What It Takes To Be Great
There’s an interesting article on CNN’s Money site that I think all of you should read especially in light of my last two posts regarding forex simulators: Forex Simulator and Forex Tester.
If you think that you’ll achieve long-term forex trading success within a year I think you’re going to be sorely disappointed – the forex market is one of the fastest markets in the world and what might work for you now, may not work in 3 months time – it’s a constantly moving target. And it’s why I endorse having the mechanisms in place that help you monitor when these changes are happening to your trading model (by doing things such as the self-audit process).
Anyway, I think the article will prove to be quite insightful, perhaps print it out for future reference.
Enjoy.
Tags: Forex Trading, Trading Psychology
October 24th, 2006 at 9:11 pm
The Secret to Greatness
Here’s an article from CNN Money which cites recent scientific studies that have appear to have uncovered the secret to greatness.
Let me sum it up for you: practice and hard work. duh.
Technorati Tags: forex, trading, trading psychology
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October 25th, 2006 at 7:09 am
Obviously, the author of the article has not read “Fooled By Randomness” by N. Taleb. Buffet was right and lucky.
November 22nd, 2006 at 9:09 am
Nice article
April 28th, 2007 at 3:59 am
As a veteran trader of derivatives for some 25 years, I can tell you right now that “in order to be a truly GREAT FOREX TRADER you need to first master the hardest investment of all…
R-I-S-K M-A-N-A-G-E-M-E-N-T
Without understanding the true correlations and risk to reward ratios between currencies (i.e. the ‘efficient frontier’), and the trade-specific risks you’re going to confront on a pip-by-pip basis, the concept of winning will be confined to just that — another too-hard-too-master “concept!”
Actually, when it comes to the psychology of trading, even though the guy focuses mainly on stocks these days, it wouldn’t hurt to visit: http://www.vantharp.com. The $12,000 I spent with him 15 years ago has been returned to me some 70 times or more — not bad leverage, pardon the subtle pun:)
April 5th, 2009 at 10:42 pm
[...] What It Takes To Be Great – There’s an interesting article on CNN’s Money site that I think all of you should read especially in light of my last two posts regarding forex simulators: Forex Simulator and Forex Tester. If you think that you’ll achieve long-term … [...]