Found here: http://www.forexfactory.com/showthread.php?t=476528
Quoting:
All of these folk are successful because:
Quoting:
All of these folk are successful because:
- Their strategy incorporates a proven edge, one that is grounded in exploiting recurring inefficiencies in price behavior.
- They accept losses, and exit them quickly (whereas the amateur looks to somehow filter out losing trades, and/or recover from recent losses).
- They prioritize risk management, by sizing their positions both small (relative to account size) and consistently, allowing both their method and their account to survive unfavorable market conditions, giving their edge the chance to ultimately prevail.
- They focus on improving their market analysis and trade execution, not their P&L.
- They understand and avoid the newbie traps that I listed here (and no doubt many others, also).
- They know that it requires significant capitalization to be able to size conservatively, and also make a decent income (whereas newbies "need" something like 100% per month from their $1,000 accounts, and end up overtrading, and overleveraging themselves).
- Their consistent execution involves discipline; and discipline comes from having confidence in a proven strategy, which comes only from experience, and is grounded in knowledge of how and why markets operate.
Yet none of these professionals would ever talk about their approach as being the "holy grail". That is a term used by newbies, and also by vendors who want to lure newbies into buying their worthless products.
I want to buy PATIENCE