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6 Critical Factors For Successful TradingSuccess 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 accordingly. 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 the site.
 MORE RESOURCES updated Fri. February / 26 / 2021How to Trade the Forex Market Omega Underground The Currency-Market Snoozefest Might Not Last The Wall Street Journal Comprehending Forex Trading Signals Live Bitcoin News Retail forex trading – and the Internet's role Feed Leader Customer First: Mitigating currency risk within the turbulent travel industry World First Foreign Currency Exchange 2 crypto currency trading platforms shut down by New York Attorney General WWTI - InformNNY.com How to Trade Commodity Currencies in Forex Trading Moneyshow.com Currency Exchange International, Corp. (CXI) starts selling Bitcoin and Ethereum powered by Cyclebit and CEX.IO GlobeNewswire Trading Forex For Living – is it for real? TechFinancials Learning Forex Trading From Basics Nerd's Magazine How To Find A Forex Trading Strategy That Works Best For You Nerd's Magazine BRIEF-Finkurve Financial To Buy 146994 Shares Of Arvog Forex Investing.com India Best forex trading app of 2021: trade and invest on your Android or iPhone – Bestgamingpro Best gaming pro EUR/USD: Euro Drops As US Bond Yields Remain In Focus Currency Live GBP/EUR: Pound Trades At 10 Day Low Currency Live Forex Trading Guide 2021: EMA Profit SAR System Strategy City Telegraph Daily market commentary: Share markets edged higher amid rising risk-on trading sentiment Leaprate Forex Trading News Forex Trading Guide 2021: JMA System trading City Telegraph What Is Forex Trading? Forbes USD/INR: Rupee Looks To GDP Data Tomorrow Currency Live North Korea hackers want Pfizer COVID-19 vaccine for bootleg sales Business Insider USD/PKR: Rupee Holds Below 159.00 Currency Live Forex Market: Unlocking Opportunities for Investors Visual Capitalist The 6 Best Online Forex Trading Classes of 2021 Investopedia Dogecoin jumps 25% after a one-word Elon Musk tweet about the red-hot cryptocurrency Markets Insider Forex Brokers: Are They a Scam? | Investing | US News U.S News & World Report Money GBP/INR Corrects Lower After Hitting Highest in 5 Years Currency Live Next Forex Trading Terms You Need to Know Before Trading North Forty News A Forex Trading Guide For Beginners | Sponsored | state-journal.com State-Journal.com Everything To Know About Getting Into Forex Trading GQ Australia Facts You Need To Know About Forex Trading Forbes India The FINANCIAL - Making Money By Forex Trading The FINANCIAL Proven Forex Trading Strategies for Beginners The FINANCIAL Foreign exchange data wars heat up as rivals take on ‘Big Two’ Financial Times A guide to forex trading instruments - Boca Raton's Most Reliable News Source The Boca Raton Tribune How to Trade Forex? - A Guide to Forex Trading in 2021 DailyForex.com
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