5 Steps to becoming a trader

5 Steps to becoming a trader

5 Steps to becoming a trader- This little ebook shows you 5 development steps that every trader must go through. It gives you the perspective that you will encounter with the trading profession.

Category: Forex

Author: Unknown

Language: English

Download link: At the end of the post

Introduction

This little ebook shows you 5 development steps that every trader must go through. It gives you the perspective that you will encounter with the trading profession:

Step One: Unconscious Incompetence

Step Two – Conscious Incompetence

Step 3 – The Eureka Moment

Step 4 – Conscious Competence

Step Five – Unconscious Competence

Excerpts

Step 4 – Conscious Competence
You are making trades whenever your system tells you to. You take losses just as easily as you take wins You now let your winners run to their conclusion fully accepting the risk and knowing that your system makes more money than it looses and when you’re on a loser you close it swiftly with little pain to your account

You are now at a point where you break even most of the time – day in day out, you will have weeks where you make 100 pips and weeks where you lose 100 pips -generally you are breaking even and not losing money. You are now conscious of the fact that you are making calls that are generally good and you are getting respect from other traders as you chat the day away. You still have to work at it and think about your trades but as this continues you begin to make more money than you lose consistently.

You’ll start the day on a 20 pip win, take a 35 pip loss and have no feelings that you’ve given those pips back because you know that it will come back again. You will now begin to make consistent pips week in and week out 25 pips one week, 50 the next and so on. This lasts about 6 months

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