, its good to see that many hard worker trader's like you still love to stay with this business. I am also very passionate about forex, we all become successful together don't worry about the old losses. This is the forum where we have to help each other, its a very good opportunity for us to learn from each other and I am sure that it will help us to recover our old losses.

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  11. #30
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    Quote Originally Posted by sharegistFX View Post
    3. When you have missed a trading opportunity(good entry point) always bear in mind that more will still come so don't go against your discipline to enter when it is late.
    yes as trading work comes with the wider on chance as offering trader to enter by the times of the session as having with the ability on supports to manage with the expends on applying risks with the good approach on occupying use of system and strategy by the selection, to gains of return with the excess on consequence.

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