The Formula for a successful FX trading operation
The following factors will increase the probability of success for an FX trader:
- Clear goal-setting and business strategies put in place for achieving the goals
- Developing and implementing new +EV trading strategies
- Solid discipline in following trading plans and work schedules
- Working hours put toward clear objectives
- Documentation of trading strategies in terms of setups, exits and SL management
- A sound understanding of risk and money management
- Control over personal psychological processes including daily visualizations
- Working together with other established traders
If all these are followed, then it is significantly more likely that the trader will have a profitable FX trading operation.
These variables are based on the following: “7 Habits of Highly Effective People”, “80/20 Principle”, “Think & Grow Rich”, “The 4 Hour Work Week” and “The Winner’s Bible”.
“Some people said I was cocky and impatient. Actually, I was frightened. Afraid that I would one day wind up like the majority of people who never ventured into the unknown, who stumbled through their allotted years with hopes and dreams eventually fading from memory, whose lives never made a difference.” (What makes the Great great, Dennis P. Kimbro, p. 23)