Be Humble

Almost everybody is familiar with Muhammad Ali. He is known as one of the greatest, if not the greatest boxer ever. And while he was well known for his boxing skills, he was equally famous for his proud and showy behavior (“I am the greatest!”). His behavior proved to be definitely effective in boxing since it boosted his own confidence while at the same intimidated his opponents. But if Ali was a forex trader, he probably would’ve been knocked out quickly and had his wallet emptied…by the market.

As a trader, you have to learn how to be humble when trading the market.

When you become successful you feel invulnerable… until the market quickly puts you back into your place.

The best trade sometimes is the one not taken. The best thing to do sometimes is to just walk away. Always be humble, no matter if you are running a $1,000 micro or a million dollar standard account.

The market will take your money equally, it does not discriminate.

Always treat the market with respect. If you respect and listen to the market, it will give you the answers that you seek.

It is only you and the market. No matter what you think or what happens, the market is always right!

Only you can be wrong. Learn humility and be humble, respect and listen to the market and you will become a successful trader.

Never let success get to your head because the market will punish you for your arrogance. Always be thankful for the lessons the market teaches you, no matter what the price is.

  • gthedrum

    Thanks DrPipslow for this added insight into the trader’s psychology. It’s important to realise that whether the trade is a winner or a loser, the main thing is the lesson learned. Today I had only 2 trades, which I unfortunately scalped where bigger profits were available. However, the most productive part of my day was spent going over babypips school sections. I often find when I’m reading about trading instead of watching my trades too closely, they usually come round to profit. Too often have I honed in, instead of taking the birdseye view, just to panic and close out or move stops too tight. I don’t know what I’ll do when I finish at the School of Pipsology! :-)

  • gthedrum

    Apologies. I meant to place the above post in the “You don’t have the win every battle, just the war” thread.

    :-/

  • gthedrum

    Thanks DrPipslow for this added insight into the trader’s psychology. It’s important to realise that whether the trade is a winner or a loser, the main thing is the lesson learned. Today I had only 2 trades, which I unfortunately scalped where bigger profits were available. However, the most productive part of my day was spent going over babypips school sections. I often find when I’m reading about trading instead of watching my trades too closely, they usually come round to profit. Too often have I honed in, instead of taking the birdseye view, just to panic and close out or move stops too tight. I don’t know what I’ll do when I finish at the School of Pipsology! :-)

  • gthedrum

    Apologies. I meant to place the above post in the “You don’t have the win every battle, just the war” thread.

    :-/

  • mikeg

    HI! This is a great site. I surely will learn a lot more here. Keep up the good work guys.

    Just a few questions…you mentioned about the market speaking / talking to us…so how do we learn to listen (the language the market speaks) to the market? And how are we going to follow what the market is telling us to do…so we can profit in the sense? What particular school lessons I have to learn in order for me to be able to follow and listen to the market?

    Thanks so much and good luck with our trading.

    Mike G.

  • mikeg

    HI! This is a great site. I surely will learn a lot more here. Keep up the good work guys.

    Just a few questions…you mentioned about the market speaking / talking to us…so how do we learn to listen (the language the market speaks) to the market? And how are we going to follow what the market is telling us to do…so we can profit in the sense? What particular school lessons I have to learn in order for me to be able to follow and listen to the market?

    Thanks so much and good luck with our trading.

    Mike G.