Written by: Prof. Andreas Thalassinos (FXTM Head of Education) The Road To Success – 50 Successful Traders’ Habits 1 / 51 INVEST IN YOURSELF BEFORE YOU INVEST IN THE MARKETS In any business endeavor, a good understanding of the business, an identification of opportunities, thorough risk assessment and a sound strategy are imperative to success. Knowledge of the foreign exchange FXTM offers continuous training market is a must before you start programs with our team of highly investing. Successful traders experienced trainers, covering know that very well, that’s why all levels of trading knowledge, they continually invest in their including beginner, intermediate and knowledge. And that’s why we at advanced. The best thing about FXTM offer professional training investing in your education with sessions, seminars, webinars and FXTM is that we provide these tools so that you – the trader – can learning tools for free so that you can learn as much as possible. invest your time and money wisely. The Road To Success – 50 Successful Traders’ Habits 2 / 51 LEARN THE RULES OF THE GAME Knowing the rules of the game Understanding the details of your before you play it is essential. trading account, such as your Would you get behind the wheel of a account currency, spread, leverage, car and start to drive before you knew margin requirements, execution the rules? Of course not. You need to type, margin call and contract learn how to turn, when to stop specifications – just to name a few – and how to safely accelerate before are vital if you are going to succeed. you put yourself and others at risk on With the right tools, safety measures the road. Forex trading is a little more and professional support, FXTM complex than driving a car, sends you on the open road fully but the basic principle remains equipped to make the right decisions the same. You need to learn and when you trade. understand the rules before you start to trade. The Road To Success – 50 Successful Traders’ Habits 3 / 51 PRACTICE, PRACTICE, PRACTICE Practice makes perfect! decisions. With a demo account, you This also applies to trading the can test out the markets, trade under markets. After mastering the theory, different market conditions and rules and trading techniques, a time practice your trading strategies with comes to put all that knowledge virtual money. Even the best traders into practice under real conditions, in the world use a demo account but with virtual money! At FXTM we from time to time to test out new believe that it is important to feel methods and strategies. confident when you are trading At FXTM we offer free demo accounts with your hard-earned money, so we that can be used at any time, no provide free demo accounts until questions asked. you feel truly ready to make educated The Road To Success – 50 Successful Traders’ Habits 4 / 51 START SMALL WITH A REAL ACCOUNT Whilst practicing on a demo account new traders to start small and take is a good beginning, successful trading at their own pace. We want traders know that trading you to experience live trading in a psychology, discipline and emotions comfortable environment where are very different when real money is you are not risking more than you involved. The fear of losing, the can afford to lose. By opening a greed of a big win and the panic you live account with FXTM, you will may feel if a trade goes against you experience real trading emotions in are all common emotions you will a safe and supportive environment. need to learn to control in order to Open an account with FXTM and become successful. FXTM encourages start trading to see for yourself. More often than not. well that their potential profits expecting to make huge profits. Many beginners Successful traders know very rush into trading with a low deposit. make small deposits. attracts the attention of many so reset your expectations and learn traders and especially those who how to invest your time wisely. strategy amongst traders. their false . correspond to their risk. world. It is true that leverage extending the power of your deposit. is undoubtedly and money management are key to leverage. and enjoys high popularity Understanding leverage.The Road To Success – 50 Successful Traders’ Habits 5 / 51 DO NOT EXPECT TO BECOME A MILLIONAIRE WITH $100 DEPOSIT One of the major reasons foreign expectations lead to poor decisions exchange has expanded all over the and disappointment. which is directly linked reality which makes them less likely to understanding the risk-to-reward to go off the rails. when to exit. dedicate to your trading? Follow our seminars and master your Your answers to these questions risk management to find your way on will ultimately define your potential the road to success. How much are you willing and having realistic expectations to risk? How much are you able to means knowing when to enter a deposit? How many hours can you trade and. The Road To Success – 50 Successful Traders’ Habits 6 / 51 HAVE REALISTIC EXPECTATIONS Successful traders have realistic their expectations are grounded in expectations. ultimately. Learning the rules ratio. profits! Successful traders have detailed plans for their trading and . following it and prevailing trend rather than reversing. Well. The center of our teachings for new traders because they are at FXTM is the trend. every great trader uses. We have all Learning how to spot the small signs heard that phrase so many times. understanding how to maximize so it is a great source of guidance for its benefits. This can be daunting traders. . you spot it. A trending successful traders do! financial instrument is more likely Their success depends on identifying to continue in the direction of the the trend early on. of a trending financial instrument is a but many traders don’t follow the key technique for success which wisdom behind the words. and we provide not trained on identifying trends in hands-on training sessions to help the early stages of development. The Road To Success – 50 Successful Traders’ Habits 7 / 51 LEARN TO IDENTIFY THE TREND The trend is your friend. win.The Road To Success – 50 Successful Traders’ Habits 8 / 51 LEARN TO IDENTIFY TREND REVERSALS A trend reversal marks the end of an use it to their advantage every single existing trend and the beginning of day. This can the crowd’s trails is essential . Being able to effectively read a new one. and it’s the fastest way your trading charts and understand to “jump” on a new trade.at happen in any timeframe and it can FXTM we can teach you exactly how make the difference between a big to identify trend reversals. a break even or a loss. Successful traders understand that very well and . which may and how to enter the market when be confusing for a beginner. trend reversal. It would worry. markets are more likely to continue Spot the reversal. If you need to learn to the market. though. The Road To Success – 50 Successful Traders’ Habits 9 / 51 DEVELOP A TRADING SYSTEM BASED ON TREND FOLLOWING & TREND REVERSAL There are thousands of trading how to identify the prevailing trend strategies out there. This is not trading system based on trends. as most strategies be a good idea to develop your own are trend following. Understand the exit. Don’t a new trend starts afresh. Know your entry than to reverse. a coincidence because trending Learn to identify the prevailing trend. FXTM will teach you . one strategy it’s trend following & Follow it. it comes time to test… reason for wanting to follow a test.. take your profit opportunities the market certainly or even cut your losses short. . The Road To Success – 50 Successful Traders’ Habits 10 / 51 TEST YOUR SYSTEM As a beginner. you may be you’ve found a comfortable mixture wondering. A fully tested system allows you Take your time and build up trust in to trust it and act with machine-like your system so that you’re ready to accuracy as to when it may be best follow it and take advantage of the to enter the market. it. The hardest part is following is profitable and worth repeating. ‘why do I need a trading of indictors and risk management system?’ What could possibly be the rules. Once has in store for you. test! Only by testing trading strategy? Having a system is your strategy will you know if it easy. ignoring one of the most important You can learn drawdown basics parameters of evaluating a trading with FXTM’s free training webinars.The Road To Success – 50 Successful Traders’ Habits 11 / 51 REVISE YOUR SYSTEM TO ACHIEVE LOW DRAWDOWN Many traders in the early stages trading system. largely account enjoys low drawdown. Successful traders of their trading career look for a follow strict risk management rules trading system that boasts a high and make sure that their trading percentage of winning profits. A drawdown is the peak-to-trough decline during a specifically-recorded period of an investment. system: drawdown! seminars and helpful videos. and it is closely linked with risk management which is imperative for a successful . trades. Some may Successful traders know that very argue that less winning trades over well and make sure that their strategy losing trades is not a big deal as long has more winning trades than losing as the winnings outweigh the losses. is to have is invaluable in trading the markets more profits than losses. they say. At FXTM our team of What about the trader’s psychology. No problem! successfully. experts has plenty of tips to help though? How does a trader feel when you boost your potential wins and he or she loses? Not very pleasant. a trader’s mind goes blurry. After all. sure! When emotions take over. The Road To Success – 50 Successful Traders’ Habits 125 /. in trading the markets. A blurry .50 51 REVISE YOUR SYSTEM TO BOOST YOUR POTENTIAL WINNING TRADES A lot of papers and articles have mind is a recipe for unpredictable been written about this vital topic outcomes such as a lack of discipline. for minimize your losses. trader’s psychology The bottom line. movement in the opposite direction This is only partially true! When is enough to turn a winning trade markets enter a consolidation phase into a losing trade. This is the phase where money may be made. lacking a what you deserve and lock potential direction. markets do trend with trading features that can protect and that is manifested on the price your potential profits by locking charts. Obviously. The Road To Success – 50 Successful Traders’ Habits 13 / 51 LOCK SMALL PROFITS A lot of economists and what about volatility? What about fundamentalists will argue that unexpected events? A single price financial markets are unpredictable. But . Make sure you get they are usually trendless. a trending market small profits! Find out more by is a dream come true for all trend speaking with our experienced team. FXTM provides you phase occurs. followers out there. But when a breakout of profits as the trend is being unfolded the accumulation or the distribution on the price chart. trailing stops.The Road To Success – 50 Successful Traders’ Habits 14 / 51 INCORPORATE RISK MANAGEMENT RULES Imagine that you are a captain of trading strategy is undoubtedly the a boat entering stormy seas. One of the most Successful traders do! important elements of a successful . reward-to-risk ratio and last radio and inflatable raft? The same (but not least). We educational events we address all may not want to think about the these topics and we make sure that worst case scenario. In our is true when trading the markets. life jacket. but it is entirely you understand their importance. position sizing. emergency levels. necessary to do so. existence of risk management rules. take-profit compass. Wouldn’t you feel better if you had a These rules define initial protective host of safety tools onboard such as a stop loss. . leverage also multiplies losses and can quickly is to blame for big losses because wipe out a poorly managed trading whilst profits can happen quickly. The Road To Success – 50 Successful Traders’ Habits 15 / 51 BE EASY ON LEVERAGE. way that leverage multiplies profits it yes. right? Well. IT’S RISKY One of the most lucrative aspects losses can too! Leverage is a financial of trading is leverage. in the same amount of profits. Leverage is tool to enhance a trader’s potential to the reason that traders with a small be able to earn more profits with less deposit are able to make large money. Use it sensibly. Great. Unfortunately. account. but at the same time. How much money might you lose so novice traders often enter the if the market doesn’t follow the market impulsively without any risk direction you expected? Is your management rules in place. The Road To Success – 50 Successful Traders’ Habits 16 / 51 CALCULATE YOUR POSITION SIZE EVERY TIME YOU OPEN A POSITION Many traders believe that risk understand their risks before entering management only comes into play the market or opening a position. account! It is imperative that traders . Large protective stop loss in place? What drawdowns. lack of discipline is your margin? Taking your time to and of course the inevitable margin calculate your position before every call and stop out can be catastrophic trade may save you a lot of heartache to a trader’s psychology and trading in the long run. stress. when a trade is going against them. Learn to accept them essence of a protective stop loss yet and place a stop loss to protect your many traders don’t use them. be humble safety net won’t interfere with your and understand that even the best task. This is the part of trading. If you were walking is usually because in trading there a tightrope between two buildings. is plenty of ego to go around! Who would you prefer to have the glory wants to admit that they were wrong of doing it without any safety tools or that their trade went wrong? That’s or would you be happier knowing really painful and that’s why human that there was a safety net halfway beings rarely admit that they are down to catch you if you fall? The wrong. This capital! . Let go of your ego. They are a you if the worst happens. it is simply there to protect traders use stop losses.The Road To Success – 50 Successful Traders’ Habits 17 / 51 ALWAYS PLACE A PROTECTIVE STOP LOSS Here’s a scenario. closing the trade once the price traders usually ignore the fact changes direction. As profits grow. where traders let their profits element of trading the financial run. profits to run as long as the price is moving in the right direction. The stop loss closer to the current price trailing stop is one of them. A trailing just in case the unexpected happens. Many other parameters a trailing stop loss. also exist that are equally as successful traders move the trailing important to trade successfully. it is wise to protect profits with markets. stop is designed to protect gains by Tools such as this make it possible for enabling a trade to remain open and you to trade with more discipline. In periods of that entering a position is just one success. The Road To Success – 50 Successful Traders’ Habits 18 / 51 TRAIL THE STOP LOSS TO PROTECT PROFITS In a quest to find the perfect entry. but . especially the to maneuver. lack of much to resist but you also need to direction and the resulting frustration understand the risks involved and be are just a few consequences. You may find the traders overlook the dangers and lure of trading news events too risks. The Road To Success – 50 Successful Traders’ Habits 19 / 51 BE WARY OF TRADING NEWS EVENTS Trading news events. the announcement and real life market events so that the high volatility that surrounds you can understand the way the the event is so appealing that most market reacts. abrupt bidirectional price movement also doesn’t leave a lot of room . The anticipation. the we offer controlled training during market buzz. The wary. Requotes. especially on lower high impact ones like NFP (non-farm timeframes where most novice payroll) is an adrenaline rush for traders are trading. slippage. At FXTM most traders. your lifestyle. Twenty-four hours per other financial instruments behave day. this schedule can usually move in a narrow range or do accommodate any trader anywhere they usually trend? Before you decide in the world but be cautious! on your trading hours do some Before you start trading.The Road To Success – 50 Successful Traders’ Habits 20 / 51 DEFINE THE TRADING HOURS One of the most appealing character. Learn about session exchange market is undoubtedly the overlaps. Study the characteristics characteristics of the foreign of these hours. twenty four during those trading hours? Is price hours each and every working action volatile or dormant? Do prices day. choose research and be realistic about your the hours that are most suitable to commitments. Obviously. Yes. trading profile and . five days a week. How do currencies and trading hours. Discipline is a prerequisite announcements and mastering your for all successful traders but the good self-control. Discipline cannot be news is that it can be mastered. You just need from your part. The Road To Success – 50 Successful Traders’ Habits 21 / 51 MASTER THE ART OF DISCIPLINE Having a professional trading system ones you will be trading). so you Successful traders take the time to must acquire a strictly disciplined perfect their discipline and so can regime for your trading. paying and risk management rules are not close attention to relevant news enough. however there are plenty that’s required is some willpower of ways to master it. This involves you. rise at 5am each day to train. all taught. studying the markets (especially the . Just as an athlete will to find the one that works for you. If you have visual inspection of the price charts. Precise Follow FXTM’s seminars to learn more entry points. Everything has why we use them… to take some to be calculated in advance. The Road To Success – 50 Successful Traders’ Habits 22 / 51 IF YOU CANNOT STICK TO YOUR SYSTEM. Why all trading system is 100% accurate. hard work. Sometimes. precise profit levels about it.. To have a road map advisor guarantees 100% discipline! for trading the markets. . Even though no during the day and night. It is important of everyday trading. to note that following your trading the development phase requires system is imperative. tweaking sure you have an expert advisor of parameters and long hours developed for you. even of the calculations and stress out the potential risks.. that trouble? Well the answer is 100% of the time… having an expert quite simple. any difficulty following it then make expertise. Sounds complicated right? Well for and precise exit points in case the most traders it probably is but that’s unexpected happens. THEN HAVE AN EA DEVELOPED FOR YOU Expert advisor trading systems (EAs) are developed through the use of empirical observations combined with statistical findings and back testing on historical data as well as forward testing on live prices. the psychology is down. Overtrading can stem winning position. that often a trader has not properly They want to buy and sell. Traders want to trade. This is exactly take control of your trading decisions. Overtrading means patience. price chart for hours. they feel more confident and they greed. looking for a the confidence is lost and it’s easy promising trade is not the easiest to jump straight into the next trade thing to do because it requires to heal the pain.The Road To Success – 50 Successful Traders’ Habits 23 / 51 DO NOT OVERTRADE Overtrading is another possible pitfall what beginners and intermediate in traders’ habits that deserves a traders alike want to do. They thought out his next move and this can’t wait to press the key on the invites danger and risk. Stick to your keyboard or click the mouse button plan. and a loss of confidence and find it easier to quickly open the next it’s a pretty dangerous thing. After a losing position. . the in front of the screen staring at a ego is hurt. Don’t let your ego and emotions to open a position. the ego is boosted. Sitting position. After a closer look. from a combination of boredom. By learning to read community that trading set-ups the price charts and experimenting are all over the price charts. balance between job satisfaction as a trader and reward in financial terms. In the quest to find the management strategies. that even high probability There are many reasons to open a set-ups are not 100% guaranteed position and equally many more so you should always exercise risk to close one. technical or even gain confidence in identifying high sentimental set-ups may be spotted probability set-ups. with one glance at the price charts. Remember. though. with your trading strategy you will Fundamental. successful traders filter out trading set-ups and they only follow those that boast a high probability . The Road To Success – 50 Successful Traders’ Habits 24 / 51 TRADE ONLY HIGH PROBABILITY SET-UPS It is widely known in the trading for success. Trading strategies. Perhaps the saddle time frames. Some are more volatile than Think of your trading system in the others. Not all financial needs to be raised. Even unique characteristics and though the concept behind most experiment with smaller trades at of them is theoretically correct. the tires pumped instruments behave the same up and the handlebars adjusted. in first to check the results. Adjust the needs. Some reach their profit that needs to be tailored to your targets faster than others. Successful practice certain adjustments need traders do. The Road To Success – 50 Successful Traders’ Habits 25 / 51 TEST YOUR SYSTEM AND ADJUST ITS PARAMETERS FOR DIFFERENT CURRENCY PAIRS When you buy a bike from a shop. methods parameters of your trading system and systems nowadays are widely to accommodate each instrument’s available all over the web. way. . financial instruments and riding style. an out-of-the-box solution than others. to be made for different currency you need to adjust it to suit your pairs. Some require bigger filters same way. our educational seminars and is that this rarely ends well. The earlier you career. however many hours are consumed studying different strategies. The truth FXTM. At EUR or punish that JPY. own the learn to trade like a professional. the faster you will find probably heard stories of fellow yourself on the road to success. course the goal. You have mindset. indicators and combining .The Road To Success – 50 Successful Traders’ Habits 26 / 51 NEVER TRY TO BEAT THE MARKET In the early steps of their trading tools to do this. Let traders who are determined to the market follow its course and take control of the USD. novice traders make it their get out of the “beat the markets” aim to beat the markets. To buy webinars will assist you in achieving at the absolute bottom and exit your goals and help you keep a level profitably at the absolute top is of head. then you are on the right road. Focus your attention on the market. out for in our seminars and webinars They do not predict anything. follow know. instead so the markets will no longer be a they simply follow the financial mystery. the price action and learn to follow . The Road To Success – 50 Successful Traders’ Habits 27 / 51 FOLLOW THE MARKETS INSTEAD Many traders get caught up in the sentimental and technical analysis latest finance prediction methods. At but surprise. The fastest indicator in the price charts and follow the markets… market is price itself so if you learn to they will tell you all you need to understand the price charts. surprise! All indicators FXTM we will teach you what to look are designed to follow the market. they pay attention. successful traders look for ways highest possible level. the fact is this is not professional trading because professional traders look for high . Can you to boost their account. It is number of indicators. While many novice goal is to buy at the lowest possible traders look for ways to boost their price and exit with profits at the ego. Well. Their their winnings. They study the surprisingly true that a lot of traders markets. they enter the wonderful world of foreign keep quiet and they never brag about exchange driven by their ego. The Road To Success – 50 Successful Traders’ Habits 28 / 51 DO NOT LET YOUR EGO TAKE OVER YOUR TRADING It is true that your ego can take probability setups and price patterns over and start to dictate the way which are confirmed by a small you behave while trading. Successful imagine the effect on your ego? traders enter the markets to make It’s a massive ego booster and you money. feel invincible. Successful traders do. that point in trading that one realizes many greedy traders will remove the that he/she was wrong. On the other early stages of a trader’s career. While the trading system may be painful events in a trader’s life. hand. The fear of not they remove it altogether.The Road To Success – 50 Successful Traders’ Habits 29 / 51 DO NOT LET YOUR EMOTIONS TAKE OVER Fear and greed are key factors that present anymore and we all know need to be addressed in the very what happens next. Of course. We that something painful is likely to believe that if we can just crack this happen… mainly that you will lose next big trade then the money will money. That trade didn’t work? often fear stop loss and it is perceived Then let’s try the next one. traders opposite direction and the profitable will do anything to avoid admitting trade turns into a losing trade. takes over. greed is that selfish desire to Fear is that unpleasant feeling earn excessive amount of profits. decisions are wrong. Greed they were wrong and in many cases is a type of fear. the painful loss. the mind becomes blurry. Fear having enough. and so as one the most dangerous or even on. It is at proven to be good and profitable. especially beginners. Traders. discipline is not . Get rid of your fears. be rolling in. that is usually the stop loss away from the price to the time that prices move in the avoid the hit. From not take profit to try to maximize their using a stop loss at all to moving earnings. Do you trust your King Ho Lu of the state of Wu to test discipline enough to see you through his theory on the state’s army and the difficult times? Successful traders more specifically on women. For Sun Tzu. SUN TZU CONSIDERED DISCIPLINE A MATTER OF LIFE AND DEATH One of the greatest Chinese generals was appointed as general and led of all time. stated in thirteen chapters discipline was a matter of life and all the factors needed to win a war. death and he put what he taught Any war. Sun Tzu . When he was challenged by into practice. and the author of the the army of Wu to glorious victory popular military tactics book. The Road To Success – 50 Successful Traders’ Habits 30 / 51 BE DISCIPLINED. After putting the tactics at all times and at FXTM we center of his teachings and will support you in your trading discipline into practice. Art of War”. the one to lead his army. Sun Tzu have discipline in their trading gladly accepted. “The over the state of Chu. the King journey towards the ultimate state of was convinced that Sun Tzu was discipline. THEY ARE PART OF TRADING Losses are a part of trading and this the financial markets. The sooner a Having faith in your system explicitly trader accepts that loss is a feature implies accepting losses and a loss of trading. Losses are seen by the psychology associated with your many inexperienced traders as one of loss. Successful traders do. the most disastrous events in trading . experience losses. Even the best professionally up in chasing the market to take designed trading system will at times “revenge” because their ego is hurt. the faster he/she will have doesn’t mean you should change a clear mind to focus on managing a your entire strategy. Learn to manage trading position. After a losing is something you need to accept trade they find themselves caught early on. The Road To Success – 50 Successful Traders’ Habits 31 / 51 ACCEPT LOSSES. The same is true will guide you through the ups and when trading the financial markets. TRADING IS NOT AN EXCEPTION Life is full of ups and downs and it’s the blow of intense shock should the also full of surprises. preparing for the unexpected and understanding your risk management tools will cushion . our superior Always expect the unexpected educational seminars across the and be prepared to handle it and globe are here to help.The Road To Success – 50 Successful Traders’ Habits 32 / 51 NOTHING IS 100% IN LIFE. Discover and manage it like a pro. downs and at FXTM. Knowing the join our next event. some good markets go against you. Knowledge and some bad. tricks of the trade. PROFESSIONALS WANT TO MAKE MONEY It is a characteristic of human nature because knowledge fuels confidence. Accept this. Humans are Have the discipline to follow your competitive. The question is. ask questions and listen to the answers . they want to be winners strategy but learn to admit when you and strive towards that goal their have made a mistake.. The Road To Success – 50 Successful Traders’ Habits 33 / 51 AMATEURS WANT TO BE RIGHT. It is important whole life. to need to be right. would knowledge and confidence. you need to be humble. The desire to win is to learn and grow in your trading undoubtedly one important factor journey and successful traders and of course this is a major element are humble and powered by solid of trading. Being you rather be right or would you right and making money are not rather make money? This is where always the same thing. to learn the tools of the trade. Take time Successful traders do. take profit levels and exits are equally important in a successful trading system. FXTM guarantee profits. Use your take profit the best entry point in the market. Ask any professional. PROFESSIONALS LOOK TO LOCK PROFITS It is not a secret that many novice trend and exit when the prevailing traders spend hours every day trend does not exist anymore. Lock studying trading systems and your profits and pocket them without technical indicators in a quest to find being greedy. While a good entry. The Road To Success – 50 Successful Traders’ Habits 34 / 51 WHILE BEGINNERS LOOK FOR THE BEST ENTRY. mega profits that offers seminars and webinars on is. They’re FREE. Join us. the early stages of development in a new trend is always a must. especially in profit taking. tools to ensure that you get out of They believe that a good entry will your trade at the right time. Trade in the direction of the prevailing . likely to continue than to reverse and Newton’s first law of motion states that “a body in motion will continue to move in the same direction unless . Pay attention to the trade in that direction as opposed charts and trade in the direction of to trying to beat it. a is your friend”. Successful traders do. When direction until a definite price pattern trading the financial markets. Similarly. it’s not just your trend will continue in the same friend… it’s more than that. Well. A trend is more the trend.The Road To Success – 50 Successful Traders’ Habits 35 / 51 TREND IS YOUR FRIEND We have all heard the phrase “Trend a force acts upon it”. you signals that the prevailing trend has should strive to identify the trend and come to an end. study the different risk management techniques. Learn a professional trading system. Many new traders read one article and feel ready to take on the markets. Join us Knowledge will guide you through anytime to leverage your knowledge. practice lots and set clear guidelines for yourself. but this is not enough. risk the financial markets is no exception. management and discipline. We at . effort. your trades with confidence as Our sessions are FREE and you can long as you are willing to put in the attend as many as you like. This adage FXTM offer educational seminars and applies to all walks of life and trading webinars on trading systems. The Road To Success – 50 Successful Traders’ Habits 36 / 51 LEVERAGE YOUR KNOWLEDGE Knowledge is power. the frog was hesitant inexperienced traders repeatedly because he was afraid that the take bad trades even though they scorpion would sting him but know their probability of success is eventually the scorpion convinced low. At first. The Road To Success – 50 Successful Traders’ Habits 37 / 51 AVOID THE FROG & SCORPION TRAITS In the famous fable of the scorpion the scorpion replied “because it’s and the frog. Successful ripple scared the scorpion. Be objective and look at where then would both drown in the river. remove your Midway across the river. you are going wrong.” The scorpion’s instinctive frog to give him a ride across the river sting was his own downfall. the frog on his back. Many to swim. They react instinctively each him by saying that if he stung him time. a small frog and scorpion traits. The frog asked the scorpion why he stung him and . who stung traders do. the scorpion asks the my nature. since the scorpion doesn’t know how Trading is similar. Greed . Novice traders for more profits governs the actions often discover that profitable trades of many traders in the financial turn into losing trades just because markets. obscure your decision big win that we lose sight of the making and remove the enjoyment bigger picture. sometimes with unpleasant of greed. you remove them altogether. Greed will encourage have for you.The Road To Success – 50 Successful Traders’ Habits 38 / 51 DO NOT BE GREEDY Sometimes we can become so will encourage you to abandon your greedy in our search for the mega discipline. loss again and again until perhaps Successful traders aren’t. accept when it’s time to you to move your profit level or stop exit the trade and don’t be greedy. Accept what the markets outcomes. The excessive desire from your trading. the other hand. The Road To Success – 50 Successful Traders’ Habits 39 / 51 OSCILLATOR EXTREMES ARE JUST A WARNING A lot of strategies have been formed a trend is misleading. Extremes are based on the theory of oscillator often just warnings and not reasons extremes. Stay focused. That is. an oversold extreme Join our seminars and implies that prices have dropped too webinars to get great tips from our far and a bounce is about to happen. overbought and to buy or sell. market experts. An overbought are edgy and can become nervous extreme implies that prices have to make a move when they see a risen too far and a move in the change in the charts. opposite direction is imminent. Be wary. because the first move into an extreme level in the early stages of . On be patient and wait. Many novice traders oversold levels. To his surprise he realized that it was as heavy as lead. One morning. She convinced him to bring it to town where they found out that it was pure gold. wife. Successful traders don’t. Unfortunately. a farmer went to the soon he became very rich by selling barn every morning to collect the the golden eggs. wait him by his friends. he saw a big yellow and the goose to get out all the gold the glittering egg. He tried to lift it up and goose could offer. he goose eggs. He was about to and enjoy your rewards and never throw it away but after consideration think that you can take shortcuts to he carried it home to consult with his success. Every morning . The Road To Success – 50 Successful Traders’ Habits 40 / 51 ALWAYS REMEMBER THE GOOSE WITH THE GOLDEN EGGS In Aesop’s fable “The Goose with the he followed the same routine and Golden Eggs”. to his grew too greedy and decided to kill surprise. found nothing! The moral of this He thought that a trick was played on story for traders is to be patient. direction. In an Resistance. Think of .The Road To Success – 50 Successful Traders’ Habits 41 / 51 SUPPORT & RESISTANCE LEVELS BREAK ALL THE TIME One of the biggest misconceptions the trending market as a tsunami amongst traders and especially that takes with it every piece of debris amongst beginners is Support and . Successful persistently move in the direction traders know that.the force is extremely strong. up and when the market reaches in the course of a downtrend. Join us for a free of the prevailing trend breaching webinar to learn more. any obstacle in the way. This is the truth about During a trending market. That is of course a reversal occurs in the opposite true during sideways markets. prices the resistance level that the prices will violate all support levels until will bounce back. On the way down. prices will break that when the market reaches the through all resistance levels until a support level that prices will bounce reversal occurs. prices will support and resistance. Many new traders believe uptrend especially. Traders do not need to . One reason is because they follow the price closely. Successful traders use that they trigger above and below them and we will be pleased to teach the moving average line. making it a are easy to understand and easy fairly reliable indicator for traders of to interpret. Once attached on the markets. Even fundamental analysts price chart. traders use you how to use them too. They are perceived as dynamic trend lines. Apart from the signals all abilities. the moving average will use them. The Road To Success – 50 Successful Traders’ Habits 42 / 51 MOVING AVERAGES SUBSTITUTE TREND LINES The truth of the matter is that draw trend lines on the price charts the moving average is one of the as prices are coming in nor when most popular indicators used by they choose a different instrument traders of all levels in the financial or timeframe. them because they substitute trend lines. Looking as such they follow with a for that magical indicator that will delay instead of leading. Hours and days Holy Grail. trap of looking for the “holy grail” They are a derivative of price and in the financial markets. the more that one special goal sometimes at indicators used. they settle for a combination of two . Successful traders know are spent working towards that goal. The Road To Success – 50 Successful Traders’ Habits 43 / 51 INDICATORS ARE SECONDARY TOOLS Remember the legend of the Holy or more indicators to accomplish Grail? Long hard hours spent seeking that goal. FXTM offers extensive Many articles are read and many seminars and webinars to guide you books downloaded. After numerous in the understanding and proper periods of unsuccessful trial and error application of indicators. Unfortunately. Let go of guide them in gaining huge profits your belief that indicators are your from the markets. the more a delay the expense of everything else in will be experienced. how to do that. The truth is life? Many traders will fall into the that indicators are secondary tools. That is. Price patterns are mostly .The Road To Success – 50 Successful Traders’ Habits 44 / 51 PRICE IS THE BOSS NOT INDICATORS You’ve heard the expression “Don’t subjective and it is during those put your eggs in one basket?” Well times that traders consult a set of the same applies to placing all your indicators for confirmation. Only money on one trade. price is the boss. They follow follow price. the price closely and they mostly rely on high probability price patterns to trade. to buy and sell. to rely on. isn’t one special technical indicator because. ultimately. Experienced amateurs put all their eggs in one traders know very well that there basket when it comes to indicators. Instead they use them to Successful traders know this and confirm their signals. The Road To Success – 50 Successful Traders’ Habits 45 / 51 VOLUME IS NOT AVAILABLE IN FOREX Volume is a very important element of the breakout. prevailing trend. it is lacks this information since it is a actually a leading indicator. In fact. reversals and continuation patterns. At FXTM we can help you understand Volume is always rising in the that there is more to market action direction of the trend and falling than volume. At breakouts. It alerts decentralized market as opposed traders of impending turns in the to the stock market which is as we market or even the continuation of a all know a centralized market. webinars to learn more. volume hints at the direction . volume is rising. never use volume indicators in forex. Join us in our free during a retracement. thus confirming the “health” of the price direction. Foreign exchange of technical analysis. In a range. Experienced traders Successful traders know that and use volume to confirm breakouts. Our trainers are money with an accountant who world renowned. The Road To Success – 50 Successful Traders’ Habits 46 / 51 DO NOT EXPECT TO BECOME A SUCCESSFUL TRADER AFTER READING ONE BOOK Can you imagine a surgeon reading We at FXTM boast the highest levels a couple of articles and books and of education and training and we then performing lifesaving heart offer this to our clients completely surgery? Would you trust your free of charge. So why would you read one educating traders and forex industry book on forex and think you are an professionals is welcomed across expert trader? There is no shame the globe on a regular basis. let our respected educators education of trading the financial help you to trade better. Would you trust your markets. articles on book keeping? Probably Their enthusiasm and passion for not. markets to just any trainer? . Don’t in being a beginner and asking just read one book and jump into the questions. highly educated once-upon-a-time read a couple of and professionally accredited. The Road To Success – 50 Successful Traders’ Habits 47 / 51 DETERMINATION. is a continuum. Successful traders. they be a guru to master determination. are just determined to succeed knowledge and discipline. Success goes hand They are determined and have the in hand with discipline. Following drive to overcome any obstacles on the rules of your trading strategy. traders. DISCIPLINE AND KNOWLEDGE ARE IMPERATIVE TO SUCCEED IN THE MARKETS Determination is a common invest in themselves before they characteristic amongst successful start trading the markets. They never give up and they traders know very well that always strive to succeed with hard knowledge is power and they never work and a strong belief that they stop learning. Do you believe that honouring protective stop loss and successful traders don’t have any take profit levels according to your setbacks? That they won all their plan is a must. Knowledge is of course get you started on the road to another common trait of successful success. Knowledge for them can accomplish any goal they set. Let FXTM eventually. route to success. They spend hours learning the rules and tricks of the trade. They . You do not need to trades every time? They didn’t. the fox was wandering through you Queen of birds?” So. Such a charming winning trades. since everything else about you is perfect! Could you . to see what may be coming. opened her beak to sing the loudest His sharp nose led him to the foot caw while the cheese fell straight into of a tree where his attention was the fox’s mouth! “Thank you” said caught by a crow sitting on a branch the fox. Stay humble and and wonderful bird should have a alert when you trade the markets. very lovely voice. Many traders play the beak. The crow returned financial markets. “Good morning beautiful crow” role of the crow while trading the the fox cried. The Road To Success – 50 Successful Traders’ Habits 48 / 51 NEVER ALLOW THE MARKETS TO FLATTER YOU In Aesop’s fable “The Fox and the just sing one song and I will hail Crow”. They are so busy the greeting by nodding her head basking in the glory of their former but kept her beak closed. “What an success that they don’t look ahead elegant figure you have” said the fox. “What shiny feathers and splendid Don’t get flattered by a streak of wings you have. as he walked away to enjoy holding a piece of cheese in her his breakfast. the crow the woods looking for a bite to eat. individuals surrender to . Think in the market. doing by studying the price charts. Be cautious when governed by mass psychology. they follow the crowd’s mindset and have the need to belong to a group. The Road To Success – 50 Successful Traders’ Habits 49 / 51 TRADING IS STUDYING THE CROWD’S PSYCHOLOGY Psychology is a huge part of trading mass psychology. We can train you to of it as adult peer pressure or do exactly that and help you gain the need to conform to society’s confidence in your own decisions. Once in a group. They feel this usually means that the end of relief and security when they know the trend is approaching. Successful that their views are shared and traders know what the masses are endorsed by almost everyone else. They feel comfort when they buy Price charts unveil the crowd’s trails and sell like everyone else. In other words. ideals. the masses enter the market because Investors seek comfort. Decisions are not and the financial markets are rational anymore. of identifying price trends in the early Learn how to read price charts from stages of development.The Road To Success – 50 Successful Traders’ Habits 50 / 51 TECHNICAL ANALYSIS UNVEILS THE CROWD’S TRAILS Technical analysis is primarily the you are looking at how other traders study of price charts for the purpose are reacting to the financial markets. Once you do. you 1. 3.P rice action discounts everything will be surprised at the difference it 2. Prices move in trends will make to your trading decisions. our highly qualified trainers and spot It is based on three principles: the crowd’s trails. History repeats itself Technical analysis is effectively the study of mass psychology because . ” . His passion for educating traders and Forex industry professionals has made him a Guru of the industry with his tutorials being welcomed across the globe by thousands of attendees on a regular basis. High Points and Low Points. In addition. MFTA) FXTM’s Head of Education is one of the world’s most respected FX educators and Certified Technical Analysts. His seminars particularly emphasise the importance of trend and risk management in order to maximise earning potential. his latest research thesis is entitled “Anatomy of a living trend: Swing charts. Andreas Thalassinos Profile 51 / 51 ANDREAS THALASSINOS (BSc. With his extensive knowledge. MSTA by the Society of Technical Analysts (UK). CFTe. MSTA. Peaks and Troughs and how their underlying structure may define their forecasting strength. Professor Thalassinos’ seminars and workshops are tailored to all experience levels. indicators and trading tools used today. MSc. Professor Thalassinos has been revolutionising forex education for years and was awarded with the international professional certificate. where both beginner and advanced traders gain thorough understanding of the financial markets and a deep knowledge of market analysis. CFTe and MFTA by the International Federation of Technical Analysts (USA). Professor Thalassinos’ seminars are instilled with a lively atmosphere and renowned for being enthusiastic and exceptionally informative with outstanding attendance on every occasion. Professor Andreas Thalassinos is known for being an authority in algorithmic trading and for developing hundreds of automated systems. you must always take into consideration your level of experience.from novices. directors. FXTM. RISK WARNING: There is a high level of risk involved with trading leveraged products such as forex and CFDs.NOTES TO EDITORS The FXTM brand provides international brokerage services and gives access to the global currency markets. validity. 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