On 9th October 2013 – nearly exactly 1 year ago – I made a brief post – outlining what, at that time, I considered to be the required components for a successful FX trading operation.
In this month’s “Quarterly Operations Bulletin to 31/12/2014” I listed the need to have a checklist of all required factors, as one of the items to be completed & monitored this quarter. That’s when I remembered the post made a year ago.
Now that one whole year has passed, and I am still on the road of trying to make it as a FX trader, I would adjust the list as follows:
- At least one profitable trading strategy that has been tested, and is continuously being tested and refined over time – the strategy must have detailed clear parameters for entry, as well as a detailed plan/rules for managing any open positions.
- A pipeline – basically a procedure I look out for new trading strategies and for anything else that may enhance my trading business
- Regular networking and continuing education within the trading community
- A rigid routine for the mental aspects – Visualization/Autosuggestion
- Work routines to carry yourself through each trading session, through each week, and through each month.
- Strong discipline
- A trading coach/mentor as well as key relationship with a few other traders
- Blind Faith & lots of self-confidence
There are other things that are important ingredients – for example risk management and decent trading capital – however the above list is personalized to focus on the things that I need to work on.