In an absurd and “opposed to logic” way -
forex winning is achieved first by knowing how to lose. If you ever heard a song called “The Gambler” (I believe it’s Kenny Rogers’ one), during the chorus there is a line that says;
“You've got to know when to hold 'em, and know when to fold 'em”
I want to cover the “fold 'em” part. Most novice traders will probably raise an eyebrow, but knowing how to lose is the key to learning how to win.
So you have studied the manuals and all the courses material available. Incessantly, you have read every word, as quickly as possible. You have wired your $2,500.00 to your broker, you could have sent $3,500.00 but hey, you need to pay the mortgage. You have opened your self-directed account, opting for no forex broker advice. Who needs advice; you have a secret weapon...your trading manual that came with the course. Besides the broker doesn't realize that you are about to funnel money right out of the market, and into your bank account.
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It's Monday morning, you called in sick so you could kick off your
forex trading career. Of course, considering the lack of sleep last night, working today would have been hard anyway. You glance through your course material one more time a few minutes before opening bell. You are planning to trade the E-mini today. The bell rings, and you are off. You are looking to trade the opening gap, that’s on page 13. I think you know how it ends… you know because in your mind you made the millions when in fact you lost almost 50% of your investment, only because you didn’t have the proper money management skills. This is the most optimistic scenario, many times rookie traders that dive right into the
forex world to quickly and finding them self bankrupt.
So sit down, start learning the market from head to toe and only then start with a mini-lot. My advice to you is always to consult your broker before any major investment or move.
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