LewisGlasgow
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Foundation of Successful Trading

FX:GBPJPY   Britisches Pfund / Japanischer Yen
The Three A's

It is a known statistic that over 90% of traders fail and I covered the three main reasons why in my previous educational post (shown below).



Now that you know the main reasons why traders fail, it's time to lay the foundation for successful trading.

This can be structured and defined by something I call the three A's.

#1: Approach

Firstly, identify your personal goals and align them with your trading.

This is your "preparation step"

You need to define your approach, how are you going to trade the market?

Use the following checklist as a guide.

1.What is your trading personality/style?

2.Identify which timeframes you will focus on.

3.How will you analyse the market?

4.Develop/follow a trading strategy.

5. Back-test, back-test and back-test.

6. Create your trading plan (including risk management rules).

#2: Attitude

You now know what to expect from your system.

…BUT

90% of trading is psychological

Your attitude and mentality towards investing is absolutely key to ensuring your success as a trader.

Here are the key components.

1. Realistic expectations.

2. Paitience.

3. Discipline.

4. Commitment.

5. Focus.

6. Emotional control.

#3: Application

Your final step... Application.

At this point, you have put in all of the groundwork and now everything needs to be put into motion.

…And for most traders this is where it all goes wrong.

Use the following checklist as a guide.

1. Focus on your own trading.

2. Demo before live.

3. Plan your trade, trade your plan.

4. Once consistently profitable, go live.

5. Keep your emotions in check.

6. On-going risk control.

I am available via private message for any questions you may have.

Here's to your success!!!
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Thank you! This is very helpful and it´s always good for everyone to remind themselves why, and for what reason they have started trading! :D
+1 Antworten
LewisGlasgow SantiTaweesamarn
@SantiTaweesamarn, you're welcome! I'm glad you found it useful. Yes I agree 100% and that is what will keep you going through the bad times as well as the good :) I actually created a trader questionnaire that is all about knowing who you are as a trader.

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OhTheFuture LewisGlasgow
@LewisGlasgow, Hi. Thank you for your insights! Q: 2) How does one choose their favorite trading pairs/assetts? How do we learn about our choices? 3) Does this mean the 1D, 1H, 15m, etc... or time of day to trade?

In creating my plan and pairs of choice(outside cryptos: I find that they vary depending on goal), how do I go about that exactly?
Thanks for your time!
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