MONEY IN YOUR POCKET IS BETTER
Money in your pocket is better than money in Your mind. Many times we will not protect our capital because of the big money dreams in our minds, while losing real money out of our pockets to a trade that is moving further against us. The market can be frustrating and tricky and most market set-ups are fake-outs, therefore it is vital to protect the capital You have for the few times the market will give You legitimate profitable set-ups. The challenge with the set-ups is that so many of them look legitimate, that is why they are fake outs. If You spend 24 hours trading from a shorter term time frame, most of your entries will be bust, so it is imperative that You choose Your trade set-ups and times carefully.
There are times that are more likely to give You a trading advantage, like economic reports, the times in the market that your currency pair is most active; times of breakouts after consolidations, breakouts after consolidation in harmony with Your trend, reversal candles at resistance/support, etc. Even with the best preparation, it is possible to enter a bad trade set-up; that is why You must be prepared to cut a bad trade when Your rules are violated and wait for another set-up.
There are times that the market will act up so badly that most people will abandon a perfectly profitable system. Since trading isn't hard, it must be tricky in order for You to lose money. More people lose money in the market because of emotions gone awry than they do bad trading systems. It is hard to sit and wait for a trade and get stopped out or be stopped out at breakeven, or to wait for a market that is choppy. The market is going to move and find a direction, but what You don't know is when???????
Trading is not for the faint-hearted nor for the perfectionist. If You are going to succeed as a trader, You must be tenacious and You must know that there is no perfect system. There are just too many external factors involving too many human beings to make a perfect system. The system is perfectly random, and looking for perfection or stability will tire You out fast. Wearing Your emotions thin is the best strategy the forex market has and it works. Remember the market can be crazy longer than You can stay solvent, so be sure to protect the money in Your pocket first even when You get tired and frustrated. I hate the market games, but they are there and they are there to break You, but You have to decide how it is that You want to live and be willing to have the discipline it takes to enjoy that lifestyle.
If You play, only play to win. ALL OF YOUR MONEY IS VALUABLE, THEREFORE YOU CANNOT AFFORD TO LOSE IT. THE ONLY WAY TO THRIVE IN THE GOOD TIMES IS TO PROTECT YOUR WEALTH DURING THE SCARCE TIMES. PROTECT YOUR WEALTH FIRST, WHEN THE MARKET IS CRAZY ZIP YOUR POCKET AND SIT IT OUT. SOMETIMES THERE IS NO TRADE!
#1 PROTECT YOUR WEALTH (You can only build on what You have preserved)
#2 BUILD WEALTH (The market will eventually find direction and when it does, be there to ride the train all the way into the station)
YOU CAN DO THIS (^_^) !
07/30 Intraday Update. Next Update just in algforex.com.
EUR/USD Sell near 1.2387GBP/USD Buy near 1.5657AUD/USD Buy near 1.0417NZD/USD Buy near 0.8023USD/CAD Sell near 1.0073USD/CHF Sell near 0.9837
07/23 now we do some adding more and more.
EUR/USD Sell near 1.2173GBP/USD Sell near 1.5577AUD/USD Sell near 1.0353NZD/USD Sell near 0.7947USD/CAD Buy near 1.0147USD/CHF Buy near 0.9873
07/18 Intraday Update. Next Update just in algforex.com.
EUR/USD Sell near 1.2273GBP/USD Sell near 1.5657AUD/USD today still in reveresion LongNZD/USD Sell near 0.7967USD/CAD today still in reversion ShortUSD/CHF Buy near 0.9777
07/10 Intraday Update.
EUR/USD Sell near 1.2327AUD/USD Sell near 1.0237NZD/USD Sell near 0.8007USD/CAD Buy near 1.0157USD/CHF Buy near 0.9735
Next Update just in algforex.com.
Next Update just in algforex.com.
07/09 Intraday Update.
EUR/USD Sell near 1.2363AUD/USD Sell near 1.0237NZD/USD Sell near 0.8007USD/CAD Buy near 1.0153USD/CHF Buy near 0.9711
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