|
 |
| The M.R.S Trader – The Essentials of Successful Trading |
Having said that, it’s my opinion that we humans can be pretty irrational creatures (note: traders are humans too) and as such, we have to watch out for irrational behavior especially during trading as it can work against us pretty badly.
When you start out trading, you should never expect yourself to succeed in a short time (e.g. such as under 6 months). This is not only unrealistic but places totally unnecessary pressure and stress on you.
I like to quote what Gary Player (a golf legend) once said. He said “The harder you work, the luckier you get”.
I interpreted that to mean that the odds of success increases in tandem with the amount of effort one puts in. But do not be mistaken here … I do not think that hard work guarantees you being successful in trading as this is a totally different ball game altogether from most of the mainstream careers.
Still, one should persevere and keep the faith and commit to having success in whatever field he or she chooses (and in this case, trading).
At this juncture, I would also like to address an issue that concerns new traders and that is the idea of demo trading. Many would presumably start off (told or otherwise) demo or paper trading by using virtual / demo money and that is perfectly fine until you realize that most of us will never benefit fully from it because real money isn’t involved and as such, there is no emotion at all. When that happens, it isn’t real live TRAINING. In my view, it’s simply a waste of time for the majority.
I can sense many people disagreeing at this point. However, I’m obliged to share with you what works and it is in my experience that I found what worked for me and what did not.
The question then to answer (if you choose to agree with me) is “How can one learn to trade without risking a great deal?” and what follows is simply my suggestion.
I would suggest using XXX amount of dollars where it wouldn’t cost you to sacrifice the way you live (should you lose it all) yet large enough so that you can actually experience the emotions while trading and take it more seriously. What say you? You might as well consider that as paying for live training/tuition to the market.
With that said, once you start trading proper, you should never focus on how much you would make or what you could buy with the money you make. Instead, you should FOCUS solely on your profitable trade setups and trading them well. The profits are simply an afterthought, a given. It WILL come eventually so long as you trade well.
|
|
Next->
|
|
|
 FXAddict Newsletter
|
Forex Brokers
|
|
|
New York: 
