The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. In war, you cannot control the enemy nor know exactly what pips forex profit supreme will do. In trading, you cannot control the market nor know for sure what it will do.
In both war and trading the only variables you can truly control are your own mind and your own actions. Now the general who wins a battle makes many calculations in his temple ere the battle is fought. The general who loses a battle makes but few calculations beforehand. Thus do many calculations lead to victory and few calculations to defeat: how much more no calculation at all!
It is by attention to this point that I can foresee who is likely to win or lose. The above quote is from the famous Chinese book The Art of War by Sun Tzu, it is one of the oldest and most successful books on military strategy ever written, dating back to the second century B. This book on military strategy has many similarities to the world of trading. To be a successful Forex trader means that you have developed the internal ability to control both your mind and actions.
Trading cannot be approached in a mechanical fashion because the markets are dynamic and changing all the time. The only way to effectively navigate such an environment is to follow a method or a guide that gives you some sort of framework to work off of. The obvious choice here is price action, because it is the price action of the market that displays the underlying sentiment of all participants. You can prepare you mind by accepting the true nature of trading and the reality of what is possible given your individual financial situation. 1,000 trading account, you aren’t going to earn enough to live on and quit your job, it’s just that simple. The best traders do not care if they win or lose on any given trade, because they are aware that trading is about proper execution of their trading edge and proper risk management, and they know that losing some trades is just part of the game. Another reason successful traders do not care if they win or lose on any given trade is because they don’t put unnecessary pressure on themselves to make a certain amount of money.
When you enter the market with unrealistic expectations about how much money you can make given the amount you have to trade with, you set yourself up for failure right out of the gate, obviously this is not the best way to get started. Also, when you put pressure on yourself to make money on every single trade you are setting yourself up for failure. What happens when you fall off the track and your emotions get the better of you in the markets? You know when you spin out of control and lose a bunch of stupid trades in a row? I’m willing to bet this has happened to you but only after it’s all said and done do you realize the mistakes you’ve made. You need a Forex trading plan to condense all of your trading strategies and money management ideas into one concise and practical format.