Thursday, 28 June 2007

Practise being a patient Trader

If you have been TRADING as long as I have, you ought to agree with the statement that "one of the factors that most short-term traders like CFD and FOREX traders cannot make regular profits from the STOCK MARKET or the CURRENCY MARKET is because they trade too often (overtrade)".

This is exactly the habit, which I followed when I first started my trading career a few years ago. The number of times, which I had made huge amount of money in the mornings from scalping using CFDs and by the time the market was ready to close, I had given it all back, was numerous.

So I kept pressing myself for applying more control and self-discipline -- eventually, I managed to apply the discipline, which was and is necessary for any traders to come on top at the end of a each trading session.

As good traders, we must remember AT ALL TIMES that not losing in TRADES we enter, is just as important as winning the TRADES we get ourselves into.

For instance, I was very pleased with myself last night, I did not fancy opening one single CFD POSITION the whole day yesterday as the US MARKET looked unsure which direction it was going to head, but as we approached the closing times the MARKET seemed on its way for an upday, so I took this opportunity in opening 2 LONG CFD positions in ASX200 and the German DAX30 and to my delight when the markets opened in Europe this morning, I managed to close both positions well in profits.

I like to add another point, which a good trader needs to have in order to practise being a patient trader --- and that is vision about the markets he or she trades in -- the more clearly one can see what FACTORS move the MARKET the better timing a trader can apply in entering the trades within that market.

6 comments:

Rodrigo said...

Oi, achei teu blog pelo google tá bem interessante gostei desse post. Quando der dá uma passada pelo meu blog, é sobre camisetas personalizadas, mostra passo a passo como criar uma camiseta personalizada bem maneira. Até mais.

Rod said...

Hi Rodrigo,

I am afraid I only speak English - Could you possibly put your comment in English please?

Thank you.

Rodny

Anonymous said...

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Rod said...

Well, I'm glad you found this blog useful - when I get time I'll look at your suggestion. Thanks for mentioning it.

Rod

Joe said...

Hello!

Your blog has been added to the mylinkmaps.com blog map at

http://mylinkmaps.com/map/worldblogs

Feel free to create a link so every one can see or add your friends blogs with the Add link

at the top of the map. Your blog description can be edited at
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Thanks,
Joe

Rod said...

That's great Joe, thank you.

Regards,

Rod

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