Forex Trading Articles

THE SKILLS TRADERS NEED TO ACQUIRE

Forexmentor Team
© 2006, Currex Investment Services Inc.

Dec 29, 2006

Each individual trader creates his own experience of the markets based on this picking and choosing process and the decisions that result. If you accept this concept as valid, then the implications are that you will never have a valid reason to blame the markets for your unsatisfying results. The markets don't owe you anything (regardless of how hard you work to be successful) because every other trader participating is doing so to take your money away. You and you alone are completely responsible for whatever you end up with. The sooner you accept that responsibility (if you haven't already), the easier it will be to identify what skills you need to learn to interact with the markets more successfully. Even if you can't identify the mental components responsible for what you ended up with, at least by assuming that you are responsible, you will be opening yourself up to find out.

Nine Skills To Be Acquired:

1. Learning the dynamics of goal achievement so you can stay positively focused on what you want, not what you fear.

2. Learning how to recognize the skills you need to progress as a trader and then stay focused on the development of those skills, instead of the money, which is merely a by-product of your skills.

3. Learning how to adapt yourself to respond to fundamental changes in market conditions more readily.

4. Identifying the amount of risk you are comfortable with, your "risk comfort level", and then learn how to expand it in a way that is consistent with your ability to maintain an objective perspective of market activity.

5. Learning how to execute your trades immediately upon your perception of an opportunity.

6. Learning how to let the market tell you how much is enough, instead of assessing the potential from your personal value system of how much is enough.

7. Learning how to structure your beliefs to control your perception of market movement.

8. Learning how to achieve and maintain a state of objectivity.

9. Learning how to recognize "true" intuitive information and then learning how to act on it consistently.

From “The Disciplined Trader”, Mark Douglas

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