2016 daily calendar for forex traders

The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Money is made by sitting, not trading. Throughout my 2016 daily calendar for forex traders career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk.

If you don’t take a hard look at risk, it will take you. Letting losses run is the most serious mistake made by most investors. Michael taught me about making your best judgement, being wrong, making your next best judgement, being wrong, making your third best judgement, and then doubling your money. That cotton trade was almost the deal breaker for me. Stupid, why risk everything on one trade?

Why not make your life a pursuit of happiness rather than pain? If you can follow these three rules, you may have a chance. When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. If you stick around when the market is severely against you, sooner or later they are going to carry you out. I see risks, rewards, and money.

I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade. I always define my risk, and I don’t have to worry about it. The key to trading success is emotional discipline. I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short. I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.

Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in. I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. The most important thing in making money is not letting your losses get out of hand. The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.

The goal of a successful trader is to make the best trades. I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it. My money management techniques are extremely conservative. I never risk anything approaching the total amount of money in my account, let alone my total funds.

In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten. What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower. It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.