HOW TO BEACME PREFECT AND PROFESSIONAL TRADER.

 

                      HOW TO BEACME A PERFOSSIONAL FOREX TRADER.

If you want to become a professional trader this article for you part of the nine percent and on nine to one percent losing spread betting and you've got to well there are so many things you would need to do to become part of the nine percent if it were that easy everyone would be part of it and there's a lot of intelligent people making a part of the ninety-one percent and in fact you will always vessel eight you'll be in the top one and your occasion you'll be outside the nine percent for what you do need to do is you need to potentially decide on a strategy that looks after all elements of money management and we've discussed the risk reward we've discussed losses you've got to manage losses that keeps you in the game you've got to make you've got to believe you have a system that'll make more than it gives back on its winning it will win and will lose all the time no one is ever going to have a hundred percent so accept that losses are part the game and manage that become a systemic as possible in determining what your setup is so the mode can be reduced to logic the better and the tighter and then you need to stick to the system as systemically as possible as well which most people are incapable of with emotions particularly after say three losses you'll be snake bite fearful when after three wins you'll be piling on twice the size and that'll be the one that will lose and give back all of those three wins and some so that's we're focusing on if you had to develop a black box system is not a bad process for defining your strategy and that which you find interesting observing charts a lot of observation a lot of drawing of charts and a lot of use of patterns patterns are probably the most powerful technical analysis tool for me outside of the larger trend our Theory some training mistakes to avoid most of most say trading mistakes made by beginners even intermediates and occasionally even advanced people when they lose their heads is to do with trade sizing so that they take a loss too big there's nothing there's no damage done in taking your managed loss that's part of the game and being wrong the problem is that recovery ladder when you then emotionally negatively respond to taking an already slightly bigger loss so let's say you lose fifteen or twenty percent and then you think damn I want to get back to where I was so I need to make 25 percent so I'll trade bigger again I'm sure I'm right this time you can't cope with the mental it's like a mental cognizance dissonance cognitive dissonance that makes you need to get back to where you once were but you're now seeing yourself as the lesser self what as dictated by this balance and that then pressurizes you into trading bigger again on what looks like a sure thing but now you punch-drunk because you must find an opportunity quickly and it's not a sure thing it's the first thing you grab hold of that best represents a possible trade so you've been bastardizing your criteria to grab hold of something that you expect to leverage you back in to where you once were this is a very big fatal spiral because once again you're in over trade because you've got to make back more to get back up and that's the recovery ladder concept and boom that's that is probably the single most destructive that sees someone have a 10,000 pound account reduced to you know a few hundred or a thousand pound and then virtually giving up realizing that they've they've blown it sighs I wouldn't say ninety one percent are in that category they don't all blow their accounts up from ten thousand pounds down to nine but there aren't possibly consistent with money management as a whole and the sizing is one element of money management don't forget I said risk reward should be central to that as well so they're taking trades that aren't worth the squeeze the juices in the worth the squeeze and the probability of win rates they have intestines what likelihood are they I have of winning to tighter stop something else I've mentioned all of those things all fall under the larger money management cluster and those are all key so do you agree with this statement the only way to make money is slowly and steadily over time not trading for 80 indices commodities excessive is there a giant casino no I wouldn't agree with that statement at all those those underlying markets can be traded profitably on a consistent