I hope you had a terrific Thanksgiving. I absolutely have an incredible lot to be thankful for, not the least of which is finding the Forex market and Fx365i this year. My goal for this last month of the year is to really focus like it’s the new year. Everyone is always highly motivated in January because we all want to get the new year off to a great start. I’m thinking that our prior thoughts and actions bring us to where we are today, so if I expect to have a great start to 2015, I MUST focus intensely now. Without a doubt, one of my biggest goals for 2015 is to become a great Forex trader. As such, I absolutely must focus now in order to accomplish this goal.
So what does it take to become a great Forex trader? This is a topic that anyone who has invested any significant time learning to trade will eventually ask themselves. The answer will not be the same for everyone because everyone is going to have a different definition of what makes them a great trader. One person might say you have to pull 35 pips a week to be a great trader. Someone else may believe they need to pull 150 pips a week to be great. Yet another person may believe a great trader is someone who is right on over 80% of their trades.
Although we all have our own definition of what makes a great trader, I think we can all agree that trading is a long term endeavor. After all, does pulling a 100 pip trade make you a great trader? Certainly not. If you can’t continue to pull positive trades, what is that one trade going to do for you next week or next month? Not much….
What about someone who has a ton of knowledge about the intricacies of different indicators? Are they a great trader? Not necessarily. Now don’t get me wrong, someone who has developed a deep understanding of the platform they are using definitely has improved their chances of becoming a highly successful trader. However, all the knowledge in the world doesn’t mean anything if you can’t execute in the moment. I know traders who clearly have a deep understanding of the market, but can’t ever seem to pull the trigger to get into the great trades they see on the screen. Others struggle to admit when they are wrong and end up unnecessarily taking huge negatives. It takes more than just knowledge to become a great trader.
So what does it mean to me to be a great trader? In my mind, being a great trader means being able to consistently execute a winning and highly profitable trading plan week after week, month after month, and year after year. In order to be a great trader, you must be great at consistently:
In order to accomplish those things, I need to consistently be:
You may have noticed one recurring theme in the points above: Consistency. I have a saying on my personal trading tracker: CONSISTENCY x (PATIENCE + DISCIPLINE + RISK MANAGEMENT + GREAT ENTRY) = MILLIONAIRE. I’m getting there. I hope you are too! I have had moments where I have done all of these things to a tee, and moments when everything has gone out the window. Not surprisingly, when I over-trade, chase trades, or exhibit poor risk management, my trading results suffer. However, as I’m learning to control myself more and more, I know I’m on my way to becoming a CONSISTENT and, I believe, GREAT TRADER! After all, isn’t that what we all want for ourselves?
I hope your trading is going well. If you ever want to talk about any of my posts, or anything about your own trading, please email me at firstname.lastname@example.org.