+615 PIPS IN MAY 2010
MAY 2010 WEEK#4
Finally we had a losing week. Yes, I dont want to sound too provocative but after 7 consecutive profit week I started to have problems finding new subjects. This moments are exactly the moments that divides losing traders from winning traders. What is the typical reaction of the first ones? Easy. They feel fear, they start to risk less. They change everything. They start changing strategy, looking into forums like junkies, they have to find the new Holy Graal. They find it and now they are ready to start the new week with lots of new hopes, hopes that are about to last one or two weeks and then another failure. And after that? You are totally in the loop. The loop that begins, stops and restart , again and again.
It is always the same story. Doing this you’re making rich brokers, forex site, expert advisors producer and all the scam that ruin this world. Do you really want to know the thruth? There’s no strategy, there’s no indicator, there’s no guru, there’s nothing but you. The best trading coach has to be a mind coach. Forex trading is like everything else in the world. I like this game a lot because is a stylized version of everything that happens in this life.
To succeed in trading you need the same skills you need to succeed in football, art, family, management career or chess. The same. The good thing about Forex is that it’s easy to measure, you can easily see where you are, where you were and where you are going. This is the unique quality of trading. Everything is easy to control. If you understand how to do it. You have to deal only with you and … numbers.
You need:
* know what you want (this is the hardest part believe me. it is not just “I want money”. Look at what happens to those who wins lotteries)
* write it down
* build a plan
* stick to the plan
* measure and control
* stick again to the plan with faith
* measure and control again
* succeed
There’s no way to fail.
Probably I’m not the best trader out there, I really dont like to stick at the monitor watching every pip and watching changing indicators all day. I have best thing to do. I have a life.
Do you remember the reason why you followed in love with forex? Speaking about me was: make money working for me and not work for money. That’s all. So, if I stay all the day in front of the monitor am I sticking to the plan? Please think deeply about that.
Anyway, back to numbers. We closed the month of may with a nice profit, +639 pips. Our average is almost 30 pips a day. We had a terrible start of the week with two big losses. A great recover during the days in the middle and a bad thursday. Watching the charts everything is under control. Our strategy HAS to produce losses during no-trend week. It’s just like any other business. You have costs. You have gains. You must ends up with a profit. There’s no business able to avoid losses. If you can not deal with them stop trading now. If you are wise, not risking too much, you can afford to lose.
Best traders can afford to lose everything, they do not care because they know that scared money is money already gone. So like those traders we do not care to lose for a week. We care about the final goal. We built little by little. If you prefer hard emotions you are not in the right place. We are boring. We are proud to be boring!
We do our 30/40 pips a day watching the market for 3 or 4 times a day for a maximum of 10 minutes each time. For the rest of the day we have the blessing to do what we like or “do nothing”, or maybe read books, stay at the beach, make other plans, waiting for a new idea, or simply stay with children. This and only this must be the final goal of a decent trader.
We are not the best one, ok, but we are steady. We are not the best one ok but we are trasparent like the glass.
Does anybody know another service on the internet sharing trades in real time with exact entry prices, stoplosses and takeprofits, everything 100% proved by social networks with updated performances every week? I personally not. If you’ll find one please write it back to me.
We talk about losses, this is not a taboo for us. We are mature, we are serious, we are not scam. That’s all.
Have a fantastic sunday!
StP
p.s.
As I wrote on the FAQ area, I will open comments soon. I’m just waiting the community to grow up a little bit more
p.s.s.
Thanks to all of you for the dozens of mail I receive everyday. I’m not a Guru guys. You can easily do what I do. I will teach you how. I’m doing it every day.
