Steps to becoming a great trader

Discussion in 'Forex' started by T-Bone Trader, May 27, 2009.

  1. I'm not a great trader by any means,,,but I have been becoming a lot better through proper psychology - and less emphasis on charts

    First step I think that is crucial is to forget God.....become an atheist *only* when you are trading

    Most of you guys know exactly what I mean by this,,,,

    I will outline more steps as time goes on
  2. 1. MM, MM & MM
    2. Discipline
    3. Turn your emotions off
    4. Test your TS in historical data
    5. Keep enhancing your TS constantly.
  3. aceholic


    1. Make lots of money.
    2. Claim greatness.
    3. Lose all your gains in one day.
  4. fx4living


    discipline and anticipation
  5. You will learn > 90% of your wisdom...
    From analyzing your losses with laser focus.

    If you do not obsess about why you f-ed up and lost money...
    And find ways to limit similar future losses...
    You may as well quit yesterday.
  6. Eric215


    This is an excellent point and one that is often over looked for years until everything else fails. It is my belief that emotional awareness is the attribute that is least talked about but has the most importance. I'm sure many of us can relate to being able to read a chart perfectly for years but still not being able to make money. Psychology and emotional awareness is usually what is holding a trader back.

    I guess some of these spiritual teachers were right in saying, "The answer you seek lies within, my son".
  7. A workable strategy with prudent money management, and the unshakable discipline to trade it.

    Emotions are inevitable and unavoidable and can in fact be a good thing, you can't rewire/bypass basic natural human instincts no matter how hard you try, however you can compensate for your emotional frailties by developing the discipline to follow your rules.

    All the psychobabble and 'emotional awareness' claptrap in the world isn't going to mean diddly without strategy and discipline, develop those two and you won't need to worry about your emotions :)
  8. kxvid


    #1 recognize that you aren't going to be rich by tomorrow or next year, unless you are already are almost rich.
  9. Eric215


    It seems you don't understand what emotional awareness means. It has nothing to do with liking or disliking your emotions. It means that you are aware of them. If you are aware of your emotional reactions and you use them to learn about yourself and how you react to different market situations this will develop discipline and enable a calm perspective in which to view the market. Saying someone has to have discipline is a bit simplistic. The reason someone does not have discipline in the first place is because they are exiting or entering trades in the wrong place, all the while having sound analysis, which is due to the emotions of fear and greed. So by being aware of your emotions or by have emotional awareness you gain discipline as a result. If a trader is highly emotionally aware they can actually "queue" off of their emotions as a guide to whether or not the position entered is sound. Emotions are the way, often times, in which a person's sixth sense or intuition will speak to them. George Soros spoke of this often in his books. He would use emotions and aches in his body as guide to determine whether his analysis was sound.
    #10     Jun 4, 2009