1. People start with a system, or technique. I will explain.
A system, is a set of Rules, that all people should be able to apply and in doing get the same results.
A technique, is rules planned approach to treating and sticking to the plan People think by having a system or technique but when they actually have to write down the rules and follow them they all fall short. Why is this, for example, a change of good feeling or using different entries etc.
2. They have a good system or method but start thinking themselves into trades and out of trades.
Someone buys a system and two weeks later they are looking for another system. Really what’s happening is that the person, just can’t follow rules.
3. Knowing your system.
System example one-to-one radio win-loss you have to win over 50% of your trades to be in profit.
4. Another big one is over leveraging.
The truth and reality, is of this course is to teach you to be a professional Pro trader, not a gambler when it comes to trading the markets.
5. Not doing any backtesting, if it worked last week or last month it doesn’t mean it will work this week going forward.
When backtesting you should at least pick one time frame and test past tense data and apply the rules of the plan strategy. The big point is you have to walk and do everything you can to test the system on demo before using real money on a Live account.
1. The traders have a system.
2. Pro trader’s will describe in different ways how important it was to be trading in the sweet spot, and having a system with rules you follow explicitly. But trading in the zone it takes it to the next level.
3. Pro trader’s know that losing is just the cost of business. Ok even Warren Buffett, John Paulson have loses too they don’t win a 100% all the time either. This is part of making money in the market.The potential to make good money in the market is very real.
4. Looking for good markets to trade with the higher potential.
5. When it comes to using leverage but understanding it too.This is there reality and truth, when you understand your system and know exactly how to use leverage could literally make you over 100% in your trading day.
1. People are overwhelmed with lots of claims of people success stories top class sports cars, boats, people don’t believe what they see and read.
2. People see on media-TV reading stories, of people losing money trading in the markets.
3. Thinking that trading is only for people who have been working and trained in the big financial industry.