by George Kramer

The 7 things that every trader can do to have success are:

1) Get rid of your indicators – They are just getting in the way. If you are able to trade just using price action, you are way ahead of the curve.

2) Learn the concept of money management – It doesn’t matter what kind of trading system you are using. If you don’t know how to manage your money, you will never make it in this business. Too many people are just overleveraging their account, until it eventually crashes and you are left with no money.

3) Don’t rely on demo trading for too long – The normal tendency is to trade on demos on until you feel comfortable trading. The problem is that people just abuse the demos. They trade for so long without any kind of risk that they just can’t handle when they trade with real money.

4) Keep your emotions under control – There as may traders with unbelievable potential. They can really take apart the market. But unfortunately they don’t know how to control their feelings. The moment you panic, is the moment you realize you are not cut out for this.

5) Start with Mini Accounts -Don’t start off playing full lots, because I can assure you that you are not prepared for it. Trade with money that you can afford to lose, before you start trading for big bucks.

6) Keep the margin reasonable – If I were to recommend a margin ratio that you should use it would probably be 200:1. It’s enough room to play with.

7) Be Prepared When The News Comes Out – Find out what kind of news most market analysts are expecting, and see if the actual meet or exceed analyst expectations. That’s the bread and butter of news trading.

About the Author:
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