It’s not the fact that we’ve placed a losing trade, it’s the fact that we shouldn’t have placed a trade in the first place. We’ve all got a great set of excuses just to get that ‘trade’ button clicked in the first place, when we probably shouldn’t have.

Fact is, when I started out, I had the newbie’s disease of being unable to go 15 minutes with the charts in front of me without placing a trade. Being naturally conservative, I didn’t come to much harm, but it didn’t do the education much good.

Nowadays, I suffer mainly from #8 – constant tinkering with the mental system, without actually taking it as far as producing concrete rules and maybe even writing them down – and thinking I’ve got it all figured…

The top 10 excuses

1. Heck knows what’s happening, but if I keep it small and low-risk, I can’t go too far wrong, can I…
2. All the indicators are showing trade – even the ones I’ve switched off the chart might be now if I could still see them.
3. That’s an active market – you gotta trade when it’s active, everybody else is.
4. It’s ok, this trade is part of my system, (because my system just happens to include all the trades I make…)
5. I’m only practising for the big trade that’s going to clear all my losses – call it training.
6. If I don’t trade, how the hell am I going to be a dollar millionaire by this time next week?
7. That trade I should have made last week on GBP/USD – look where it is now… that’s still eating away at me…
8. If only I’d done the last trade like this, it would have worked 100% – actually, now that I’ve figured this all out, I may as well make a trade just to prove it.
9. I haven’t made a forex trade yet today.
10. I’m bored and I’ve got a chart in front of me.

The last two are the absolute classics. A bit of clear-thinking and honesty brings a bit of forex discipline – boring, I know, but that how it is…

5 Responses to “10 Great Forex Excuses”

1. 10 Great Forex Excuses says:

   February 6, 2009 at 3:02 pm

   [...] Original post by ForexPerform – Learn Forex Trading [...]

   Reply
2. 10 Great Forex Excuses says:

   February 6, 2009 at 3:16 pm

   [...] Original post by ForexPerform – Learn Forex Trading [...]

   Reply
3. 10 Great Forex Excuses says:

   February 6, 2009 at 3:34 pm

   [...] Original post by ForexPerform – Learn Forex Trading [...]

   Reply
4. Forex » 10 Great Forex Excuses says:

   February 6, 2009 at 4:01 pm

   [...] It’s not the fact that we’ve placed a losing trade, it’s the fact that we shouldn’t have placed a trade in the first place. [...]

   Reply
5. Cambo says:

   February 7, 2009 at 5:04 pm

   Making a trade just so you can tell people about later and having a fool around.

   Reply