May

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Trading Success-Part 2

Filed Under (Trading Pyschology) by umikun on 21-05-2009

Another powerful insight i have come across during my Warcrafting period is learning to create consistency in my game. In order to implant consistency in your trading mentaility, a series of success need to be created.

When a series of success is created, you will naturally feel confident in your trading skills and develop a winning attitude in your trading. Some of you may find it hard to swallow the idea of creating a series of success in trading, where the market is unpredictable with inconsistent results. However, it is acheivable if you believe in yourself. Try the following method and let me know if it works for you.

When you are in a position and in the money, always adjust your stop loss to 5%-10% of your target profits. By doing this consistently, you will always make some profits even if the market turn against you. In time to come, you will create a sense of “winner” inside you.

However, if you face a string of losing trades, stop trading immediately and relax yourself for a period of time. When you have rested enough and have decided to return to your trading business, start trading with a smaller lot size, and build up your confidence slowly by following the above method.

That’s all follks. Have fun and may the force be with you……

The article on Trading Success-Part 2 is brought to you by www.onlinetradingfx.com

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