Franki Law turned $200,000 Hong Kong dollars(HKD) into HKD$6million. Having been in the business for more than 20 year, he is a big believer that success comes with experience, and time.I really love some of his word of wisdom :
"You are faced with many success and failures, and my later successes come from the experience of my failures."
"So, when I make a bad trade, I forget about it, go to sleep, wake up and start all over again tomorrow."
"If you cut your losses, you not only end the pain, but you also regain your decision-making power and can examine the market from an objective point of view."
While majority of traders average down, Franki average up. This prolongs the life of his trades and allows him to capture as much of the trend as possible.
For day traders it is useful to employ a ranking system. For example. if a currency pair has a daily average range of 100 pips aim to get 30 to 40 pips is possible, 50 to 70 pips slightly harder but 80 to 90 pips may be extremely difficult. This serve as a guide for day traders when to take profits on their day trades by controlling their greed.
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