Trading Pillars For FX:USDJPY By Ed_Ale

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Trading Pillars For FX:USDJPY By Ed_Ale

First pillar: learning to trade is hard work, but it can be taught. 1) The successful trader can be modeled and taught to other people.


First pillar: learning to trade is hard work,
but it can be taught.

1) The successful trader

can be modeled and taught

to other people.

2) Learning to operate requires

as much education as any other

profession.

Second pillar: Know yourself.

3) You need to find a trading system that

suits your needs.

Fifth pillar: Probability and risk / reward.

17) Never open a position and know the

initial risk.

18) Define your success as multiples of

your initial risk: Risk / Reward → R:R

19)% constant losses. All operations must

have the same price.

20) Make sure the earnings on average

are more than 1R.

21) Never trade unless the R:R of this

trade is 1: 2

22) Your performance has to do with

controlling risk and managing

positions through exits.

Sixth pillar: Market systems and types.

23) Understand how your trading plan

works in each type of market:

a) Volatile bullish , quiet bullish ,

laterally volatile, laterally calm,

volatile bearish , silent bearish .

24) For each type of markup, create a

large sample size to estimate what the

plan will be, i.e .: Entry, exit,

and profit-taking strategy.

4) To achieve that, you need to know

yourself:

a) Your values

b) Your strengths

c) Your weaknesses

d) Meaningful beliefs (Spiritual, yourself,

market, system)

e) Advantages

f) Trading weaknesses

5) You can only exchange your beliefs

about the markets, not the market

itself. Know and understand your

beliefs.

6) The development of the system is 100%

psychological: beliefs, mental states

and strategies.

7) You must know your personal criteria in

order to operate with a trust system.

Third pillar: Errors

8) A mistake means not following rules.

9) you are responsible for everything that

happens to you.

When you understand this, you can

correct your mistakes.

10) Avoid repeating the same mistake.

Self-sabotage.

11) An operator who comments 10

erroneous operations has an efficiency

of 90%; But that 10% drop in efficiency

might be enough to make you a losing

trader. Follow your trading plan.

Fourth pillar: Position size objectives and strategies.

12) 50% of system development consists

of thinking carefully and clearly

defining a set of written goals: desired

profit, maximum acceptable reduction,

and how important each is.

13) Meet your goals through position size

strategies.

14) Can you perform 10 operations

without errors?

15) You must know your mission / purpose

in life and incorporate it into your

trading.

16) You need to know your financial

freedom number (Passive income per

month minus expenses)



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