Think Like A Master Trader
Think Like A Master Trader, Do you think like a winner or a loser? Here are 6 key elements of a winning trading mindset:
1. Have a trading objective. You must know what you are trying to achieve before you can set about creating a plan to achieve those goals. Are you trying to create a certain level of income from trading or creating a pension fund? Break down your overall aim into achievable steps. Creating an income of $100,000 per year is daunting but breaking that down by 220 trading days (after holidays etc) per year means averaging $450 per day. That’s 9 ES points per contract per day or just 1 ES point trading 9 contracts per day. Be realistic with your trading capital.
Once you know what you are trying to achieve you can start to formulate a plan to achieve that goal. You must then have the belief that you will achieve that goal and that confidence comes from a well developed trading plan. The more you visualise your goal being achieved the stronger your belief and confidence will be.
2. Have a trading plan. Your trading plan acts as a road map to achieving your goals. It must be as detailed as possible. Your trading plan also acts as a guide to your daily trading – compare your daily trading performance to your plan and ensure you are still on the right path.
3. Plan each day. Before each trading day starts you must know exactly what you will do in any situation. We don’t know what the market is going to do but we can make sure we know what we are going to do. Without a daily plan you will be reacting to the market, you will get in late on moves and panic when the market doesn’t do what you want it to. Be pro-active and plan your day in advance – you shouldn’t have to make any decisions when the market is open.
4. Monitor results. Regularly compare your actual trading results to your trading plan. Periodically you will find that adjustments will need to be made to your plan to improve it and move you forward towards your goal.
5. Discard negative emotions. You will have losing trades, do not dwell on a loser and move on to the next trade. Do not let a losing trade affect your next trade – stick to the plan.
6. Focus. Trading futures is a zero sum game (negative if you include commission costs) and you are competing against professional traders who are completely focused on the markets all day long. You cannot expect to win at trading if you dip in and out of the market here and there when you get a chance between meetings at work or popping to the shops. If you have limited time available then develop a trading plan to focus on this time alone. Develop a trading plan to suit your lifestyle.
Tim Wreford runs Online Futures Trading, a website that provides information and resources for traders. Tim also provides a free day trading system, the results of which are updated daily on the site.
Now, before we begin I’d like to take this time to ask you to not let the title of this article fool you. Because the true reality of the situation is that you do not have to become a master trader in order for the Forex Bulletproof to make you boatloads of cash. That is exactly what the Bulletproof is here for. To do all of the grunt work for you, so you don’t have to. Life really doesn’t get any easier when you making you living trading with the Forex Bulletproof. Now I’d like to take some time to explain some more about exactly what you are going to receive when you purchase the Forex Bulletproof.
The first thing you’ll receive is the ability to have the robot do all of the trading for you. That’s right, you heard me correctly. You are not required to personally do any of the trading with this system. The robot does it all, and it does it in real-time, which is such a tremendous thing.
What it does is really so simple. It tracks two areas of the Forex market for you in real time. The first is the EUR/USD and the second is the USD/JPY. And that’s not all. Once the robot sees the opportune time to begin a trade, it does so. And once the purchase is made on your behalf, the Forex Bulletproof will track the trade the entire way. And once all the signals that it looks for appear, the robot will close out the trade for you at the optimal time, locking in the best possible gain you could make with this system. It really is truly amazing. I don’t know how I got by without it.
The next thing you want to know about is trading style. Because with the Forex Bulletproof, you have two amazing trading styles at your fingertips too chose from. There is the conservative style and the more aggressive style, known as “High Voltage.” Most of the Forex Bulletproof customers tend to trade on the more conservative side, so the take full advantage of the first style of trade. But there is always an option available for those who enjoy a little more risk with their trading. High Voltage is definitely for those folks. The risk you take will definitely be reflected by the rewards you will make once you let the Forex Bulletproof go to work for you.
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There are certain strategies that are currently used in the Forex market and they can even make you choose what Forex strategy trader would be best for you to survive in this market.
Indicator Driving Trading Systems
These trading deals are designed by those who consider that a particular set up is working right now, but using this system calls for cautious dealing. That’s because it just works for the present moment. This Forex trading system cannot give you support for a long time.
The system uses indicators for generating a trading signal against the price action. The indicators always lag and hence, they tend to give late as well as untrue signals. They are not up to date in any case. A good thing about this trading deal is that it looks at the charts and many amateur traders find it useful and tempting. They consider it’s easy to use and understand.
Harmonic Trading Systems
This trading system recognizes price patterns with the Fibonacci extensions as well as retracing information and then it calculates the turning points in the markets. It is a complex form of trading which will call for major practice. If you master it by practice then you will find it among one of the best trading systems as it can offer higher returns against the risk. You can use it for trading in any kind of market.
Technical Trading Systems
These are one of the most commonly used trading deals that are common among Forex traders. They include ascending triangles, flag patterns, shoulder patterns, heads and a number of other patterns to let you trade in the markets. These trading systems are really workable and you use financial data from previous years to predict the market trends and make a move.
The Forex strategy trader or the Forex trading systems enable you to make sure that you don’t lose while you trade from the comfort of your own home. However, be sure that Forex trading systems are not money making guides. You still have to use your personal knowledge in trading and gather lots of trading information in order to invest your money in the right place. Trading is not everyone’s cup of tea.
If you think by using the trading deals you can ensure making large sums of money, then you are wrong. You will have to use your experience and practical knowledge in order to ensure that the Forex strategy trader you use proves to guide you in profitable trading.