If you have at least a few researched the forex trading society, in this case, you can imagine that there are a large number of books about it, as well as how to be the best trader.
One of the books, which in this case and the problem is mentioned equally as a classic of forex trading, is “Market Wizards: Interviews with the best traders” by Jack Schwager. First published in 1989, it assumes a collection of conversations together with certain famous North American traders, which received a huge number in the economic bazaars. It should be possessed in your unnatural army.
It picks up the recommendations of the best traders in society, demonstrated in the book that has passed the control period:
Find your trading methodology
Traders use a variety of combinations, and short-term boundaries, and have a chance to trade in different bazaars. Absolutely all effective traders have their methodology of looking at the bazaars that will suit them – from short-term changes in value over a day to the desire to perceive major trends over months, and in some cases, a year. It is important to find an aspect that suits your own “trader character”. If you do not feel comfortable within the framework of this or another strategy, in this case, or rather in general, it will not give you success.
Have a sensible risk management strategy
All traders without exception have noticed the importance of risk control. There are several components. It is important to trade in such sizes, which in no way will have a significant impact on your result, in case you miss. It is also advisable to have in mind a specific degree (or stop-loss, defined for your operation). If this degree is achieved or issued a stop-loss, you admit your error and take the loss. Once again, this friend of the trait, or science, has played an important role in their triumph over numerous years.
Accept your trading losses
Along with the nuance of controlling the notch is the approval of losses. Experienced traders realize that the approval of controlled losses is considered a component of a trader’s business, however, almost all of us together work to manage together with this problem in the initial stage. Several grateful trades can be simply reduced to not having a single loss, in case you allow it to last for a very long time. The questioned traders were convinced of their long-term winnings, for this reason, they had no work to accept that they made mistakes and suffered losses in this way.
Spend time understanding and analyzing the markets
Traders very seriously belonged to the consideration of trading and the period devoted to the execution and management of trades, often devoting to labor in trading a substantial part of their labor period. They did not simply carry out bets from period to period or trade according to naiveté. In gaining success in trading there are no short lines, but in this case, what amount of effort they put, in is noticeable according to their results.
Waiting for the right trade
Almost all of the surveyed traders stated that patience – anticipation of the peak event – is of great importance. This is echoed with a quote from another traditional book on forex trading: “Reminiscences of a Stock Operator”, written about the famous trader Jesse Livermore, who acted in the 1920s. Someone stated that the funds will not be received together with the fact that someone creates, but together with the fact that someone sits in the station. This belongs to this, to wait for optimum ability and then keep the operation to extract the highest income. After almost a hundred years, this aspect is still used by successful traders, and it is repeated by almost all of the interviewees in Schwager’s book.
