Forex Traders Destination is “Pro Trader Town”

Destination “Pro Trader Town”

A  journey starting as a ” Noob” seeking a professional career as a  permanent resident of “Pro Trader Town “requires preparation and planning.

Forex traders’ destination is “Pro Trader Town”. Unless your intention is to join  the crowded community along side 90% of traders who never complete the journey, then the items below need your attention . In this first of two articles we will explain them. The second article next week will share a proven sequence for implementation after adoption.

• Adopt A Proven Trading System  

Make  sure as a Forex trader with a destination of “Pro Trader Town”.you have a trading system that has a “proven edge”.  You may find the answer in a clever song like Ed Seykota’s, Whipsaw song, or with Nial Fuller’s process, that won  the AXiTrader Forex world championships in 2017. You may decide to find a mentor and have his system become yours.

Save yourself pain. Avoid the decision to be an  inventor. Find a system that is already proven  in “live trading” environments for various traders in all time zones and markets.  This trading  system adoption increases the odds for  success on each trade you make . Once you have selected your system, you will have an objective way enter and exit trades.

When traders create  trading systems they always  think objectively since there is no position to be taken at the moment. If there is no position to be taken, there is also no money at risk. If there is no money at risk, traders think objectively and are open to every possibility. Results… finding low risk trading opportunities. Make sure you have a system and trade based on a a proven objective approach.

• Follow you Chosen System

Once you have chosen your system with a proven edge, then follow it, in a completely disciplined way . If you as a Forex traders whose destination is “Pro Trader Town”. follow your system, there is a high probability after practice in demo mode that you can profit from the Forex market based on the trading opportunities you have found.

• Study and Practice your Lessons .

All successful traders are  well educated in the market they trade (stocks, Forex, futures, etc.) Consistent study and practice  give your trades an additional edge over the retail crowd you trade against. Recall for every trade there is a winner and a loser. Get educated and practice. You will  acquire the knowledge and experience you require to master the Forex market. Remember you destination is  “ProTrader Town”.

There are some remarkable “trader teachers in our community.”  Sam Seiden, Gil Ben Hur, Michael Noyelle, Ken Mann and Ed Seykota have been invaluable to me as teachers and now as mentors.  Spend time finding traders who enjoy the teaching aspect of our  profession. Avoid those who are not able to share their success as a trader  Read about the Forex market, and enroll into a proven Forex training program. While you study begin gathering  and creating  historical charts for you library. Remember and repeat after me I am a Forex trader  and mydestination is “Pro Trader Town”.

• Understand Asset Management.

The purposes of asset management are avoidance of ruin , maximization of  the edge of your system provides, and sound sleep . You have assets so  you must use them wisely.Most teachers use the term money management  but we feel the better term is as we label.  We know that each trader comes with various levels of each of the first three  so the great equalizer is how effectively you can manage  the 24 hours you  are given.

You have assets. You must use them wisely.

•  Your Capital…. this will vary for each trader.
• Your Knowledge … subject to accumulation and deployment based on you effort.
• Your Intelligence…. “if I knew then what I know now ….”
• Your Time …we all begin each trading day with the same amount of this.  Do you sleep in or trade European open? Do you wake for the Asian open and close ?

Each one of these four  assets can be used you improve you skills and shorten the time of you journey. Failure to maximize and manage any of them is a recipe for failure.

• Program you Brain. 

There are several traits that must be inside your traders DNA whether they are there now or you acquire them over time.  There are also two that must be eliminated. Trainers like Charles Faulkner are known by successful traders world wide. The  path you take to self- actualization to assure that traits needed are present  and those that are toxic are eliminated can be costly and time consuming. However unless you acquire and eliminate your journey ‘s end  is  likely to be at “909090 Town”

You must eliminate greed and fear. and replace them with …

Confidence and patience.  Your trading system assures you  that they don’t need to win every trade in order to profit long term This fact is hard to understand and really apply. Why? Because we are taught, since kids, that any number below 70% is a bad number. In the Forex trading environment 3 winners from 10 can be successful system with the proper asset management.  Think baseball where .300 BA gets you to the majors.  Think Basketball where  50% accuracy from the 3 point line gets an NBA tryout.  Soccer where 25 shots taken and 3 successes win most matches .

• Define a  Risk-reward (RR) ratio greater than 1-1.

If you use a RR ratio of 1-2 (willing to make twice the amount risked in one trade) then you only need a system that is right around 50% to make money. If you use a RR ratio of 1-3 (willing to make three times the amount risked in one trade) then you will need a system that is right around 40% of the time to make money. So make sure to use a RR ratio  greater than  1-1.

With attention and application  for each and every  every point outlined in this article , you will almost assure your  arrival at “Professional ” trader town. where life is awesome with others who are already here.

See you there .

About  the Authors: Szeri & NosBiggs Trading Incorporated in 2012 as a USA C Corp, Trading Consultants Inc. The firm trades its own capital , as well as  for selected clients. They trade using their  Forex 8 Steps Method and teach  from their web properties SzeriNosBiggsTrading.com.  Daniella and her husband  Stefan are responsible for automated systems evaluation and implementation and are the true change agents for the firm. Nos Biggs ,developer of the 8 steps system is the primary trader for their firm. His background includes education from Duke University BA Economics, Pepperdine MBA VP Sales Lehman Brothers, VP Sales Oppenheimer and Company and a 12 year late life career as a high school mathematics teacher supported by a master degree in mathematics from UNCC.  The husband wife duo known as the Szeris’ have 8 years of trading experience and are a dominate force on Forex internet  media marketing and optimization  (SEO SEM). The Szeris offer 8 years experience as Forex Traders with insights as survivors who now thrive proving that patience and study will get you to Pro Trader Town.