The 4-wheel drive as A Forex trader to success

The 4-wheel drive as A Forex trader to success

People hear about forex and they run and buy items and books for heavy money.They Sign up for Facebook for all sorts of services and schedules, they pay good money for trainers and classes, learning about and MACD Fibbonaci and any kind of indicators, but they are taught the basics, you know what you need first to become a successful trader.

1.Will

First of all you will need to do ... and learn more about it. If you only heard about it and you just want to "try" the chances are that you will conclude after 2-3 weeks or months, 2: It is not ve working.I 'spend hundreds of dollars on books and the best courses online, but not Can a profitable trade and I also lost a $ 1,000 live account for only one week.

Having the will open the demo account, to have a notebook where you write down every trade you make and the reasons why I thought it was a good trade. You also need to write when you close the trade, why close the trade and if it was a stop loss, limit, or you just decided to close.

You'll feel like a king when you have the first winning trade, but 5-6 trades, which ended with losses will be discouraged and want to give up .. I know how it feels because I've been there. In the moments that you will need to continue.

2.Discipline

Once you learn how to use graphics, spot trading, indicators and start building your trading system should stick to this for some time. Follow your system for 1 month and then will conclude if it is bad or good, if it brings you money or it costs you money. After that we will have some idea of ​​how profitable a trading system will be built after 1 month and may decide to change something. As ... I will not stop them so close, because the market is in need of space to bounce before it has a trend or will not be using such limits tights, because I can see the market moving in the direction predicted and I think it would could get more pips, if it would not be so close to the border .. and so on ... Once you decide to have the new trading system, which is "enhanced" the old and trade with this system for 1 month to see where he is needed.
You need discipline because they have to stick to your system. Do not give it and try something new after the first 6 losing trades, because it is not enough time to test the system. I fully tested when the system I use for ordering at least the 200th

Three self-control

You will find yourself in front of a goal that has 5 more pips, before hitting the limit and you click the mouse and close the order for you to fear the market can turn against you and you can lose what you just won.

There are 2 feelings here ... fear and greed.

greed, excessive desire to acquire or possess more than what one needs or deserves, especially in terms of material wealth (with Dictionary.com)

This means that your system does not deserve more and when you try to close your position before your system does mean that you are lying. You let your emotions take control of your mind and through your rational part of the brain. This is a bad thing, because it will develop the model, which will bring you false information, and your average profit system will bring. That changed data, because the mix. Must be controlled and not interfere in your system.

Feelings are good ... in music, in painting, in poetry and in love ... but trade is very, very expensive, and that is why they must be removed when you sit down to your trading desk.

Another aspect of self-control is to trade only when you see an opportunity, a signal ... not only because the trade feel like it today. If the market tells you anything, it should be a golf day or a day to spend with family. If the market tells you anything, you should not trade. It is a matter of self control.

4.Honesty

The last thing inside you that is directly linked to profits is honest. If a system that simply does not work, you should be honest and admit it. The market is never wrong ... the market is always right no matter what. It may be irrational, it might be illogical can you get your chair from one trading day and say ... It does not make sense .. Yes, the market often does not make sense, but it is right. And if you make a profit, your system is wrong, not the market.
Argument with a neighbor, brother, sister, a colleague is working together, we usually get over it soon, and sometimes with some people arguing that this pattern. But it's okay if certain limits are respected.

But ..

... The explanation of the market is very expensive. If the market is right and you are wrong it costs money, and remember what I said about when the market is always right S. .. so .. be honest: If you can not make a profit on the system should be improved.



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