Check-list for the road to success in the FX market

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.

This entry was posted in Uncategorized. Bookmark the permalink.

One Response to Check-list for the road to success in the FX market

  1. Pingback: 8/1 – Crash Course in Applied Trading Psychology | George's FX trading blog

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.