I think that to be a great trader the person has to be inquisitive. It amuses me (no, it actually pisses me off, but since forex is a zero sum game it's actually a good thing) with the crowds blindly following advices that they don't even bother to try to know why that is.
An example is the famous reward/risk ratio. Some say that 2:1 is good, others say that 3:1 is better, and so on. It's NONSENSE. Think about it, there's no logical base whatsoever to set these ratios without first considering the whole system. A trade system could very well have a reward/risk ratio of 1:2 or even 1:3 and it would still be perfectly plausible since it increases the rate of winning trades but decreases the rate of pips you make in each winning trade.
This is just an example, there are many more but i don't have time now. My point is, be inquisite, don't believe ANYTHING you're told about trading before first trying to think for yourself why X or Y advice makes sense or not.
|