Why I want to trade…

[analyst75]

“The secret to being a successful trader is to keep your ego in check when things are going in your favour, and to persist when times are tough. Know when you’re out of your depth and you need to turn to a mentor for help.

 

The key mistakes I made when starting out revolved around not understanding the importance of risk management. I took far too many risks, not understanding the potentially catastrophic consequences that were just around the corner.

 

Now, when presented with an opportunity, I use the pre-mortem method. This is where you imagine that the project you’re about to be involved with has failed abysmally about one year into the future. Then you consider all of the possible reasons why this could have occurred, as if you were looking back on the entire fiasco.

 

Once you’ve isolated the potential areas for catastrophe, you then review your plan and work out possible ways to plug any holes that could lead to a negative eventuality in the future.

 

I’ll always remember that when I was about eight years old my grandmother said: “She who has the gold, makes the rules.”

 

It was then I realised I wanted to make money and not be reliant on anyone else. I wanted to be the one to make the rules, rather than be the one who always had to follow them..” – Louise Bedford

 

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