Interesting article! Thanks PMH!
There is always so much wisdom to be picked up from these experienced, successful traders whether male or female.
Here are some gems that “spoke” to me in this article:
" I have been trading Forex for the past 14 years… The method mainly uses our proprietary Box Theory to identify the direction, with the [B]integration of applied Elliott Wave and advance Fibonacci[/B] as a timing tool for trade execution."[/I]
(Note: not all successful traders are PA! :D)
[I]" Some traders easily believe that by learning a concept or strategy, they could trade successfully and win money. [B]They forget that trading requires experience which has to be accumulated over time[/B]. Instead of mastering a technique, many traders become course-seminar junkies where they pick many techniques which they give up and throw away in a flash. [B]Too many inputs are being considered – from the news, fundamental to the technical[/B]. This makes their analysis messy or lacking a clear-headed approach. They believe in get-rich-quick schemes involving robots, ‘secret techniques’ but lose sight of long-term training, mastery, and growing the right trading psychology."
" Instead of day trading, I take a longer view of markets. This makes me very profitable compared to those who have lots of time staring at screen. They end up losing more money because of short term noise. I don’t stare at my trading screen. I spend about an hour or two analysing trades only, with the rest of the time distributed between business building, family, and exercising".
“[B]Learning about yourself and how you behave in the financial markets is the most important skills[/B] if one wishes to be successful.”
“[B]Be detail-oriented [/B]and do not be impulsive.”
“In the beginning, focus on experience rather than profits. Focusing on the small profits and losses will make you feel discouraged. Instead, you should [B]focus on the experience that trading is giving you[/B]. [B]Learn from each of them so that you can improve your decision-making process in the future[/B].”