If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
If you are not an institutional investor right now, put yourself in the position just for a moment, that it is your JOB and function in life to trade,each and every day except for vacations/holidays…
You sit down at your desk in a front office trading floor of a bank each day, amidst a lot of other traders and computers and it is your duty, responsibility and job description to trade and trade well, time and again.
Can you begin to imagine what you would need to do to be successful. Can you imagine somebody standing there and telling you to “Trade!” because you’ve been sipping coffee too long…?
It’s crucial but obvious in a way, yet I’d say that 99% of traders probably either jack it in or don’t do this. It is doing your homework.
What do I mean by that exactly?
We know from the following blog post http://sambeatson.com/?p=29 that plugging in to the mind of the market is extremely important to success in forex - 24 hours a day if possible.
Are you prepared to do that? Are you willing to commit? How much of success do you actually want? Can you develop the neccessary passion and desire to become interested enough in the facets that make up the forex market?
The answer to all of these questions is yes because I have done it and as stated in an earlier post I was “bummed out” when I started whatever that means - I don’t know the meaning of that expression but let’s just say it was really bad.
Brian Tracy, a self-made millionairre and one of the most successful business and money coaches in the world states that “P.P.P.P.P.P.” Prior proper planning prevents poor performance. This is a principle you MUST live by absolutely every day of your trading career.
Even if you are not trading every day, even if you don’t like reading, even if you are not excited by anything except for candlesticks, it is essential that you do some homework before you trade because in truth the statistical analysis “Holy Grail” - I’m not saying the Holy Grail doesn’t exist - but really, you will see yourself getting better and better results, becoming an expert at taking and keeping pips (money) from the market and become doubly or triply confident if you do this.
I think I’ve said enough for this post about doing your homework before you trade.
Thanks and have a great weekend. Don’t forget to DIGG this post if you like it. You can do that by clicking on the “digg this” at the top of the post or by clicking on the article title and then there will be a small icon on the bottom left underneath the post.
Post a Comment