Forex Strategy Trading Tips: 5 Secret Trading Tips I Learned From a World-class Trader

Welcome back, I hope you have enjoyed all the previous articles and Forex strategy trading tips. In this particular occasion, I would like to talk to you about 5 powerful Forex strategy trading tips that I learned from a professional Forex trader I used to work together with.
Never chase a trade: If you've been trading for some time you may have already missed out in some good trades. This is a situation that each and every trader must go through, however; if you want to be consistent and a profitable trader you have to be sure you do not chase trades.

When you decide to chase a trade you will be very likely to commit mistakes. First, you need to recalculate your risk and money management parameters. Second, you will be subject to the psychological pressure of the market. Remember, whenever you chase a trade the odds of you actually making a good amount of profits is drastically decreased.

If you make a mistake and take a wrong trade close it immediately: I know a full time Forex trader who trades his family fund that use to commit this mistake. He would press the “sell” button instead of the “buy” button. He would call me and ask me what to do and this is what I told him every time he called. “If you take a trade by mistake, make sure you close it immediately, don’t let a small mistake turn into a large loss.”

Focus on the process not on profits: This trading trick change my standpoint as a trader and as an investor entirely. When you concentrate on the amount of money you are making or losing you become more exposed to the psychological impact of the market.
The explanation for this is that as humans we see money in another way. We see $1000 as a loan payment or a vacation to the beach and for that reason we are more likely to let our emotions control our trading. In contrast, your trading strategy and computers see $1000 as a number, a value from an equation that is used to achieve a pre determined result.

Focusing on the profits will required you to see your trading capital as a computer would, and that is as a mean to a purpose. Focus on your execution, money management, and trading strategy and your profits will increase substantially over time.
Learn from your mistakes and become a better trader: I personally think that mistakes are a significant part of any trader’s career. Committing mistakes allows us to make corrections and make changes to our trading as you go along. Every single profitable trader has developed the capability to learn from his/her mistakes and enhance their trading from them.
Never become greedy and try to get back to the market: This has occurred to me when I was a beginner. A couple of times I doubled my account in just a couple of months and when I started to lose some of my earnings I would not accept my losses. As a result, I was hoping to get back to the market by taking more trades. This only brought more losses and made me lose a part of my earnings. When you try to get back to the market you are letting your emotions (and greed) control your trading. Emotional trading is the best way to blow up your account.

I hope I was able to enrich your trading career and motivate you to become a better trader.

Sincerely,

Jay Molinar
Pro Trader & Educator