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Key Principles of Successful Trading:
- Discipline and Patience:
- Many traders underestimate the importance of discipline in trading and don’t take it seriously enough.
- A common problem is impatience, where traders enter trades out of boredom or during minimal market movements.
- This issue can be easily solved by occasionally “stepping back” from watching short-term timeframes and focusing on daily, weekly, or even monthly charts.
- Broader Perspective:
- Monitoring short-term timeframes is not necessary, especially for beginners.
- While short-term charts can offer valuable information and quick intraday trades, it’s important to remember the broader perspective and the overall market trend.
- Patience is Key:
- Many traders only know long and short positions but forget that often the best choice is to stay out of the market.
- Patience is a crucial trait to master right from the beginning of a trading career.
- Trading Plan:
- When starting a business, you create a business plan; the same approach should be taken in trading.
- It’s important to have a clear plan in all circumstances and focus on adhering to it.
- An interesting example is Jesse Livermore, who was hailed as one of the greatest traders of all time.
- Inspiration from the Best:
- Livermore once said that big money is made by sitting and waiting, not by constantly thinking.
- A trader should wait for the right opportunity.
- Importance of Patience in Forex:
- Traders are often so convinced of their abilities that they forget to follow their own rules and cannot prevent emotions from affecting them.
- To avoid these problems, we must train our patience every day.
- Avoid Rash Decisions:
- Professional traders only enter trades where they know the odds are in their favor from the start.
- Without proper discipline, it’s impossible to maintain capital, which in the long term will only cause problems.
Don’t forget about patience and following your trading plan. Trading is not a sprint but a marathon!