FX COACHING
a system for a short while until it experiences losses and then switches to another system and follows the same cycle.
Because the trader is simply trading the system to a losing position and then switching, the overall result can only be consistent losses.
Breaking this habit is, in my opinion, the single most important step any trader can make.
Cr eat i n g your track record
Another often overlooked step to becoming a professional trader, which is
particularly
pertinent if you aim to trade for a fund or private clients, is that of creating a track record. A track record demonstrates the performance of your trading and shows potential investors what they can expect if they decide to place some of their capital with you. Perhaps the most important element of creating a track record is that of verifying the results within the track record so that investors can have full confidence in the integrity of the results being displayed.
50 FX TRADER MAGAZINE January - March 2012
Because this advice is aimed at people with little or no professional experience, and quite probably only a small amount of trading capital initially, the very best way to verify your trading results are trusted websites
such as
www.Myfxbook.
com or
www.Currencee.com where your trading account is attached to your profiling and your results win or lose are visible to everyone interested.
hedge funds with plenty of capital for professional audits.
Building contacts
When the time comes for you to start looking for capital and serious investors where will you turn?
This small tip alone will save you lots of headaches later on, once you are trying to convince someone to place capital with you, when your word alone is not enough to secure it.
If you do not create a verified track record then this will put you at a distinct disadvantage when competing against established
Many traders, especially novices starting from the very bottom rarely have solid industry contacts that can help them onto the ladder of fund trading, so finding these contacts very early on is crucial so that enough trust is developed when the time comes to apply for capital to trade. There are many tips and tricks to finding these contacts and the one I’ll share with you here is using p r ofes sio n a l networking sites
such as Linked In and quickly establishing people within the industry that are qualified to find you trading capital.
Perhaps the most useful site for this is
www.linkedin.com and when used correctly this can be a really powerful tool in connecting with professionals that can introduce
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