The Secrets of the Super-Traders

The first and perhaps most important "secret" is to realize that your methodology or approach (no matter how good) is only part of being a highly successful trader. This applies to any trading style including, day trading, swing trading or position trading.

The simple fact is that a bad trader can screw up a fantastic trading system. Conversely a talented trader can take a mediocre strategy and make money with it.

Why? Please read on and I will explain.

Many traders/investors that I have talked with think that to be a "Super-Trader" that they must possess some type of highly advanced trading techniques or software along with nerves of steel and a highly developed intuitive feel for the markets. In addition they think that these elite group, have some "inside information" that they don't.

You will be relieved to know that the above is not necessary. There are actually only a few things that separate traders who consistently make money and those who don't.

And here they are?

* Skilled traders find a strategy or market pattern that offers a high probability for success. They make money by exploiting this edge over and over again.

* Skilled traders never deviate from their methodology or "wing it".

* Skilled traders never enter a trade without a entry and exit strategy. They know exactly when and where to cut their losses as well as taking profits.

* Skilled traders never ever let a winning trade turn into a losing one. The easiest way to ensure that this doesn't happen is to place a protective stop at or a few ticks in the money once your position is up several points.

* Skilled traders never hope, pray or wish that their stock would go up. They understand that when they are wrong they are wrong and the best thing to do is cut their losses short.

* Skilled traders never trade with their emotions. They don't allow themselves to get caught up in the latest and greatest investment hype.

* Skilled traders always have one goal in mind: To preserve their capital at all costs. They do this by never taking on too large of a position. A good rule of thumb to adhere to is never use more than 5% of your funds on any one trade. This way in the worst-case scenario the stock could drop to zero and your account would not be severely affected.

* Skilled traders never get too greedy. There is an old saying that "Pigs gets fed and hogs get slaughtered". These traders don't try to make one big trade that will turn them into instant millionaires. They don't try to hit home runs, instead they understand that it is better to keep hitting singles and making smaller consistent profits.

* Skilled traders enter and exit trades swiftly and decisively.

* Skilled traders listen to no one else's opinion concerning the market or particular trade they are in.

* Skilled traders are often contrarians. They will be buying when others are too scared to and sell when the crowd starts buying.

That's it, the secrets to making big money in the markets. Perhaps that is a bit of a let down as you were hoping for something a bit more esoteric and complicated.

Let me assure you that if you follow the above principles that you will take your trading skills and profits to a level that you never thought possible!

This article is courtesy of Dr. Jeffrey Wilde, a trading veteran with 15 years of experience in all major markets. He is a trading coach to over 1400 traders in 38 countries.

For additional info: http://www.win-at-trading.com

---

Powered by Feedzilla

Websites For Sale

Master Resell Rights Ebooks

Experience

Throughout our course on futures trading, we have tried to... Read More

Forex Made Easy for Everyone

Forex made easy is as simple as you would want... Read More

ISO 4217 in Forex Trading

ISO 4217 is an international standard describing three letter codes... Read More

A Fools Game

I received an email this week with a question (below)... Read More

An Evaluation of the Devaluation

A Minister of Finance is morally right to lie about... Read More

5 Questions You Need To Have Answered Before You Back-Test Your Forex System

As 90-95% of new forex traders lose money within the... Read More

The Margin Advantages of Trading FOREX.

There is one aspect that is considered as one of... Read More

Disgruntled

The following situation happens quite often to many traders. Look... Read More

Stocks Trading - Advantages and Disadvantages

What is Stocks Trading?Companies throughout the world issue new stock... Read More

Learn Forex Trading - a Guide for Beginners

One can learn forex trading as easily as one would... Read More

Money Management - The Holy Grail Of Trading

Money management determines how much to risk on each individual... Read More

What I Learnt Losing £60,000 My First Year as a Full-time Trader

During my first year as a local (independent trader) on... Read More

A Look at Forex Market Makers

The investor in the currency market takes for granted that... Read More

Options Trading - Advantages and Disadvantages

What is Options Trading?An option is simply granting someone the... Read More

Forex Broker Involvement Optional

To trade on the forex market, the largest financial market... Read More

Day Trading - Moving Averages vs Support and Resistance

When day trading the SP and Nasdaq futures, do you... Read More

Creativity in Trading

"Is it important to be creative in your trading?"I'm not... Read More

Trading Tips No 1: Learn How to Trade The Moment of Truth

So you have learned how to trade the markets by... Read More

How to Trade Currency

We all know when you go on a trip to... Read More

The Secret of Reduced Margin Spreads

One of the best kept secrets in trading is that... Read More

Forex Broker

A broker is any person or firm that charges a... Read More

Reality of Online Forex Trading

Foreign exchange trading is the trading of currencies. Most currencies... Read More

Forex Brokers - Helping to Maximize Your Success

A Forex broker is a broker dealing in foreign exchange,... Read More

The Secrets of the Super-Traders

The first and perhaps most important "secret" is to realize... Read More

Day Trading Success- The Key Is Survival

Most new traders tend to focus just about all their... Read More