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Below are my 10 Reasons Why Pro Forex Traders Earn money And How It can be done To.
1. Pro Forex Traders Begin to see the Chart For What It Is, Not What They Want It To Be.
Amateur traders get over-involved in forecasting what's going to happen next around the charts. Predicting long-term market movements is not only an unrealistic method of trading but the incorrect focus. Many things in the financial markets are out of your control and also the focus should be on what happens to be happening around the chart and never what you think will happen next or what you want to happen next.
Professional Forex traders concentrate on the present information on the chart. The simplest way to do this would be to forget any open trades that you have running, take away the emotion and appear only at market direction and potential new set ups. Use rules or approaches for example looking at price cyclicity and value action. Follow you rules, and only when your rules provide you with signals are you able to trade.
2. Professional Traders Keep It Simple And Follow Price Action First.
Pro Forex traders believe in quality over quantity. They do not overwhelm themselves as well as their charts with contradicting signals. Their focus is just on the best and also the highest probability setups. The best trades should jump off the chart and slap you across the face, professional traders realize that too many indicators hide those trades making things more complicated. Their decision-making process is primarily based off price action, cyclicity and support and resistance. May possibly not be fancy but it is proven to work.
3. Expert Traders Don't Spend All Day Analyzing The Markets.
Advanced traders understand less is much more. Many amateur traders result in the mistake in thinking the more time spent the more money can be made. This is risky as you're overwhelming the mind and charts with the much information everything begins to conflict itself. Secondly, it prevents you against trading just the highest probability setups as the more time spent the greater trades you will need to place. Step one, is to clear your charts and chose a maximum of 10 currency pairs. You are able to and should comfortably analyze the markets and put trades in under 20-30 minutes each day. Your brain are only able to focus in a high level for your long, and then time, your mind simply isn't as focused as it should be; that isn't the best way to manage your money. Expert traders understand the greatest trades shout out at you from the charts. Try limiting yourself to 30 minutes a day, and see how you're trading develops.
4. Pro Traders Are Practical.
Professional Forex traders focus on what they are ready to lose not what they stand to gain. They've reasonable targets for account growth because they are disciplined and try to risk manage. Pro traders understand that drawdown periods should be considered and they aim for low drawdowns to stay in the game, they allow their profits to develop and compound over time. Expert tradersknow that yes, trading could be highly rewarding but it is not a get quick rich scheme.
Compare the above mindset to your amateur trader who is looking to make as much money as you possibly can as fast as possible, and you may see that a professional trader has a much more level-headed approach, where a novice has a 'get rich quick' mentality. Trading sensibly make sure you only take the best opportunities, you risk manage and you have patience to permit time and compounding to grow an account. That amateur approach leads to over-trading, losing money along with a very disgruntled person. The professional approach results in consistent profits.
Be reasonable and hang practical goals. You're not going to start living off your Forex trading next month if you are trading a $2,000 account. Concentrate on growing your capital to a sensible level where you can draw money every month, and still allow your account to grow.
5. Professionals Use Their brains, Not The 'Sexy' 'Guaranteed' Expert Advisers Or Robots.
As the old saying goes 'if it appears too good to be true, it likely is'. Professional traders don't fall victim to the over-promised and under delivered expert advisers or robots. Professional traders are not looking for the 'holy grail' or 'next big thing'. Experienced traders know that these promises are very unlikely to operate long-term, if they even work in the first place, and hold no value in them. Pro traders boost their account by using their mind, their skills as well as their abilities. For that foreseeable future, no software program for $27 can beat an expert trader mindset. The large banks may be able to get automated systems to work for them for periods of time, but they possess a lot of experienced people watching these robots the whole day, with PhD's in complex subjects average folks didn't even know existed. They've the money, workers and also the infrastructure to manage directly with the major banks, funds and liquidity providers on a level you can only dream of. As you can guess, it is much more than $27.
6. Professional Forex Traders Don't Listen To Others
Nobody cares much more about your money then you definitely do. Pro Traders follow their trading strategies rules and never the opinion of others. They do not risk their money based on what an expert 'analyst' has just told millions of people. Most analysts aren't even traders; they have opinions but don't put their own cash on the line for it. If their opinion is incorrect they won't lose money, but you can. You will find no shortage of opposing 'expert' opinions, which can make things overly complicated. Initial step, learn trading strategies with proven results and write your own trading plan and place your trades according to rules not opinions.
7. Professional Traders Focus on Technical Analysis First, News Events Last.
Expert traders use technical analysis his or her most important approach to market analysis. Technical analysis provides you with areas around the chart where one can buy and sell with confidence. This is due to repeating patterns and support and resistance levels within the markets. Unlike news events that are difficult to trade profitably because of larger transaction costs and volatile whipsaw because of large volumes of banks and money entering the marketplace in a very short space of time. A professional trader ought to know what setups they're looking for without fundamental factors. The price action normally has the news release priced into it in advance.
8. Experts Traders Do Not Over Trade. They Can Walk Away From The Screen.
Amateur traders often struggle to tear themselves from the charts. Whereas, pro traders understand they can only control their very own behavior not the markets. Watching the cost move up and down all day long and night long is really a dangerous and tiresome way to trade. Pro traders do their business and leave; they trust their strategies and rules.
Fantastic way to train yourself to walk away is as simple as setting an alarm 30 minutes from when you take a seat to trade. Ensure the alarm is defined in another room which means you must wake up to turn them back. Get up and walk away from the charts. The best perk of trading is it can be done in 30 minutes a day so that you can go and perform the things you love so employ this benefit and revel in some hobbies.
9. Pro Forex Traders Have A Discretionary Trading Sense.
Humans are capable to be greater traders than computers because humans have the capability to use 'discretion'. Through education, time and experience with trading the marketplace you can develop your own trading discretion. Price action trading is rules based, yet open for discretion. Pro traders use high probability trade setups with multiple confirmations that add further substance towards the price action setup. Signals will make it 'look' right and your discretion will make it 'feel' right. Through education, some time and experience your discretion will advance and you will be able to use this to understand which trades to consider and which of them you allow to go by.
10. Experienced Forex Traders Use Straightforward Trading Systems.
The most difficult thing to get my new students to initially accept is the fact that trading isn't complex. Learning how to trade doesn't need an advanced specially made indicator, vastly complex mathematical equations or fancy charts. Amateur traders in many cases are surprised to learn most professional traders simply use only a few trading strategies on some currency pairs on higher timeframes or as I like to say it: K.I.S.S.a keep it stupidly simple trading approach.