NEW YEAR's Resolutions! May 2021 be the best of all!
Prepare yourself for a Great 2021!
Here are the main pieces of advice I would give to myself when I was first started. Let me know your thoughts...
1- Stop searching for signals, fund management gurus unless you want to lose more money.
You chose forex to be your own boss, why do you insist on being a follower?
If 90% of traders lose money, then to be profitable, you should stay away from the crowd and trade differently.
The only way to make money, in forex or trading in general, is to trade by yourself and to be in full control of your account by following a well-defined trading plan that you implement objectively like a robot.
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2- You don’t have to trade every week, you don’t have to catch every trade. 2-3 trades per week are enough for healthy consistent account growth.
We are snipers, we wait patiently for the perfect shot, and let the machine-gunners/traders die in the front.
-----------------------------
3- Call us Risk managers, not only traders. As the only thing we have control on is "Risk".
While trading is nothing but a game of probabilities; all you need to do is to find a well-defined strategy that gives you an edge over the market.
Keep in mind that your strategy has to be objective, and can be based on pure price action and/or include indicators.
-----------------------------
4- Do not doubt your strategy or your entry just because your fellow traders offline/online disagree with your position direction.
Remember: The odds of being right aren’t with the crowd.
I want you to be fully confident in yourself and your trading plan. I want you to look at the mirror, and say “I am the best trader I know”
-----------------------------
5- Stop searching for new methodologies. If your strategy is giving you profit. Then focus on it and repeat. You have got a money machine.
Just like when you get married. You chose to spend the rest of your life with your partner, knowing that you may find someone better, smarter, more beautiful… but you are done searching. (Unless you want to cheat on your partner)
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6- Think long term => 6 months – 1 Year and NOT weekly – monthly.
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7- Always use stop-loss => Trading without a stop loss is like driving without a seat belt.
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8- Enter with a fixed risk per trade. Not fixed lot => Professional traders think risk, amateurs or scammers count pips. Do not trust anyone who shows his/her results in pips.
-----------------------------
9- Think quality, not quantity => We are snipers, we just sit back patiently and wait for the perfect shot, while shotgun traders die at the front line.
-----------------------------
10- Treat the market like a trader, not an investor => Don’t get attached to one single trade. It is just one in a lengthy series of trades.
-----------------------------
11- If you are not feeling well, don’t trade => You don’t have to trade every week; you don’t have to catch every trade.
-----------------------------
12- Stay humble, or you will be humbled by the market. If you know a trader whose ego is through the roof, he is not a trader. You may call him an analyst, instructor, or even a scammer, but not a trader.
-----------------------------
13- We do not predict, we simply speculate and react => Just like chess, let the market make the first move and react accordingly.
-----------------------------
14- Find a mentor => Learn from those who are more experienced than you and surround yourself with talent; By keeping an eye on how veteran traders invest, you’ll begin to understand how they think and make crucial trading decisions.
-----------------------------
Again, Happy New Year Everyone! May this Year be the best of all!
~Rich
Here are the main pieces of advice I would give to myself when I was first started. Let me know your thoughts...
1- Stop searching for signals, fund management gurus unless you want to lose more money.
You chose forex to be your own boss, why do you insist on being a follower?
If 90% of traders lose money, then to be profitable, you should stay away from the crowd and trade differently.
The only way to make money, in forex or trading in general, is to trade by yourself and to be in full control of your account by following a well-defined trading plan that you implement objectively like a robot.
-----------------------------
2- You don’t have to trade every week, you don’t have to catch every trade. 2-3 trades per week are enough for healthy consistent account growth.
We are snipers, we wait patiently for the perfect shot, and let the machine-gunners/traders die in the front.
-----------------------------
3- Call us Risk managers, not only traders. As the only thing we have control on is "Risk".
While trading is nothing but a game of probabilities; all you need to do is to find a well-defined strategy that gives you an edge over the market.
Keep in mind that your strategy has to be objective, and can be based on pure price action and/or include indicators.
-----------------------------
4- Do not doubt your strategy or your entry just because your fellow traders offline/online disagree with your position direction.
Remember: The odds of being right aren’t with the crowd.
I want you to be fully confident in yourself and your trading plan. I want you to look at the mirror, and say “I am the best trader I know”
-----------------------------
5- Stop searching for new methodologies. If your strategy is giving you profit. Then focus on it and repeat. You have got a money machine.
Just like when you get married. You chose to spend the rest of your life with your partner, knowing that you may find someone better, smarter, more beautiful… but you are done searching. (Unless you want to cheat on your partner)
-----------------------------
6- Think long term => 6 months – 1 Year and NOT weekly – monthly.
-----------------------------
7- Always use stop-loss => Trading without a stop loss is like driving without a seat belt.
-----------------------------
8- Enter with a fixed risk per trade. Not fixed lot => Professional traders think risk, amateurs or scammers count pips. Do not trust anyone who shows his/her results in pips.
-----------------------------
9- Think quality, not quantity => We are snipers, we just sit back patiently and wait for the perfect shot, while shotgun traders die at the front line.
-----------------------------
10- Treat the market like a trader, not an investor => Don’t get attached to one single trade. It is just one in a lengthy series of trades.
-----------------------------
11- If you are not feeling well, don’t trade => You don’t have to trade every week; you don’t have to catch every trade.
-----------------------------
12- Stay humble, or you will be humbled by the market. If you know a trader whose ego is through the roof, he is not a trader. You may call him an analyst, instructor, or even a scammer, but not a trader.
-----------------------------
13- We do not predict, we simply speculate and react => Just like chess, let the market make the first move and react accordingly.
-----------------------------
14- Find a mentor => Learn from those who are more experienced than you and surround yourself with talent; By keeping an eye on how veteran traders invest, you’ll begin to understand how they think and make crucial trading decisions.
-----------------------------
Again, Happy New Year Everyone! May this Year be the best of all!
~Rich
Trading Made Simple; and Rule-Based
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
RichTL.com
Instagram:
instagram.com/richthesignalyst
Telegram:
t.me/thesignalyst
Best CFD broker
cutt.ly/TickmillReal
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