6 Critical Factors For Successful Trading
Success in any profession can be broken down into a number of
critical factors. Trading is no different. Does your trading tick
all 6 boxes or are there any areas you need to work on:
1. Do you have an edge? Trading futures is a zero sum
game - you must have an identifiable edge over the other market
participants. Have you identified a high probability pattern that
can be exploited time after time? Remember though, the only
constant in trading is change - you will have to constantly
evolve your trading edge to stay ahead of the crowd.
2. Disciplined Execution. There is no point in
identifying an edge if you can't execute the trade. Measure your
trading success against your trading plan not the actual outcome
of the trade. If you make a loss but you executed your trade
exactly according to your plan than pat yourself on the back,
don't beat yourself up over it.
3. Money Management. If your risk per trade is too
aggressive then you run too high a risk of blowing your account,
too conservative and you will not optimize returns from your
system. It is essential to establish the maximum expected draw
down of any system and set money management rules
4. Have a Trading Plan. A trading plan will dictate
what you will do in any given situation during the trading day.
When the market is open you do not want to have to think - just
concentrate on executing your plan. When the market is closed you
need to be preparing for the next session to ensure you have a
clear plan prepared.
5. Accountability. You are responsible for every trade.
Ultimately the decision to put on a trade is yours. If your stop
is hit and the market immediately reverses then you are
responsible, not the 'big boys' gunning for stops - it happens,
move on. If you get huge slippage on your trades then does your
trading plan account for it or is your plan unrealistic for the
market you are trading?
6. Commitment. Trading is not like a regular job, you
don't pick up a pay check at the end of the month even though you
did no work and spent the whole month surfing the web and
emailing your friends. You must be committed to placing every
trade according to your plan, even through the losing periods
where every trade seems to end up a loser. Trading seems to throw
up extremes of good times and bad times, you must not get over
confident during the good times and you must not give up in the
bad times - remember it is all part of the plan. You must set
aside adequate time every day to compare your actual performance
against your trading plan. You must be committed to continuous
testing of new ideas and regular monitoring of your existing
plan. Research into future ideas is essential - remember the only
constant in trading is change.
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
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There are many types of investment methodology out there.
All of them has their own merits.
What is Forex
Forex, or Foreign Exchange, is the simultaneous exchange of
one country's currency for that of another. The way it works
is an investor who wishes to purchase or sell one currency
for another with the hope of making a profit when the value
of the currencies change in favor of the investor.
Discretionary Trading - Which is Best?
Discretionary Trading. Pure discretionary trading will rely
solely on the traders judgment. For example a
discretionary trader may spot a particular pattern
developing on a chart and decide to enter a trade on that
Learn Forex Trading - a
Guide for Beginners
One can learn forex trading as easily as one would like to
learn other subjects or train in other professions. The
criteria for learning forex trading is an analytical /
logical bent of mind and some number crunching abilities.
Ways to Acquire
Discipline in Trading
One way to acquire discipline in trading..
Forex2u Forex Strategy
On Successful Forex Trading
The essence of the FX2u Forex strategy is that it does not
have any Forex trading system but could forecast the market
trend accurately. Every set of Forex trading system
available has its disadvantages.
Keen on starting FOREX trading? Why would you not be? Many
beginning FOREX traders are captivated by the allure of
easy money. FOREX websites offer 'risk-free' trading, 'high
returns' and 'low investment' - these claims have a grain
of truth in them, but the reality of FOREX is a bit more
Commodity Trading -
Advantages and Disadvantages
What Is Commodity Trading? Commodity futures markets allow
commercial producers and commercial consumers to offset the
risk of adverse future price movements in the commodities
that they are selling or buying. In order to work a futures
contract must be standardized.
Money Management - The
Holy Grail Of Trading
Money management determines how much to risk on each
individual trade. This is a vital element of any trading
system - risk too much and the chances of going bust are
too high, risk too little and the reward for trading is too
How To Control Fear And
Greed In Trading
There is an old saying that the market is driven by fear
and greed. Anyone that has placed more than a couple of
trades will surely have experienced these two emotions.
It is possible to buy and sell money from different
countries on the foreign exchange market called Forex.
Forex currency traders can profit by taking advantage of
the dips and swells in the foreign currency market.
Forex Training: Follow
Your Gut or Your Broker
Which way will the forex market move? Do you just follow
your gut feeling? Or do you have Neo's sixth sense that
would let you be one with the market and feel the
underlying currents. Trading forex is a non stop action
movie but a good one, where you really don't know who will
win at the end.
Crisis of Confidence in
The European Union (EU) constitution was dealt a double
blow, first by a French "no" vote on 29-May and then by a
follow on "no" from the Netherlands on 01-Jun. To add
insult to injury, one low level Italian diplomat quickly
called for a referendum in Italy to decide if a return to
the lira was warranted.
An Evaluation of the
A Minister of Finance is morally right to lie about a
forthcoming devaluation and a woman has the right to lie
about her age. This is the common wisdom.
Trade Exit - How To Cut
Losses And Let Profits Run
Cut your losses short and let your profits run. This is the
essence of your trade exit rules.
How to Trade
We all know when you go on a trip to another country; you
need to take some travelers checks and some cash in the
currency of that country. This can be advantageous because
one country's currency is usually worth more or less than
Why Demo Account
Performance Is Often Better Than Real Account
Over the past several years, the popularity of online
currency trading has grown substantially. Each day, online
FX brokerage firms attract new investors - each of them
lining up with a glint in their eye, lured in by promises
of easy money.
Reality of Online Forex
Foreign exchange trading is the trading of currencies. Most
currencies can be traded.
Is The U.S. Dollar About
To Reverse Course?
For the first time in several years the U.S.
A Short Introduction To
FOREX is the world's largest and most liquid trading
market. Many consider FOREX as the best home business you
can ever venture in.
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