Many traders complain that they have studied trading or investing for years but the results are still not satisfactory, they still often lose and even run out of capital many times. They are confused, why have they learned from various sources such as books, seminars, forex courses and so on but still fail. Been studying and training hard for a long time but still not working. They think that hard training should give tangible results, as the saying goes that "Practice Makes Perfect". Unfortunately they misinterpret the saying and they do not realize that the assumption is only half true. Just practicing hard does not guarantee success because what is needed is to practice in the right way, not just any practice. "Only Perfect Practice Makes Perfect", Only perfect practice will produce perfect skill.
To achieve perfect skill, a trader must meet at least three conditions, namely:
1. Have the best resources to learn and practice.
If we are self-taught then look for the most trusted source of trading knowledge that is proven to always provide the best. As for if you need a mentor then look for a mentor who teaches trading correctly and completely. It teaches not only analysis, but also risk management and trading psychology because all of them are*determining factors for trading success.
2. Mastering the correct trading strategy.
Forex trading is actually really good because to be successful in this business we only need to master one trading strategy. A trader must continue to stick to one type of strategy first and then study it inside and out before looking at other strategies. Just take one type of trading strategy and learn as much as you can how it functions and how to use it in trading.
For example, a trader may want to master the BBMA (bollinger band moving average) trading strategy for the first time. It means, it has been decided that BBMA is the main strategy. Next, traders must understand all things about BB and MA, how to maximize BBMA work patterns, which type of time frame is best for implementing BBMA and so on. So, the main mission is to become an expert on BBMA trading system.
3. Choose a suitable trading style.
Everyone is different, not everyone can succeed using only certain trading techniques. We must know the advantages and disadvantages we have and then choose the appropriate training material. Therefore it is necessary to choose one of the many trading styles such as scalping, day trading, swing trading, position trading and so on. Choose the one that fits our character and our life background.
It should be noted that apart from a bit of coincidence, successful traders have a lot in common in achieving their success. The similarity is the habit of practicing focused and disciplined on one trading system until you really master it. For example, if we use a price action strategy, a trader must be willing to focus and be disciplined to commit to one signal from the price action. That means, traders don't always have to enter the market when the candlestick hasn't shown the best signal on the chart. So, a trader must first understand what is needed for trading.
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