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The Woodchuck and the Possum

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by Rob Booker -  Sep 28, 2006
7.5 (from 30 ratings)

Conclusion

You can succeed in the forex market.

As a day trader, you can be paid more handsomely than doctors, lawyers, and just about everyone else. But if you want to be a member of the elite class of highly successful forex traders, then you have to put the time in. You can’t expect profits to come easily.

Successful forex trading will offer you more time, more money – and more stress – than you have probably ever experienced. But you can do it. Success is not about your IQ – it’s about your work ethic and your discipline. It’s about your ability to stay out of the trap, not set off the land mines, or just simply get out of the market when it’s time. Write me sometime and let me know how you’re doing. My email address is rob@robbooker.com and I always answer my email. If you hit a wall, need some help, or found the perfect system, please let me know.

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He's a member. Send him a PM and ask.
dbphoenix   05-10-2006 09:53:24
Quote: Originally Posted by PKFFW I don't think this is really what the author was trying to say either. PKFFW Maybe you are right. Perhaps he could grace us with an explanation?
*JDR*   05-10-2006 09:51:43
dbp - I agree. You shouldn't be exiting if your system has not told you to. If you are in a trade not quite going your way and your stop has not been hit, then exiting would be silly. Your stop should be set to take account of the volatility of a trade (IMHO) and therefore in theory you could be losing at some stage of a trade that may eventually be a winning trade. However, the author wrote: "If you disobey your principles, and you find that you’re in a big, big losing trade" So he...
*JDR*   05-10-2006 09:49:04
Quote: Originally Posted by *JDR* Sorry, but I still can't agree. If you have done something silly and are losing then get out of the losing trade... there is no other option. You can't sit there and think, well my system says it will come back soon. Ever heard the saying "the market can stay irrational longer than you can stay solvent" Anyone who advocates staying in a losing trade has ZERO credibility in my eyes. This guy...
PKFFW   05-10-2006 09:32:27
Quote: Originally Posted by *JDR* Sorry, but I still can't agree. If you have done something silly and are losing then get out of the losing trade... there is no other option. You can't sit there and think, well my system says it will come back soon. Ever heard the saying "the market can stay irrational longer than you can stay solvent" Anyone who advocates staying in a losing trade has ZERO credibility in my eyes. This guy...
dbphoenix   05-10-2006 09:08:22

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