Highly Successful Traders’ Powerful Advice | Forex Trader Motivation

(motivational music) – [Chris Capre] There'sa really good quote by Sir Edmund Hillary.

Sir Edmund Hillary, I believe he was the first person to fullyclimb and summit Mount Everest.

And they were asking him, you know, there was obviously a lotof questions, you know, like how did you do itand all these things.

And he had this greatresponse which is he said, “It's not the mountainthat we're overcoming, ” “it is ourselves.

” And to me that is very symbolic and representative oftrading which is that you're not conquering the markets.

The markets don't even know who you are, they don't care who youare, they never will.

Unless, even if you're Soros.

The market will alwaysbe bigger, and you know, comprised of bigger thingsbut you're not conquering the market, you're notconquering trading or strategies.

You're conquering yourselfand your own mindset and your own limitingbeliefs and fears and doubts and confidence, or lack thereof.

You're conquering yourown inner obstacles.

And when you remove those inner obstacles, when you transform them, when you change them in a real fundamentalway, then that's when you'll start to experiencenot only success in trading but you'll experience aconfidence and a wisdom that can and will lastyou the rest of your life.

And it will be a part ofeverything you do after that.

And so that is my kind of final thing which is that, you're notovercoming the mountain or the market, you're overcoming yourself.

– Focus on not losing money and do not focus on making money.

You need to look atthings opposite of the way that you want to.

So focus on managing yourrisk, and stop trying to figure out how many pipsor tics you can make everyday.

– [Marina Kuperman] Patience.

(laughs) Like what I was saying, youknow, you want to jump in, you want to start makingthe millions tomorrow.

You need to be patient ifyou really want to do this, it will happen, but it takes time.

And that's it, andcommitment, like I said, you have to have the patienceto know that it will happen but you need to commit to the process and enjoy the processbecause it can become really enjoyable, almostspiritual, so that's it.

Patience, commitment, enjoying the process.

– You want to focus on a development plan.

Actually have a plan of action in place.

Actually have a startingpoint, plan of action for development, andfrom there it will take a natural course.

So it will change andmove, and that way you will gravitate toward whatyour psychological profile becomes more acquaintedwith or has a higher level of aptitude for, so that development plan will actually help to connect the two.

So, I highly suggest, don't do things randomly, really develop and establisha development plan, and then your tradingmodel will be a result of an effective development plan.

– [Michael Toma] Simplicity, simplicity, simplicity.

Don't let your emotions drive decisions.

There's so much noise in this business.

Let the data, let your historicaldata, your back testing.

Let the results drive yourdecision making process, okay.

You know, I hear, I think thistrade is going to do well.

Or, I like this setup.

Those are all emotional, those are all emotional verbs.

Be statistical, be data driven, alright.

To answer your questiontowards, stop thinking.

Don't think too much in this business.

Keep it simple.

– [Rayner Teo] I wouldsay the biggest thing you can do for yourself asa trader is to, you know, risk a fraction of your trading.

Risk 1% on each trade, right.

If you can stick to this one simple rule, I believe that you can achieve, you know, survive the incomeright, 1% on each trade.

You give a thousanddollars, put in ten dollars on each trade.

I don't think you cantrade a lot of markets with 10 dollars, possibleonly the foreign markets but yeah, stick to 1%on each trade, alright.

Risk 1% on each trade.

You can have, you know, ten trades.

Ten loosing trades in arow but you know it's only a draw of 10% and it's something that you can still overcome.

So I think that's the bestadvice I have for traders.

Risk small, keep yourtuition fees really small.

And once you get it, onceyou get a a-ha moment, that is all that matters, scaling up accordingly.

– [Richard Weissman] Manage the risk.

– Simple, so how do you do that exactly? – [Richard] Never riskmore than 1% of assets under management on anyspecific trading idea and dampen the risk infront of the event risk days or event risk moments.

And be cognizant ofcorrelations between assets, possibly correlated assetsdampen your exposures because of that.

– [Dr.

Van Tharp] I rememberin the market decline around 2002, CNBC ran some sort of poll: why do you think you lostmoney in this market? And they had items like, corrupt analyst, corrupt CEOs.

Badded buzzers, you know, bad market.

And a few other things like that.

Well, every one of those have in common, blaming somebody besides yourself.

They could have asked, youknow, I didn't have a system.

Or if I had a system, I didnot understand position sizing or I didn't realize thedifferent systems trade under different markettypes, and you have to have a system with the market type changes.

You know, I didn't have aunderstand position sizing, I didn't have good exits.

Or I had all of this inplace, and my psychology was terrible.

Now, if you had those asreasons, that you could fix what happened, but ifyou're blaming other factors or your lack of successother than yourself, then you're going torepeat the same mistakes over and over again.

(motivational music).