Each trader must develop the ability to focus. Each trader in his own way must develop the ability to keep on going.Each trader must develop a personal risk management program.Each trader must learn to deal with uncertainty.The short term is but a small part of a much larger long term picture. That is to say that one trade is just one trade. Win or lose, you must move on to the next trading situation.
The successful trader will:
<1> identify a signal or a market opportunity.
<2> react decisively.
<3> feel good - whether he wins or loses
<4> demonstrate self confidence.
<5> exercise his independence.
Patience to Gain Knowledge through Study and Focus:
Many new traders believe all you need to profitably trade foreign currencies are charts, technical indicators and a small bankroll. Most of them blow up (lose all their money) within a few weeks or months; some are initially successful and it takes as long as a year before they blow up. A tiny minority with good money management skills, patience, and a market niche go on to be successful traders. Armed with charts, technical indicators, and a small bankroll, the chance of succeeding is probably 500 to 1.The successful trader will:
<1> identify a signal or a market opportunity.
<2> react decisively.
<3> feel good - whether he wins or loses
<4> demonstrate self confidence.
<5> exercise his independence.
Patience to Gain Knowledge through Study and Focus:
To increase your chances of success to near certainty requires knowledge; acquiring knowledge takes hard work, study, dedication and focus. Compile your knowledge base without taking any shortcuts, thereby assuring a solid foundation to build upon.
