Suggestion DONT THINK IN DOLLARS!

[benkal]

You probably wondering what do I mean by this, well this applies to non US Countries whose currency is weaker than the US DOLLAR. I have a friend of mine who is a newbie trader who has potential to be profitable but is being stopped by one thing, He THINKS OF HIS PROFIT IN DOLLARS rather than thinking of it in his home country's currency(BWP), You may be asking yourself does this really have an impact in trading profitability? YES. Lets take a scenario, my friend is in profit of about $15 which seems like its very small profit whereas when converted is ~BWP160 more like 10x. This will help a trader not to be greedy cos some people are working for $20/day in some countries and the market gave you that $20 in an hour or less and still you want to ask for more and that's when the market makes a deep pullback and eventually move against you taking you out of the game. As I like to say "TAKE WHATEVER THE MARKET IS WILLING TO GIVE YOU-NO GREED OR FEAR". So next time you book a $10 profit just be thankful cos no one can hand u that $10 easily well at least for most people. so 4 open positions running in $5 dollar profit isn't peanuts when u are a newbie starting out.

 

[johnere]

important is consistency just like a good entry also a good exit strategy

 

[gjisef]

10 dollars is not so little. can buy lots of food.

 

[benkal]

10 dollars is not so little. can buy lots of food.

tell them, the problem is they want to make $1000+ over night,

 

[benkal]

important is consistency just like a good entry also a good exit strategy

yes true, doing that same thing which has been working for u over and over again. thing is some novice traders think you can take a shortcut in trading!

 

[flow10ng]

You probably wondering what do I mean by this, well this applies to non US Countries whose currency is weaker than the US DOLLAR. I have a friend of mine who is a newbie trader who has potential to be profitable but is being stopped by one thing, He THINKS OF HIS PROFIT IN DOLLARS rather than thinking of it in his home country's currency(BWP), You may be asking yourself does this really have an impact in trading profitability? YES. Lets take a scenario, my friend is in profit of about $15 which seems like its very small profit whereas when converted is ~BWP160 more like 10x. This will help a trader not to be greedy cos some people are working for $20/day in some countries and the market gave you that $20 in an hour or less and still you want to ask for more and that's when the market makes a deep pullback and eventually move against you taking you out of the game. As I like to say "TAKE WHATEVER THE MARKET IS WILLING TO GIVE YOU-NO GREED OR FEAR". So next time you book a $10 profit just be thankful cos no one can hand u that $10 easily well at least for most people. so 4 open positions running in $5 dollar profit isn't peanuts when u are a newbie starting out.

How else, but I understand the message. Killed alot of account because of greed