Million in forex

I would be posting some of the quotes and secrets shared by some of the successful forex traders ..many staying away from the publicity…

These are the ones i have found will help any newbie as well as experienced traders.

I will start from the famous ones and then to the ones staying away from publicity ..Yes but i consider them same at the success level whether they are famous or not!

It wont be possible for me to add names of the persons as i have complied this from different places.

Here we go..

1 )  If you get good at taking only the best daily pin bars and you get 2 or 3 trades a month its really no different than waiting for the best 4 hour set ups
and taking 2 or 3 trades a week or 1 hour and taking 1 trade a day.

my bet is that NONE OF YOU that are trading 4 hour pin bars are taking only 2 or 3 trades a week. theres no way your gonna sit and watch a computer 24/7 and take that few trades UNLESS YOU HAVE A HUGE ACCOUNT AND THOSE FEW TRADES ACTUALLY MEAN SOMETHING.

jim

2)  your learning a great lesson ad but here is the truth.

the different time frames really dont produce a “better” pin bar accuracy.

its the trader skill level AND YOUR ATTENTION TO REALITY that determines success.

if you get good at taking only the best daily pin bars and you get 2 or 3 trades a month its really no different than waiting for the best 4 hour set ups
and taking 2 or 3 trades a week or 1 hour and taking 1 trade a day.

my bet is that NONE OF YOU that are trading 4 hour pin bars are taking only 2 or 3 trades a week. theres no way your gonna sit and watch a computer 24/7 and take that few trades UNLESS YOU HAVE A HUGE ACCOUNT AND THOSE FEW TRADES ACTUALLY MEAN SOMETHING.

if a great daily set up nets you 100 pips and makes you 10,000 dollars are you going to feel the need to trade all the time? if a 1 hour pin bar nets you 20 pips in 30 minutes and makes you 2000 dollars are you gonna jack around with less than great set ups? hell no your not.

BUT IF THE NUMBERS (ACCOUNT SIZE) ARE DIFFERENT YOUR GONNA BE A DIFFERENT TRADER ESPECIALLY ON INTRADAY .

if you just sat all night waiting for a 1 hour decent pin bar and it moved 20 pips making you 50 dollars what are most people going to do?

1. watch it turn into a loss
2. overtrade and take everything that looks like a pin bar.

why? BECAUSE YOUR TRYING TO CUT CORNERS TO GET TO A PLACE WHERE YOUR TRADING ACTUALLY MEANS SOME REAL MONEY BUT YOUR CUTTING YOUR OWN THROAT TRYING TO GET THERE.

its like working for a paycheck and never really thinking about your tax rate and how much is coming out. then voting for someone that is going to take out more but since you dont pay attention it goes right over your head because its gone when you get the check.

when does it stop going over your head? WHEN YOU HAVE TO ACTUALLY WRITE THE CHECK TO THE IRS EVERY 3 MONTHS AND YOU GET A KNOT IN YOUR STOMACH BECAUSE NOW IT ACTUALLY MEANS SOMETHING AND HAS SUDDENLY BECOME REAL TO YOU.

a couple of times a year i actually impress myself and its usually when someone triggers a painful memory in me

this just did it.

jim

3) Trading is all about probabilities. We look for good setups, to put us in the best position to win money. It is up to the market after we enter. We use proper money mgmt, to ensure we remain in the game long enough for our edge to play out.

mike

4)  ive thought about it a lot since entering middle age. i was taught as a child that there are two types of people. those that go down to the field to play the game and those that sit in the stands and watch. most sit in the stands which is fine but my father taught me that true happiness in life comes from not letting fear rule your life.

most people have dreams but are afraid TO REALLY TRY FOR THEM.

failing to me is just like edison said. i havnt failed ive just found 10,000 ways that dont work.

i dont know any other way to be. if im interested in something and the answers are hard to find then so be it. i will keep looking until my time here is up.

Jim

I will continue posting other quotations  in coming posts