Ony A Disciplined Trader Can Make A Fortune!
Great traders started with only a small capital but ended up making millions or in some cases billions. Take the case of Bruce Kovner. He was a NYC Taxi Cab driver in 1977 when he started trading forex and futures by borrowing $3,000 on his credit card. How much did he make? A whooping $11 Billion. This is true. He had no money but he learned the art of consistently compounding the trading account and ended up making a fortune. He lives in New York. Why most fail and Bruce Kovner succeeds? Many don't even make a few winning trades in a row.
Trading is infact a mind game. Trading is all in your mind. Many traders don't realize it. Consistent winners think differently from anyone else. Whether you trade stocks, forex, options, commodities, futures, bonds, ETFs or anyother security, you need trading discipline in your trading decisions.
Richard Dennis was a great commodity trader. He had started with only $400 and over a period of a decade or more made more than $200M in the commodity market. How did he do that? Simple, trading discipline.
Richard Dennis used to say that he could give his trading rules that made him a fortune to anyone or even publish them in the newspapers. But as long as someone did not apply it consistently with discipline under all market conditions, those trading rules were useless.
Now as a trader, your worst enemy is you. Yeah, you are your worst enemy of yourself in trading. Trading is a solitary game. You are pitted againt the market. You have to make your decisions alone. You cannot depend on anyone. All the time, you will pulled by opposing emotions like fear or greed.
What is fear? The fear of losing your money in the market. You want to make money but at the same time you don't want to lose. Losing is always painful. So this fear is going to stop you from entering into a trade when the trading signal is telling you that it is the time to get in.
So you keep on waiting. The opportunity slips away. This is what fear is. Now, let's take the opposite example. You have a few winning trades. You made a profit but in hind sight, you think that you could have more profit. So the next trade you want to make for a big profit. You are greedy now.
Greed can make anyone blind. You throw the rules of trading that you had been following to the wind. You don't get out of the market when it is the best time to do so as you want still more profit. The market turns against you and you lose.
So most of your trading problems will be self created. Traders fight the markets alone. Winning and losing is all in your mind. Control your emotions and you can become a great trader!
Questions and Answers
Here I have put together some forex books every trade should have and they cover strategy, money management and mindset. These books are books to read re read and learn from and the money they cost is small compared to there value.
The greatest challenge to face the stock market each day and the possibility of making money it on a regular basis, a trader should plan few things more important than prepare adequately. There is no secret that brightest minds in the world make their living in the stock market, and such competition cannot be taken lightly! Furthermore,the traders should not be in the prediction business, we must certainly have a game plan.
Every trader needs certain tools in order to become successful at their trade. The most important aspect of trading is having the correct mental approach to their trading system. If traders can keep their emotions in check and out of trades then they are already setting themselves up to becoming successful.
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