people hear about forex and they run and buy courses and eBooks for heavy money.They sign up for all kinds of services and graphs, they pay a lot of money for coaches and classes, learning about the MACD and Fibbonaci and all kinds of indicators, but they do not learn the basics, they do not know what you need first to become a successful trader.
1.Will
First of all you need to do it ... and learn about it. If you have just heard about it, and you just want to "give it a try" are likely to conclude after 2-3 weeks or 2 months: It did not working.I have spent several hundred dollars on ebooks and the best odds on the Internet, but I can not profitable trade and I also lost $ 1000 on a live account in just one week.
Having the means to open a demo account, after a notebook where you write down all the stores you make and the reasons why you thought it was a good trade. You should also write when you are near a shop, why do you close a trade if the stop loss, limit, or you just decided to close it.
You'll feel like a king when you first winning trade, but after 5-6 trades that end up with a loss you will get discouraged and you'll want to give up .. I know how it feels because I was there. In such moments you need to go further.
2.Discipline
Once you learn how to use charts, trading stations, indicators and start building your own trading system should keep it for awhile. Follow your system for 1 month, then you will conclude that it is bad or good, if it makes money or cost you money. You will then have an idea of how profitable trading system is built and after 1 month, you might decide to change something. Like ... I will not stop so close because the market needs some space to bounce before the trend or will not be using that border tights, because I can see the market moving in the direction I predicted and I think I could get more pips if it does not would be restricted so close .. and so on ... Once you decide you are a new trading system, which is "improved" the old and the trade with this system for 1 month to see where it takes you.
You need discipline, because you have put on your system. Do not give up and try something new after the first 6 loosing trades, because that's not enough time to test the system. Suppose that the system is fully tested when I use it for at least 200 orders.
3 self
you will find a front row that has another 5 pips before it hits the limit, and you click the mouse and close the order because you fear the market could turn against you and you may lose what you have just won.
There are 2 feelings here ... fear and greed.
greed-excessive desire to acquire or have more than what should or deserves, especially with respect to material wealth (per Dictionary.com)
This means that the system does not deserve more, and when you try to close your position before making your system it means to cheat. You can let your emotions take control over your mind and through the rational part of the brain. It's a bad thing, because that way you will develop a model that will bring you false information such as average profit your system delivers. This data has been changed, because you disturb. You need to be controlled, and not interfere in your system.
Feelings are good ... in music, in painting, in poetry, in love ... but in the store are very very expensive and that is why they must be removed when you sit on your trading desk.
Another aspect of self-control is to trade only when you see an opportunity, signal ... not just a store, because you feel like it today. If you're in the market say anything, it should be a day of golf or a day to spend with family. If you're in the market say anything, you should not trade. It is a matter of self-control.
4.Honesty
the last thing in itself that is directly linked to your income being honest. If the system simply does not work, you should be honest and admit it. market is never wrong ... market is always right, no matter what. It might be irrational, it might be illogical could get out of your trading chair one day and say ... It does not make sense .. Yes, the market often does not make sense, but it is right. And if you do not make a profit, your system is wrong, rather than the market.
Arguing with a neighbor, a brother, sister, colleague is a common thing, we usually over it soon, and sometimes with some people believing that it becomes a pattern. But it's okay if you observe certain restrictions.
But ..
... Arguing with the market is very expensive. If the market is right and you're wrong it costs you money, and remember what I said about when the market is always right to S. .. so .. Be honest:?. If you are not making a profit system should be improved
