The 3 Elements of a Successful Trader

Minimize Drawdown
If trading with high RRR eg 1:4 or more, we can use double positions entry, with SL the same:
- 1st TP about RRR 1:1.
- 2nd TP RRR 1:4 or more

This will give you pshycological advantage + minimal drawdown..

Today's EU trade, sell @1.2800

EU 22/5/12. TP1 taken
http://carigold.com/portal/forums/bl...6&d=1337690523
http://carigold.com/portal/forums/bl...8&d=1337690677

I have broken down what effects my trading into the following categories:

Intelligence/Memory: Eating well, exercising regularly, getting enough sleep, not abusing my body, and approaching life with a sense of "balance."

Discipline/Pride: Trading to trade well, controlling my emotions, and quickly admitting when I'm wrong.

Self Evaluation: I apply this to my personal life as well as trading. I try and always evaluate myself and compare current performance with my past performance. I try and use quantitative measurement when possible (trading- myfxbook, working out, personal goals, etc.)

I've found that strict self evaluation and being honest with myself has improved my trading more than anything else. In my opinion, one of the worst things you can do is a trader is lie to yourself when you're not trading profitably.

http://blog.tsemtulku.com/wp-content...ina4_thumb.jpg
Ling Shan, Wuxi Big Buddha

Real success is not a short term(few mths/yrs) success..
A Real success is a long term, sustainable success.

Good Karma is important to a trader since it will attract good trading edge, plus psychology advantage.

To improve Karma, 3 methods:
1) Refraining (refrain from overindulgence, wrong doings..)

2) Giving (charity, contributions..)

3) Meditation (meditate, purify heart & mind..)

I think better people will make better traders... call it Karma if you like, but i agree on this point..

Its no coincidence that companies that act in an immoral way will sooner or later lose everything they gain... look at Enron.

I think system hardly needs a mention though, I think it is the least important... winning system can be made in minutes if you apply the right money management and psychology. Its just a case of working out the risk model, this sometimes will take time and some tweaking but it certainly isnt hard.

Pleasing someones wants and needs from that is another thing altogether.

Generally though traders who are yet to reach consistent profits close too early or don't execute, the give up because they have 6 losers straight, whereas that's not uncommon with almost all winning systems, they just dont take the time to work out the risk model and expectation of their systems.

Chuck some simple figures into a risk model like 50% win loss, 2/1 risk to reward, maximum risk of 1% a trade and 2 trades a day... add some simple compounding and see what 10k makes in 3 years.... Systems to produce similar results are well known and generally based on the same ideas that has been around since year dot... Human nature is what makes trading 5 times harder than the reality..

For Candlestick reversal pattern/ False breakout trading
use TF at least M5(more accuracy)

*Note: Myself had switched to indices(CFD) trading.

I only can be agree with you. I have studied to become a scientist but in a poor country from Eastern Europe nobody gives a ...so here I am, trader with 15 years experience and a family to feed. I have found that I can feed my greed to knowledge in this business where you everyday can learn a lot and your results are seen immediately. Still I feel useless for society but if I can put food on my family's table and afford good cars and good vacations I think it has some sense afterall

lol

Remember to do contributions/ charity

1. Belief
2. Visualization-seeing the winners/cutting losers
3. Contrarian- think as an individual
4. Expert chart reading skills
5. Highly Disciplined
6. Spiritual
7. Open minded and willing to help others
8. Expect to receive and do so graciously
9. Excellent risk management strategies
10. Always able to stay in the game
11. Take consistent and small profits- Not Greedy
12. Are always happy and content

Setting of Stop Loss is an important skill for trading.
For every entry made, SL can be set by:
1) a fix point
2) behind, or slightly in front of the recent entry's wave.

Another skill to be mastered..
After entry, moving of SL when:
1) Price going profitable certain points
2) PA going opposite way
3) If certain period/ number of candles price still 'stagnant',
ready to get out (Time Stop).

Traders must do a lot of trading reviews (analysis, backtestings) to find their best(optimum) SL setting point/ system.

Bigger SL, use smaller lots/ position size
and vice versa.

The 3 Elements of a Successful Trader: in my opinion:
Knowledge
Patience
Money

There's advantage of trading 2 markets(pairs).
Even if 1 market stagnant, the other one might be moving a lot and very profitable.
Correlated(market) trading, choose the nicer pattern(PA) for entries..

Strategies & Money management:
Having a solid set of strategies(edge) come 1st,
then discipline/ psychology of following a profitable system will be easier.

For a better entry set up, we can place slightly bigger position size
Find the optimum system: combinations of strategies & lot size(MM)

If good karma were a necessisity, monks and priests would make super duper trader. I'm pretty sure they have some degree of discipline, so all they really need now is a good moving average cross system haha

No disrespect intended, just couldn't help myself about the karma thing!

Most monks are not destined to become traders.

戒：贪嗔痴 （‘三毒’）

Refrain from greed, annoyed, ignorance ('3 poisons')

Know what you are doing, and with that will come the discipline if you haven't already got it, and your " good karma ". There is so much baloney written about why people fail at trading, but to me it's simple. Invest the time and effort required, that same time and effort required before any successful endeavour, and you'll succeed. There's no more to it than that.

Advantage of trading only 1 session per day(in day trading)..
Better focus & understanding of PA, avoid overtrading..

To Improve on Edge(system), work to better at entry, exit & MM..
Understand mass psychology, know when not to trade.