The beginning of a diet is often the time when we make promises to ourselves and others about how we will eat and exercise to cause the weight loss we have always dreamed of. We assure everyone that this time will be different and this time we will commit to just what it takes to lose weight. But do we keep that commitment going with a calories loss diet and exercise or do we resume the wrong eating habits and lifestyle and fail to lose any weight or worse still gain it instead? The truth is that this does happen more often than we would like because dieting is tough sometimes and making changes to our lifestyle can be tough too. If you want the changes you make to your eating habits and exercise to be effective over the long term, you will need to commit seriously to making sure that this happens. Looking great and feeling healthy always starts with a genuine commitment to this goal through a calories loss diet and daily exercise. Do not just tell yourself it is time to get healthy; instead make a physical gesture to show that you are committed to staying on that calories loss diet and making healthy other important changes to your lifestyle. If that sounds silly to you, it should not because people of all kinds even those in political office like Senator McCain and Senator Obama use all kinds of physical symbols to show their commitment to important matters. Rings, tattoos, ceremonies, even certificates and trophies are signs of commitment so you need a physical sign of commitment to mark the start of your diet. There are some fun ways to make a commitment to become healthier, happier, and fit by losing weight so begin positively and write it down, making a weight loss contract and committing to stay on your diet for at least six months. Include in the contract, rewards for staying committed and penalties for breaking the contract. Then sign it, have a friend witness it then keep it on the refrigerator to remind you of your commitment. Include a personal trainer on your payroll and see what a financial commitment like this and or even joining a gym can bring about. Not only will this find you committing to regular exercise times and programs but you will be contributing your hard earned money to turning your 'dream' into a reality. There is nothing like 'hitting the back pocket' to make us rise to a level of commitment, not previously reached in our pursuit of weight loss and fitness. Set up a weight loss group where the prime objective of each member is to support each other as they lose weight and this will reflect your commitment and enable the same for others. So get a group started amongst those who have said they want to lose weight and allow everyone the opportunity to encourage and keep each other committed. This is the way the best weight loss clinics operate and is worth copying in your own way. You do not need to take out a front page advertisement in national papers but real commitment to a permanent lifestyle change and healthier body becomes more powerful when you share this with your friends, family and workmates. The outcome of this is generally very encouraging and you can anticipate interest in your calories loss menu and your exercise routine. After sharing your commitment with the people in your life whose opinion you value, it is more likely that you will remain committed for yourself and for them. Have a clear mental 'picture' of how you plan to look when you have reached your goal weight. Find pictures in magazines of the new 'look' you are working towards and display them at home and in your workplace. This very public way of committing to a healthy weight loss for good through calories loss and exercise is very public commitment at the beginning of your diet and an effective motivator to keep you strong and resilient even when times get tough.
It's so easy to do!
Here are ten top ways to lose your shirt while trading currencies.
1. Maintain Fundamental Ignorance! Or, to put it another way, ignorance of the fundamentals! If you maintain a complete lack of understanding as to what drives the markets, what news releases and government numbers affect the markets, then you will lose your shirt - guaranteed!
2. Learn on a Demo Account! Demo accounts are a great way to learn. They're also a great way to build a nice, solid sense of false security. You trade $50,000 here, $150,000 there, some trades work, some don't, and all the time you're building up your trading game, right? You suspect the data is not quite as real-time as it might be in the demo, but you don't worry about it. And the emotions of trading virtual money, handed to you on a plate, and real money that it took you three months to pull together, are pretty much the same...aren't they?
3. Get Over-Leveraged! You drop $5,000 into the market, and your broker offers to turn it into $100,000, just like that, with a few clicks of his mouse. How cool is that? Now, you can go crazy, trade in bigger lots, take bigger hits, because you're in the $100,000 league! And hey, when your original $5,000 investment is gone in a day or two, don't worry. Your broker will soon call you up with one of those nice margin calls! Then you'll have to call your bank with one of those not-so-nice pleading-for-more-money calls.
4. Have No Trading Plan! You just want to lose money, right? And lose it as rapidly and as efficiently as you can. So the last thing you want to do is figure out where your strengths are, and set them down in a coherent way, matched in with a good trading methodology that suits you and that you've back-tested. Avoid those trading plans like the plague!
5. Over-Trade! You get in, you get out, you make five pips. You get back in a few minutes later, you get stopped out, you give your tiny profit away. You get in again, out, in, out, shake it all about, and before you know where you are, it's 11.30 at night, your family have all gone up to bed, and you're looking at another day of losing trades. You're on track to being shirt-free!
6. Set Tight Stop Losses! You must use stop losses on all your trades, of course. But to be certain of a total wipe-out, make sure those stop losses are as tight as you can get them to your entry point. You want your profits made in a straight line, right? So if the market starts to go up and down just a little bit, your tights stops will stop you out ' at a loss, of course!
7. Trade a Single Currency! You've got a really, really clear picture of what is about to happen with the Japanese yen, right? You know it's over-sold, and you're going long! But will you go long against the dollar? Against the British pound? Against the euro? Details, schmeetails! The yen's going up, and you don't care against what! Bye-bye, shirt!
8. Trade Against the Trend! You've heard all that "trend is your friend" nonsense, but you're the Contrary Trader! You boldly go against the trend at every opportunity, because all trends turn eventually, right? You also make a habit of catching falling knives dropped by your clumsy wife, and sometimes you go down to the beach for a bit of tide-turning practice.
9. Ride Those Losses! Only losers quit, right? You decided against a stop loss of any kind, went to bed, woke up the next morning to find your position is 200 pips wrong and there are three missed calls from your broker on your cell phone. Whatever you do, don't close that sucker down! It'll come right. Eventually.
10. Cut Those Profits! Your trade is flying, it's making you money (against all the odds!) and, quite frankly, it has the potential to completely ruin your shirt-losing plans! So just cut it short! Be brutal. There is no need to let a good trade run, any more than there is to cut out of a losing trade.
So there you have it - ten top ways to lose your shirt as a currency trader!
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Both Rowena French & Rob Best are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Rowena French has sinced written about articles on various topics from Lose Weight, Lose Weight and Body Language. Rowena French commits to a healthy life by controlling her body weight. Tired of complicated diets without success? Serious about lasting ? My free tips explain. Rowena French's top article generates over 246000 views. to your Favourites.
Rob Best has sinced written about articles on various topics from Finances, Advertising Guide and Wellness. Isn't it time you started making regular serious profits from currency trading, instead of losing your shirt? Here are the two steps you need to take...Step 1 - do NOT do any of the above.Step 2 - download a tested and profitable. Rob Best's top article generates over 1300 views. to your Favourites.