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Taken from a published Q&A
Dear Malcolm,
I am currently a student in my final year of an economics
degree, the lure of becoming a trader is something that I have
aspired to for some time. I would like to know if there are any
professional qualifications that would help my career or any
courses that would help to make me a successful trader.
Many thanks – Irfan
Irfan,
I am and always have been an independent trader, i.e. I have
never worked for a Bank or other financial institution. Most
employed traders are not in fact traders as they really just
execute orders rather than trade speculatively. So if you want
to be employed, I can't help you, but if you want to develop as
an independent trader I can offer some advice.
1) Trading is a skill that will take time to develop, so expect
to be learning for your first year and make sure you have enough
money to cover your living costs (as well as trading capital).
2) There are no perfect systems out there, so focus on
developing your skills rather than wasting time and money on
buying holy grail systems.
3) Have a financial plan in place which includes daily, weekly
and monthly loss limits. These limits need to be appropriate to
your starting capital.
4) Start with a simple, logical trading strategy, it doesn't
have to be that good; if it is a breakeven system that is fine.
Your goal is to be in the markets trading and observing; you
need to develop your ability to interpret the market and you
need to become aware of your own limitations.
5) Remember you are learning, if you do breakeven in the first
year that is a great result. If you stick to the idea that you
are learning; if you trade conservatively always within your
loss limits and if you follow a simple and logical strategy....
you can increase your chances to prosper!
Good luck
http://www.themasteryoftrading.com/ftc/cb.php
Kind Regards
Malcolm Robinson
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