Essential To Any Trader Success…
In this Montreal Forex trading vlog, I share about what I consider to be the #1 rule essential to any trader success. This is something I've learned the hard way after reading Mark Douglas' Trading In The Zone. I call it the 50% RULE and it's one of the main reasons why I take partial profits when trading Forex or any other market. Vlog #181.
The 50% Rule
According to my definition, the 50% Rule in trading states that any trade has a 50% chance of not reaching your target. That means the trade also has a 50% chance of reaching your target.
The thing is, we cannot predict the market as traders. Even the best analysis will tend to be 50% accurate. Fortunately, that's not the main criteria for the trader success.
The 50% Rule is at the basis of why I like to take partial profits in the Forex market as price moves in my favor.
The best trade setups can still end up as losing trades in the market. That is why you must detach yourself from the outcome of your trades at all times. On that note, I recommend you listen to my recent video on the #1 skill to succeed in Forex trading.
Trading Book Recommended
- Trading In The Zone by Mark Douglas: I cannot recommend that book enough. It made me realized many things that transformed me as a trader.
To see the complete list of books I recommend, take a look at The Trading Books That Incredibly Improved My Own Trading.
If you are aspiring to trade for other people while traveling the world, you might want to consider checking out the Desire To TRADE Academy where I’ll help you do precisely that!