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Chapter 30, Part I. A Bit More About Personality Page 3

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 27, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

    Aug 28, 2009
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    As we already said – learning never ends. It means that despite how experienced a trader you are – there is always something that you can study. It is difficult to reach consecutive progress in trading without study on a constant basis. You can take some pauses in study – that’s Ok, but can’t let yourself “just trade” and think that you know enough. Sooner or later the market will force you to back to study, since the market is driven by the wisest traders and they are studying all the time. With their influence the market shifts every time, and becomes more and more cunning. If you will not understand what is going on – say goodbye to your money.

    So, what am I speaking about? You have to estimate how much time you can dedicate to trading – to read and study, trade, analyze charts, news, work on your trading system, and analyze performance – be with the market. For some there is no problem to dedicate full-time to trading. With “full-time” I understand absence of any other job. Still most people have a job, study in college or school and other daily occupations so they can't spend 8-10 hour days with the market eye-to-eye. Reasonable understanding of this issue will let you to appoint realistic targets – that’s all. Not all traders have to be scalpers or short-term traders and if you are not the trader of such a kind, some think that you can’t be a trader at all – absolutely wrong. Even if you trade during a small part of the day and apply long-term trading you can be a trader. Just apply your trading plan and the routine according with your personal issues, as we’ve discussed in previous chapter.

    Pipruit: Probably you’re right. Currently I can’t be a full-time trader – I’m studying in college and have a part-time job.

    Commander in Pips: That’s excellent. The world is not circling just because of trading. And this understanding will let you create a reasonable trading plan and develop your own way of how you will deal with markets.

    P.S. This lesson was written by Sive Morten, who has been working for a large European Bank since April of 2000, and is currently a supervisor of the bank's risk assessment department. Sive's knowledge of forex market and banking industry is vast and quite complete. If you have any specific questions about forex, banking industry, or any other financial instruments, please post them on the next page and Sive should answer soon.

    Note: FPA ranks are earned in the battles against scam, not in the classroom.
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