Learn To Trade
I often get asked the question – What makes a successful forex traders and how to learn to trade? The simple and short answer is discipline, dedication, the ability to follow rules and above all “a positive outlook on their lives and trading”.
If we break them down and start off with discipline. What do I mean by discipline, well! it’s the ability to implement risk management within your own risk bubble consistently, is the antipathy of discipline. It’s not the losing trades that finish off traders, it’s going outside of their risk bubble and losing more than they can handle that finishes off traders. Learn to trade well by remembering these pointers in the future.
Dedication. Most people just don’t have the dedication to really get to grips with trading. Most people are looking for the first opportunity to say, well I tried but it didn’t work. I gave it my best shot but this wasn’t right for me or it was their fault, it wasn’t mine. The real reason is that most people don’t have the dedication to see it through. The only way anyone can truly fail at FX trading is the day they finally give up. If they don’t ever give up and strive to learn to trade, then they have never failed and there is always the potential to achieve the goals they have set for themselves.
The ability to follow instructions and trade within a predefined set of rules. I hear so many times of traders who move stop losses because they believe they are right. Traders who take profits too early only to see the trade go and hit their target. Traders who just plain don’t take the trade when it is set up perfectly right in front of them, this one is probably the most common. Now if your mentor and your rules tell you to do XY and Z when this happens then do it. Professional traders always follow the rules.
PMA Positive Mental Attitude
Positive mental attitude or a positive mind-set is so crucial in trading and in life. You have to see the best in everything otherwise you just walk around in a constant state of misery. If you have a losing trade, what can you learn from it, examine the trade, and discuss it with your mentor, does it fit within your rules. If there was a mistake learn from it so you won’t make the same mistake again. You have just turned a negative into a huge positive. When you have a profitable week or a month, treat yourself to reinforce the good habits, providing you were profitable using good habits. Read such books as Jesse Livermore, Reminiscence of a stock operator or any of the Jack Schwager Market Wizard books. These books will show you that even the top boys experience the highs and lows, but they stay focused and kept a positive mind and as a result they became very wealthy.
The books mentioned are available for download as audible for those of you who are not big readers. I truly believe that they will enhance your knowledge of the markets and you can truly learn to trade no matter what level you are at.
Hope you have an amazing day.
The Platinum Trading Team
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