Secrets of Top Performing Traders - By Linda Raschke

Key Ingredients to Performing Your Best

...by Linda Raschke

Passion. 

You must be passionate about what you are doing and having fun. Passion first, then performance.

Confidence. 

Top performance comes from having a high degree of confidence. You must have the confidence that you can take control and face adversity. You must also be confident that you will have a favorable outcome over time.

Concentration. 

Peak performance comes from exceptional CONCENTRATION. You must concentrate on the process, though, not the outcome. A sprinter who is in the lead is thinking about the wind on their face, how relaxed their arms are, feeling the perfect stride…they are totally in the moment. The person who does NOT have the edge is thinking, “Oh, that runner is pulling ahead of me…I don’t know if I have enough wind to catch the leader…” They are tense and tight because they are thinking about the outcome, not the process.

Resiliency. 

Great performances come from being able to rebound quickly and forget about mistakes.

Challenge. 

Great performance comes from pushing yourself and trying to overcome limitations. Staying in the safe zone becomes a monkey on your back. Challenge yourself to take that hard trade. Manage it. If it does not work out, so what…your risk was limited and you can pat yourself on the back for taking the hard trade in the first place.

See and DO … don’t think! 

Great performance comes from turning off the brain and becoming automatic. This is being in the Zone …in the groove. You can’t overanalyze the markets during the trading day.

Relaxation. 

When you are relaxed, your reflexes and timing are superior because you are loose.

Consistency is Everything

I just want to say, Consistency is everything. 

Trading is ALL about Consistency. If you find a system, you do reasonable backtesting and some forward testing and you find that it gives you a statistical advantage (an edge) then the next step to take is simple. Just trade it. 

One must stay consistent. IF you keep adding or deleting indicators to your chart day in a day out you probably are not consistent. And how can you be consistent if you keep changing the environment for your mind and your eyes. Your eyes must see the same picture over and over and must not expect changed picture everyday. Meaning, if you keep using different templates on a weekly or daily basis, consistency will be hard to achieve. 

Beware The Template Syndrome: So I urge everyone to select a template and then forget about other templates. If you're like many of us, you probably have over a dozen templates in your mt4. I've seen some people when they click on their templates button two or 3 columns appear, yes hundreds of templates. But that leads to nothing. Our first indicator is price, you can add 2-3 more derived indicators anything more than that would just complicate things. Trading is ALL about consistency. and "Consistency = Patience + Discipline. "

If you want success in trading you must treat it as a business. You must be thorough. You must keep a journal and record everything. Accurate recording leads to better faster learning and helps with consistency. In a phrase successful trading is nothing but acquiring a personality trait. Being Consistent.

Let this be your new years resolution. To remain consistent so that you may find success and remain consistently profitable. 

4 great articles on successful forex trading

I'd like to share 4 great articles about successful forex trading. They cover the most important aspects of trading successfully.

1. Four  Self Defeating Trading Habits you need to break  by Nial Fuller - Nial is a an awesome trader and a gentleman. Visit his website for great trading ideas and more amazing content.

2. Beginners Guide to Metatrader  If you're completely new to trading or forex trading this article has great information on how to use the most popular forex trading software.

3. Learn Forex Trading at the School of Pipsology So you'd like to learn to trade forex? Well look no further. Visit Babypips forex trading school. They have put together all the information one needs to learn to trade the amazing currency markets.

4. The art of Position Sizing for Forex Trading The difference between novice traders and experts may be simply their understanding of risk and position management. Professional traders know when and how much to risk and how to manage their risk.

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