Program your success

check 9 points which can guide you how to prepare your mind to be successful trader

KNOWLEDGE

Greg Pawlak

3 min read

black android smartphone turned on screen
black android smartphone turned on screen

Yes, you read that right, you can program your success. If you want the forex market trading to become your permanent source of income, take note of these 9 points, having an action plan and the right attitude, achieving success is easier than wondering “what’s next?” You can think of this as a preliminary list or action plan for further development

Profitable Trading 

in the foreign exchange market is one of the most difficult ventures you will ever encounter and emotions play a big role. Like any other way to make money, it requires gaining knowledge and experience, for example, if you are learning to write programs and your mentor tells you how to write part of the code, it will work if you perform certain actions. There are emotions in trading that can turn even the most profitable strategies into losses, which is why it is so important to find a way that you feel comfortable with while trading.

Gain general knowledge about trading

how the market works, what are the basic trading styles, and how to manage your capital, 361 School of pipsology lessons will guide you through the basics so that you can better prepare for trading

Remember, no one was ever born a professional trader, everyone started with zero knowledge and experience

Realistic expectations

a quick search forhedge funds ROIwill show you some results. If an investment fund in which specialists in the field of capital management work every day, have access to advanced knowledge and technology, and earn from several to several dozen percent per year, if they earn money, how do you, after several months of training, want to earn 100% every month?

Starting capital

to make money you must have money, the sad truth is that with $100 or even $1000, you will not earn $1 million, with low capital you will risk a larger percentage of the total to achieve better results, which will most likely end up in a loss of capital in the long run. You can partially solve this problem via seed allocation capital

Be prepared to constantly search for trading and technological opportunities

times are changing, and new markets and technological solutions are available in the retail trader market that are worth using

Trade a portfolio of strategies instead of one strategy

it’s like putting all your eggs in one basket, if something happens in the market you won’t be able to make up for your losses. You can read about the risks of trading one strategy in this post. Losing the entire initial capital often effectively discourages you from gaining further knowledge and experience

Adapt your strategy portfolio to new trading conditions

every market changes more or less in the short or long term. Long-term profitable trading is your ability to adapt to an ever-changing market and seek new investment strategies

Manage your capital properly

it is not without reason that the 2% rule is repeated like a mantra, every strategy has good and bad times. If your strategy has 50% winning trades, there are 5 losing trades out of 10, but you don’t know in what order they will occur. Money management prepares your portfolio to withstand multiple losing trades in a row. Losing trades and declines in value are part and parcel of trading, the aim is to achieve an imbalance between losses and gains in favor of profits.

By searching for “lossless” strategies, you will only waste time that you could devote to gaining knowledge and experience

Keep a journal

the information you collect will influence the development of your trading system, and you will always be able to analyze previous transactions if you trade discretionally, in the case of robots you will discover a set of indicator settings, stop loss, take profit, and other parameters that best suit a specific market and time frame

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