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KEY TO SUCCESS

Here is something I want to share. Every morning before starting to trade, I read these points. I have noticed it helped me a lot while trading. I hope this helps. I would also recommend to read "Trading in the Zone" (by Mark Douglas). It's a wonderful book.
KEY TO SUCCESS
1) TRADE WITH NO FEAR
2) TRADE WITH NO RECKLESSNESS
3) TRADE WITH POSITIVE ATTITUDE
4) TAKE RESPONSIBILITY FOR EVERY WINNER OR LOSER
5) LIMIT YOUR RISK WITH PROPER MONEY MANAGEMENT (1% OR 2% RISK PER TRADE)
6) PRE-DEFINE RISK …
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sonjatrader avatar

Very good article

agddivisas avatar
agddivisas 28 Dec.

Bravo, for me most important is nº1.

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Understanding Price Chart

4. Understanding Price Chart:
"Trading is not about markets; it's about thinking"
Majority of novice retail traders do technical analysis and use price and time chart to execute their trades. Each trader have their own interpretation of price movements they see on price chart and use different tools or indicators such as moving averages, fibonacci, trend line, gann, support/resistance, supply/demand etc. to execute their trades.
There is one very important aspect of technical analysis which reta…
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Illogical Stop Loss Placement

3. Illogical Stop Loss Placement:
"Trading is not a business of predicting, it is a business that involves hypothesizing and risk management"

It is common practice among novice retail traders to use needlessly wide stop loss due to fear of taking a loss and preserving their win/loss ratio. This fear is commonly caused by lack of knowledge and due to insufficient research and back testing. They don't understand that losses happen and they are part of this business and that there is no place for …
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Thinking in Probabilities

2. Thinking in Probabilities:
"When you really believe that trading is simply a probability game, concepts like right and wrong or win or lose no longer have the same significance"
Forex trading forums are common place where retail forex traders post their price chart with technical analysis and justification for their trades. Out of these trades some trades end up in profit and some in losses. When these traders experience a losing trade then they somewhat doubt their analysis and often post c…
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Patience & Discipline

1. Patience & Discipline:"It's not the mathematical skill that's critical to winning, it's the patience & discipline of being able to stick to the system"

In my opinion, the number one reason a novice retail trader fail to become consistently profitable is due to lack of discipline to follow a trade plan. It often happens, when the market is not behaving according to their expectation, they become impatient and take trades out of frustration and deviate from their trade plan.
Perhaps this lack …
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jezz avatar
jezz 4 Dec.

Because we all take the famous 5 steps to become a trader. First you see a 24/7 winning time before you end up at 8/5 ;) regular job with ups and downs

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alifari 5 Dec.

Well said...

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Difference between Live & Demo Account

Posted by RUFUS @ RTMHave you ever thought of the effect of watching randomness in the markets on your mind? Focusing on every tick or gyration in the chart. Every 1 minute candle just to see how your "Live" position is doing? Some behavioral economists estimate the negative effect to be up to 2.5 the magnitude of a positive one. Do you see how this can drain your mind rather quickly. For every 1 tick against my position I need 2.5 ticks in my direction just to balance the potential emotional d…
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Jesse Livermore - Reminiscences of a Stock Operator

Some inspiring and educational quotes by Jesse Livermore (from Reminiscences of a Stock Operator) 1) And when the market goes your way you become fearful that the next day will take away your profit, and you get out-too soon. Fear keeps you from making as much money as you ought to. The successful trader has to fight these two deep-seated instincts. He has to reverse what you might call his natural impulses. Instead of hoping he must fear; instead of fearing he must hope. He must fear that his …
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highwayman avatar
highwayman 17 Apr.

All Good Advice +1 Have You Read The Book ? Does He Explain His Trading System ?

alifari avatar
alifari 17 Apr.

Yes, I read the book, its not about system but his trading journey and all the ups and downs he went through. I would recommend you to read it.

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highwayman 18 Apr.

The Title Is "Stock Operator" Not "Stock Trader" Or "Stock Broker" Does Operator = Manipulator ?

alifari avatar
alifari 18 Apr.

Not sure why the title is that, but it is a nice read....

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