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Home Rules for traders

Warren Buffett, George Soros, Jesse Livermore, John J. Murphy, Peter Lynch, Lewis Allen, Adam Smith, Edwin Lefevre, Ralph Vince – what unites all these men. Only one thing – they are the greatest stock market players.
Nick Leeson, Jerome Klerviel, Yasuo Hamanaka, Liu Tsubin, John Rusnak, Brian Hunter, Toshihide Iguchi, Peter Young, Hunt brothers, Jonathan Ben – they in turn are the greatest losers that smashed billions!
You want to be like the first ones then follow the rules for the trader!

1. 10000 hours.
The key to success in any field is largely a matter of practice, defined as about 10,000 hours. 10,000 hours is equal to about 4 hours a day for 10 years. For some reason most people believe that at least one million can be made for one year with a capital of 500 dollars! It is this way of thinking that led to the current economic mess, it looks like pressing the button on the red phone for financial weapons of mass destruction. Great traders understand that as in other specialized human activities here also takes time to achieve perfection. Nobody will go to the doctor performing open heart surgery, who has trained for three months on a simulator! Why does trading on the financial markets to require lesser time? Successful trading comes with enough time spent in front of the screen; all hours just need to be passed!

2. Education, training, education.
A proverb says that "a person learns during their lifetime”, however, is there a greater teacher than the market! Importance of education for success in trading must be placed on the highest pedestal. In order to learn how to make sustainable profits the best traders are continually improving in feeling the pulse of the market!
3. Think about yourself.
"No! No! No! Listening of others’ opinions even if they belong to a famous guru – this is just stupid! Do not be stupid!"
Many players take into account the opinions of famous analysts and when they make a mistake grevious results follow. Successful Forex traders do not consider others' opinions but they focus on their analysis of the foundation and the chart!

4. Adaptation or death.
With the change in market conditions and advances in technology, markets become more dynamic. The best traders understand the process of learning and adaptation as a continuous activity of creating new and ingenious methods to take advantage of the evolution of the markets. History indeed repeats but never exactly in the same way!

5. The lack of a plan is a prerequisite for failure.
The best traders always have a well-prepared plan, they know exactly what they seek and follow their plan. Their preparation for trading begins long before the opening of the position for which thorough planning is necessary. The compliance with this plan is crucial. It helps them to avoid the biggest demons for each trader, namely averaging and the intention to pay off the loss at any cost!

6. "Be like a machine".
We are human beings and emotions play an important role in our lives, for traders emotions can be a source of great pain. Psychology of marketing and management of emotions in trading are crucial to overall success. Coping with fear and greed distinguish winners from losers even in the medium-term plan. Dealing with emotions is an extension of your plan; the stronger the player’s plan is the less likely for them is to fall into an emotional minefield!

7. Know your tools better.
Every trader has a set of tools to use - indicators, charts, figures, news, etc. They are an important part of the Forex trader’s arsenal and without them it is simply impossible to trade. The best traders have mastered the strengths and weaknesses of their tools; they know everything about the functions, anomalies and distortions of their "weapons". This level of proficiency allows the trader to get the best of the resources that are available and ensures perfect execution of the set goals!

8. Know yourself.
Behind all the ego and dreams of grandeur, the best traders know their limitations, they focus on what can go wrong in trading and invest much energy to restrict and control risks before thinking about profit. They have an increased sense of awareness and focus on personal development!

9. Profit & Loss.
The best traders are focused on transactions rather than on the P&L; they see trading as a technical exercise and focus on getting maximum benefit from the market in accordance with their plans. Concentration on money in trade can dim as a cloud the technical objectivity. Think about pips, not about dollars!

As a conclusion
The greatest traders work hard to move forward and forward. The gained experience and expertise, as well as the constant adaptation to the market are safe prerequisites for ultimate success. Patience, perseverance and will are necessary.

Attributes of the trader

1. Heart / Courage – Trading is a business that imposes to do things that cause some degree of horror from time to time. Winning trader must not allow to be leaded by the fear. A proverb says "frightened money is dead money." Too much courage on the market can also be dangerous. Another modified proverb says "financial graveyards are full of fearless”!

2. Intuition – it is a qualitative force recognized by some traders and owned by even fewer. Our intuition is the product of qualitative and quantitative analysis made by our subconscious. It acts like a muscle and requires practice in order to develop and grow. Traders with a strong intuition that is built on a solid trading strategy are in an ideal position to achieve market success. With the course of time, they can feel the energy of the market and get benefits. Not to be confused with female intuition, which is designed to help women to get the right man!

3. Vision – despite common notions, clairvoyance about future price movement is not realistic. The aim of the trader is to get as much information as possible in order to play out the possible scenarios and to focus on the most realistic one. Financial leaders see trends before they have happened. This is not accidental; it is the result of their understanding and availability of vision for the nature of the markets.

4. Discipline – it is a strategic factor for successful trading on the currency markets. Compliance with reasonable leverage is indispensable. Sooner or later any breach of discipline is punished mercilessly by the market. A trading proverb says 'no one is bigger than the market'.

5. Determination – This is a very important feature of the nature of the trader. Often, success comes down to how we reacted when the Moment of truth has come.

6. Patience – most traders somehow succeed to learn to wait for losing positions. But few manage to keep the winning ones as much as necessary, i.e. to take the maximum market potential. Hurrying to gain profits is due to insecurity and fear. Achieving patience is a sign of trader’s upper class.
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