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The minority of traders that make really big gains all make their money with different methods - but they all have a certain trait that set them apart.
Let's take a look at them.
Success comes from Within
If you think you can follow someone else and be successful your wrong - success comes from within and to be successful you need to accept responsibility for your destiny. You need to have a desire to succeed and a willingness to work smart to get the knowledge you need.
Now you need to understand this key equation:
Understanding = Confidence = Discipline
Most traders don't understand that - if you try and follow the herd, the news, a guru or mentor you will never have the inner belief in the trades. If you understand what you are doing, you will have confidence - and confidence is required to apply your system with discipline through losing periods.
Keep in mind this simple equation!
Simple Forex Trading Method + Applied with discipline = Forex success
If you don't have the confidence to apply your method with discipline, you have no system at all.
There are no secrets to forex trading that many people would have you believe - ALL The knowledge you need is available for you to learn but you need to learn the RIGHT knowledge and then apply it with confidence and discipline.
Most forex traders then that discipline is easy to acquire but it's not - as you are confronted with total responsibility for your actions.
You have to confront an all powerful being (the market) and only you can be wrong and it's all always right. You have to have the ability to create your own rules and have the discipline to apply them.
In 1983 legendary Richard Dennis taught a group of people who had never traded before a system in just 14 days and sent them off to trade.
The result?
They made over $100 million dollars in four years.
These traders were all taught the same system - but some scored far bigger gains than others and this is purely mindset as they had all been taught the same method.
You can learn forex trading and you can adopt the mindset of the millionaire traders but you need to do your homework, gain the right knowledge, to instill confidence and discipline will follow.
The big difference between the losing majority and the elite traders is a difference of mindset.
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In addition, this is one of the biggest markets we have, and it sees the exchange of billions of dollars every day. Also, the currency exchange doesn't have a base. What this means is the market is always open, every hour of the day and every day of the week.
You must have seen the ads that say you can make a lot of profit by simply exchanging currency in the foreign exchange. It is a reality for many people. Up to a few years ago it was only the banks and large companies who could get into the market, but today thanks to trends such as the use of internet, even an individual can make money on foreign exchange.
Currencies are traded every single day. People who have a little bit of free time from their everyday jobs love to look at the Forex markets as an additional source of income. The whole thing may not be as puzzling as some imagine it to be. Try and learn the basics first, and you will soon have an additional income. There are people who see so much success here that they just quit their regular day jobs. This is a great way to get rich quick if you play your cards right.
Keep in mind first, a currency trading system gives you the opportunity to put your money into a foreign country. What this means is, you need to know about a company, and how you can make good returns from it.
Investing in systems currency swap is great way to trade currency, simply because anyone can work on it, from wherever they may be. This is thanks to a systems currency swap that lets you make investments as small as five dollars. Just imagine, you could be trading in the market with as little as five dollars to start with.
In some cases, you may have to sign a contract that will determine how long the money you have invested should remain with the company that you have invested in. So do take the time to read the fine print before you make a commitment. In most cases you won't want your money getting stuck for long periods.
The best thing about these markets is that you do not have to be physically present in a country that you may want to invest in. This allows for greater trade opportunities than ever before. Finally, do make a background check on a company you wish to invest into.
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Identifying one’s risk Steadfastness involves several widely apart things. First, you need to know how much money you have to invest, and what your investment and financial aspirations are.
For example, if you conceive to retire in ten years, and you’ve not saved a single penny towards that aim, you need to have a high risk Scope ��" because you will need to do some aggressive ��" risky ��" investing in order to reach your financial goal.
On the other side of the coin, if you are in your early twenties and you want to start investing for your retirement, your risk Steadfastness will be low. You can afford to watch your money grow slowly over time.
Apprehend of course, that your need for a high risk Scope or your need for a low risk Sufferance really has no conveyance on how you feel about risk. Yet again, there is a lot more involved in understanding your Strength.
As an example, if you invested in the stock market and you watched the movement of that stock daily and saw that it was dropping slightly, what would you do?
Would you sell out or would you let your money ride? If you have a low Sufferance for risk, you would want to sell out… if you have a high Sufferance, you would let your money ride and see what happens. This is not based on what your financial objectives are. This Tolerance is based on how you feel about your money!
Once more, a adept financial advisor or stock broker should help you Adjudge the level of risk that you are comfortable with, and help you choose your investments accordingly.
Your risk Latitude should be based on what your financial objectives are and how you feel about the likeliness of losing your money. It’s all tied in together.
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So here is an important piece of stock trading advice. Do not chase sudden move stocks. Very important rule to remember. The idea is to buy stocks before movement. Stock prices go up because there are usually large amounts of people buying the stock. A slow, upward trending stock is different than a rapid uptick in price. Rapid upticks have a tendency to correct very quickly. Or to plummet very quickly. Always be suspect of rapid shifts in price.
Stock chasers tend to make a habit of it. They look for rapid movement and jump on the bandwagon. It's a very bad habit to be in because what goes up quickly can fall quickly. Don't buy late.
Typically late buying stock chasers are operating off greed. The greedy investor is setting themselves up for a major downfall.
My advice is to be patient and look at another stock. Never jump on the bandwagon. Never purchase on a rising stock price alone. Stick to a sober, patient stock investing plan.
One exception to consider is a rise in price based on major company news that catches the market off-guard. A good example is a highly profitable merger that comes out of nowhere. A few months ago I purchased stock when a sudden announcement that a construction and engineering giant was being purchased by another construction giant making them the largest player in their industry. Historically in business only the top two or three players in a field survive. The small firms go under or are acquired. So a merge creating the market leader is normally a great sign the stock price is going to have a profitable, healthy future.
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Leverage makes this possible, and the tool to harness leverage is money management strategy.
Leverage can only enhance strategies with positive Expectancy. It cannot turn a losing strategy into a winning one. Indeed, use of leverage will accelerate the ruin of a trader utilizing a strategy with negative Expectancy. For that reason the trader must be diligent about thoroughly back-testing the strategy to ensure positive Expectancy.
Leverage is a double edged sword and must be treated with respect. But there is little point in choosing futures as your investment vehicle if you are not prepared to use it (with due caution).
Money Management comes in several different forms, but the focus here is on the technique known as the fixed percentage method.
In this method, the trader calculates a fixed percentage of available capital prior to entering a trade, then divides this by the risk amount in the trade to determine how many contracts to enter. For example, if capital is $8,000, the chosen fixed percentage is 5% ($400), and the risk per contract is estimated at $175, then you would trade 2 contracts ($175 into $400 goes 2 times).
The biggest decision you have to make is to choose the fixed percentage you are willing to risk on each trade. The larger the percentage, the greater the leverage. The greater the leverage, the greater the risk of ruin. Obviously, if you risk 20% of your capital on each trade, a run of 3 or 4 consecutive losses will decimate the account. However, the same bad run would not have a major impact if you risk just 1% per trade.
Professional money managers with large accounts usually choose 2.5% or less. Given a strategy with a positive expectancy, this keeps the risk of ruin very close to zero. A trader with a small account will likely choose a higher percentage to accelerate earnings. Doing so introduces a significant risk of ruin which gets bigger as the percentage increases.
This table shows the results of selecting various fixed percentages during a three month simulation of a positive expectation strategy on the electronic soybean market, with starting capital amounts of $5,000 and $100,000 respectively. The table shows the final account balance at the end of the trial period for the fixed percentages shown.
Notice that no figure is shown in the 2.50% box for the $5,000 capital investment. This is because most of the trading opportunities would be considered too risky at that level. For example, if a trade risks $175, it cannot be taken because the risk exceeds 2.5% of $5,000 ($125).
In selecting a strategy it is wise to be a pessimist. Suppose you risk 10% and lose the first three trades? Could you tolerate the resulting draw down on your starting capital? The likelihood is it would cause you to give up, or make you deviate from our strategy, which is just as bad.
Another consideration is the probability of a win for your particular strategy. If P(W) is 30%, then clearly your risk of hitting a long run of losses is greater than if P(W) is 70%. This is the case, even if the Expectancy is the same for both strategies. For this reason, I have more comfort with strategies where P(W) is high.
Despite the mouthwatering returns from higher fixed percentages in this trial, statistics always assert themselves in the end. If you trade long enough with high fixed risk percentages, you will eventually encounter a sequence of trades which will ruin you.
To avoid this fate, consider progressively reducing the fixed percentage risked to 2.5% or less as your capital grows.
Also keep in mind the number of contracts to be traded. You cannot assume that you can trade 100 contracts in the same way that you trade a single contract. The reality is that this volume will move some smaller markets, distorting your results. For this reason, the money management plan should be realistic and trade contracts in relatively low numbers compared to total market volumes.
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