Educated or un-educated Traders

[ailovefx]

Educated or un-educated traders. The choice is the individual traders.
Mark Douglas states:

The Five Fundamental Truths�

1. Anything can happen.
2. You don�t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.

�and The Seven Principles of Consistency

1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them.

"An Edge is nothing more than an an indication of a higher probability of one thing happening over another"

[nick andre]

excellent post! i read a few excerpts from mark douglas' books.. definitely good stuff.
I especially love #2 in the first part. When I talk to my other buddies in the financial field.. theyre always asking me what the dollar will do next, or the yen.. etc etc. They have a hard time understanding that I have NO IDEA whats going to happen next, but I'll still make $ when the time comes

[Twinsummit]

Hi Ailovefx...

I'm a new trader in 4 months and I've been loosing a lot over the months with no mentor.I also found that FXI provide Powerful Tools for Novice and Expert Trader than other website.
How and what Method really works?How do we use RSI,Stochastic and Fibbonacci effectively?

Thanks

Warmest Regards
Jerry
MALAYSIA

[ghaze]

Originally Posted by Twinsummit

How and what Method really works? How do we use RSI, Stochastic and Fibbonacci effectively?

Hi Twinsummit!

If you really wanna know how do use that's indicator you can see in student club house.

With explanation and comment from FXI Instructor

[Renshi]

Hello Twinsummit if your still around plese contact me about how we can get you back on track to making good money. chat soon Renshi email renshi@fxinstructor.com