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Abstract:Many new traders chase trading systems, but the thing that you should really learn first is your trading personality. The first step in building a trading plan is to realistically take a holistic view of yourself. The foundation of your trading plan starts with your self-reflection because you will be the only one using it.
Many new traders chase trading systems, but the thing that you should really learn first is your trading personality. The first step in building a trading plan is to realistically take a holistic view of yourself. The foundation of your trading plan starts with your self-reflection because you will be the only one using it.
The self reflection is what will reveal your profile as a trader which is essentially what you should know. Who you are as a trader will define what kind of method suits you.
Using Trading Master plan, systems, and techniques that arent compatible with your profile and personality will drastically lower your chances of success as a trader.
While most traders want to jump into creating or finding trading systems and strategies instantly, but they won‘t know which ones match their personality and unique situation if they don’t spend some time on self-reflection first. Before you reason about clicking the Buy or Sell button on your trading platform, there are some questions you should ask yourself so that you can better form your trading plan. Not just rushing, While youre engaged, you should jot down these answers.
Having your answers written will assist and remind you of what youre going to do and help make sure you stick to the plan.
Are you prepared for some Q&A now?
In the next coming sections, well go through some questions that should make clearer what your trading profile is, and how it will configure your trading plan.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
These champions have one thing in common: they not only work their butts off, but they also enjoy what they do.
"Patience is the key to everything," American comic Arnold H. Glasgow once quipped. The chicken is gotten by hatching the egg rather than crushing it."
Ask any Wall Street quant (the highly nerdy math and physics PhDs who build complicated algorithmic trading techniques) why there isn't a "holy grail" indicator, approach, or system that generates revenues on a regular basis.
We've designed the School of WikiFX as simple and enjoyable as possible to help you learn and comprehend the fundamental tools and best practices used by forex traders all over the world, but keep in mind that a tool or strategy is only as good as the person who uses it.