Forex trading is a business...it is not a game.
Within the inherent dangers of the greed of most traders and the massive leverage available, Forex trading is the most financially devastating and dangerous game in town.
However, used properly, it is easily the BEST business opportunity available on the planet.
If the average "newbie" trader can curtail their greed and inclination to "punt on every tick," the financial benefits from the leverage and the power of compounding is unprecedented in my business experience.
In regard to a "business plan", every business plan will be different for each person. For example, I am old and am not interested in being tied to a computer like some of the young guns in the GBP/USD and GBP/Yen thread. (Apart from being unsustainable in the long term as a method of trading, I want to have a life balance where Forex is a major part of my life...but not the ONLY thing in my life. However, I have great respect for the commitment for those guys...but it is a case of different strokes for different folks).
In regard to "principles (which) provide the framework for defining a plan", as a medium term trend trader the key imperative for me is to take a definite position on where the long term trend is heading.
That is the first principle from which ALL other trading decisions flow.
And surprisingly, it makes my trading soo much easier, because there is no need to continually stress over which direction to trade.
Within the inherent dangers of the greed of most traders and the massive leverage available, Forex trading is the most financially devastating and dangerous game in town.
However, used properly, it is easily the BEST business opportunity available on the planet.
If the average "newbie" trader can curtail their greed and inclination to "punt on every tick," the financial benefits from the leverage and the power of compounding is unprecedented in my business experience.
In regard to a "business plan", every business plan will be different for each person. For example, I am old and am not interested in being tied to a computer like some of the young guns in the GBP/USD and GBP/Yen thread. (Apart from being unsustainable in the long term as a method of trading, I want to have a life balance where Forex is a major part of my life...but not the ONLY thing in my life. However, I have great respect for the commitment for those guys...but it is a case of different strokes for different folks).
In regard to "principles (which) provide the framework for defining a plan", as a medium term trend trader the key imperative for me is to take a definite position on where the long term trend is heading.
That is the first principle from which ALL other trading decisions flow.
And surprisingly, it makes my trading soo much easier, because there is no need to continually stress over which direction to trade.
No comments:
Post a Comment