Suucesful traders know the enemy within , their psyche and human phsychology , the failures don't know the enemy within you . In trading the biggest enemy is within you ,there are no other enemies but you. give a highly profitable system to these traders with unsound trading minds and see the results
Successful, or really successful, traders...in my simple, humble opinion...are basically weirdo psychos. who all practice KISS: keep it simple stupid ....in their trading strategy and psychology. It's all about finding what you're good at in the marketplace, and churning it day in...day out...like normal clockwork. ...before you know it, you have grown an avalanche out of a snowball You have to trade a highly liquid thing though. -- i'm kind of currently mainly thinking of that Asian CIS guy right now. Dan Zanger is really great too...but he was more of a one-hit wonder, during the peak...crazy perfect late 90's days. Being a really great, explosive trader is kind of meaningless...if you give a significant portion back to the market. It's relatively easy to make money in the market; the challenge is keeping it for most people...atleast in the long run.
Agree ! The trading educators ,trainers and books never explained this to traders , infact all the education is about using several books on fancy price action combinations of complex subjective information , in real time under pressure and stress.How is a trader expected to digest 139,000 posts , three books from al Brooks , process all these multiple variations and set ups in real time , under stress ? http://www.forexfactory.com/showthread.php?t=2331 Please start up LL.phd Psychologist kiss trading course , it may be worth helping traders become succesful , only a trader who understands human pschology can be a good educator. This is one of the best videos to listen to , it explains why your mind should have very simple information to process K I S S ,it should be free of all thoughts ABOUT MONEY because money arouses emotional brain and emotional hijackings.Traders should really only do maximum 5 quality trades a week , preferably set and forget strategies.They should also practice patience and mindfullness. The forums should be about teaching quality trading . When there is no enemy within, the enemies outside cannot hurt you.African proverb. This is similiarly how traders mess up with emotional Hijacking. And here is the lead , just for entertainment
Successful traders do not borrow money from others to trade if they have no savings. Rather, they work harder, save some money and then open a trading account. They also do not trade all their money, but their focus is on protecting what they have.
Additionally, successful traders never trade without a stop loss. There is nothing more important than stop loss in Forex trading. They always trade with a stop order, not because they expect to lose, but it is to prevent a large loss from an unexpected news event.
The stop loss order always gets filled for a big loss when there is unexpected news events. The successful trader keeps positions small enough that they can comfortably add to their position when there is unexpected news that goes against their core position. They treat trading like a business which requires the risk of capital not the preservation. No risk, no gain. There's a difference between risking capital with an expected payoff and pure gambling. The focus has to stay on earning a return and demanding that return over time. A business does not operate to generate losses or accept prices that result in losses for the business. This means the business will need to operate with a long term view and sound logic. Many successful entrepreneurs will tell you to never use your own money. There is so much money out there looking for someone to help it grow, why risk your own capital? The challenge is building a compelling business plan that convinces others to invest in you. Behavioural finance can help you uncover your fatal flaws in addition to understanding irrational markets.
How do you have the secret of what all successful traders do? Many successful traders trade without stops. I personally choose to trade with stops, it's personal risk management decision for my style. Why do so many people here think they know everything?
I would like to think there are many successful professionals who choose to engage in these forums to challenge the status quo and their own views with other Traders. I'm sharing my views/experiences to give back to the community and am open to other perspectives with the benefit for all.