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Discipline always makes us succeed if we have made an effort bowed simple and forex needs to be discipline in many things, including capital management and control emotions of greed and fear, and we must learn how to manage the crisis and minimize the effects of the loss.:peace:
yaa I am also agree practices is the key success of all work. It is also impotent in forex business. If you make good forex business man to more practices forex market condition. If you more practices forex market then you rich forex market.
I have personally concluded that if you want to be a rich than you must have to keep patient as well as remain constant means we should control our emotion on both cases on profit as well as losses.
If you want to succeed in forex trading. we should be able to control emotions. it's the most important factor. If you can not control your emotions. regardless of your capital. you will loss.
this is another good article for us traders especially beginners.
Article lifted straight from Adam Khoo's website.All contents of the original article has remained unchanged.If You Want to Be Rich…Practice this One HabitWhat keeps most people from becoming rich is the habit of wanting instant gratification. Instant gratification is the habit of always wanting to enjoy now and not having the patience to wait for future benefits. As a result, these people spend a lot more than theyinvest. By spending on that new car, new widescreen television set or designer watch they get instant gratification. When it comes to investing in books, seminars, stocks or insurance products, they will think twice as they have to wait for future benefits. It is precisely for this reason that whatever money comes into their hands will soon be frittered away and not multiplied.People who want instant gratification will always look for quick and easy ways of making money rather than building a sustainable business that adds value to (repeat) customers. They tend to cut corners on quality and deliver shoddy products to save money and boost short term profits. As a result, their profits rarely last and they will soon go out of business.At the same time, those who desire instant gratification lack thepatience to allow their money to grow and compound through investing. When they don’t see huge sums of money in a few weeks, they abandon their investments and never get to reapthe benefits. They have no patience to wait for the seeds theysow to grow into huge money trees that bear fruit.You see, there are only two ways you can use your money. You can either spend it or invest it. When you spend $100, you get gratified from whatever you bought but that $100 is gone! You get zero returns. When you invest that$100 in a seminar, books or stock, it will grow into $120, $200, $500 or even $1000, depending on yourrate of return.Delayed GratificationOn the other hand, all millionairesadopt the habit of ‘delayed gratification.’ They have the patience to wait for greater abundance in the future. Whether in business or in investments, you must delay gratification in order tocreate massive wealth.People with delayed gratification invest a lot more than they spend. Again, they know that by spending a dollar, they may feel good for aninstant, but their future wealth willbe destroyed. When it comes to spending money, they are extremely frugal. However when itcomes to investing, they do not think twice about writing a check for a few thousands dollars. They know that through patience, that money will multiply into a future fortune.Millionaires never take shortcuts in business. They always look at giving the best value to their customers, even if it means earning less at present. They knowthat by building their reputation, itwill lead to huge profit streams in the future.I cannot emphasize this value enough because I feel that it is what has really set me apart from all my peers. It is why I earn manymore times than most people my age. You see, when I was in collegeand university, most of my friendsspent their holidays partying and having fun. They experienced instant gratification.Instead of partying, I would spend all my holidays taking up speaking engagements to hone my presentation skills, reading investment books, analyzing company reports and writing chapters of my first book. I knew that by ‘sacrificing’ my immediate enjoyment, the rewards in the future would be tremendous! Sureenough by the time I ****uated from University I had streams of passive income from my best-selling book and two businesses that I had set up. I was earning more money than many ofmy lecturers while many of my friends were struggling to get theirfirst job with their first paycheck.Frankly, I never felt deprived. I had so much passion for what I was doing that indulging in drinking and idle lounge-lizard chatter just seemed like a huge waste of time. Nor did I miss social companionship. I had a steady, supportive girlfriend (now my wife), and a core of close buddies in these businesses we ran (and had so much fun and profit), while still studying. In fact a couple of them are still working with me today.Let me give you another example. When it comes to spending money, I am extremely hesitant. Once I saw a mobile phone that I really liked. It was priced at $800. I kept staring at that phone over and over again but eventually walked away. I found it just too painful to part with $800 for a phone. My friends thought I was crazy as I was earning over $1,000 an hour at the time, whenever I spoke. But then again, I knew that the moment I spent that $800, it would be gone!On the other hand, whenever I go to a bookstore, I think nothing of spending $800 buying a whole series of marketing, business and investment books. In fact, I once spent $12,000 attending an NLP (Neuro-Linguistic Programming) training course in the United States, without even thinking twice.Why? Because I know that if I spend that $12,000, the ideas that I get from those books and seminars, when applied, will generate me millions and so they have! But most people do the exact opposite. They think nothing of squandering $3,000 on a ring but think twice before buying a good book for $30! No wonder they are poor! So, develop the habit of delayed gratification – andspend wisely – and you will see your money multiply.
in truth, i will be able to be to actually never carry out the aspirations to actually realize a wealth related to fx though i'm aware that this is often merely not tough due onto the truth absolutely nothing is tough along with the forex market nevertheless we just wish to be brought a awfully sensible money flow right at the tip of each and every and each calendar month coming from fx provides me a reliable lifestyle is sometimes just that.
i didn't expect for getting a giant profit during this business as a result of well be greedy during this business, we ought to concentrate on learning, as a result of the learning we could get a reliable profit from this business.Quote:
Originally Posted by zaheera
yes i think i have to agree with you because the more we can always practice just one habit the more we get to understand the best pair to trade and the the best price to get the numbers of pips we really wanted in the market
in my opinion in the trading, consciously obey the rules of your own trading is strong steps to establish good trading habits. After doing continuous exercise rule-based trading, you will realize that you have more control over your trading. Could you still feel anxious because of the price movement, but you will be better in controlling the decision because of his stress has been reduced a lot.
some things that can help you to make custom rules as well:
1. record a list of trading rules
2. Visualization, Visualize yourself to follow your trading rules are created.
3. Review your trading
As the wise Aristotle once said, "How we formed what we repeatedly do; while success is not the result of effort and the result of an act but a habit."
This article is slightly controversial when compared to the normal sensitive to your feelings personal development advice because this is the TRUTH. If I want to keep everyone happy and write about the colorful rainbow and daisy's, birds chirping, flowers blooming, etc then I should just opens up a nursery home and take care of children. I want to tell you the truth straight to your face because I've been there and heard the garbage understatements and lies thrown everywhere.