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My name is Brian Kiely. I have made a living analyzing Foreign Exchange and Fixed Income markets for almost twenty years. Linkedin:
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  • Lesson – 3 How To Succeed In Foreign Exchange 0 comments
    Mar 28, 2013 4:08 AM | about stocks: EUFX

    Why is trading so difficult? Because you have to dismantle all the logic you have learnt to be successful.

    Most people are brought up to be cautious. We are programmed to look for signs of danger and avoid it wherever possible.

    Since you were a toddler you have been told…

    - Stay away from the fire,

    - Be careful of the traffic,

    - Be home before it gets dark.

    Trading turns everything we have ever been thought on its head.

    Opportunity and danger go hand in hand! The opposite is also true!

    When the market is at its most volatile and dangerous - it's time to jump in.

    When the market is quiet and safe - it's time to avoid trading and sit it out.

    When everyone is buying its time to take a profit - or look for a selling opportunity.

    When everyone is selling its time to take a profit - or look for a buying opportunity.

    When you have a large profit and you are feeling confident, instead of doubling your position, it's time to close it.

    When you have a large loss and you feeling everything is hopeless. It's time to reassess all the information and struggle to keep you nerve, if your reasons for taking the position remain valid.

    To unlearn a lifetimes programming is extremely difficult.

    If the last 15 years have thought us anything - it must be to be skeptical of amazing booms and be confident when everything is hopeless.



    Stocks: EUFX
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