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Trader’s Car Plan

If you are a trader or you hope to become one of the bests, you need a plan and it has to be a good one. One of the reasons that people lose money in Forex industry it’s that they don´t have an action – defense plan, and I have to be honest; although brokers don’t teach this kind of things, it´s true that they can´t create a different plan for every single trader, every trader moves ahead at different ways, fear, risk, greed, personality; so their ways to operate are somehow under rules of human factors. I’m not trying to say that´s something bad, however, this can open a sort of possibilities to lose and make huge mistakes.

Usually a trader starts with some small transactions because he wants to earn some money, unfortunately he doesn’t know what it takes to operate Forex, then he learns some indicators and hears to the news to try to do the same with the same motivation: earn some money. After thousands of tries he´s tired and wants to try last time and hopeful buys a robot to make transactions and once more, he fails. This will happen again and again for one reason: this trader doesn’t understand how to operate Forex, he doesn’t know what to do, how and when, or he just knows it but he doesn’t create an action plan to be automatically executed, honestly to this point, he just want to earn money.

Let me show you with an easy example how impractical this looks: I´m in city A and I want to go to City B, there I have a new job awaiting for me, and I’ll earn big money and probably meet some nice people. I know about a great invention that can help me to get there every day: the car. Now, let´s pretend that I don´t know how to drive, but that´s not my problem, I don’t really want to learn how to drive a car right now, the only thing I want now it´s to get to city B.

That´s exactly what happens to the novice trader, he wants to get to city B (earn big money), he doesn’t care how this invention works at all and how this can be his victory, (Forex).
After some time walking, traveling on public bus passing by 3 cities before mine, I understand that the only chance I have to get there is that car, so I get in the car and shout: take me to my destination! Nothing happens. I press buttons and turn the radio on, know how to use the wipers, and how to replace the tires, the only thing I don’t know how to do: make that car works! I feel frustrated. The car is going to work as soon as I follow step by step the procedure to make it work! Finally I decide to follow the steps and the car works, it does, because I did what I had to do, regardless of frame of mine, fear or greed.

Don’t you think this is an action plan? (Step 1: put the key, step 2: make the change, if step 2 doesn’t work, try something else, step 3: the clutch, etc.) This is how trading has to be for you, a vehicle to take you since today until your destination tomorrow, just like the car, there are other things in this life where you need an action plan regardless of your frame of mind, fear or greed. This plan will defend you from yourself and if this is a good one, you can make it work automatically while you work in something else. If right now you can´t describe your own plan, that´s maybe because you don’t have one.

ALEXIS TAPIA
Business Development Manager Tradeview Ltd.

atapia@rhino-report.tradeviewforex.com

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com