People hear about currency and they run and buy courses and eBooks for heavy money. They sign up for all kinds of services and graphics, that pay lots of money for trainers and classes, learning about MACD and Fibbonaci and all kinds of indicators, but the basics do not teach them, who do not know what you need in the first place in order to become a successful entrepreneur.
Willingness to do it… and to learn about it is necessary first. If you just hear about it and what you want is to “give a chance” it most likely is going to conclude after 2-3 weeks or 2 months: not be working. I’ve spent a couple of hundreds of dollars in e-books and the best fields of the Internet, but can not negotiate profitable and also lost $1,000 in an account in just one week. (Demo account)
The will means to open a demo account, which has a notebook where scoring all the trades you make and the reasons why I thought it is a good change. Should also write when the trade is closed why they closed the trade and whether it was a stop loss, limit, or simply decided to close it.?
You will feel like a King when the first winner of the trade, but after 5-6 has is trades that end with the loss be discouraged him and will have to give it… I know how you feel because I’ve been there. In those moments is needed will go ahead. (Demo account)
After learning how to use a graphic, a commercial station, and start building your trading system that must conform to it for some time. Follow your system for 1 month, then you conclude whether it is good or bad; If it brings you money or cost you money. Once you have an idea about the cost-efficient, which is the system of trade that built and after 1 month it is possible to decide to change something. As in the… Won’t replace the stop so close because the market needs a little space to recover before you have a tendency or do not use middle boundary way, because I can see the market moves in the direction I predict and I think that it could get more pips if it would not be the limit so close… and so on… After deciding that it has the new trading system, which is “improvement” one old and trade with this system for 1 month to see where it takes you.
The discipline, is necessary because it must be held within your system. Do not renounce it and try something new after the first 6 businesses that lose because there is not enough time to test a system. I think a fully tested system when I use it for 200 orders at least.
3 Self Control
You will find against an order that you have 5 points more until you reach the limit and click you mouse and close the order, since it will be fear that the market might turn against you and you can lose what you just won.
2 feelings here… There are fear and greed.
greed – an excessive desire to acquire or possess more than one needs or deserves, especially with respect to material wealth (per Dictionary.com)
This means that your system does not deserve more and when you try to close your position until your system does this mean make trap. Let his feelings to make control of your mind and on your rational part brain. This is a bad thing, because in doing so it will develop a pattern that will take you false information such as the average of your system gain brings you. That it alters data, since it interferes. You have to control yourself and do not interfere with your system.
The sensations are good… in the music, in painting, in poetry, in love… but in the trade are very, very expensive and that is why they should be removed when it sits at his table of operations.
Another aspect of self-control is trade only when you see an opportunity, a signal… not only trade, since you want it now. If the market does not says anything, it should be a day of golf or a day to spend with the family. If the market does not says anything, you must not enter. It is a matter of self-control.
The last thing inside of you that is directly related to its gain is being honest. If a system that simply does not work, you must be honest and admit it. The market never wrong… the market always has the right, no matter what. It may be that it is irrational, that it might be illogical that could get out of your seat a day trade and say… that it makes no sense… Yes, the market often does not make sense, but is correct. And if a benefit is not done, the system is wrong, not the market.