Lecture 10 treated like a pro. So, this is why people fail at trading. So they simply don't act like a professional trader. And the reason why they don't act like a professional trader is because they're not thinking like a professional trader. A professional trader knows that his psychology is key to his or her success. He knows that if he has had a bad journey into work, didn't sleep well because of the kids or had an argument queue in in line, then these things will all affect his trading.
I know traders who will take the day off simply because their morning routine was interrupted for some reason that day. It is so easy to lose money in trading as we So from our earlier example, on psychology, that if you're not on top of your game, then not trading is probably the best thing to do. Because by not trading, you are not losing. And so you are preserving your trading capital. When trading, don't focus on the money at risk, or even the money you could make. Don't think ahead about quitting your job or being rich.
This is what the amateur trader would do. The professional doesn't do that. They are focused on the process and not the outcome. The professional knows that the key to their success, and ultimately profits is consistency and discipline. They are focused upon following the rules of their trading system and nothing else. The professional things positively and they can do that because they know that everything's stacked in their favor.
So long as they remain disciplined, and trade consistently, they know that they have a proven system. They know the performance of their system. They expect draw downs. They know the maximum run of losses, and so they trade without fear. They also know that in order to take advantage of the law of large numbers, they must take every trade that comes along, which meets they're also trading. And over time, their results will move closer and closer to the overall performance measurements they have recorded in their back testing process.
They also think about the risk on every trade. They trade small enough so that the risk of Ruin doesn't take them out of the game before they see the profits they know their system will produce. Their goal is to ensure that they trade small and so they can stay in the game. The only three thoughts that you as a professional Trading should have when you're just about to enter the trade are one, does this trade meet my rules of engagement defined by my trading system? Is the risk and reward ratio acceptable? And do I accept that risk?
If you can answer yes to all three questions, then you enter the trade and let your system deliver the profits, you know, available over time. And this is the way you become a successful and profitable forex trader. If you consistently do these things, trade small and stay in the game, you'll be on your way to trading success. All that is left to say is thank you for taking this course. I wish you all the very best of luck and I look forward to hearing your trading success in the future.