38 Steps To Becoming A Successful Trader

1. We accumulate information - buying books, going to seminars and researching.

2. We begin to trade with our 'new' knowledge.

3. We consistently 'donate' and then realise we may need more knowledge or information.

4. We accumulate more information.

5. We switch the commodities we are currently following.

6. We go back into the market and trade with our 'updated' knowledge.

7. We get 'beat up' again and begin to lose some of our confidence. Fear starts setting in.

8. We start to listen to 'outside news' and to other traders.

9. We go back into the market and continue to 'donate'.

10. We switch commodities again.

11. We search for more information.

12. We go back into the market and start to see a little progress.

13. We get 'over-confident' and the market humbles us.

14. We start to understand that trading successfully is going to take more time and more knowledge than we anticipated.

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MOST PEOPLE WILL GIVE UP AT THIS POINT, AS THEY REALISE WORK IS INVOLVED.
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15. We get serious and start concentrating on learning a 'real' methodology.

16. We trade our methodology with some success, but realise that something is missing.

17. We begin to understand the need for having rules to apply our methodology.

18. We take a sabbatical from trading to develop and research our trading rules.

19. We start trading again, this time with rules and find some success, but over all we still hesitate when we execute.

20. We add, subtract and modify rules as we see a need to be more proficient with our rules.

21. We feel we are very close to crossing that threshold of successful trading.

22. We start to take responsibility for our trading results as we understand that our success is in us, not the methodology.

23. We continue to trade and become more proficient with our methodology and our rules.

24. As we trade we still have a tendency to violate our rules and our results are still erratic.

25. We know we are close.

26. We go back and research our rules.

27. We build the confidence in our rules and go back into the market and trade.

28. Our trading results are getting better, but we are still hesitating in executing our rules.

29. We now see the importance of following our rules as we see the results of our trades when we don't follow the rules.

30. We begin to see that our lack of success is within us (a lack of discipline in following the rules because of some kind of fear) and we begin to work on knowing ourselves better.

31. We continue to trade and the market teaches us more and more about ourselves.

32. We master our methodology and our trading rules.

33. We begin to consistently make money.

34. We get a little over-confident and the market humbles us.

35. We continue to learn our lessons.

36. We stop thinking and allow our rules to trade for us (trading becomes boring, but successful) and our trading account
continues to grow as we increase our contract size.

37. We are making more money than we ever dreamed possible.

38. We go on with our lives and accomplish many of the goals we had always dreamed of.

Jesus Christ!!!

__________________
Nina

We must fight on the winning side, not on the side we may believe to be correct.

Focus, Patience and Discipline

I am sorry to say this, but those 38 steps are indeed very lame.

I think your right on

fxholic there is some very valuable tidbits here

nina please dont take the Lords Name in vain

God bless You

FXHolic -

Thanks for posting your thoughts. Hard to believe that such simple and obvious observations would spark any controversy.

Each of us could come up with a different list of personal lessons learned along the way to profitable trading. If these are your mile-markers, so be it.

I'm sure that somebody will benefit from reading what you have to offer. And hopefully you're somewhere between Steps 36 to 38!

May the trades be with you.

nice steps
How long does it takes time from step 1 until step 38 ?

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HaHaHaa, LOL! Yes your observation is right, and for that reason, I try to stay away from these discussion boards, because as it says, 95% of forex traders fail, consequently 95% of people on such boards are frustrated and have nothing good to contribute, they just strive contradict for the sake of contradiction.

I alway share good things which I find, regardless of frustrated comments.