Saturday, April 20, 2019
5 Strategies From Traders With Magic Success of $ 600 to $ 100,000
Success stories of many traders circulating on the internet, including this one. A full-time trader from Sydney, Australia, named J Park, was highlighted by MarketWatch's leading media thanks to his fantastic screenshot results. He managed to manage a fund of USD600 which was deposited in March 2014 to USD100,000 as of February 2017. It's amazing, isn't it? Here are some things J Park recommends for beginner traders, as quoted from his interview with Mike Bellafiore from SMB Capital.
"I made easy money (100% luck), consumed several trading accounts, (then) started again with a $ 600 account for the third time and recently the overall profit has exceeded $ 100,000," Park said, adding that he learned from several mentor, "I learned a lot from many people.
2. Ready to Work Hard to Conduct Research
"I trade or at least monitor market movements from 9:30 am to 4pm and do (research) needed outside trading hours in order to improve trading results (although at first I didn't even know how to do it)."
3. Never give up
"I have to deal with the same obstacles as small traders in general when starting trading. Less instructions, small accounts, high trading commissions; whatever the problem is, I experience it," Park said. "I think I can succeed because I don't use "obstacles" are the reasons why I have failed, and continue to empower time and energy to strive for success. "
4. Compare Yourself with Others
"I started posting my daily Profit / Loss on Twitter in mid-2016 as a way to objectively document my progress and connect with traders who might be at the same level," said Park. "I think this has greatly helped my progress, and I want to continue to learn from traders from various levels of ability."
5. Avoid the Two Main Mistakes of Beginner Traders
According to J Park, there are two problems that generally overshadow beginner traders:
- Too focused on profit and loss, but not enough to pay attention to the trading process."If your strategy has shown resilience over time, the only thing you need to pay attention to is the execution of a consistent plan, then the profit / loss will be taken care of by itself."
- Ignore the trading setup and not adjust it to yourself
"In my opinion, holding additional explanations for trading setups that make sense to you, as well as criteria for entry and exit, is the most important thing to build confidence in your trading activities."
What do you think about J Park's tips? Many of them are already familiar to the ears, but there are also messages that are quite inspiring, such as using social media as a learning material for forex trading by following twitter accounts and sharing with fellow traders. Many traders have actually undergone a similar process, especially at ForexFactory, where traders all over the world gather; but maybe rarely do they go as far as Park.
These tips sound simple, but the two themes that are repeated are sincerity and hard work. No one can succeed in trading suddenly like the fall of durian in broad daylight by relying on luck alone.
There are still many stories of other traders' successes, both by famous people and ordinary people, of which some are discussed in my article.