Why All Beginning Traders Should Be Risk Managers First

Why all beginning traders should be risk managers first.

Good Morning Risk Managers.

Another day to remind you that most of the market preparation is done before the market hours.

One hour before market opens should be your mental preparation hours.

This is how you develop the mental edge.

Probably if you don’t know your MENTAL EDGE is more important than TECHNICAL EDGE.

Activities which you give you a MENTAL EDGE;

-Meditation.

-Exercise.

-Journaling.

-Proper market analysis.

-Watching psychology videos.

MENTAL ALWAYS TRIUMPHS.

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The Basic Difference between Trading and Medicine (or other Areas of Education)

In medicine, there is so much to learn (in terms of quantity/large collection of books).

Little to learn in fx bt deeper learning required for that little.

But the main difference is:

What you learn in medicine is static; what you learn in fx keeps changing depending on the context/scenario.

To use an analogy, in medicine, you learn all the 23 letters in the alphabet.

These letters never change regardless of the situation.

A remains A.

For example, if one suffers from disease A, that cannot be interpreted as disease B no matter the situation.

Whether you’re in Britain or Kenya, pneumonia will just be considered pneumonia.

In fx, you only learn 3 letters of the alphabet, for example, F, G and H.

However, each letter can be interpreted differently depending on the situation.

For example, for scenario 1, F will be F; but for scenario 2, F can mean a combination of F and H, and for scenario 3, F can be G.

For example, at a given time, breaking the resistance level can mean a change of trend; at a different time, breaking the resistance level can mean picking the liquidity rather than changing the trend.

One of the reason why a very successful trader can be considered more of an artist than a scientist.

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Maintain a detailed trading journal to record your trades, thoughts, and emotions.

Analyzing past trades can help you identify patterns in your decision-making process and learn from both your successes and mistakes.

This self-reflection can lead to improved trading strategies over time.

“I don’t invest in anything I don’t understand”, Warren Buffet.

This single saying has given Buffer an edge over other stock investors.

As a trader, there is absolutely no need to trade a pair which you don’t understand.

Understanding a pair means backtesting it, trading it on demo and live.

The more you trade a pair the more you understand its temperament.

Chose one or 2 pairs.

Backtest them thoroughly and stick to them.

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In the longterm, this will also build your patience.

The larger the account – the larger the ego.

The larger the ego – the larger the risk appetite.

The larger the risk appetite – the larger the losses.

If you can’t tame your ego and get your tenets right on a small account then save yourself from a bigger account.

Investments are a necessity , making them early is important.

But what’s better is having a company that guarantees minimum risk of losing.

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This is why you will be doing 0.50 lotsize on a $50 account and after several losses, you’re left with $5 and your brain resets to coming back to 0.01 – it’s a roller coaster.

You know in your mind how wrong it is to open 5 positions on a $20 account but you’re tempted by your desires to hit a million $$ over the next 1 week – but we all know the end results of temptations!.

Your self awareness is paramount in trading.

Like knowing when to use AI software to increase your profitability.

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1- The Forexcopier Robot searches for profitable trading opportunities round-the-clock, 5 days a week. Therefore, unless you disable it, you will never miss a profitable trade opportunity.

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3. It automatically analyzes the market data.

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Its not everything your mentor will open up and tell you about.

Some things are revealed via practice with diligent devotion and studies of what you were taught..

If you don’t practice with an open heart to understand in details , you will remain the same way you were before you met your mentor.

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Knowledge is just knowledge.. what brings changes is consistent practice and implementation of that knowledge then your eyes will open to the several variations of how you can apply that knowledge, for your benefit.

The most important trade is the NEXT TRADE.

Not the last trade.

That is why you should always release the feelings of the last trade and focus on the NEXT TRADE.

Take that loss and don’t let it get to you.

This is just business.

Impatience stems from positive expectations and a desire for quick results.

To cultivate patience, adjust your expectations and focus on the journey.

It’s about the process, not just the outcome.

And it is the process that will make you a good risk manager who gets to not only keep their money, but make more also.