Levels of Traders

LEVEL ONE: Beginner Trader - Studies and paper trades for a minimum of one month with pretend currency, gaining the experience required to establish a track record of profitable performance. (see MTI’s - demo trading account)
 
LEVEL TWO: Advanced Beginner - Trades one or two lots with real money, learning to overcome emotions and at the same time establish a track record of making money.
 
LEVEL THREE: Competent Trader - Trades with control over his emotional distractions, utilizes proper equity management and achieves a financial return.
 
LEVEL FOUR: Proficient Trader – Trades are made utilizing confidence, education, experience and the trader achieves financial returns.

LEVEL FIVE: Expert Trader - Instinctively executes profitable trades without emotion.

A Traders Mission and Goal

It is the mission of the trader to become a financially successful long-term trader. This can be achieved when the trader adopts and accepts The 10 Keys of Successful Trading. A trader must commit to live by three disciplines to become a successful trader.
 

1)   A trader must believe in The 10 Keys to Successful Trading and merge them into his personality. Success is depends on creating a trading plan, and maintaining the discipline to TRADE THE PLAN!
 

2)   A trader must be committed to continued education. Study technical analysis and the psychology of successful trading. A trader must make logical decisions, void of emotions while trading. Learn to trade in control, not out of control!
 

3)   A trader must map out a sensible equity management plan to insure a return on investment. Trade no more than 20% of a margin account and expose no more than 5% of that account on any single trade.

Poem About Forex

I am your constant companion;
I am your greatest helper or your heaviest burden.
I will push you onward or drag you down to failure.
I am at your command.

Half of the tasks that you do you might just as well
Turn over to me and I will do them quickly and correctly.

I am easily managed; you must merely be firm with me.
Show me exactly how you want something done.
After a few lessons, I will do it automatically.

I am the servant of all great people
and the regret of all failures as well.
Those who are great, I have made great.
Those who are failures, I have made failures.

I am not a machine but I will work with all its precision
Plus the intelligence of a person.

Now you may run me for profit or you may run me for ruin.
It makes no difference to me.
Take me, train me, be firm with me and
I will lay the world at your feet.
Be easy with me and I will destroy you.

I am called Habit!

Author nimosy