Guest post from visionsofaffluence.com You got to know when to hold ’em, know when to fold ’em Know when to walk away, know when to run These are the lyrics to what many consider to be a great song, The Gambler by Kenny Rogers. Despite the obvious poker reference the message in these lyrics contains knowledge that applies to many areas of life. Indeed, knowing when to walk can save you lots of time and aggravation, and in the case of trading it can save you a whole lot of money. Too often traders find themselves taking a loss and then immediately jumping right back into the market and ending up losing again only to jump back into the market in an attempt to recoup losses only to take another loss and before you know it the trader has loss a nice chunk of his account. Now why does this happen? Well quite simply it’s because the trader feels that he needs to keep trading to make his money back even though by continuing to trade he is only making matters worse. This is where the wisdom of Kenny Rogers comes into play because if these traders knew when to walk away they would keep themselves from losing even more than they already have. Even though this is the trading business sometimes the best thing to do is to refrain from trading. If you have taken a string of losses don’t keep trying to force a winning trade, instead you should stop trading and then come back later and analyze your actions to find out what you were doing wrong. This will help you not only because it will keep you from extending your losing streak, but also because it will help you to learn from your mistakes so that you will be less likely to make them again. So the next time you find yourself down on the day and itching to jump back in to another trade I want you to pause for a moment and think to yourself, what would Kenny Rogers do? If you want to discover what it takes to be able to trade for a living. Then visit visionsofaffluence.com Want to see what other traders are doing in real accounts? Check out Currensee. It’s free.. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Guest PostOpinions share Read Next Forex Daily Outlook – September 3 2010 Anat Dror 13 years Guest post from visionsofaffluence.com You got to know when to hold 'em, know when to fold 'em Know when to walk away, know when to run These are the lyrics to what many consider to be a great song, The Gambler by Kenny Rogers. Despite the obvious poker reference the message in these lyrics contains knowledge that applies to many areas of life. Indeed, knowing when to walk can save you lots of time and aggravation, and in the case of trading it can save you a whole lot of money. Too often traders find themselves taking a loss and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
