Episode 8: You should close out your position if you stray from the trade story
Episode 8: Michael Marcus
A trader who grew a $30,000 account into $80,000,000
wondering what kind of trades he was making.
Also, when asked whether becoming a great trader requires talent,
Especially for traders who reach the peak,
I think talent given by God is necessary.
But if you want to be profitable and capable, I think it’s about effort.
Michael Marcus answers
what kind of trades he makes,or
what kind of mindset he has.
We’ll introduce those.
What Michael Marcus advises traders to do are
two trading methods.
One is money management.
Use no more than 5% of your capital on a single trade.
Even if you enter with two currency pairs,
if those two pairs are correlated, treat them as one.
Another is to always set a stop-loss level.
Also, if something doesn’t go as expected, or you feel it’s wrong,
or you’re uncertain, close the position immediately.
On the mindset side, what about it?
Where Michael Marcus differs from other traders
is viewed in this way: objectively.
Do not hold any biases toward anything.
Even information that is emotionally hard to believe, actively accept it.
If things aren’t going well, stop trading.
Even if the market moves unexpectedly after you stop trading,
this is how it looks:
You’ve probably heard of these
trading methods or mindsets somewhere before.
But whether you can consistently adhere to them is crucial.
The people who can do that become winning traders.
Writer:Yusuke KurodaProfile: FX information product trader. While working as a company employee, I became free from money worries through FX and binary options.
Blog:FX Information Product Trader Verification & Review Site
