Forex traders that wish to succeed in these treacherous markets must have a trading plan and discipline. The trading plan should include a set of rules that the trader follows, such as when to enter or exit a trade, and when to place a stop loss order. I can confess from my trading experience that most of my losses in the forex market were not due to a faulty strategy, but lack of discipline. I often broke my own rules and even moved stop loss levels that were set to limit my risk. After several painful losses that could have been much less had I followed my own strategy, I realized that I was my own enemy and often sabotaged my own trading strategy. Don't be surprised, it is part of being human.
Achieving discipline is not easy. You must first understand who you are and what your trading temperament is. Automating your trading actions will help you act in a disciplined manner. Emotions and impulses should be dormant when you trade, and should not affect your trading decisions. To stay disciplined, I printed my trading rules in big letters and posted them next to my computer. My goal was to follow these rules like a robot.
If you are like me and get very emotional while trading, and have difficulty executing the rules in your trading plan, you should consider automated software that trades based on preset rules. The software becomes a robot that applies sound trading and risk management strategies without the interference a human, thereby removing the emotional component from trading.
The MetaTrader platform, offered by several forex brokers, offers an Expert Advisor (EA) feature that allows the trader to fully automate trading by programming their trading strategy. While programming the MetaTrader rules may be cumbersome for a beginner, especially with limited computer knowledge, there are several effective robots or Expert Advisors available for sale. These forex robots, programmed by professional traders, can be easily installed by a beginner into a MetaTrader supported brokerage account using a special drag and drop function. Take the emotion out of your trading and begin enjoying the benefits of an automated and disciplined strategy.
Achieving discipline is not easy. You must first understand who you are and what your trading temperament is. Automating your trading actions will help you act in a disciplined manner. Emotions and impulses should be dormant when you trade, and should not affect your trading decisions. To stay disciplined, I printed my trading rules in big letters and posted them next to my computer. My goal was to follow these rules like a robot.
If you are like me and get very emotional while trading, and have difficulty executing the rules in your trading plan, you should consider automated software that trades based on preset rules. The software becomes a robot that applies sound trading and risk management strategies without the interference a human, thereby removing the emotional component from trading.
The MetaTrader platform, offered by several forex brokers, offers an Expert Advisor (EA) feature that allows the trader to fully automate trading by programming their trading strategy. While programming the MetaTrader rules may be cumbersome for a beginner, especially with limited computer knowledge, there are several effective robots or Expert Advisors available for sale. These forex robots, programmed by professional traders, can be easily installed by a beginner into a MetaTrader supported brokerage account using a special drag and drop function. Take the emotion out of your trading and begin enjoying the benefits of an automated and disciplined strategy.
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