Forex Tips(part 4)

1. Measure your success by the profit made in a day, not on a trade. It’s even better to measure it over two or three days. A successful trader’s goal is to make money, not to win on every trade.



2. Scalpers reduce the number of variables affecting market risk by being in a position only for a few seconds. Day traders reduce market risk by being in trades for minutes. If you convert a scalp or day trade into a position trade, you probably didn’t analyze the risks of the trade properly.



3. There is no secret to understanding the market. You can spend much of your valuable time and money looking for these kinds of secrets. It’s better to take the time to create a solid trading system, and realize that the secret to success is hard work.



4. Never ask for someone else's opinion, they probably didn’t do as much homework as you did anyways.



5. When the market is going up, say it out loud. When the market is going down, say that out loud too. You’ll be amazed at how hard it is to say what is going on right in front of you when you want it the market to be doing something else.