Principle of Sucess

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painofhell

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Principles of success

I think many of traders are too much restricted with fundamental and technical analysis. As a trader, most challenging business in the world, one has to educate himself in strategic and tactful leadership. I would like to share one of the middle age principles that established by samurai, Miyamoto Musashi who lived over 350 years ago in 1643.

Later the book was adopted to business language by Donal G. Krause His approach and strategies was studied effectively by western and modern Japanese competitive businesses.

These tactics are based on seven principles of competitive success where it is applicable to any business including forex trading.

These principles are:

1. Ordered Flexibility

The ideal of ordered flexibility is summed up in the concept of “positioning without position”. It means basically, preparation, assessment and observation of current condition and readiness to act and respond easily to changing environment. In forex, we have to do our homework properly before the trade execution.

2. Execution

Must be well prepared for the windows of opportunities with patience, order and flexibility. Take the moment of advantage. In forex, it basically means, plan the trade and when opportunity comes trade the plan.

3. Resources

It is basically means gathering information and know the situation before mobilizing your action. In forex, one has to make both fundamental and technical analysis, know the positioning of bigger institutions and know where the money flow is directed.

4. Environment

Based on the resources, environmental situation make decision of strategy like offensive, defensive or neutral. Know the dynamics. In forex, it means based on the current situation, choose the appropriate strategy whether shorting, buying or range trading.

5. Attitude

Train yourself to be calm and observant. In forex, it means be free from fear and greed. Do not excessively use leverage exposing yourself to the risk.

6. Concentration

It is ability to focus and feel the rhythm and use the competitive advantage of environment.

7. Timing

Action must be taken at the right time.
 
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KariPlov

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Hello guys! I would like to say here that a trader must be a good observer and he must have a strong control on his emotions. You have to train your senses to stay calm during execution of your orders. You have to look on the market with broader mindset!
 

Fistragos

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Yes, I agree with you that the attitude of the trader matters a lot in trader. A trader must have a serious approach and firn determination which will be shown by his attitude and behavior. A good trader always take the smaller things in account and utlilize them to make big. Am I right?
 

Poinwan

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Thanks for this thread on principles of success in trading. It is very true that without ordered flexibility, the right resources and execution, a favourable trading environment, right attitude, maximum concentration and right timing, a trader is bound to loose.
 

JaneAnwari

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Yes, I agree with you that the attitude of the trader matters a lot in trader. A trader must have a serious approach and firn determination which will be shown by his attitude and behavior. A good trader always take the smaller things in account and utlilize them to make big. Am I right?
only practice and trading psychology will help people to become real traders
 

Nosero

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I also agree with Fistragos statement here. I also thing that new traders should start with small investments and smaller initial targets. Experience is very important on this market and by taking small steps, any trader can climb to the top. It just take some time and patience
 

Viaso

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You must have to get aware of the current situation of the market. You need to watch the market for some time before getting into a trade. Some people jump in the market immediately without analyzing the situation of the market and they lose money. Stay secure!
 

KristanXX

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Success is the sweeter thing which comes from passing through the harder path. There are always thrones with flowers as every good thing deserves some hard work as far as I think. What do you people think in this regard? Do you believe in the taste of hardships?
 
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