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1. Focus on the Process, Not the Results
we may well know that the number one rule when setting goals is to make them measurable and specific. By doing so, you give a goal meaning and also stimulate your subconscious mind to begin acting on your behalf.
So instead of writing “I want to lose 10 pounds”, you write “by October 17th at 9 pm EST I will have lost 10 pounds.”
See the difference?
The latter is specific and thus has more meaning while the former’s lack of detail is uninspiring at best.
When it comes to goal setting, specificity breeds results. And when it comes to setting goals for a business, most revolve around making a specific revenue or profit.
But as I’ve said in the past, trading is unlike any other endeavor you will pursue in your lifetime.
As a Forex trader, you should avoid setting goals that focus on making a specific amount (pips or money) by a specified date and time, at least not in the beginning. Doing so is a surefire way to blow your account.
2. Stay on the Defensive
The best offense is a good defense.
For the sports fan out there, this is a statement you’ve no doubt heard countless times. But for the trader, this is a concept that should be practiced every…
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ak10 avatar
ak10 18 Nov.

very good analysis of  subconscious mind

TelisHellano avatar

good article

brilliant avatar
brilliant 24 Nov.

nice pieces of advice

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IntroductionThis article is the result of one comment of one dukascopy community member in one of my previous articles and his article too. This comment and the article made me thinking about some things related about losing vs winning, expectancy and goals . Here i express some of my toughts related with this theme. As some of you already know, i'm a novice, but i'm always ready to learn more, and trying to share what i learn. I don't have the experience of losing (well in trader contest yes but i'm trying...) and winning, but there are some things that are too obvious and are common sense. Maybe all i write bellow don't be useful at all, but the last word about this is yours. Losing...No one like to lose. This is a fact we all agree. We need to know that this business is a zero result business. That means to get some winning value someone else has to lose it. That is true there are some or many traders who have more losing trades than winning ones and the final result for them is positive with profit. This is possible having great discipline on exiting loss trades, and in other hand they can hold the winning ones and exit at the right time with great profit - is the only way to a…
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LinnuxFX avatar

Another great article, and thanks for share this great example how re-investing could be more profitable. GL and congratulations for last month victory...

RobertBric avatar

This kind of calculation (and more) should be performed by every novice trader. Then the reality of “getting rich quick” mentality can be checked easily.
However, the problem is that in more cases than not we get carried away by simulating trading results with numbers that we don’t come even close in trading. Especially with a live account. So we live in a dream that doesn’t convert very easily into reality. But it is also true that without a dream/vision no progress can be made.
Keep up the good work you are doing with your articles.

doctortyby avatar

Compound profits may work, but you need to also take partial withdrawals to be sure you remain profitable in any market condition. It's just like taking a trade, when you reach a certain level of the price you sell half of the postions and move the stop loss of the other half to break/even, leaving the profit to reach the next target/targets. You can be profitable even if you have a win/loss ratio of 30-35% ;) It depends on the risk/Reward, Risk management, money management, strategies and the adaptability to the market conditions. Good luck my friend +!!

alifari avatar
alifari 18 May

nice article +1

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