Looking at successful trader(s) from outside trading the forex market or any other market venues appears to be a simple mechanism, where traders/investors can make a lot of money. It gives the illusion you can become rich with a secret indicator of some kind, great tips, or a little bit of luck. The answer is none of the above. The world's best forex, stock or futures market successful trader(s) do not need some secret indicator, they do not follow tips or advice from others, and they certainly do not depend on luck to amass fortunes.
The worlds best have developed, in a trading sense, proper cognitive diversity. They can think successfully in a multitude of ways, pertinent to trading the markets.
The forex market and other trading venues fool most of the people most of the time. These markets are what is known as, a complex adaptive system. They give illusions of simplicity, but in reality, it takes many years of proper trading education to be a consistently successful trader. The learning curve is a steep one. It is not just about learning strategies, methods, and techniques that work.
Being a successful trader the number one factor that determines success is the psychological part of trading. About 5 to 10% of all traders in the forex market and futures market make almost all the money. To join this elite group, you must be able to think proficiently, in a multitude of crucial ways. You need to think and act, differently than the 90 to 95% of traders that lose in the long run.
The best way to become successful at anything is to learn from someone who has already achieved great long-term success. Once you learn the strategies, methods, and principles required, then implement them for yourself. Much of what I have learned about the futures market comes directly from Paul Tudor Jones.
Paul Tudor Jones II, the hedge fund manager, is famous for his particular macro trading, especially his trades on currencies and interest rates. In 1980, he launched Tudor Investment Company, and he has created an outstanding track record since its inception. And I've made most of my success implementing his superb method and approach to trading.
His famous motto “If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in. There is nothing better than a fresh start. The most important rule of trading is to play great defense, not great offense”.
Learn from the best. Read their books. Study and learn their strategies, methods, and principles. Then implement what you learn into your trading.
Once someone can implement successful strategies, methods, and principles into their trading, they have taken a significant step toward joining that elite 5 to 10% I was alluding to earlier. These elite traders make most of the money in the forex, stock market and/or futures market. They also understand and implement proper trading psychology.
Most of the time, common human nature does not work, when it comes to trading the various market venues. Emotions such as greed, fear, and hope will cloud your judgment. When this happens, you have no chance. Jim Slowman is an expert when it comes to trading psychology. He taught me how to develop a successful and a healthy traders mindset. It was at this point, I became a consistently successful trader, whether I was trading the forex, futures or any other market venues.
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