I’ve just lately began studying a e-book written by a really profitable trader named Alexander Elder. The e-book is known as “Trading for a Living”. In the event you haven’t learn it but, keep it at the prime of your list of e-books to learn as a result of it’s a real GAME CHANGER!
In the book, he always reiterates the truth that the key to success as a trader will not be within the buying and selling system, your analysis strategies, or finding the right guru. It’s all about managing your feelings and trading based on intellect. And I could not agree more.
Time and time once more, I’ve seen the MACD trading system produce wonderful results, but yet, here I am, still making an attempt to work out some form of detail. Truth be instructed, the small print were not the problem. It was my tendency to trade emotional AND very poor money management. Buying and selling without stops is NO LONGER ALLOWED!
The remainder is as much as you to learn however I did need to offer you a 6 step plan from the e-book that I imagine will truly assist you to develop into the professional trader you wish to be, because it’s already helped me develop by leaps and bounds.
Get pleasure from! Alexander Elder’s 6 steps for changing into a professional trader:
1. Decide that you are out there for the long haul – that’s, you wish to be a trader even 20 years from now.
2. Learn as a lot as you can. Read and hear to consultants, however keep a level of wholesome skepticism about everything. Ask questions, and don’t settle for experts at their word.
3. Do not get greedy and rush to trade – take your time to learn. The markets will likely be there with more good opportunities in the months and years ahead.
4. Develop a method for analyzing the market – that’s, “If A occurs, then B is likely to happen.” Markets have many dimensions – use a number of analytic methods to confirm trades. Test every part on historical information and then within the markets, utilizing real money. Markets preserve altering – you want totally different tools for trading bull and bear markets and transitional periods as well as a way for telling the difference.
5. Develop a cash management plan. Your first goal should be lengthy-time period survival; your second goal, a steady growth of capital; and your third goal, making excessive profits. Most traders put the third goal first and are unaware that goals 1 and 2 exist.
6. Winners think, feel, and act differently than losers. You need to look inside yourself, strip away your illusions, and change your outdated methods of being, considering, and acting. Change is difficult, but if you want to be an expert trader, you have to work on changing your personality and have to trade differently