Trading has proved to be a challenging career and open up many opportunities for me to be creative. "writes Jean Folger, a successful woman trader also writes and adventure. Through one of his article in Investopedia, Jean share 10 top guidelines for achieving success. But before searching any further tips, let's get acquainted first with the figure of Jean Folger.
Jean Folger, Day Traders Lovers Challenge
Experienced in the stock market and futures, Jean Folger is intraday trader author more adventurous. He likes the challenge and enjoy venturing into various corners of the world. Therefore, no wonder that traders at once regular contributor magazine this Investopedia Futures and plunge into the world of trading with one's expectations; could a career in a world full of challenges and provides plenty of room to continue coding right away.
In addition to being a trader, author, and adventurer, Jean Folger was also working with its role as one of the founders of the PowerZone Trading, LLC., a company that develops commercial indicators as well as custom trading solutions for the users of the platform TradeStation and NinjaTrader. Traders who base their analysis on market observation to design indicators and strategies unique to market intraday ever composing books best-sellers, Make Money Trading – How to Build a Winning Trading Business (2007, Marketplace Books).
ktif writing since ten years ago, Jean has been revealing many tips and trading strategies through his works. Different topics have been dealt with at, ranging from stocks, forex, property business, until technical analysis in General. He's also not picky in determining levels of readers. Hundreds of articles were in fact very Jean varies from topic to beginners like how to choose a forex broker, to a deeper discussion about chart patterns as well as psychological support and resistance.
Well, the following studies will uncover one of the tips Jean Folger which probably you can make use of to achieve the success of the trading.
Guidelines To Successful Trading Jean Folger
A range of advice and tips on many outstanding when we start trading, and no wonder if some of them are likely to be ruled out. According to Jean, a novice trader generally just want to know how to order and basic analysis so that they can quickly enter the market and hopes to get the money. If you want to be successful in the long run, avoid acting so. Instead, apply trading tips are beneficial to your career. Of the many recommendations, Jean pick 10 things below as a set of guidelines to successful trading:
1. Preferred Trading Plan
With a trading plan, you can set the rules of entry, exit, and money management. In order to be successful, don't forget that key trading plan is discipline. Useless right hard-hard putting together a trading plan and do a backtest, but then you disobeyed rules when trading live? Although impulsive act had for the ' mangkir ' of the rules can bring greater profit, trading as it remains a disservice, because it can eventually destroy your account. "So, develop Your trading plan, test its potency, and apply it with discipline," a suggestion of Jean.
2. Treat Trading As a business
"To be successful, trading one as you start a business, do not treat trading as a hobby or a job routine. If it's just a hobby, there is no commitment to learning, and you end up just wasting your money. Whereas if it is treated as a job, trading can make you frustrated because here there is no monthly salary, "said Jean. He also added that a not forex traders will look small business owners. He should be ready the first with various expenses, losses, uncertainty, also pressure stress. To that end, tekunilah trading with high commitment if it is to achieve success. Do not get tired of learning, as well as a set of strategies to maximize the potential of your forex trading.
3. Maximize the function of Trading Technology
The world of trading is very competitive, so to defend itself amid intense competition, it's good to arm themselves with the latest technology. "Always assume that other market participants have been equipping themselves with the State of technology. Currently, there are a lot of innovations that can be used such as traders, automated trading, market analysis tools, to mobile app makes it easy to monitor the opportunities, as well as placing position whenever and wherever. "said Jean.
We cannot guess what technologies are used every trader, but we can prepare with opening up to any recent developments in the world of trading, which no doubt always updated from time to time. Something like that is the implied message from Jean Folger blurb on this.
4. Protect your Capital as possible
With the various conditions of the customized forex broker to ease traders from all walks of life, you don't have to deposit a large funds to open an account. But if you want to last a long time and grabbed a large profit, no realistic it feels if the trader opens an account with just deposit $ 10 only. This is why some forex traders intend to open an account with the larger Fund, which is to collect it sometimes it takes great effort and time is short. The existence of the loss until the exposed Margin Call (MC) usually makes them difficult to recuperate, either financially or psychologically.
Therefore, the importance of maintaining the security of capital losses – losses do not have to. Try not to charge too much to risk on a single trade. You can set the minimum risk per trade as part of money management.
Jean Folger also stressed that protecting the capital is not the same meaning with the win continues. All traders certainly never loss, due to either win or lose is a reasonable part of a business. The difference is, whether all the whopping it actually could have been avoided or not. Try the re-evaluation, is so far you have been faithfully implementing the trading plan, or are likely to be out of line because it provoked emotions of trading. If you still haven't been able to establish trading discipline, then try to reduce the impulsive step like that to protect the capital from unnecessary losses.
5. Learned on the Market
Think of this as part of the learning process is continuously forex you do for being a trader. Although already successful harvest of profit consistently though, traders are expected to continually learn, because understanding the movement of the market and all the sophistication is a process no end.
"In the beginning, the traders indeed learned about economic news only to find out its effect on price movements. But the habit of focusing and observing the market will increasingly sharp instinct as well as an understanding of movement pattern traders will market, "noted Jean Folger.
6. use the funds Which are ready to be sacrificed
Like the blurb on the guideline number 4 trading success, you need to attempt everything possible to protect the capital from a loss-loss unnecessary. But sometimes, well, we tried, the movement of the market still could not be predicted. As anticipation steps, use the funds that will be sacrificed. Try to let your trading capital is not taken from money daily needs or other important funds.
"The loss of funds alone is traumatic, especially if it is money that should not be sacrificed for the sake of trading," said Jean Folger. Further, Jean also added that the trader should not be even thinking of "borrowing" money from trading capital already allocated to meet the necessities of life. "Every trader, even already successful though, must be prepared to face the risk of losing all funds in the account," he added.
7. Believe in Yourself
"Forex Trading can bring in profit 100%" or promos such, may often meet at various ads. Whatever his appeal, know that it all is just a sentence that is not completely correct towing. To build your trading career to success, don't develop a trading methodology of similar assumptions. The solution, trust the facts, learn trading from sources that are realistic, and wake up your forex trading plan from the results of his own experience.
In addition, you may be interested in trying to signal other traders because it seems to be able to give a shortcut. However, consider this 2 things before selecting a subscription on the other trader signals: first, the level of profit that could be generated from a promised signals, in fact is not always fulfilled. Second, the signal might be profitable for a trader, but not necessarily in accordance with the conditions of the other traders, including you.
Therefore, in setting up a trading plan or get a signal, believe in the ability of self stick better. In addition because it can be customized with your own conditions, fell in the wake of trading can serve as valuable experience as well as give a lot of useful lessons.
8. Always use Stop Loss
Stop loss is determined as the level of losses that are able to bear. Its function as delimiters is very beneficial to minimize the loss of emotion during trading. "Neglected their stop loss, although it could be endless profit, is not the proper course of action. Otherwise, exit a position with a stop loss, despite the loss, it would be much better since in accordance with the rules of the trading plan. "such is the opinion of the Jean.
Close all positions with profit is absolutely impossible. That's why the stop loss is required to limit losses that inevitably certainly upon your account. "Accept defeat, but learn from it. Successful traders do not just estimate how big the profit opportunities in front of the eyes, but also of what losses are able to bear, "said Jean Folger.
9. know when to Stop
According to Jean Folger, there are 2 reasons to stop trading: trading plan proved to be ineffective, or precisely when it is aware that the trader is problematic.
Trading plan not effective can be known of the losses that are greater than the results of a backtest. It could be due to a variety of reasons, ranging from changes in market conditions, the existence of a turn of the volatility, or because the trading performance of the plan did not meet expectations. If this is indeed the case, then it's time You stop for a moment, doing evaluations, and start again with a new trading plan.
Meanwhile, traders are problematic could be defined as those who cannot follow the trading plan. The influence of external factors such as emotion or bustle until health problems can be a major cause. If you feel too much deviate from a trading plan for any reason, take a break from trading fatigue. "Solve the first problem which affects emotions and your health before you back into the market," counsel Jean Folger
10. Have a long-term perspective
"One position loss not supposed to surprise you. Similarly one position profit, suppose just as one small part of the many steps towards success, "said Jean. This intraday traders stressed that the cumulative result was the one who brought the difference. Why we love to frequent profit, if after a certain period, summed up in the figure of her loss turned out to be bigger? Remember, the frequency of the win-lose cannot automatically determine your profit big.
EmoticonEmoticon