Forex trading is one of the most lucrative professions in the world, but it is also one of the jobs that makes the most discouraged easily and nerve-damaging if we trade inefficiently. Regardless of whether you feel completely lost and frustrated with your current trading, or if you are just a little off the road to your success, the advice from professional traders will inspire you and hope to help you regain focus on the things you need to make a profit.
1. “Markets are always in a state of uncertainty, whimsy and money is made by deducting clear factors and betting on uncertain factors.” – George Soros
George Soros is one of the richest people in the world and he became such thanks to a vision that goes against the trend and dares to follow his determination. One of the most famous transactions in history, if not the most famous, was his short sale of £ 10 billion worth of pounds, which earned him a profit of $ 1 billion in a currency crisis. He was a dark Wednesday in 1992. In this article, I show how that just before the short sale gave him 1 billion, you will see a very clear Fakey sell signal, and this is one of Many reasons led to his decision. At the core, he has a very thorough understanding of the momentum of prices and is not afraid to follow his intuition and go against the crowd.
2. “In business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten” – Peter Lynch
This first quote by Peter Lynch is an important one because it reminds us that even the best traders in the world do not win every trade, the 60% rate is considered good. However, with the power of money management and the Risk-Reward ratio, you can make quite a bit even with a much lower win rate.
3. “Reputation takes 20 years to build and 5 minutes to wreck. If you think about it, you’ll do it differently.” – Warren Buffett
This quote from the great Warren Buffet is clearly more about investment, but we can certainly apply it to trading as well. For me, he is talking about money and risk management here. As a trader, it is very easy for you to lose the performance of 1 month or a trading year just because you risk too much on one order. I have seen traders do this over and over again; they get favorable, they trade in a disciplined and tactical way, then there’s a big “deal” and they feel “sure” and they double the risk they normally take. When “business” collapses, they lose more money than they feel comfortable, and this creates a chain of erroneous transactions because of the dominant emotions like floods that make them quickly lose many years of work. hard-working and disciplined. Do not let this happen to you; Take control of the risk you spend on ALL trades.
4. “In investment, the easier it is, the less profit it is.” – Robert Arnott
This can also be applied to transactions because usually the easiest trade is not the correct one. As stated before, what most people feel they want to do in the market (like buying a breakout) is usually not the right thing to do. Professional traders understand the mind of an amateur and they always look for price action signals, such as the False Break strategy, so they always do the opposite of what amateur traders often do.
5. “If you loss personalize loss accounts, you will not be able to trade.” – Bruce Kovner
You have to separate yourself from your transactions. That is, you cannot become too attached, emotionally, to any transaction. If you fall into this trap, it will cause you to trade too greedily and take too much risk and eventually blow your account (emotional trading). You must understand that a trade is not so important, because every trading strategy has a random distribution of wins and losses. For this reason, you should never treat a transaction as personal or let it affect the next transaction. Remember, you are simply conducting your trading when it appears and you have to let it drift over time.
6. “The goal of a successful trader is to make the best deals. Money ranks second. ”- Alexander Elder
One of the keys to my successful trading that I often tell traders, is to focus on being a good trader, not on money. Of course you want to make money in the market, so does every trader. But you also have to be interested in the trading process, interested in the market itself, with the battle between the buyer and seller. If you focus on that, rather than “money”, the money will gradually start to become more and more “addicted” to you.
7. “I always think about losing money rather than making money. Don’t focus on making money, focus on protecting what you have ”- Paul Tudor Jones
Securing money is one of the most important keys to successful trading, and that’s what Paul Tudor Jones is talking about here. Preserving capital is extremely important because you can take full advantage of when you are having a profitable trade, which helps to optimize profits and compensate. covering holes. You will not want to have less “bullets” left when “good prey” appears
Synthesized by top4forexbrokers.net
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