interesting quotes

http://www.forexfactory.com/showthread.php?p=3684074#post3684074

seting the profit target.
Rob(ptice action) asked me by pm thats why i am explaining.
first of all remember u have to change your trading plan day by day until ur fully confident .change your bad habits.train ur self to trade like a robot.
what does it mean?
it means everyday keep doing whats works for u and dont do what does not.
review your trades every night .while u u are trading mark them if u can .where u entered and where u exited and why.that will be very first step to become a successfull trader.
if u are biginner set stop to 3:1.what does it mean is that u can have more wrong trades and still make money. and if u still dont make money there is no need to worry.
after that if u think your profit target doesnot reach 3:1.
than reduce it to 2.5:1.and still if u think ,your trade does not reach your profit target.than reduce it to 2:1.
it doesnot mean u cant get out of the market if momentum changed.allways manage the trade actively
when u will find a R:R ratio that suits u .stick with that.
if u are experiance u can go for low R:R ratio.but u need higher hit rate.and u have to be very fast.
every person is diffrent and their risk tolarence as well.some people doesnot have gut to hold a possition too long.some loves to hold onto trades.
now i will tell u how i manage the trade in fx day trading.i manage difrent time frame diffrenly.i will call it its an Art.
what i have found is in fx day trading.most of the pairs will give u 2:1 then it will give u a pullback .thats why my basic profit target is 2:1.but if i see it was first or second impulsive move of the the current intraday trend than i will hold it as long as momentum stays strong.if its 5th or more than that than will close most of the trades for 1:1 .and i manage quick in and out.dont wait for bigger R:R.
specialy choppy day if i trade i manage to get quick in and out.u cant expect bigger move in the choppy market.
choppy days mean supply and demand (sellers and buyer) levels are equally respected by the market .
those days are tough to trade.if u can spot .stop trading as soon as u realise its a flat day.or if u trade,do that very carefully.