Home  Learn about the Forex  Online Forex Brokers  Forex News  Forex Forum  Forex Platforms  Contact Us  About Us

Forex News
 
 


Forex Trading And The Obsession To Win.

Article by Adrian Pablo

Forex trading is one of the great money making opportunities available these days. People from many walks of life, men and women, decide to join the forex trading world everyday looking for the great style of life a profitable forex trader can achieve.

But Forex trading is also a war where you can lose your money and confidence if you are not wise enough in your battles against the market, a wise, often formidable and even brutal enemy.

There is an old saying by the Chinese military genius, Sun Tzu that says, "the obsession for victory is a state of mind that benefits the enemy". And these wise words apply without any doubt to the world of forex trading. In the war with the markets nothing is more damaging to a trader than "the obsession with victory".

There are many new traders that think they must never close a trade until it will turn into a profitable one; or think their predictions based on a particular indicator and technical analysis will always be right and the forex market will start behaving in the way they had predicted in any moment, no matter if the charts clearly indicate that it's not doing it and the margin of the account is getting depleted.

This is, in no way, a wise forex trading strategy; it is not a wise war strategy. With that behavior you will only be giving free money to the markets, i.e., you will be defeated by your own obsession with being profitable even if everything is going against you indicating you must close the trade or tighten your stops.

So, never fall for obsession when trading the forex markets; nothing good can result from this behavior. You must always place your stops according to your tolerance level and be wise with your indicators. Remember they can fail you. They mostly tell probabilities and when dealing with probabilities there is always room for strange behaviors that won't agree with what you were expecting.

My recommendation; be wise, use your criteria and never ever obsess with a trade.

About the Author
Adrian Pablo is a Forex freelance writer with articles published in a number of places. Get a free report on Fibonacci Trading and learn more about the world of forex trading , visit:

http://www.1-forex.com

Recently published Forex and Financials related articles:

Forex Trading And The Obsession To Win.
Forex trading is one of the great money making opportunities available these days....
Article by Adrian Pablo ( 5/25/2006 11:03:50 AM)

Developing a Forex trading strategy
Forex trading is hugely profitable, but it is not without its' pitfalls. If you're interested in a Forex trading career, you will need to employ winning strategies that both ensure capital preservation as well as maximize returns....
Article by Darren McLaughlin ( 5/21/2006 5:59:59 AM)

Forex signal trading gives the traders one more analytical tool
Forex signal trading gives the traders one more analytical tool.Forex signal trading has emerged as an important support service for forex traders....
Article by Matthew Bass ( 5/15/2006 6:24:49 AM)

Moving Averages Basics And How They Help FOREX Traders
With Forex trading becoming a more extended and desired occupation for lots of people around the world, living with the desire of working at home and still having the ability to gain a full time income, the need for accurate trading systems and techn...
Article by Adrian Pablo ( 4/30/2006 11:17:58 AM)

 



Home | » Partner Links
2005 Forex-Talk.com - Portal for Foreign Currency information, Forex Strategies, Tips, Forum, Charts and News

22 visitor(s) are now online