Are You A 'Good' Trader?
Written by A Forex View From Afar on Thursday, January 10, 2008Back to www.TheLFB.com
• 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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