Two Big Trading tools (1 of 26)
- Two Big Trading tools (1 of 26)
- You get paid to wait (2 of 26)
- Chasing the Market (3 of 26)
- Always Scale Back When You are Trading Poorly (4 of 26)
- Never Turn a Winner into a Loser (5 of 26)
- Keep things in perspective (6 of 26)
- Develop a trading plan and Stick with it (7 of 26)
- Develop Your Own Style (8 of 26)
- Be Able to Trade Another Day (9 of 26)
- Develop the Skills to Trade Bigger (10 of 26)
- Stop The Pain Close the Losing Trades (11 of 26)
- The First Loss (12 of 26)
- Don’t Turn Your Trades into Religious Trades (13 of 26)
- Don’t Worry About the News (14 of 26)
- Speculators Always Lose (15 of 26)
- Become Good at Losing (16 of 26)
- Use Time to Monitor the Loss of a Trade (17 of 26)
- Only take little losses (18 of 26)
- The Money Pile (19 of 26)
- How to Hit a Homerun (20 of 26)
- Confidence & Control (21 of 26)
- Know When to Hold ‘em Know When to Fold ‘em (22 of 26)
- Be a Trading Machine (23 of 26)
- Be a Trade Taker Not a Trade Watcher (24 of 26)
- The Market Thinks All Traders Are The Same (25 of 26)
- The Market Does Not Care If We Win Or Lose (26 of 26)
The first tool is your trading system or the methodology you use to enter an exit the market, your trading system. You need to be very good at the trading system before you can enjoy any success as a trader. Once you have mastered your trading system it is like riding a bike or driving a car. The process of entering and exiting trades becomes second nature and mindless. The second tool and most important is DISCIPLINE. You must be disciplined if you ever want to achieve any level of success in trading. If you are a disciplined trader you are disciplined every trade every day. If you are disciplined 9 out of 10 times then you are not a disciplined trader. The success that a trader achieves in the markets is directly correlated to his trading discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is very simple: Trade with discipline and you will have a greater chance of successes; trade without discipline and you will have a great chance that you will fail. If you want to be a success at trading and will not learn a trading system, make some trading rules and follow them, you are just spending time on an expensive hobby. How, can a trader trade successfully, day after day, trading the markets for years? The answer is simple: Trade with discipline, and respect the market. When their wrong they get out immediately and when there right, they don’t get too greedy. Successful traders are content with small winners and accepting of small losers. In the next few posts we will go over things you need to do to be disciplines. We felt it would be best to give it to you in small doses so you can think about a few things at a time and internalize them rather than just have information overload.
Tags: forex strategies, successful traders, traders, trading tools
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