The importance of focus!
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    Registered user techboy's Avatar
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    The importance of focus!

    For me if a trader want to succeed in his trading he should stay focus on the following aspects:

    1. Understand Trading Psychology - for me before a trader start trading in these market, it is very important that he has the right mindset and understanding on the characteristic of the market. I believe that a trader cannot conduct his trading in the right perspective if he does not fully understand market psychology on the first place.

    2. Risk Control - A lot of traders messed up on these one, a trader must always at all time never risk more than 5% or maybe less of his account on every trade, a trader must not over trade, a trader must protect his capital at all cost.

    3. Risk/Reward Ratio - A trader must focus in creating an strategy or system that give emphases on good risk reward ratio, a trader will always be in an advantage situation if he always implement good risk reward ratio.

    I believe that these are the key things that a trader must focus upon in order for him/her to achieve his goals. Lets keep it simple and stay focus on the basics!

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    Registered user techboy's Avatar
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    Talking about focus, I just want to add more to these topic and I believe that this are the very core of becoming a successful trader.

    1. Good Strategy - now talking of good strategy we have to break it down further, what do we really mean of a good strategy?is it giving as a winning trades most of the time? is it giving us a smooth equity curve? For me the quality of a good strategy are, it can give profits and at the same time it can recover from a major draw down, maybe most aspiring traders when they heard the term good trading strategy, they only think of having winning trades, but that is not the case, most traders fail because of wrong mindset about good strategy, they abandon their current trading system the moment it suffers losing trades and find another one and then when the same situation happen, they jump again to another strategy and he will be in a loop,these particular type of trader cannot move forward, unless he change his mindset.

    2. Implementation - I think this aspect is the final key to succeed in these market, we can have a very good strategy, we maybe mentored by the best coaches in the world, but if we cannot follow what they teach or follow the rule of our strategy everything will fail over and over again, it does not matter if a trader is already trading for years but if he fail in these aspect, then he will never succeed as a professional trader forever and he pass away in these world not able to achieve his goal to be profitable trader. These is the aspect where traders has to deal psychological pressures and its not an easy task for all of us, some may take less or more time to work on these aspect, but what is important here is we need to overcome it if we want to become a successful trader.

    I hope these post inspires fellow members to re-assess their current situation and perhaps re-focus their mindset to something vital in achieving success in these market. Good luck!

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    [lang=id]
    Quote Originally Posted by techboy View Post
    . Understand Trading Psychology - for me before a trader start trading in these market, it is very important that he has the right mindset and understanding on the characteristic of the market.
    they need to have some preparation and also reason as the background before enter the business and do trading, this way will make them stay on the track to manage the business, know themselves with ability and knowledge in there, and also understand the market,
    well dear my friend, sometimes we just came to the market without bring any reasons than let us stay as the gambler and not a trading anymore, sometimes,,,[/lang]

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    Great thread techboy sir, trading with a good trading psychology is one of the major part of this forex trading market business. Along with you mentioned about risk and reward ratio , risk management too. You discussed about 3 major important terms of this business. We all should learn about these 3 things these can make us a successful trader in this field

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    Trader debian's Avatar
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    This good topic while so many trader especially beginner trader always don't care about trading psychology , risk control as well as risk/reward ratio, almost of traders just focus in profit and profit only , but carelessly in calculating of the risk at every transactions , so its will be a good factors for all traders who want make a safe investment if they not just focus in profit but also always focus how to survive in this business with that three aspect that was mentioned

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    If any one is working a thing out without the focus, then I know that it will be hard for such to achieve success in that thing, this is why the focus of the trader will have to work with the mindset and the determination the trader has. The market is not always a place that will give you what you want according to your plan, but remain focus and you will laugh at the end.

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    Registered user techboy's Avatar
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    Quote Originally Posted by cozard007 View Post
    If any one is working a thing out without the focus, then I know that it will be hard for such to achieve success in that thing, this is why the focus of the trader will have to work with the mindset and the determination the trader has. The market is not always a place that will give you what you want according to your plan, but remain focus and you will laugh at the end.
    Agree, trading is a more demanding profession that if we are out of focus on the necessary things that should be done, we will surely fail on our effort to be successful in these market,every trader must focus on the area that I mentioned in these thread for them to progress as a skillful trader and become profitable.

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    " Trading is 70% Psychology, 15% Risk Management and 15% Strategy ! "

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    [lang=ar]we may trade for a long time but we of course need some concentration to understand all what we about to read and what we are going to deal with . this needs of us enough time , enough effort and also enough focus . we should start our trading with a very good clear mind and free of any businesses[/lang]

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    Rookie rinaji's Avatar
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    Quote Originally Posted by cozard007 View Post
    If any one is working a thing out without the focus, then I know that it will be hard for such to achieve success in that thing, this is why the focus of the trader will have to work with the mindset and the determination the trader has. The market is not always a place that will give you what you want according to your plan, but remain focus and you will laugh at the end.
    Keeping focus is always important in any things, businesses and jobs.
    Quote Originally Posted by techboy View Post
    1. Understand Trading Psychology - for me before a trader start trading in these market, it is very important that he has the right mindset and understanding on the characteristic of the market. I believe that a trader cannot conduct his trading in the right perspective if he does not fully understand market psychology on the first place.
    You put it as point number one, I agree with it, it is an important factor and often not realized by traders, simple and easy in forex trading was obtained when the trader already has this point, it means understanding the character of the market and have the right mindset. This is a good thread, very important to be read by trader.

    And I like this sentence ...
    "Lets keep it simple and stay focus on the basics! "

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    If you lose, be patient. If you win, stay humble

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    Quote Originally Posted by techboy View Post
    1. Good Strategy
    traders need to have a good strategy, not a complicated system, but something easy to understand with them and easy to implement at forex trading and then support it with good points above with 3 items , i guess it is good enough for them to stay on this business and even grow with good too

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