Saturday, September 15, 2007

The Professional Traders Mindset

Professional traders devise a system they know inside out, they tested every aspect of there system and know its win%.

A professional trader will accept responsibility for there mistakes and not blame it on the market.

Professional traders have a system that fits there personality. They are one with there system and trade it like a machine regardless of the pips generated. Just because a system is profitable does not mean it will be profitable for you. You must find a system that fits your schedule and your life style.

Professional traders have a set of rules to follow in there trading plan. They plan the trade and trade the plan. It is vital to you trading success that you have a solid trading plan, one which you can follow without question.

Professional traders work hard and are constantly learning about the markets. Read every book you can get your hands on about the forex markets. Start with 'Interviews with market wizards'.

Professional traders have a positive self belief. They know they are born to be a trader and nothing anyone can say will convince them otherwise. If you do not enjoy trading then you are not made for the job. A professional trader loves the business and would do it even if it paid minimum wage.

Professional traders do not focus on the money they think in pips. Thinking about the money will only affect your judgment of your trading decisions.

Professional traders trade as a part of a balanced life. They make time for things they enjoy. Don't reject your loved ones in order to take some extra trades.

Like any professional job some people do better than others and some take longer to do it. I firmly believe that anyone who has the determination can make it big trading forex. All you have to do is study hard, work hard and demo, demo, demo.

Once you are consistently profitable over a 3 month period you should open a very small live trading account and continue your trading for a further 3 months to see the results. If all si still good you are ready to take a shot with a standard trading account.

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