Why I Choose to Succeed in Forex Trading

Dont give up no matter what

Man having hard times

Life is about choices…

Everybody in life makes choices and decisions everyday. Those decisions or choices impact our entire life and also opens the doors of opportunity. We have opportunities in front of us everyday but we choose whether or not to take advantage of those opportunities.ย  I have made many bad choices and many good ones and I can confirm that the bad choices have down the road impacted me in a negative way. I have also made good choices and those good choices have impacted me in a positive way.

I have noticed that when I continually make the right decisions and do the right things, day in and day out, in the end positive things come from the sum of those choices. Some choices have more impact than others but they all matter. Now I am not saying if you make one good decision that your entire life will go great, no not at all. As a matter of fact if you make a bad decision you can something good can happen and the same can happen the other way around also. But the total of those choices and good decisions will impact your life in the long run.

In my early days of lifeย  I made one bad decision after another until one day I was at a point where I could not go any lower. It was at that point that I woke up and said enough, I want my life to mean something. That day when I changed my life ever since then I have determined to do what is right rather than think of myself first. Since that day, have I made every right choice and decision? NO but I have been consistant in doing the right thing and seeing opportunities and grabbing them. I began to see the difference in my life right away but I was still in such a calamity it took a long time for life to be completely turned around, actually I am still facing the fruit of many of those bad decisions to this day.

But as Iย  began to be consistent the sum or total of all the good decisions began to add up. Now I have many things going for me most of all serving God and my family. Now I see that my future looks bright and there is limitless potential in front of me and I am going to attempt to go for the best every time and I want to take as many others with me as well. I can see the vision for Winners Edge Trading come to pass, which is to make traders profitable and to make life long friends in the process.

The same thing is true in Forex trading, trading is about choices, you choose to trade according to your strategy, you choose to follow your money management. If you make the right choices time and again, you will make money. If you continue to make bad choices you will lose money, I don’t want to make it too simple but it is true. In life you will not get away with making bad choices and in trading you will not get away with making bad choices it is as simple as that. After a period of time your bad trading choices will get the best of you and you will be done because you will run out of money.

So I want to leave you with encouragement, choose wisely. You will reap the pain of the bad choices or the blessing of the good choices.

Please join the conversation below and add what you have learned about choices whether in trading or in life.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Thanks for the comment George come back any time ๐Ÿ˜‰

  • George

    Great article Casey, I am happy for you, I’ve been there done that…also you are getting great response that is sincere and just as good to read as the article…good inspiration, keep it up.

  • Helder,

    That was an incredible statement about the human being attempting to create comfort. Yes that is true and that why the emotions that the market creates in us can have the opposite effect of the desired results. But as you say once we learn to understand that those emotions are not at all useful to us in trading then we begin to learn how to train ourselves.

    Thanks for the comment please stop by anytime and do not hesitate to contact me if you have any questions at all.

  • Helder

    Casey you seem to me to be a very wise man. I am sure that it benefits you in your trading.

    It is my honest opinion that everyone has in him the necessary skills to become a successful trader. The reason that 90% of us fail to reach that level is simple because we are afraid to commit ourselves to a project that is solely based on Uncertainty. To me, that is what trading is all about, learning to deal with uncertainty. It's not in our nature to deal with uncertainty. It is not in our nature to explore and work outside of our comfort levels. If you stop for a second and look at yourself, you will see that every single trait of your character is nothing more than a skill that you have naturally acquired to avoid unpleasent and unconfortable situations. The same goes for the markets. The market is not forced upon us, we choose to enter it, and every ounce in our body pushes us to make the wrong decisions. The day you honestly decide that the market is where you want to be for the rest of your life, then you will ackowledge the NEED to change your hold ways. This is exactly where I stand right now, and let me tell you it is not easy.

    Happy trading!

  • Kimbo4X

    Great to see so many fellow believers and people of faith. Regarding trust in the Lord, the faith part is to have a mindset of EXPECTANCY. Expect His blessings and protection.

    Back to trading. Go to daily charts showing 1 year data. Find the 5 best trending pairs and concentrate on them. Trade with the trend, any any counter-trend, monitor with care. Last 3 weeks, lots of retracement even in strong trending pairs due to upset in gold & oil due to risk aversion.

    Always have fundamental reason to trade and then apply your favorite technicals. Know who is controlling the day: USD, JPY, or commodities

    Kim

  • Laurence,

    I love it, great stuff. Wow that truly added some amazing insight to the discussion. Life and trading, I believe we could focus on that for a future article. I have touched on the subject in the past but the more I look at it the more true it is. We must tackle every thing we do the same way and we will succeed not just in one area but in every area.

    I admit there are some areas that I have done well in but there are other areas that I am still trying.

    Thanks for joining the conversation. Please come back often.

  • Laurence Howe

    Thank you for sharing your life and philosophy of life and trading so candidly.

    The parallel between life and trading is so poignant it's scary sometimes. The saying “How you play the game is how you live your life” is so true many times.

    Like life, trading can be easy or tough depending on how we choose to trade, as in how we choose to live our life; how we manage those emotions through money management as in how we manage our emotions in our relationships with one another and what strategy we are employing, as in what kind of life we choose to live.

    The important thing as you have mentioned is to ensure that we make good decisions to the best of our knowledge and abilities and leave the rest to God. We'll have to live with those bad decisions though but in time, some of those bad decisions might turn out to be a blessing in disguise as well.

    So as the popular saying goes “Live each day as if it's your last, but plan ahead like it's the first day of the rest of your life!”

  • Thanks for the comment true evaluation on choices. Yes consequences will be seen after each choice however I believe that if we follow our plan that would be a “good” choice and if we don't it would be a “bad” choice.

    The reason it is good or bad because the consequences of following your plan are “usually” good and if we don't follow the plan the consequences would be bad which in this case is losing money.

    Good to hear from you Patrick

  • maqeel

    Thanks starlo and Cassey for your replies. Yes i am interested to learn , it would be greatly appreciated if you could help me with some great learning tools.

  • Patrick

    To give up is to accept defeat. There are no good or bad choices, only consequences of your choices. When you make a decision, at that momemt in time the decision is based on your information on hand, so whatever you believe to be true or false that's what your choice is based on. Don't beat up yourself if your expectation is not met by your choices. Keep doing it till your expectations and your choices are what you want.

  • Pip Seeker

    Hi Casey, 23:45 our time in soccer world cup country. Nice to hear from you. There's tons of info and advice out there, you can almost fry your brain:)!

    I have been demo trading, some might say too long, 4 months now. One thing I have learnt is, have a trading plan and stick to it, no matter what. Don't chase after every wonder plan others, even your buddies try to get you into. My plan works for me, I stick to it.

    Next, and maybe more important, tight money management. Then I suppose its almost as important to really to think about why the heck you're doing this, what you want out of it, set your goals etc.

    I'll certainly keep you informed, thanks.

    Best regards

  • Starlo i like the way you think. Iron sharpens iron indeed, yes lets keep honing our skills and taking pips from the market.

  • Whyabas,

    That sounds like an interesting strategy I like the idea of making profits no matter which way the market is moving.

  • pip Seeker,

    that is great ๐Ÿ™‚ Some advice make sure you have a plan and that you stick to that plan.

    Also please come back and keep us updated on how things are going.

    Thanks

    Casey

  • Starlo

    Very insightful articles. I like the comments. Traders must realize that even with all the indicators, your trade can still lose. As I keep emphasizing, keep practising and ask questions, it can just be something simple why your strategy is not working. A good proverbs is two heads are better than one. So let us keep strenghtening each other, Iron sharpens Iron.

    Good luck to all..

  • whyabas

    sir you are correct never give up in forex,I have spent a lot sum off money learning forex trading using mt4,they teach me how to analyse using indicators,some give me signals but I still not making money,until I found a formula to trade that make profit,now I trade using naked trading,I dont care the trend is up or down,I make profit either the price Bull or Bear

  • Pip Seeker

    Brother, as a rookie I am most encouraged since I plan to go live 1st of next month!

  • Pip Seeker

    Brother, as rookie I am most encouraged since I plan to go live 1st of next month!

  • Jacob,

    Thanks for commenting, It is good to hear you are turning things around, I believe that if you truly decide to make the right choices regarding your trading strategy and discipline that you can become a great trader. I think the break out strategy is excellent and I use one myself in my trading.

    If you would like to send me a copy of your strategy please I would be happy to review it.

    my email is [email protected]

  • Thanks for the comment yes I am listening ๐Ÿ™‚

    Please come back and we can see how things develop on this site in the future.

    Casey

  • You are welcome,

    Thanks for the comment and thanks for visiting the site.

  • True enough it is our own decisions that we must deal with, but sometimes we do get stuck with bad decisions that other people including parents may have set upon us. We do not always get to choose our circumstances but we choose how we react to them. IF we react to circumstances in a positive way rather than say “Why did this happen to me” we can say, “this is not good but I will make solid decisions to change my circumstance”

    Thanks for the comment

  • ragap,

    keep working at it and make sure you find the right strategy and stick with it. When you do you will have a great success story to share like starlo, please come back here and share your experiences with us. I am sure that together we can find a solution.

  • Hello, My name is Jacob Bishop. I have fell victim to the wrong choices and Im finally trying to turn it around. I realized this in trading and in life. I'm confident I can make the proper decisions if I take action. I have been inconsistent and need something to get me over the hump. On the other hand I have a strategy that I almost perfected and then gave up and moved to scalping with another team. This hasn't worked great and I think I may reengineer my strategy. I was wondering how effective you guys think a 30 min break out strategy is and if there is any advice that could help me optimize it. Any help would be greatly appreciated. Thank you.

  • Starlo,

    Wow, Thanks for the incredible insight and sharing your experience that is extremely helpful. What you have learned to do is incredibly valuable and I am so glad that you are wanting to help other traders by posting here.

    Seriously, if you ever want to write an article to share your experiences please let me know. That is some really good stuff.

    Thanks

    Casey

  • maqeel,

    Thanks for visiting if you need some education let me know and I have many tools I can recommend to you so please do not hesitate at all. There is a great deal of material available, like you said you just have to keep at it.

  • Starlo that was a great comment, I should have let you write your own article, great job. That information will help Baily as well as many others, it is an active community like this that is what will make the difference in helping people.

    please come back often and if you have any questions or comments please don't hesitate to contact me.

  • usbajonas

    All My New Friends-Read again what JayS has posted because he hit the nail on the head with this one. The Lord says over 350 times in the Bible-DO NOT FEAR-Are you listening?

  • Forex4pty

    casey very nice article my friend. seriously.

    Thanks for sharing.

  • Bailey

    Thanks Starlo…

    this REALL REALLY really helped…

    is there anywhere here pple can like exchange info or merely email add… cuz i really dnt mind the knowledge

    Bailey

  • olusegun

    Any time I run seminal on the choice of life partner for young people. I do emphasize the importance of taking responsibility for one's choice as opposed to allowing other especially Pastors and Parents choose for you. This is because choices and potentially impregnated with success or failure. If conflicts sets in en rout failure you will joyfully address the problem and learn in the process. But if someone else made the choice for you, you will rather than take responsibility and solve the problem, sit on the fence and point accusing finger at the source of the choice. The result then will be a life of perpetual pain sorrow and self pity.

  • Starlo

    Pray for your eyes to open and see. Keep practicing my friend many people enter and lose within a few days and just give up. When I first started I open a practice account and set many trades, just wild trades with stops but no target. I never go back to look at it until a few days or even a week, to my surprise the balance had doubled, I got exited and open a live account with 2k U.S. I went to the 5 min charts and see the price flying down a nd place a sell, it started to fail, I now double up and place another sell, I still continue to fail, I double again and place another sell, it still continue to fail so I gave up and exited the position with me losing half the money I deposited. Feeling very sad I turned off the computer and went to lay down. when I turn the computer back on and look at the price it actually turned and continue down, if I didn't close the position then my money would doulble. If I had some practice then I would know that I should only risk a small amount of my money and wait for it to either lose or win. I would know that the price might just retrace and continue down therefore would not sell when it was flying down but instead wait until it retraces to get an entry. I made the very common mistake that most traders make when starting.

    Keep praying and keep practising. Good luck to you.

  • Starlo

    To Kimroy,

    Practice alot and practice as if it is real, don't confuse yourself with too much indicators but remember that indicators are good but not too much. Try to practice one pair, trying to trade more than one pair may only get you confus. Choose the time of day that is suitable for you to trade. You have to be very very patient, don't run down the price, make it come to you. There are times when my entry is missed by 1/10th of a pip but I know thats how it is so I sit and wait on another opportunity. Try to develope a simple strategy and practice, practice, tweek it and tweek it till you feel comfortable.

    You must remember that what you are doing to lose is the same thing many traders are doing and are losing too. Some common mistakes are 1) believing its a get rich quick thing. 2) No proper money management plan. 3) Trade 2 days in a practice account and belive that you get it right. 4) Trying too hard to pick the bottom or top, simply follow the trend, don't be afraid of it, the trend is really really your friend. 5) Trade without a good strategy.

    Casey Stubbs have some good strategy, I started out using a support and resistance strategy that he posted some time ago, for this example I going to use the support area. The Strategy was to identify 3 main support area and 3 main resistances area. It was (for the support area) setting a buy just above the support and a sell just below the support with small stops and vica versa for the resitance area. I quickly realize that in order for the sell to work at the support area then the buy at that area will have to fail, Therefore I tweek it a little and leave out the buy above the support area and instead I only place the sell just below the support area 1 that way I get a better win/loss ratio. Note, by doing this I missed out on many trades because sometimes the price comes to the support area and then bounces, however sometimes it falls through the support area and hit my sell and continue down. So you realize that patience is very key. Mr Stubb take profit target was to aim for support 2. Now what I do is aim for support 3 instead and move my stop to break even and trail. However at support 2 I now place a buy just above that area and a sell just below support 2. If the price turn back at support 2 then I stand a chance to make profit from that and in the mean time I can't lose again from my first position. If the price continues down then I get a second sell, one fail buy and my trailing stop moves further down then you can just imagine the rest.

    A very very effective strategy that works is the break out strategy. When buyers and sellers are fighting and the price range start to get smaller and smaller then the price will burst in one direction eventually, the pair can trade in a range for a long time but the smaller the range gets the more likely that it will break out. The problem with that is there will be falls break out at times but with a good win/loss ratio then this won't be much of a problem because if you lose because of a falls break out and win the next time then you should come out profitable. You see the break out just might be an indication of the real trend. Again here you would place a buy just above the top of the range and a sell just below the bottom. Another break out to look for is for example, if the price is trending down and it reaches a point and just start to move sideways for awile then it would be good to look forward to the price continuing down. If the price hit a low without moving sideways too much and then starts to go up, you should go to a bigger time frame chart and try to determine the direction of the trend, if the direction of the trend is in the same direction as the smaller time frame chart then go back to the smaller time frame chart and apply fib. retrace with the expectation that the price will continue down after retracing.

    I sometimes use ATR (average true range) to help me determine target points. Another tool is if you ask Mr Stubbs a question he will answer you, so if you are having problems with your strategy then ask for his opinion.

  • ragap

    I'm still not good in choosing entry and exit..
    It is often choosing good entry and bad exit (early exit or too late exit) ๐Ÿ˜€
    but' I choose to not Give Up…
    i hope more practices will make me better…
    Thanks Casey for inspiring article…
    I always wait for your articles in FF…

  • Starlo

    I agree with what you are saying. I just want to talk a little about some trading principles, as you say “you choose to trade according to your strategy, you choose to follow your money management”. At first it was very hard for me to follow my strategy plus I could never help but to be greedy (no money management strategy), I kept making the wrong choices. Eventually I went back to my practice account and started to trade it as if it was real, I applied proper money management to my strategy and followed it to a T. Eventually I became so confident that I can just set my trades and leave the PC. Now I'm back trading my live account and I don't break the rules, none at all. I risk 2% per day and I'm prepared to take up to 15 loses in a row, although never happen before.

    I say this to all traders, follow your strategy. Last week I Rode the EUR/USD all the way down from 1.3350 to 1.2600 and and kept adding to the position so eventually I made over 2,000 pips. The thing is as soon as I reach 1.3000 my gut feelings started telling me to go long but I kept telling myself no, follow your strategy, just like the cowabunga strategy, as soon as my moving averages cross over and then re-cross in the direction of the trend then I added to the position. My trailing stop was hit at 1.26805

    Its not everyday that your strategy will work to the max, sometimes you may lose 2%, sometimes 1%, and when you are gaining you may just break even some days or make 0.5% or 1.25% etc but the thing is, though may not often, your strategy will work right out to the max sometimes so with a good win/loss ratio you just may win. I say the choice is yours, PLAN YOUR STRATEGY. Casey Stubbs have some very good strategy, you may need to look into one then tweek it your way. Mr Stubb may be modest and just want a hundred pips but if you believe the strategy can give you more then look into it.

    The greatest thing about FX trading is you have the choice to practice.

  • maqeel

    I am into Trading On n Off because of Lack of Forex Education ,lost lots of money because of bad decisions , my mind says forget it FOREX is tough when it comes to success and my Heart says Go for it , so i have started learning seriously , I DID MISTAKES AND I LEARNED FROM THEM as your post says Grab the positives from those mistakes. Thanks your post has given me the relief in what and where i am upto.

    Forex always reminds me of old saying TRY N TRY UNTIL YOU GET SUCCESS .

    At the end i would say ” ALL ALONG THE WAY IF YOU PERSIST N PRAY SUCCESS IS NOT FAR AWAY”

  • kimroy

    i sincerely appreciate the fact that you identified that God does help us in life and like family He is a critical part in what we do and the decisions we make.

    I guess i'm at the phase of bad trading decision right now, well i only started couple months ago and i am only 20 yrs old. Feel like giving up most of the times but this article really helped.

    K. Bailey

  • guest

    seriously guys. shuddup about all ur i love god shit. it is garbage. good luck to you with it but most of us really dont wana hear that bullshit.

  • Jay,

    Now that is the best choice of all and that is follow God. I am sure glad that you with us in this trading journey ๐Ÿ™‚

    Thank you for the comment.

  • JayS

    Thanks for the article and for what you're doing man – GB!
    Proverbs 3:5-6 (New King James Version)

    5 Trust in the LORD with all your heart,
    And lean not on your own understanding;
    6 In all your ways acknowledge Him,
    And He shall direct[a] your paths.

  • Thanks so much for sharing your wisdom with us. We can all learn from your valuable insight. Your points are well taken and we would be wise to listen to them.

  • shallom

    dear brother..friends4life
    great mentor and inspiring trader.casey..thank you for this piece of timely article
    first and foremost nice new site and your recent picture on the site too is splendid…but ,,well maybe your darling wife nice sister inHIM didnt want her picture on site too..
    on choices..there are some choices i made that i wish i had never some i wishee i had taking them on time and so grateful i took some at the time i did..such as never to trade with so-caaled EA -robots,and some choices such as never to giveup till i win and never to look down on anybody.ready and eager to learn always ready to forgive,neer hold or bear grudges,,even in face of outright intention hostility i should give no offence.or take offence its all amount to weight that affects my trading..someone should agree there choices we make no matter how remote it is to trading .it does influence our trading
    casey thank you for ths
    shallom