Hi,
Forex for beginners is definitely not straightforward, despite what you might of read on the Internet. New Traders often get caught up in the moment. I call this dilemma Single Trading Event Syndrome. Basically the rookie trader fails to see past the current trade. The new trader gets so caught up in the moment that they fail to completely understand the fact that the single trading event is virtually immaterial in the greater structure of things.
In fact these types of folks usually tend to live and die by the trade which normally leads to all various problems. If you find yourself in this predicament, you need to rapidly re assess. If you feel the biggest highs or the lowest lows after a profitable, or non productive outcome the likelihood is that you could be struggling with Single Trading Event Syndrome or STES for short.
You may not be considering your own trading success from a probability stand point. This critical condition can prove deadly to your trading account. You can lose concentration, all sense of your plan and your objectivity goes out the window. It is in these types of moments you are at your most susceptible and Forex for beginners can become very serious indeed.
Understanding and fully embracing probability will help you overcome these common problems and allow you to take trades like a professional, free from the shackles of "Single Trading Event Syndrome" You must not look at your results on a trade by trade basis you have to force yourself to see the bigger picture.
Clearly we would all like to win every trade, however, sadly this is impossible. Why put yourself through the mill unnecessarily. The fact is there is no need in order for you to become profitable. All to often new traders believe that to make money trading, they require a high win rate percentage; this simply is not the case. Good Reward verses Risk ratios are the Key.
Within Forex trading, the good news is we get to skew the odds in our favour while controlling risk. You have the opportunity to attain a more substantial gain when you are successful over and above what you will lose on the downside.
This is unbelievably powerful, yet the vast majority of new Forex traders completely disregard this reality. Unfortunately, the blind preoccupation with the single Forex trade outcome, entirely takes over the trader mind. Leaving the new Forex trader incapable to focus and think two moves ahead, which is essential to your overall trading health and your ultimate success as a Forex trader.
When you fully understand the numbers, it will release you from over dependence of the single trading event and this should also help reduce stress levels. You will see that the single trade outcome really does not matter to your overall performance.
Forex traders must coach themselves to fully ignore the single trading event. Completely focus on carrying out your Forex trading strategy to the best of your ability. Commit oneself to doing this and soon you will see just how insignificant win rates actually are to your ultimate success.
All the best,
Mark Chapman.
Forex for beginners is definitely not straightforward, despite what you might of read on the Internet. New Traders often get caught up in the moment. I call this dilemma Single Trading Event Syndrome. Basically the rookie trader fails to see past the current trade. The new trader gets so caught up in the moment that they fail to completely understand the fact that the single trading event is virtually immaterial in the greater structure of things.
In fact these types of folks usually tend to live and die by the trade which normally leads to all various problems. If you find yourself in this predicament, you need to rapidly re assess. If you feel the biggest highs or the lowest lows after a profitable, or non productive outcome the likelihood is that you could be struggling with Single Trading Event Syndrome or STES for short.
You may not be considering your own trading success from a probability stand point. This critical condition can prove deadly to your trading account. You can lose concentration, all sense of your plan and your objectivity goes out the window. It is in these types of moments you are at your most susceptible and Forex for beginners can become very serious indeed.
Understanding and fully embracing probability will help you overcome these common problems and allow you to take trades like a professional, free from the shackles of "Single Trading Event Syndrome" You must not look at your results on a trade by trade basis you have to force yourself to see the bigger picture.
Clearly we would all like to win every trade, however, sadly this is impossible. Why put yourself through the mill unnecessarily. The fact is there is no need in order for you to become profitable. All to often new traders believe that to make money trading, they require a high win rate percentage; this simply is not the case. Good Reward verses Risk ratios are the Key.
Within Forex trading, the good news is we get to skew the odds in our favour while controlling risk. You have the opportunity to attain a more substantial gain when you are successful over and above what you will lose on the downside.
This is unbelievably powerful, yet the vast majority of new Forex traders completely disregard this reality. Unfortunately, the blind preoccupation with the single Forex trade outcome, entirely takes over the trader mind. Leaving the new Forex trader incapable to focus and think two moves ahead, which is essential to your overall trading health and your ultimate success as a Forex trader.
When you fully understand the numbers, it will release you from over dependence of the single trading event and this should also help reduce stress levels. You will see that the single trade outcome really does not matter to your overall performance.
Forex traders must coach themselves to fully ignore the single trading event. Completely focus on carrying out your Forex trading strategy to the best of your ability. Commit oneself to doing this and soon you will see just how insignificant win rates actually are to your ultimate success.
All the best,
Mark Chapman.
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Forex For Beginners You Need To Know This
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