NOVICE TRADER
►Thinks Trading is exciting and full of adrenaline
►Focuses on avoiding losses at all costs
►Thinks an 80 / 20 win loss ratio is essential towards success
►Constantly looks for big trade wins over shorter term time frames
►Enters trades thinking they are right
►Has unrealistic profit expectations - 100% + per annum
►Hates to be wrong which leads to poor risk management
►Believes that preying marketers are selling the magic formula
►Thinks the media understands the markets and trades News
►Believes their methodology has to be complex to be profitable
EXPERIENCED TRADER
►Knows that Trading takes patience, is methodical and often has boring processes
►Knows that losses are part of the process and accepts them
►Realises that success can be achieved with a 50 / 50 win loss ratio
►Is methodical and grinds it out over the long haul
►Enters trades knowing they could be wrong
►Has realistic profit expectations and understands prolonged losing streaks are possible
►Knows they will be wrong often and always applies strict risk management strategies
►Understands that the No 1 secret to trading is that there are no secrets
►Knows that news is simply noise and is not part of their trading strategy
►Keeps it simple !
Scott Goddard
Technical Analyst, The Chartist
Below there is my next pending order to sell short EURUSD and the target is 0.5% , the risk is 0.2%. I always keep my chart simple and my analysis too. The key is money management!!. Real expectations. If I lose this 0.2 ok, is nothing, If I win this 0.5% is just another trade. Keep the consistency, keep alive, trade for live, the market is always there, think like a Pro.
Gl & Good trades
