Seven Essentials of Trading
Once you have selected and manually back-tested a scalable trading method extensively and written out your trading plan you need to:
1) Craft a daily routine to mentally prepare for the day
2) Focus only on the positive and eliminate any thoughts that do not contribute to furthering you success
3) Remind yourself that you have no attachment to any market outcome
4) Eliminate all distractions, both market related and personal
5) Never make predictions or forecasts
6) Visualize your positions in the market moving well beyond others profit objectives
7) Always eat healthy and maintain and protect a regular sleep schedule
Now you are ready to demo trade and then micro trade until you are profitable on a regular basis!
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Jay Norris
www.trading-u.com
DISCLAIMER: Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. Risks include the potential that changing political/economic conditions may substantially affect the price/liquidity of a currency. Investors may lose all or more than their original investments.
Jay,These are excellent “Essentials” for us traders to remember and keep close to heart…and Hand (ie. in printed from).
I like them all, especially #2 about Focusing on the positive.
This is valuable stuff…Thanks
(Ascot, UK)
Greatly appreciate #7 (eating healthy, and SLEEP) your body, and mind needs sleep, without that, and even with all the rest, if you don’t have enuff sleep, your not going to be operating on all 8 mental cylinders.. as the saying goes…. And without enough food, well for me if I dont have food, then I can’t focus…Great points!
Great post Jay. I’m going to add this to my trading plan!