The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. This article is forex realtime technical analysis summary to improve both your trading and your life. Well I am living proof that the concepts in this article work.
I am not just talking about trading here, I am talking about life, happiness, success and freedom. Today I would like all of my readers to leave a comment and tell me how you plan to use these new powerful skills to improve your trading or your life, I want to hear from you. Anything you want to achieve in this world can be attracted to you by following the core principles in this article. Daily affirmations are a widely practiced method for attaining success and accelerating your ability to achieve goals.
Napoleon Hill is one of my favorite authors, and in my opinion he was the best motivational coach of all-time. This is perhaps the most famous motivational quote of all time, I have it on the wall in my trading office and I read it out loud to myself every day, I strongly suggest you do the same. After reading this article you can check out Napoleon Hills Videos here to learn more about his amazing work on personal development and attaining success. Here is a list of 17 daily trading affirmations that you can incorporate into your trading plan and that you should read out loud to yourself every day. Napoleon Hill This is the most important motivational quote of all time, which is why I have it listed again. If you haven’t read Napoleon Hill’s Think and Grow Rich Book, I suggest you do so in the near future, it’s the single best piece of motivational literature ever written in my opinion, and it will likely have transformative effects on your trading and your personal life. If you repeat to yourself everyday that you are a successful trader, it will make you a lot more likely to do the things that are necessary to become one.
If you do not believe you are a successful trader, you will never become one, as with anything else in life, you have to believe in your cause or goal before you can make it a reality. If you have a Forex trading journal and you actually use it, you will be far ahead of most traders. It’s critical to keep a running track record of your trading performance so that you have a tangible piece of evidence that reflects your trading ability or lack thereof. It’s important to remember that trading success is defined over a large series of trades, not over one or two. This means that you should not give too much significance to any one trade, and the way to do this is by never risking more than you are comfortable with losing per trade. By that I mean, never risk an amount that keeps you up at night thinking about or watching your trades.
The goal of any trader or investor is to make sure that the prospective reward of a trade clearly outweighs the risk involved. You need to gauge the market structure prior to entering a trade and make sure there is a logical reason for expecting that the risk reward on the trade is at least 1:1. There’s nothing wrong with checking in on the market every 4 or 8 hours, but if you are sitting there addicted to your charts like a junkie, you are going to self-sabotage your own trades and probably end up losing a lot of money in the process. Both losses and profits have the ability to induce emotional reactions in us. A profit can cause us to become overly-confident or even euphoric, which can cause us to deviate from our trading plan and take a trade that is lower probability than what we normally would take. I am often amazed at how many emails I get from traders telling me they are losing money in the markets and simultaneously asking me to comment on the chart they’ve attached to the email that shows a counter-trend trade on the intra-day charts.
Gamblers make random bets in casinos or elsewhere, and traders who don’t have trading plans or who don’t follow their trading edge are also gamblers. It’s really easy to click your mouse and put a trade on and hope to get lucky, kind of like pulling the arm of the slot machine at a casino. This one is similar to number 8, but it’s so important I wanted to touch on it again. Interfering with trades is usually an emotional reaction born out of risking too much or over-trading, both of which cause you to become overly attached to any one trade, which in turn causes you to over-analyze your trades and meddle with them once they are live.
Traders who fall into the temptation to over-analyze the thousands of Forex news variables that occur each day, usually end up losing their trading accounts pretty quickly. Traders with smaller accounts especially need to take logical profits as they come, in order to build their accounts up and their confidence. Investing in your own education is paramount to success in any field. Forex trading coach, learning something each day to make yourself a better trader will only improve your edge in the markets. It’s critical to your trading success that you learn and trade with a strategy that’s proven and that you personally enjoy trading with.
You have to follow it without deviation by remembering the fact that one loss does not negate the whole trading strategy. I trust that you’ve learned something from today’s article and I hope you write down or print out the above daily affirmations and read them out loud to yourself every day before analyzing the markets. Eventually, they will become cemented into your thinking and will thus turn into a habitual part of your trading routine. At that point, you will have transformed yourself from a losing trader to a successful and confident one. I want to hear from you. If you would like more information on my trading philosophy and price action trading strategies, check out my Forex price action traders’ course and members’ community here.
I am still trying to follow my trading plan nd keep the rules you are giving all the time. Thanks again for another piece of the market wisdom. You can never change one’s life until you change the man’s way of thinking. Affirmations help unleash untold wealth of potential within. Thank you Nial,I have read the above article and will be reading the affirmations everyday to myself before i start trading. I trust your advice so i am expecting my trading and my life to change for the better. You know what I write all these point on room wall which is in front of my table.