As an aspiring trader, you will be tempted to test all the indicators available to you and read about all the different strategies you may come across. Some will definitly be wothwhile and some too hard to implement.
My main dilema as a newbie tarder was which startegy was i meant to be using. They all seemed nice to the eyes and good for the pocket but which one of them would best suit my lifestyle. Those are some of the questions i was constantly faced with and believe me they were making me go crazy to the point i wanted to quit, which am glad i didn't.
Ever heard about the 3 main characteristics of a good trader. I call it the DDP (sounds like a wrestler i use to watch on tele) DETERMINATION, DICIPLINE and PATIENCE.
The key to be a profitable trader is not to read 1000 of books(always good to now more though) but to simply have those 3 must-have attributes. You will be amazed by the end product.
An important point to remember:
-Always choose a strategy in accordance to your account size. -Pick a strategy that suits your style and experiment it on the time frame you feel most comfortable with. -Do not jump from strategy to strategy, this is a recipe for disaster. Stick to one strategy and back-test and demo test it until you are comfortable with it. If it suits your style of trading then you have a possible winner.
Simply follow those rules. You will be amazed to how effective those simple points when applied to your tarding routine may help you become a profitable tarder.
By Ash Naeck
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