It cannot be over-emphasized how important it is to be in control of our emotional responses and behavioral patterns when we are trading the live markets. Many aspiring traders are very soon “filtered out of the game” not because their strategies are bad, or that they are not intelligent enough. It’s really a matter of recognizing and followiing certain timeless principles of trading. I believe this is what makes me stand out as a successful trader.

Too many people run after the “secret” or “holy grail” strategy that supposedly can capture every major market trend and profit from it. The truth of the matter is that no strategy can capture evey move, and that no strategy can be 100% profitable!

Very often, when my students  ask me why a particular trade failed, I am able to point out reasons for the loss; it could be that the entry was too late, or that not all conditions were ideally fulfilled, or that entry was done too near a major news event.

However, there are times when the entry was ideal in many ways, but the trade still failed! In such cases, all I can say to them is, “It’s part of the game, my friend!”

Yes, we must accept that losses are just part of the game! Remember the wise saying: “I would rather follow my rules and lose, than to break my rules and win!”

Every method has its limitations. What I have done over the last 5 years is simply to consistently use (with discipline and proper money management) strategies that produce more wins than losses in the long run.

Because I have been systematically doing this over and over again, I have managed to consistently profit from forex trading. Compared to many of my friends who are holding top positions in MNCs, I am making more money and spending far less time and effort doing so!

When I think about it, I couldn’t be more thankful. Having developed a recession-proof skill, I know I am far ahead of most people! I certainly hope to see many more people joining me

To me, these are the basic ingredients for every trader to be consistently profitable!

1) A Method/Strategy

Any time you place an entry or exit trade, it must be based on certain pre-tested rules that you will consistenly apply in future trades.

2) Discipline

If you lack discipline in following your strategy, you don’t really have a strategy in the first place!

3) Live Experience

The real way to become a master trader is to learn through mistakes in the real markets! Only then do you master the emotional aspects of trading and investing.

4) Taking Personal Responsibility

Never blame the news, the broker, the “insider traders”, the economy, or friends’ advice. As you take personal responsibility, you retain control of your ultimate success. You will then be able to review and overcome certain behavioral patterns that you will discover in your trading.

5) Accommodating losses

Any trading method will have losses. Never allow the emotional impact of any loss affect you too much; focus on the big picture - no single trade is important. Review you losses cool-headedly, and resolve to overcome any bad trading habits you discover about yourself.

6) Accepting gains

As you find yourself making consecutive profitable trades, you need the self-esteem and confidence to take them in a “matter-of-fact” way, without allowing pride to get you carried away - all the time maintaining discipliine in following the trading methods and money management rules.