Wanting success isn't sufficient enough to get it. You have to ask yourself, "What am I going to do to get the things I want?"
Your problem is how to bridge the gap which exists between where you are now and the goal you intend to reach.
You cannot fail with a definite step by step plan, because each step carries you along to the next step, like a track. All you need is the plan, the road map, and the courage to press on to your destination.
Wong Chow calls into work and says, "I no come work today, I really sick. Got headache, stomach ache and legs hurt. I no come work."
The boss says, "You know something, Wong Chow, I really need you today. When I feel sick like you do, I go to my wife and tell her to give me sex. That makes everything better and I go to work. You try that."
Two hours later Wong Chow calls again. "I do what you say and I feel great. I be at work soon. You got nice house."
D1 price is on ranging market condition within primary bearish.W1 price is located inside Ichimoku cloud above Sinkou Span A line which is indicating the secondary ranging correction within primary bullish.H4 price is ranging between 0.9238 support
What is the greatest risk you face in trading?Is it loss of money?
Certainly, that's what most traders believe. I tend to disagree though. In my opinion we have something much greater at risk, that very few of us consider during the 'learning phase'. The American political journalist and author, Norman Cousins, is quoted as saying, 'Death is not the greatest loss in life. The greatest loss is what dies inside us while we live.'
Along similar lines, I would argue that loss of capital is not the greatest loss in trading. The greatest loss is what we lose from within. Loss of funds is recoverable. Losses of self-esteem, self-belief, or passion for the process of trading, are not so easy to recover. So, think about that next time you feel tempted to widen your stop, or remove your stop. Think about it before you enter your next impulsive, emotion based trade. Think about it if you’re trading without a clearly defined trading plan.
If you suffer financial losses at these times, how will it affect your mindset? Will the losses that result from your amateur and undisciplined actions allow you to move forward to the next trade with greater confidence, or will they feed the forces of frustration, anger, depression and fear, further damaging your chances at consistent, confident and disciplined application of your trading plan.
Drawdown in your psychological capital is much harder to recover, than is drawdown in your equity balance.
So, manage your risk! Not so much to protect your finances, but in order to protect your much more valuable psychological capital.