12 instructions to be successful in the forex trader

The Third Clue
Predicting but not believing
 
The analyst is the historian in which he only make predictions with past data. Different from a trader, he is someone who runs the transaction on the basis of predictions. A paradox when you become a trader is that you do not have to always believe in the idea that you did earlier predictions.
At the time of the transaction, you should be able to distinguish clearly between the commentators (analyst) and the existing players in the field (trader). Commentators seem to know more about what is happening on the ground so that they often make a lot of opinions. They screamed as if the players are people that stupid and do not quickly understand what to do, even before the start of the match, commentators have been wasting a lot of words. Very different to field players who actually prepare the game well.

Randy MacKay
"Many traders try and put his opinions about what will happen before the market moves."
 
This is what actually makes apara commentators have become very flexible and still be a trader loses money. Commentators like this more often believe in the idea or his ego rather than reality. Helmut Weymar cofounder Commodities Corp., and is now part of Goldman Sachsm, once said,
 
Helmut Weymar
"One of the most important qualities for a trader is ego strength, confidence that a person recognizes his mistake and did not love the idea."


When you think that you are a football player on the field, you will better know the events that actually happened and what should you have to do when the ball is in front of your eyes. You are not a lot to make an opinion or even speak much. You just do the game with the best, you take it from your opponent and then pass or kick toward the goal. For one commentator, what you can do so is a mistake, you have too much lead or even if you kick in the direction that is not appropriate. But for a football player on the field that was the best thing you can do because if you just speak it a lot of your game even more is not qualified.

Paul Rotter
"No. .. absolutely not. An analyst or someone who called the teacher must maintain (opinion), but as a traderyou should not have an opinion. The more you have an opinion, will be increasingly difficult to obtain (profit)and out of a loss."

When you really believe in an idea and hope everything according to what you think, this is a big mistake! You will be mocked by the market. Mark Weinstein has said,
 
Mark Weinstein
"The biggest mistake I ever did was have a specific target (assumed to target) when really I want out of themarket ."


Most traders are very confident with conviction is that the ego and their own comments in addition affected by the movement of the past that they think will happen again. This is what sometimes makes them do not admit their mistakes. Whatever the reason, becoming a successful trader mempercaya should be more reality than the idea. Ed Seykota once said,
 
Ed Seykota
"I prefer not to believe the past, I tend to remove the damage a bad deal as soon as possible, forget about it,and went to welcome the arrival of the next opportunity."

So also with Bernard Baruch, he suggested,
 
Bernard Baruch
"Having an opinion on what the market will do but do not decide what to do market instrument."
 
It is clear to you that you should never decide what market you are doing! Let the market decide that. During this time many traders who tend to blame the market and defended his idea by saying "There's no way the market moves like this." This statement is a form of arrogance that traders will always fail. In this case, Michael Steinhardt asserts,
 
Michael Steinhardt
"Trading is good is a perfect balance between faith and follow your ideas and the flexibility to recognize whenyou have made ​​a mistake."

One of the successful trader Marty Schwartz also said,
 
Marty Schwartz
"When I became a winner, I left the picture that I had planned. As such, I can not go wrong because I hadplanned it. But, when I am wrong, I do not care. I'll come out because I wanted to save my money and go tothe next trading . By following the philosophy that being a winner is difficult and needs to be pursuedvigorously, it is not painful when I suffered a loss. If I make a mistake, so what ! "