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“Until you move out of your comfort zone with anything in life including trading and investing, you will never achieve different results. Start to think a little differently about things and a whole new world of opportunity will open up to you like it did for Gretzky and Jordan.” – Sam Seiden
It’s known that knowledge can save life. Likewise, good trading knowledge can save your portfolio and career and make you a permanently successful trader. There are many trading educators, market analysts, signals strategists out there that can help you be the best trader you can be. Fundamental figures release and market reactions are now contemporaneous events.
Past events in the financial industry remind us that what we don’t anticipate can sometimes happen. By saying that the markets are efficient, we mean that gains can be made by some, but the advantage used to make the gains can be rendered ineffectual by our competitors – except the game is unfair. True, some presently successful traders made deadly mistakes in the past. But out of their love for trading, they admitted their mistakes, and tried to do what’s right. Their experience in the markets is now agreeable and satisfactory. They make small gains and also sustain small negativity.
It’s no longer something new that negativity would be sustained by any trader. The most important thing is to control the negativity and never allow pride to interfere with rationality when making trading decisions. Even when a losing streak comes around, there’s one course of action. That is, to hold out till the end of the streak. It does not pay to constantly call to mind unfortunate things that happened to our trading career. When bad things happen to us on the markets, we tend to think it could be better if we took the exact opposite positions. On the present fast moving instruments, we could be worse off. But we are not!
Indeed, trading is a fantastic way of life, and being a trader is a wonderful privilege. The risk inherent in trading hasn’t deterred a myriad of people from attempting to benefit from the financial freedom the currency markets have to offer. Trading apart, many people have taken risks in other spheres of human activity in order to achieve success and acclaim. Author Dennis Fisher mentioned Nal Needlam briefly in one of his articles. In Needlam’s book Stuntman! My Car Crashing, Plane-Jumping, Bone-Breaking, Death-Defying Hollywood Life, he reflects on taking risks. Needlam has slugged it out in his fist fights, raced cars at high speed, walked on wings of airborne planes, fallen off horses, and has even been set of fire!. He risked his life to entertain film audiences, and to distinguish himself as a top Hollywood stuntman.
“When my ophthalmologist says, ‘Be still.’ I am still. I don’t argue. I don’t become defiant. I don’t stay busy behind his back. Why? Because he is a renowned eye surgeon who is trying to preserve my sight, and he needs my cooperation,” says Julie Ackerman. “I would be foolish to ignore his instructions…” Taking this ideal instance into consideration, we would not want to ignore winning trading tips from market wizards that have been surviving the markets for ages. How we benefit from following the advice of successful trading mentors!
There are professional female traders as well (it’s well known that women have unique qualities that can be used to their advantage as traders). The quotes that end this article are from highly respected and successful female traders. You can be like them too. We have lots to learn from market veterans.
I conclude this article with the 2 quotes below:
“Taking a loss is merely playing for better position. One trades strictly for probable future results, not for what the market might do… You grow with each decision, yet each decision has a price. For example, you must discard a choice, and you must commit… Remember that conditions are never perfect. You must allow yourself to fail. Allow for human limitations and wrong choices. Reserve compassion for yourself and your limitations.” – Linda Raschke
“We have to stand up for our beliefs because it’s only by our thoughts that we set ourselves apart from the masses who are not achieving trading greatness… The time to learn new instruments is before the one you are trading has stopped co-operating. Develop your skills before you need to use them. Learning while calm is very different than learning while feeling forced or desperate. Don’t wait until a crisis in your life to learn how to trade. The time to act is now.” – Louise Bedford
