Hi Everyone! This is Tony and I wrote this article that that gives insight on how to develop as a trader. Hope you enjoy!
Process is defined as: “A series of actions or steps taken to achieve an end.”
Today we will not examine the process of making a trade; we will examine the process of making a trader. You, being developed, into the trader that you want to be. In this brief article we will look at characteristics you need to be a successful trader.
In today’s culture we, in general, tend to want the “drive-thru” version of everything. “Give me a number 4 with pickles and no cheese. I’ll have a sprite and… 5 vanilla milkshakes please.” If we need to make a trip to London from Chicago, we jump in a plane and are there in 8 hours and 14 minutes. If we want some cash, we can stop at the nearest gas station and use their ATM. In many, not all, but many of our day-to-day objectives there is no waiting, delay, or needed effort. I propose that many of us have taken the “Drive-Thru Mentality” and applied it to areas of our lives where it should not be… like building wealth.
To be developed into a successful trader we must be trained. We need to be developed through a process. This takes time and discipline. This takes work and effort. I would propose to you that this should even include accountability to your mentor in trading. It takes teach-ability and passion. Being a successful trader also requires consistency. Before we can be a consistent trader, we need a plan. Without a plan, there is no way to measure what consistency is. We must develop our trading plan, prove it on a demo account, and stick to it after we begin trading live. There are many characteristics that I believe are needed to ensure success, but I want to briefly touch on two of them. To be a successful in Forex Trading we must have these critical characteristics: discipline and teach-ability.
Develop and perfect your trading plan while still trading a demo account. Stick to your plan, stay disciplined and prove that your plan works while trading demo before going live. I’ve heard that 95% of all Forex traders are unsuccessful. I believe that statistic and I think it is because of an undisciplined hunger for riches. If you do your analysis and the criteria is met to make the trade, set your stop and do not move it unless you are locking in profit. After your strategy is proven successful with a long term test, memorize your strategy! Stick to your strategy! Love your strategy!
With discipline, order, and structure to your trading plan (which consists of your trading vision, goals, and strategy), you have a good shot at being successful in your trading.
Find some one who is already successful and study them. Watch them, observe them, take notes, memorize their quotes, and apply yourself to their knowledge. Some of the things that make them successful will rub off on you.
Never stop learning. Do you realize that you could read 10 books a day for your whole life, and there would still be millions and millions of books that you have never even heard of? There is so much information available to you, that there is no excuse to stop acquiring it.
Invest in yourself. The greatest investment is self investment; after self investment, you have something to give others. If you can’t invest in yourself it is not likely that you’ll be able to invest in others. Benjamin Franklin said: ‘The best investment is in the tools of one’s own trade.’
Apply this principle to your trading. Read articles, go through BabyPips education , then do it again, and again. If you want to develop into the trader you want to be, commit yourself to instruction. Learn. Learn. And learn some more.
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