FX Alerts™
How To Tell If
You've Got
What It Takes
Here is a short (but by no means all-inclusive)
list of traits you must have to be
successful
· Discipline, work ethic, reality
based trading (versus "pie in the sky" traing
expectations) and a plan.
· Iron-Clad risk management rules. Never,
ever risking more than 5% of capital on
any one trade. (This means that if
you have a $3k account, to never risk more
then $150 on any particular trade which
is approximately a 15 pip stop on a regular
account).
·
Driven to do
whatever it takes to improve and develop your trading skills.
·
Knowing that the
system isn't enough.
·
Staying true to the
system, not the dollars. Have trust in yourself and the ability to
systematically trade the market. Focus on the "worst case" and "best case"
scenarios – always plan for the worst.
·
Never gambling,
always have a reason for taking a trade
·
Recognize and
embrace the fear, uncertainty and doubt that is part of losing money
trading. Focusing on what you need to do next to catch the next
signal.
· Avoids "scalping" to
try and make up for missed trades or losses. Also avoids mixing
outside ideas and second guessing.
Trying
to be right 100% of the time will murder
your chances for success in trading.
Your goal should be to manage risk, manage
risk and manage risk – then you'll
maybe have a chance for success.
To be a Pro, you need to let your
losses go, accept them as part of the game. If you find yourself jumping out of
trades beforyour
targets are hit – you're in trouble.
Try Demo trading until your confidence is
back.
To be a Pro, you need to realize when you're
starting to hope that a loss will "turn into" a profit –
as if some fairy godmother will suddenly appear and turn your pumpkin
in to a chariot… fat
chance. If you find your self in prayer, hope, meditation or whatever
you do – just get out of the trade.
· Read Winning
At Trading.
- Very Important to your success!
· Read The Three
'P's" You Must Have To Be A Success.
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