Three Things a Winner Knows
§ Trading= Risk
The winner understands and accepts risk. This gives him the most important quality he can have: a trader’s mindset. His trader’s mindset insures he does not hesitate to take trades. He understands that his success or failure lies not in taking trades, but in not taking trades. The difference between working very hard all week and making little or even losing, versus making a respectable return can often be the difference between just one or two trades.
§ Definitive Trigger
The winner knows exactly when to click the mouse to enter a trade because even before he traded live he had done it dozens and then hundreds of times in a demo account. His trade set-up is spelled out well ahead of time and he knows the exact market-circumstances that define his trade signal because he has seen it in all its varieties hundreds if not thousands of times. From the moment he enters the trade he knows and accepts what his total risk is on the trade
§ Exact Trade Management
The winner has a definite comfort level that comes from knowing just what to do under nearly every trading scenario imaginable. The winner also does not let the circumstances of his last trade effect what he does on his current trade, and only takes direction from his trading plan which he has written out himself, and is more familiar to him than any other study. He knows only price gives him his trading determinants and his success depends on focus and repetition
Jay Norris
To insure receiving a first-edition copy of Jay’s book: Mastering the Currency Market go to: http://www.amazon.com/Mastering-Currency-Market-Strategies-Volatility/dp/0071634843