01.Nov.2014: Roles of a Trader 1. Get the fundamentals of the trading currency pair right. Lesson 1. Be aware of the fundamentals before I trade. I must be clearly aware before I place my trades whether I am trading with or against the fundamentals. 2. Don't anyhow trade. I am not an amateur. I don't trade for pleasure. I am a professional trader. In other words, I trade as an occupation (have to check the meaning) as a livelihood or for gain (according to dictionary.com, https://dictionary.reference.com/browse/professional?s=t)
2. Position my trade according In other words, the role of a trader, is to do what the average man on the street is not able to and hence not able to profit consistently and that is to get the fundamentals right and position his trades accordingly with high probability of gains and take the gains and losses professionally. A trader must be able to accept loss even when he is whipsawed with or without proper positioning. Lesson 1. Don't anyhow trade. I am not an amateur and I don't trade for pleasure. I am a professional trader who trade for a livelihood. (a point worth repeating) 2. Understand trade expectancy of my trading system to better handle losses and not take it too personally 3. Focus on getting the right trades and not on winning 4. Use the correct position size so that loss will not be detrimental for me to restart again (helps if I don't have too many open position) 5. An open position even if profitable or at a loss, does not mean that it will end up as profitable or loss. Don't assume profitability and open another position. Don't assume loss and close the position. This assumes that the position is opened professionally and there are no adverse news big enough to challenge the fundamentals and change the technical. 6. Take profit and loss professionally For more information, refer to the second post on 01.Nov.2014 ( https://www.myfxbook.com/community/trading-systems/fxcm-trend-follower/843157,1 )
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