A Forex View From Afar

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Are You A 'Good' Trader?

Written by A Forex View From Afar on Thursday, January 10, 2008

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• A good Trader is not born; a good Trader is only ever somebody that has been taught well. A good Trader has been willing to expand their thought process, and to willingly move outside of their comfort zone

• Most Traders expect an instant reward, which is something that is completely unrealistic. Positive results will not just come because a Trader expended energy, the Markets do not really care how much time and effort is put in. There is no ‘Time=Reward ‘ equation in any Tradable Market

• Work Smart, NOT Hard. Concentrating on a Trading Plan and learning what has already proven to be reliable, will not guarantee results (see above note). It will though ensure that a Trader stacks the odds of success in their favor

• Knowledge is NOT Power, the proper use of Knowledge is Power. Get focused on the system at hand, learn things one at a time and trust in common sense in decision making

• Research the Euro when trading the Forex, it is the largest $ denominated trading Pair and therefore will serve as a guide to overall $ strength or weakness

• Do not expect instant results, but DO expect a feeling of calm, security and clarity in what you are doing each day once you have a Plan to follow, and a path to walk

• Do not be a SNIOP (Susceptible to the Negative Influence Of Other People). Most Plans will work out given time if they are well prepared and executed, all well thought out systems tend to.

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Fundies and Trading
There is a constant question from some traders as to why anybody would ever need to consider the ‘F’ word when trading. Fundamentals: what is so damaging at looking at both Technical charts and having a Fundamental filter to gauge how many Lots to put on? Why is it that accepting that Technicals give us price points to trade, but Fundamentals determine the direction that we travel is so difficult for some traders to accept? Without a Fundamental Filter very few pure Technical traders would have seen this Dollar move coming today.

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