Proper Trading Discipline- Tailored Commandments for Forex Trading

You may have the best trading strategy or trading system but without the proper trading discipline you will not thrive in the trading world. Through his years of trading experience Eric Benson from TailoredTrader.Com has developed a list of proper trading disciplines that are imperative to a successful trading career.

1) Stay away from trade bias. Do not try to rationalize a loosing position or become infatuated with a winning one. Learn to cut your losers short and let the winners run in a systematic manner. Remember that a currency may have its fundamental truths but the absolute truth is the price.

2) Concentrate on fundamentals and proper trading strategies and not on making money. Your trading skills or lack thereof has a direct correlation to making money in the Forex market. Money is the result of your skill level. Maintain an unwavering discipline. Both wining and losing trades as well as equity gains and equity draw down periods should be reviewed with equal importance during your journey to becoming a successful trader.

3) Make trading natural for you. Tailor your style so that it is consistent with your personality and philosophy.

4) Have a plan before entering each trade. Don't risk your house to buy a new TV. Know your strategy, determine the risk to reward ratio as well as the entry price take profit levels and stop loss prior to entering any trade

5) Sometimes, the best action is no action. Don't chase the market or think that you must trade every day. The market gives to the patient and takes from the inpatient. The key is determining the right trading conditions for your strategy and executing it accordingly.

6) Trends are your friends. Price is known to flow in the direction of least resistance. If a currency goes against the trend expected, get out cut your losses. One thing that we at tailoredtrader.com do consistently is scale in and out of trades according to the overall trend

7) Leave your emotions at the door. In order to become a disciplined trader you must learn how to observe the markets from a non prejudice perspective. focus on what the market is telling you to do according to your analysis and not on what you think you should do. Do not let your emotions determine your next move or you will eventually end up heart broken.

8) Let the market come to you. in this industry you have to be strict, be disciplined, and be patient, and never trade when physically or mentally unfit. Do not force a trade or try to make opportunities where there are none. Let the market make the ideal trading opportunity for your strategy before entering any trade.

9) At times, you have to go against your human nature. Your true battle will be learning how to control your psychological demons, emotional impulses and human nature. do not let your fear or greed interfere with your logic.

10) Do not believe the Hype. All traders are students of the markets. Spend time developing your skill and take responsibility for your own actions in the market. There is no short cuts or magic software that could make you successful trader only you can.

We hope that this list of proper trading disciplines, which TailoredTrader.Com and many Pristine-professional traders follow "faithfully," will guide you on your journey to becoming a successful trader. If you would like to learn more and see these commandments in practice join us in our Live Forex Trading Room Monday though Friday 6am -12pm

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