Dmitri Chavkerov | Handling Loss To Test Trading Strategies | New York Business Journal Highlighted Publication
Dmitri Chavkerov of Forex Peace Army Shares With Traders Important Pain Reducing Mind Tricks On How To Effectively Deal With Losing Trades
NORTH PORT, Fla., Month Day, Year /PRNewswire/ — Dmitri Chavkerov of Forex Peace Army shared with traders on his website an effective method for handling losses with relative peace and calm. Dmitri Chavkerov is a well known personality in the forex trading, who founded the Forex Peace Army website that provides traders effective trading methods and strategies.
Dmitri Chavkerov believes that mastering trading psychology is absolutely crucial in order to succeed in forex.
“Most houses have foundation, walls, floor, and roof. My successful forex trading structure also has foundation, walls, floor, and roof. The walls and floor of my forex structure are money management and trading psychology. The roof is various trading strategies,” says Dmitri Chavkerov CEO of Forex Peace Army.
Dmitri Chavkerov states that there is a wrong notion that bleeds into traders’ careers from their previous jobs, which has very negative effects on trader’s ability to make profitable decisions.
“We are all connected, and most of us are in the mentality of work, get paid, work, get paid, work, get paid. We simply can’t go against such mentality as forex traders, because our individual will is simply not strong enough. We need to go along with such mentality,” says Dmitri Chavkerov President of Forex Peace Army.
“Who says that you need to get paid after every trade? You can get paid after every set of 50 trades. A person who works for $10 per hour does not come up to his or her employer, asking to get paid in multiples of $10 every hour. They are promised to get paid every two weeks or once per month. So they wait for that payment,” says Dmitri Chavkerov Founder of Forex Peace Army.
Forex Peace Army CEO Dmitri Chavkerov says that even though all traders will probably have losers quite regularly, when it comes to sets of 50 trades, if the trader is competent, the overall result should almost always be positive.
“You don’t even need to consider that you have a loser until you place 50 trades. Don’t even look at each trade as something of substance. The batch of 50 trades is the only thing that counts. And if you lose money on such batch, consider that you got screwed by your employer, so find another trading strategy, and create another batch of 50. You keep doing it, and eventually you will find an employer that pays you consistently and predictably every 50 trades,” says Dmitri Chavkerov CEO of Forex Peace Army.
According to Dmitri Chavkerov, traders need to spend time and focus on getting the right kind of trading strategy and once they are convinced about a particular trading strategy they should start trading using it. The most important thing about this is that the traders should not abandon the trading strategy just because he or she lost in some of the trades. Instead the trader should stick with it and use it until the batch of 50 trades is created before deciding to either keep it or lose it.
“It is important not to abandon your trading system when you have 5, 6, 7, 8, 9, or even 10 losers in a row. It’s all part of the game. You wait for your payment also…not after every trade, but after a batch of 50 trades. It’s quite simple. And you don’t even need to get paid from every batch of 50; if you like, you can get paid every time you double your account,” says Dmitri Chavkerov Founder of Forex Peace Army.
“I use a forex trading system, which is called Diamonds Forex Trading System. You need to use this system on at least 50 economic indicators, and you need to a keep a journal, where you will track your progress. I call the 50 most important economic news reports as diamonds. In this Forex Diamonds Trading System, we traded about 50 different economic indicators every month, so it’s about 10 to 15 per week. We traded most important economic reports from 8 major countries (US, Canada, UK, Euro Zone, Switzerland, Japan, Australia, and New Zealand). As you can imagine, by reading articles about economic reports from all of these 8 countries, I started getting hunches on which economy was doing great, and which economy was not doing so great, so I started to invest my savings account, based on this information,” says Dmitri Chavkerov President of Forex Peace Army.
Forex Peace Army is a prominent online forex trading platform that helps explore the various areas regarding forex trading. Forex Peace Army has been functioning actively for the past 8 years.
SOURCE: Forex Peace Army