Welcome to lecture to the factors affecting successful trading. If you ask most amateur traders to rank these three qualities in order, they would say it is the system which is the most important. And this is the primary reason they go wrong. There is a clear distinction between professional traders on one hand and amateur traders on the other. And throughout this course, I will teach you exactly what those differences are. And this is definitely one of them.

Actually, the system is the least important factor that will determine your trading success. They say if you give a mediocre system to a professional trader, he can make money from it. But if you give a great system to an amateur, somehow he will lose all of his money. In second place is money management. And this is the process of budgeting, saving and spending your trading capital in order to maximize your long term returns. And the final element is your psychology, which is by far the most important aspects of your trading, and the least important the least considered by amateur traders.

And psychology has nothing to do with intelligence. It is simply how you think feel and behave when you are trading. We will go through each of these elements in detail later on in the course. In the next lecture, we will look at zero sum markets, and what it means for you as a professional trader.