Introduction:
It is the mission of the trader to become a long-term, financially successful trader. This can be achieved when the trader adopts and accepts The 10 Keys of Successful Trading. A trader must commit to live by three disciplines to become a successful trader.
Three Disciplines of Successful Traders
1. A trader must believe in The 10 Keys to Successful Trading and merge them into their personality. Success depends on creating a trading plan, and maintaining the discipline to TRADE THAT PLAN!
2. A trader must be committed to Continuing Education. Study technical analyses and the psychology of successful trading. A trader must make logical decisions, void of emotions, while trading. Learn to trade in control!
3. A trader must map out a sensible equity management plan to ensure a Return On Investment. Trade no more than 20% of a Margin Account and expose no more than 5% of that account on any single trade. Levels of Traders
Level One
Beginner Trader - Studies and paper trades for a minimum of one month with pretend currency, gaining the experience required to establish a track record of profitable performance.
Level Two
Advanced Beginner - Trades one or two lots with real money, learning to overcome emotions and at the same time, establishes a track record of making money.
Level Three
Competent Trader - Trades with control over their emotional distractions. Utilizes proper equity management and achieves a positive financial return.
Level Four
Proficient Trader – Trades with confidence, education and experience. Achieves positive financial returns.
Level Five
Expert Trader - Instinctively executes profitable trades without emotion.
By: Anonymous author
