Monday, June 1, 2009

The Most Profitable Traders

Work hard and found your trading style and stick with it. Really there is no limits for currency trading for both loss and gain. The money management and patience are extremely important.

Here's the one I'm putting up. I hope that someone else may find a use as well.

I am experienced – I know that I have invested the time & energy to be where I am. I have seen enough to know that I must be careful, & I have much to learn.

I know the damage I am capable of – I understand my limits, & I focus more on what can go wrong than what can go right. I am not easily convinced of lucrative outcomes, and have a very high sense of self-awareness.

I trade to make money, not to be right – I understand the strengths and possible pitfalls of what it is I do for a living, & I use that knowledge/strength to control my emotions

I manage risk – Regardless of how much conviction I have on a trade, I will still do what I can to avoid the potential of any losses and understand rule #1 about trading: anything can happen.
2nd rule: Don’t lose money!

I work obsessively – I follow each turn, each piece of info that comes out in regards to my trade, & follow any underlying information relevant to failure or success.

I only access the best information – Information rules in trading, & having some of the best translates to money. Using the wrong information leads to failure.

I think about the trade, not the money behind it - Focusing on money will blur my vision & corrupt my thoughts.

I am active – Activity sparks creativity. A healthy mind & body will allow me to give more.

I have patience – I understand that the money will come, but it cannot be forced. I am prudent. I understand that patience is a virtue & a friend whos words I must listen to.

I am constantly learning - Just when I think I know it all trading, the market throws a curveball. I am humble & wise enough to know that there is still much that I need to know.

I have an edge & I know how to use it – I understand that without it I would not last long in this game.

I must have a gameplan, & the resolve to follow through – I will plan my trade & I will trade my plan. I will steer away from the killer of all killers: (overtrading)
“It is far better to wish you were in a trade, than it is to wish you were out of it.”

I am a currency trader & I collect pips!!

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