Analisa Team FX 05: H 4 new entry

Trading

You can be FREE. You can live and work anywhere in the world. You can be independent of routine and not answer to anybody. This is the life of a successful trader

- Trading gives us lessons not only about what to do or not to do next time in a trade, but also life lessons about personality traits that could improve the rest of our lives too - if we are willing to work on them
- What does your trading journal look like - or do you not have one? It is critical to keep a trading journal. Yet statistics show that 97% of people do not have written goals, so why would a written journal be much different?
- It's not about trading EVERY day, it's about trading that ONE RIGHT DAY......You make money by waiting, not by trading. Sounds so silly nobody wants to believe it, but it's true
Patience. Let the market come to you
I would rather miss a good trade then be in a bad one.
The 90% problem: Over 90% of traders focus over 90% of their efforts into tweaking indicators, of which over 90% use some form of a moving average, and over 90% use the close price as their only input data. Not only that, but over 90% of traders don't really understand how the indicators they are tweaking work. Should it be any wonder that over 90% of traders fail?
If you use more indicators than articles of clothing you wear on an average day, then something's wrong with your trading.
- A primary rule to achieving success in trading is that you have to have a plan. If you want to succeed as a trader you have to have a clearly defined plan and you absolutely cannot break your rules under any circumstances
- Very important principle that all professional traders live by and amateurs ignore. If you focus on handling losses, profits will take care of themselves
Never buy into motion. The reason is you see the motion and get excited and buy/sell and then want to decide what the plan should be. You must allready have a plan before you open a position
"I'd rather be "out" of a trade and wishing I was "in" than "in" a trade and wishing I was "out"

Analisa Team FX 05

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Wednesday, September 5, 2007

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Trading

You can be FREE. You can live and work anywhere in the world. You can be independent of routine and not answer to anybody. This is the life of a successful trader