You have to remember that...
1. There is no shortcut to become one... Nothing comes easy...
2. This is not a get-rich-quick scheme...
3. Those successful traders that you (may) see around you did not come to that stage in one or two years period... Most graduated from the school of hard-knocks... They too lost (a lot of) money... likely even more than you could ever imagine...
4. Learning is a must and continuous process... Doing something without proper knowledge is a sure way to failure..
5. A trader is not a gambler... A trader approaches the market with systematic risk management and taking chances base on market probability... Our aim is to prosper for sure, but before that, you must consider survival as your preliminary target since most new traders do not last that long in the market...
6. You must give yourself ample time to learn, grow, experience and remember certain aspects of the market that are hardly written in the book. What I mean is that you need to be realistic with your target... say to become an established trader in 3 years time rather than "I will turn this 1000 dollar into a million within 12 months"....
7. Self control is almost everything apart from proper risk management. Most traders destroy their account (inclusive me... ;) due to self-sabotaging activities in which they simply can't handle the first lost that followed by another loss (revenge) and another.... until the whole account is burnt out... this is indeed among the hardest part of trading that any individual trader must learn to master...
8. This is a serious business (i.e. not some sort of HYIP or internet investment scheme etc) and hence requires serious attention if you decided to venture. If you play around with the market, gambling or blindly open a position without knowing what's going on... I can guarantee that you won't last a week with your account...
9. This is where George Soros, Warren Buffet, Central Banks, The Feds, The Brokers, The Tycoons you don't know, you and myself are putting our bets altogether in speculating where that particular pair (ie EUR/USD) is going... If I bet the EUR/USD is going down but Soros and the Gang think otherwise... who do you think would win? The point is... think like Soros and the Gang... and of course, the majority of the market players... They moved the market, not you or me...
10. Though hardly being discussed, it is important that you stay fit and focus. When I look back at some of my major losses, reason being are due to lack of focus and energy when I executed that particular trade. When I am tired, my analysis and tactical thinking suffer and to make things worse, most of these losses were potentially good trades if only I just stick to the original plan. Losses incurred were due to poor decision in either pulling out too soon or too hold on beyond original stop loss...
Remember these 10 points by heart... I am sharing from my very own experience and yes, looking back at all these points, most subjects would only relate to one matter no other than YOU... since the market is always there behaving the way it intend to be...
The summary is only one
- You just need to master yourself in becoming a really good trader.. the rest you leave it to the market to decide....
Safe trade guys... ;)
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