The path to success with the T4T FX Pro Trader course begins with taking the time to go through the content methodically and making sure you understand every component, especially Capital Management.
This article contains five keys that will shape your entire outcome as a trader. Do not begin trading until you’ve read and understood this section and been through the course methodically.
Set Up and Use Guidelines
If you want to become a successful trader its important you take the time to lay the foundations and set yourself up correctly.
That involves two parts:
- Setting up your trade station correctly
- Carefully go through the FX Pro Trader Course so you understand the market you’re getting involved in. i.e. proper understanding of market structure, explain what makes prices move and how to trade those price movements.
Inadequate preparation could lead to major capital drawdowns and have you behind the eight ball from the very beginning.
Understand there is inherent risk in trading the foreign exchange market and the user assumes this risk and the potential to lose money. Put simply, if you don’t follow the plan you will be jeopardizing not only your cash but potential future earnings.
Follow these simple guidelines to maximize your trading performance:
- Protect yourself from yourself
If you do not stick to the Capital Management system you are jeopardizing your entire trading future. It is the number one component that you need to understand and adhere to. Trading starts with Capital Management and ends with Capital Management. It combines your trade plan with trade selection. If you get this wrong it’s over before you know it.
- Do not attach yourself to your trades
Trading is all about managing profits and losses. It’s an emotional roller coaster that you need to acknowledge and understand. If you attach yourself too closely to your trading performance then you’re going to come unstuck either through performance anxiety or over trading. Once you’ve completed the FX Pro Trader course you’ll realise your roll is to find the entries and your trade plan takes care of the rest. So relax and let the markets do the work for you. It’s harder done then said but over time you’ll come to disconnect yourself from your performance. This is just as important when you’re winning as when you’re losing.
- Do not spend endless hours in front of your screens
The less time you spend in front of the screens the better. Of course when you’re first stating out learning how to execute and read the market will take some time. But once you know how to efficiently analyse the market technically and fundamentally you shouldn’t be wasting your time ‘hoping’ something happens. It’s an extremely bad habit to get into and one that will be detrimental in the long run. When you’re in front of your trading screens its business not pleasure, so make sure you behave accordingly. Your analysis and attention needs to be sharp and the only way to maintain that is by being fresh.
- Before each trade always first assess: at what level is your Capital Management
Do not trade without first making sure that you are trading within the capital management guidelines. If you’re making money and your drawing up you need to increase your trade size if the opportunity is good. If you are in drawdown you need to reduce your trade size. This is the single most important aspect to your trading so make sure you stick to this process before every trade!
- If you’re unsure ask questions
A lot of new traders feel embarrassed about asking questions. But you’re never going to learn or expand your trading skills and knowledge if you don’t. The 247 Trade Zone has been built to share trade ideas and to keep you in the loop with what’s going on in the market and across our network of traders. But most importantly it was built to answer your questions and help you along the way to becoming a successful trader. We know success isn’t an overnight result and we’re there for you so please make sure if you don’t understand something ask us before you make a mess of it trying to work it out through trial and error.
The FX Pro Trader course provides the foundation knowledge from which you can build a success trading career from. We also have an extensive range of additional resources and accessories which you may like to explore once you have completed the Pro Trader course.
T4T has been developed with one thing in mind: to build the best and most successful traders globally. Stick to the five key principles above and you’ll be taking a major step in the right direction.
We look forward to working with you. Good luck and all the very best.