tradefxlive
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2009 was a great year and a lot of lessons were learnt, both from mistakes and from experience. Below is a list of some of the lessons I learnt. I have incorporated all the below into my own trading plan. What was once a 2 page document is now become more of a trading book 
1. You have to adapt a system to fit your own personality. I had been given a system which I could not make profitable but once I tweaked it to my style it is now something I live and die by.
2. You must stick to your own rules and never deviate from them. Many times you will feel like breaking the rules, this is when you will lose and more importantly this is when you cross the line to the gambling world.
3. Your first objective should be to move a trade to breakeven as soon as possible.
4. Stop worrying about the money and put your energy into entries and exits, the money will come. If you constantly worry about money you consistently make bad decisions.
5. You must remember that each trade is one of the thousands you will place over you trading career. Over the long run your edge will take care of itself.
6. You need to keep 1/4 of your position open on every trade to try to catch a +100pip runner. You will get this at least 5-10 a month and this will turn your 10% return a month into a 15%-20% month.
7. You must keep losses small. Do not get married to your trade and you do not need to let it run to your 1% stop loss. A re-entry is only a spread away.
8. You must switch off Skype, Twitter and any other Social Media website. They are all distractions and you should use your brain power on your own trading decisions especially timing entries and exits to your own rules.
9. Patience is something that cannot be taught and only comes with experience. So keep on trading and get that vital experience of being patient. Once you have mastered this you are well on your way to becoming the trader you want to be.
10. You should only trade with the trend. It is far easier to go in the direction of the trend than against it. I am a trend trader and using this rule as my core foundation I manged to make over 10% a month for the last 3 months.
Happy Trading. I hope 2010 is as exciting as 2009.
1. You have to adapt a system to fit your own personality. I had been given a system which I could not make profitable but once I tweaked it to my style it is now something I live and die by.
2. You must stick to your own rules and never deviate from them. Many times you will feel like breaking the rules, this is when you will lose and more importantly this is when you cross the line to the gambling world.
3. Your first objective should be to move a trade to breakeven as soon as possible.
4. Stop worrying about the money and put your energy into entries and exits, the money will come. If you constantly worry about money you consistently make bad decisions.
5. You must remember that each trade is one of the thousands you will place over you trading career. Over the long run your edge will take care of itself.
6. You need to keep 1/4 of your position open on every trade to try to catch a +100pip runner. You will get this at least 5-10 a month and this will turn your 10% return a month into a 15%-20% month.
7. You must keep losses small. Do not get married to your trade and you do not need to let it run to your 1% stop loss. A re-entry is only a spread away.
8. You must switch off Skype, Twitter and any other Social Media website. They are all distractions and you should use your brain power on your own trading decisions especially timing entries and exits to your own rules.
9. Patience is something that cannot be taught and only comes with experience. So keep on trading and get that vital experience of being patient. Once you have mastered this you are well on your way to becoming the trader you want to be.
10. You should only trade with the trend. It is far easier to go in the direction of the trend than against it. I am a trend trader and using this rule as my core foundation I manged to make over 10% a month for the last 3 months.
Happy Trading. I hope 2010 is as exciting as 2009.
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