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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

buysellMost struggling traders seem to think that making consistent money in the markets is an extremely difficult achievement that always seems to be just out of their reach. Well, in today’s lesson I’m going to let you guys in on a little secret; making consistent money in the markets is not as hard as you think. In fact, you may even be surprised to know that you probably already have the knowledge to trade like a pro trader; you just have to make effective use of it.

I want to hear from you!…leave me a comment after reading today’s lesson and tell me which of the 12 points below you need to work on the most or which ones helped you.

I find that most traders who can’t seem to make any consistent money in the markets already know what they need to do to become successful, but they don’t make proper use of this knowledge. All traders have the motivation to make money in the markets, but most are focusing that motivation on the wrong things. If I can boil down the primary differences between professional traders and amateurs, I would say this; pro traders are motivated by the long-term outcome of their interactions with the markets, whereas amateur traders are motivated by the short-term outcomes. Once you learn that you can only make consistent money in the markets by dropping the impulsive desire to “make money now”, you will cross the threshold into thinking and trading like a professional, and eventually you will become one.

Here are 12 surprising reasons why pro traders make money:

1. Professional traders don’t spend as much time analyzing the markets as you do

Perhaps you think you aren’t analyzing the markets ‘enough’ or that you need to read more economic news to make money consistently…I can almost assure this is not the case. I can also almost assure you that you are probably spending more time analyzing and thinking about the markets than most professional traders are. Pro traders know what their trading edge is without a doubt, and they simply analyze the markets at their favorite times to do so, look for their trading edge, and then either trade or walk away. Think about it like this; why are you sitting there wasting your brain power if your trading edge is not present? Maybe you don’t know for sure what your trading edge is? This brings us to number 2…

2. Professional traders trade what they see, not what they think or want to happen

Many traders get caught up in a game of becoming so fixated on a particular thing happening in the market that they convince themselves the market is going to do what they think or want it to do. This of course causes them to do stupid things like over-commit themselves to a position or over-trade.

Professional traders understand that they never know ‘for sure’ what a market is going to do; therefore they don’t become mentally or emotionally attached to any particular directional bias. They simply use their price action chart reading skills to determine the most logical and probable near-term market direction and then look for price action setups that agree with it. If they don’t see anything obvious forming that meets the guidelines of their trading plan, they go play golf, read a book, go to the gym, play with their family; but what they never do is trade just because they’ve rationalized some ‘trade setup’ in their head, simply because they have an urge to trade. Pro traders know EXACTLY what they are looking for in the markets, and they only trade when they SEE IT form.

3. Professional traders do not rely heavily on indicators

I realized early-on in my trading career that indicators were not only clouding up my charts, but my thinking too. It really wasn’t until I learned to trade with price action and I took off all the indicators that I really started to get ‘in-tune’ with the market. Professional traders know they need to have a thorough understanding of how to read a naked price chart as the cornerstone of their technical analysis skills.

Most traders go through an evolution where they start out looking for the “Holy-Grail” by trying every trading system, indicator, and EA out there, and then they either give up or begin to simplify their trading. I like to use the analogy of traders in the pits of the major stock and commodity exchanges; do you think those guys are looking at MACD, Stochastics, Elliot Wave or other “BS” indicators? Obviously not, they are reading tape, or price, they are basically just trading based off pure price action, and we can do that my taking off the forex indicators on our charts and learning to trade the natural price action of the market. (I know some of you are thinking that I do use indicators since I use a few moving averages, but I don’t use them in the traditional ‘cross-over’ moving average method, rather I use them to highlight dynamic support and resistance and for trend analysis, and I really only use the 8 and 21 day EMAs)

4. Professional traders rely on their brains, not on EAs or trading software

I know that many of you have been tempted to buy one of the fancy sounding Forex trading robots out there, with a name like “Forex Turbo Pip-Blaster 10,000”…what unsuspecting newbie wouldn’t be tempted? But what the guys or girls selling these ‘snake-oil’ trading systems aren’t telling you is that they are just programs that do the same thing over and over; they aren’t flexible and the ‘results’ they show you on their websites are either made up or back-fitted over a perfect sample of market history. In reality, the market ebbs and flows, and no computer program will make money as effectively as a human can over the long run. You need discretion and human brain power to navigate the markets successfully over the long run. Until we have true artificial intelligence the human mind will always be the best trading tool.

5. Professional traders don’t focus heavily on fundamentals

Whilst there are pro traders who do use fundamentals, I can assure that most do not. The ones that do use them do so because they are interested in the fundamentals more than anything, and they likely use them as ‘confirming’ factors for what they see on the charts. There is simply no real reason to rely heavily on Forex news and fundamentals because all of these variables are ultimately reflected via the price movement on a naked price chart.  Sure, it’s good to be aware of the most volatile news releases like Non-Farm Payrolls or interest rate announcements, but beyond having an awareness of the timing of these releases in order to tighten stops or take profits, there is really no use in analyzing them in-depth. If you want to see how a news event or economic release affects a market, simply look at its price action, because all variables are ultimately reflected via a markets price action, so when you learn to trade price action you are indirectly learning to trade everything that affects it too.

6. Professional traders listen to themselves, not others

Did you ever enter the market because of something some “expert” on CNBC said? Honestly, did you? I bet you did, I’ve done it before, in my early trading days. It’s an easy mistake to fall into; after all, these guys and girls do seem to know what they’re talking about. But, the funny thing about the economic media is that you don’t have to look too long before you find another opposing “expert” opinion. If you read these people’s opinions long enough, you’ll soon either get a headache, enter a stupid trade, or just decide they are all full of crap. The latter is usually the best option. The point is this, you’ve got to make your own decisions in trading, and no one will ever care more about your money than you do, so don’t follow some “expert’s” advice if you feel in your gut that it’s wrong. Trust what the charts are telling you, not what some talking head on T.V. says. Professional traders are confident in their abilities and they don’t let other people influence them or make their trading decisions for them. Take everything you hear from the “experts” with a grain of salt.

7. Professional traders are realistic

You will not become a professional trader if you aren’t realistic about trading. What I mean by ‘realistic about trading’ is this; you aren’t going to make a full-time income from the markets right out of the gate with a $5,000 account. You need to consider how much disposable income you have to trade with right now, and then decide how much money you think you are emotionally comfortable with losing on ANY one trade, and then adjust your position size accordingly. You can’t just ‘run and gun’ and think you can get away with risking 30% of your account on one trade, hit a big winner and THEN worry about forex money management. That’s just not how it works. You have to be realistic and disciplined BEFORE you become a pro trader…you essentially have to “act as if” you are a pro trader before you are one…if you ever expect to become one.

8. Professional traders have a well-developed discretionary trading sense

As we discussed in number 4, humans have the ability to be much better traders than computers, because we have the ability to use discretion. There is something called a “gut” trading instinct that the best traders have, and it comes from time, education, and practice. Price action trading is a flexible and discretionary trading method, meaning not EVERY pin bar or other setup will be traded. Instead, we only take those that meet our trading plan criteria and that “look” right…how a trade setup looks to you depends on your discretionary trading ability. Eventually, you will develop it to the point that you instantly know whether or not a particular setup is worth trading just be glancing at the market quickly. You’ll need to use your discretionary trading sense to ultimately decide which price action setups to take and which to pass on.

9. Professional traders feel no ‘need’ or ‘pressure’ to make money in the markets

Above and beyond everything else discussed here, not becoming emotional as you trade the markets is the most important factor that allows pro traders to make money. If you feel like you ‘have to’ make money from your trading in order to be happy or have a fruitful life, you are probably relying on it too much. Most people who excel at trading don’t feel like all their ‘eggs’ are in the trading basket, and they won’t be homeless if they don’t make money in the markets. Essentially, you have to be at a point in your life where you are already happy and have a plan B to fall back on in case you don’t make it as a trader, this will naturally increase your odds of becoming a very successful trader. If we put too much pressure on ourselves to win on any one trade, the whole process of trading just turns into an emotional mess of losses.

10. Professional traders are organized and disciplined

You need to be organized and disciplined to harvest and maintain the proper Forex trading mindset. Having a trading plan and a trading journal and actually using them will go a long way towards turning you into an organized and consistently disciplined trader. Traders who think they don’t need to be organized or who aren’t disciplined, usually behave this way out of arrogance. It’s this same arrogance that will ultimately lead to their demise in the markets. When your hard-earned money is on the line you don’t want to assume you will ‘make a trading plan and trading journal later’…you need to do these things before you start trading real money, not after.

11. Professional traders only trade with disposable capital

This point applies to normal ‘retail’ traders (not investment banks and hedge funds). What is disposable capital? Basically, it’s money that you don’t need for any of your life’s expenses or for retirement or anything similar.  If you trade with truly disposable capital, you will not become overly-attached to any one trade, and as a result you won’t become as emotional as you would if you were trading with money that you really needed for something else. The best way to get started in trading with an emotion-free mindset is to only use 100% disposable capital.  So don’t go taking out a second mortgage on your house or borrowing money to trade, this is usually a huge mistake and often ends in tears.

12. Professional traders use simple trading strategies

Finally, many beginning and struggling traders are surprised when they find out just how simple most professional’s trading strategies are. Pro traders know that simple Forex trading strategies like price action are the best, because it’s simply unnecessary to analyze most variables outside of the natural price action in a market. They also know that simple trading strategies work to influence a simple and clean trading mindset, and one’s mindset is the most important factor to success in the markets. If you like the idea of keeping it simple (KISS) – I suggest you check out my Price Action Forex Trading Course, it’s full of simple yet effective trading strategies that will dramatically improve your trading decisions; find out more here.

Which of the 12 reasons that pro traders make money surprise you the most? Maybe you already knew everything discussed above but you just haven’t been implementing it? I want to hear from you! Please leave a comment below and give me your feedback.

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008. Checkout Nial's Professional Forex Course here.
  1. MK July 11, 2017 at 1:48 am

    trading under pressure

    thnk you for the valuable notes

    Reply
  2. siphamandla mahlangu November 24, 2016 at 2:00 am

    Professional traders are realistic. These lessons are really making a difference in my trading experience thank you very much.

    Reply
  3. DavidC April 9, 2016 at 6:30 pm

    “If you read these people’s opinions long enough, you’ll soon either get a headache, enter a stupid trade, or just decide they are all full of crap. The latter is usually the best option.” this is an excellent article. All the 12 are great. PRO traders don’t listen to others but to Naked price charts. Thanks. You are the Guru Nial

    Reply
  4. Anna Aithein January 2, 2016 at 5:21 pm

    Great Post Thank you for share this beautiful post

    Reply
  5. Ali November 15, 2014 at 9:48 am

    Great!

    Reply
  6. terry shead November 9, 2013 at 1:07 am

    Brilliant I have tried quite a few and still do, never learn.

    Terry Shead

    Reply
  7. Nabs June 12, 2013 at 8:01 pm

    Excellent article !

    Reply
  8. Mahdi hatami June 4, 2013 at 8:26 am

    I wonder How I wasted 8 month on analyzing different EAs.
    I have lots of mistakes but trying to get better and I feel profit for the very first time!
    these were considerable for me:
    1-2-3-4-5-7-10-12

    Reply
  9. Dwayne February 27, 2013 at 6:58 pm

    This was a great post and I love the fact that you keep everything simple so that even a novice can understand! Just putting this post up is a great thing and I appreciate it. I would love to talk to you about the markets sometime. Anyways thanks again and have a nice day

    Reply
  10. Keith Loy November 16, 2012 at 5:20 am

    Hi Nial,
    As always, this article was very helpful, especially points 1, 3 and 12. I used to think that the more indicators I used and the more time I spent analyzing the interaction of those indicators with the market, then the better a trader I would eventually become – but I only ended up confused and mentally exhausted.
    I’ve cleaned up my charts now, even though a part of my mind still finds it hard to accept that professional traders do indeed keep it simple, but I’m trying to ignore that part of my mind now and I will definately keep my trading simple from now on.
    Thanks!

    Reply
  11. xiucui October 14, 2012 at 1:04 am

    “act as if” you are a pro trader before you are one!

    Reply
  12. Dan October 13, 2012 at 12:18 am

    number 5! i thought the pros lived off of fundamentals and now you say they ignore them? eye-opening!

    Reply
  13. James September 11, 2012 at 4:44 pm

    It’s another wonderful article.

    Point 8 is definitely an art, and Nial, you are THE EXPERT! The Best of The Best!

    Reply
  14. ped August 17, 2012 at 7:41 am

    sure; that the way to trade. thanks Nial

    Reply
  15. asep July 10, 2012 at 8:11 pm

    it is the way trade like a pro

    Reply
  16. kml June 11, 2012 at 12:40 pm

    its very useful for us

    Reply
  17. chris Ahize June 6, 2012 at 7:03 pm

    I really admire Nial a lot. He is the only really professional trader I know and sharing most of the things he does for free is just amazing. Keep it up brother! Soon I will be in your forum.

    Reply
  18. Rohan June 2, 2012 at 3:49 am

    Thank you Nial

    I am almost a decade into fx trading and had ups,downs, quit and restarted. This twelve points really sums up a lot of my studying`s with I undertook before trading again,and I applied it to a demo acc and it works, patience and timing, somewhere I read “it is not time spent in the markets, rather timing the markets”,

    So thank you,always a good read.
    Rohan

    Reply
  19. Khairul Azan May 26, 2012 at 2:01 pm

    More than six points make sense to me here..thanks Nial..That’s how prefessional trader trader the market..

    Reply
  20. Francis otieno May 25, 2012 at 3:38 pm

    I suffer from most if not all…but am slowly changing,thanks Nial

    Reply
  21. Michal May 25, 2012 at 7:09 am

    very good article. I am just a beginner yet. But I know I want to do daily charts and H4 only already.

    point 1,5 I am glad about, because I am not into studying news in detail. But I was surprised by point 9 that is the real recipe how not to become emotional. Thanks Nial, great job.

    Reply
  22. Joe May 24, 2012 at 4:02 pm

    Great article! Guilty on point 2 – I now know it’s called speculating :-( Guilty on point 3 too – my charts used to have many lines criss-crossing each other it looked like abstract art! Everything is making sense here…thanks Nial for sharing.

    Reply
  23. Jose May 24, 2012 at 4:02 pm

    All very good points. The challenge in my view is the consistent application of these over time. Trading really isn’t difficult – we just make it so… Thanks for the great article Nial

    Reply
  24. Cezary May 22, 2012 at 9:49 pm

    Brilliant article. So much wisdom condensed into 12 points. I’m promoting this website wherever I can. I have learned early on that laws of success are usually counterintuitive, and doing the opposite to what most people do gets you far ahead of others. “If you do what most people do, you will get what most people have”, and trading is a good example of it. Thank you for sharing the wisdom.

    Reply
  25. slivester May 22, 2012 at 2:59 pm

    thanks GOD…..now i have a real forex GURU…..

    Reply
  26. Arthur May 22, 2012 at 12:34 pm

    Thanks a million Nial,

    Before taking your price action course, I did EVERYTHING wrong with the exception of #11. I have always traded with disposable income, however I used all kinds of indicators, fad EA’s, news trading; you name it, I’ve done it and lost for over 7 years. I still have to work on #10, my journal, but applying the information in your course has made me a different person and trader altogether. For the first time I am able to execute successful trades without sitting in front of the computer for 12 hours a day. I can truly say that your course has improved the quality of my family life. Thanks again!!!

    Reply
  27. SDES May 22, 2012 at 2:03 am

    I have been trading for last 8 months. All points are important for me. Thanks for the valuable post.

    Reply
  28. Jacek May 22, 2012 at 1:55 am

    Hi,
    in my opinion reasons 2 and 6 are most important however understanding all 12 reasons is crucial in trader’s development.
    Professional traders do not want to predict but act whenever there is possibility to make money and they don’t listen to others.

    Reply
  29. John S. May 21, 2012 at 11:33 pm

    Number 11 is my biggest road block right now. I trade mini lots bc i have a small trading account and do need to make some money. I often take small profits bc i don’t want to watch the trade go negative.

    I need to work on this so I can let my trades have more room to run.

    Thanks again for all the great insights and information.

    Reply
  30. Aaron Brown May 21, 2012 at 11:10 pm

    Nial, I have comitted all of the ‘sins’ as you have described here. My trading has turned around dramatically in the last month. I have consistently pulled 2% out of the market each week. What did I do?
    1. Joined LTTM and learnt to trade PA
    2. Got a very clear understanding of what 8% per month meant to my equity curve over the long term.

    Reply
  31. ifa May 21, 2012 at 11:01 pm

    Thanks Nial……Soooo Much :))

    Reply
  32. chibuzor May 21, 2012 at 8:15 pm

    i’ve not started a live account yet, but with the demo account i blown certain amount. with your teachings i know whenever i start a live account, i’ll be good at trading the market. thanks nial

    Reply
  33. kotijett May 21, 2012 at 10:57 am

    Nial, all points stand out for me. It is reinforcing my own belief system which helps and strengthens my trading. Like exercising to become fit through repitition. Thanks for sharing todays lesson.

    Reply
  34. Vilém May 21, 2012 at 6:03 am

    The most difficult point to achieve in my opinion is number 8, because this so called trading “gut” is difficult to develop. Thus beggiers would use their premature trading gut rather than keep the tough discipline and so they : exit trades to early, move around with stoploss, go on BE to early or take every single PA formation availible etc. It took me 1,5 year to develop a sort of a 6th sence for suspicious PA setups and to conform to emerged situaton-low risk/high reward. Thanks to Nial indeed. :-)Trade well.

    Reply
  35. Poda May 20, 2012 at 10:17 pm

    HI Nial

    This is a very good article that has remain me of the key point you i have to strength day by day. I filled that 1 and 8 are the ones where i have to work more. I guess that there is a relashionship between them given that i try to improve my gut feeling by increasing screen time however sometime i start to overanalyse. This is a dynamic feeling. Of course improve as i have profitable trades and after a few losses this may drive me to overanalyse my strategy

    Reply
  36. Maria May 20, 2012 at 9:27 pm

    I have experienced every point at some stage during my trading life. For me Trading is like having a new born baby soooo challenging yet very rewarding in many aspects,( Yes I have a 2 year old lol ) Thanks to Nials course I am receiving the support I need to take my trading to the next level. Very Grateful

    Reply
  37. Filopastry May 20, 2012 at 8:08 pm

    trying to forget is my problem. I can find my setup enrty exit everything else. but I always second guess my trade and fudge it. I had 6 winner turned Break even because of fiddling. which in turn destroys your account because losses are never cancelled out by winners. Slowly I am rebuilding my account and accepting my edge does work over time. Sometimes you need to fall down a large hole to see the light.
    Pure price action is the only constant in trading.
    And I love it.

    Reply
  38. Phil De Aquino May 20, 2012 at 2:26 pm

    This is true and right way to trade. All of them are for me.
    Thanks Nial.

    Reply
  39. Felix May 20, 2012 at 2:15 pm

    Good, Precise…..More of such. Thanks

    Reply
  40. The Big A May 20, 2012 at 1:38 pm

    The first point “professional traders analize charts less time than you do” caught my attention the most,I suppose the more experienced one gets the quicker & easier everything becomes.Myself I like to “double check” my trade entry validaty Just to make sure I don’t FRY another account as I have done in the past!! Thanks for the brilliant lessons Nial…

    Reply
  41. Richie May 20, 2012 at 6:53 am

    very informative Nail…no:4 stuck to me the most. Thank you

    Reply
  42. Kimbo4x May 20, 2012 at 4:13 am

    The last point, “pro traders use surprisingly simple trading strategies” is the most important epiphany for me. In my case, simple includes “set and forget”, i.e., relying on your strategy and not managing your trade by taking early partial profits and not using a trailing stop (moving to break even is wise, but I let the rest of the trade ride without interference). Thanks, Nial, for setting us straight!

    Reply
  43. Yusuf Hammed May 20, 2012 at 2:11 am

    This is another good article by FX Guru.Thanks for this again.

    Reply
  44. Florina May 20, 2012 at 12:46 am

    TWELVE COMMANDMENTS OF TRADING.

    TRULY A MASTER KEY.

    EXCELLENT !!!

    Reply
  45. Nabil May 19, 2012 at 11:55 pm

    Clear and very useful as usual !

    Cheers Nial

    Reply
  46. mathias. May 19, 2012 at 9:54 pm

    As one who is abeginner in forex iamgoing to use all the 12pointsas my guidelines.
    thanks and keepposting me please,

    Reply
  47. Todor May 19, 2012 at 8:29 pm

    Hi, Nial! I’ve been working on all aspects you treat on this useful lesson since I met you and joined your community and started learning and implementing what you teach. I’m proud I’m doing well so far. All these things seem to work and I’m happy they make difference for me too. I love the beauty of the “KISS” idea and I believe becoming a professional trader is an endless process so I keep on improving myself on every point you discuss above. I’m trying to say: Thank you, Nial! I appreciate it. Take care. I stay tuned.

    Reply
  48. dcsneeden May 19, 2012 at 7:46 pm

    Another excellent aricle Nial. If I chose one part that applied most to me, then it would be the part about how professional traders do not feel a “need” to make money in the market. I lose a trade and I get upset about it, then I start overtrading. Next I start rationalizing why so many setups will work and just keep on losing. Great article!
    dcsneeden

    Reply
  49. Phil May 19, 2012 at 5:33 pm

    I am good with all those points but weak with number 5. I know the US Government policy is for a weak dollar overseas. So when I see the USD strengthening I am hesitant to buy. I put that fundamental information ahead of a good setup. I don’t believe the dollar will do well in a buying trade. I need to put the setup first.

    Reply
  50. woody May 19, 2012 at 5:11 pm

    Hi Nials,
    I think everyone is guilty of all 12 at sometime.
    A balanced Mentor program is the only way to achieve success , glad I am on board.
    Cheers W

    Reply
  51. Timon Weller May 19, 2012 at 4:56 pm

    This is so true on all levels Nial. I have gone through the indicators stage myself, i think most people do or we all do, however as you said above, i have cut back to only a couple ( macd cross and stochastic ) and trade totally based on price action now.. Much better performance.. I only use these two indicators as another confirmation of say a price action breakout or support or resistance action.

    Thanks for the great post, i totally agree..

    Reply
  52. olajubbu May 19, 2012 at 4:20 pm

    Thanks for this wonderful article. I will follow them all because I want to become full time trader

    Reply
  53. Tom May 19, 2012 at 3:46 pm

    I am still new and working on all the points you mentioned. I have weaned myself from 6,4. working on 8 and 10, 1,2 and 3. Hopefully, by end of the year will be trading with naked charts. Stopped looking on small timeframes except 4 and daily.

    Reply
  54. Ike May 19, 2012 at 2:30 pm

    hi Nial,

    always so glad I have somehow our paths crossed through the world wide web. Your insight has given me comfort that I will recover the losses I suffered due to relying on a trading software, as you state in point 4.
    Point 1, 9 + 10 challenged me and I am planning to spend less than analysing and re-analysing over and over again.
    I have learnt a lot from your blogs.

    thank you very much for your heart to coach / train traders.

    Reply
  55. Ricky May 19, 2012 at 10:53 am

    Hi Nial, My trading strategy is totally different with you, but that does not stopping me in reading your blog. you are always my favorite forex blog to read because we have the same perspective toward the market.

    I couldn’t agree more for all the points there, and i am glad that i am doing exactly similar of what have been listed in the point above.

    Reply
  56. Tracy May 19, 2012 at 10:14 am

    Another platinum hit for my “Nial File.”
    Thanks!

    Reply
  57. lee edwards May 19, 2012 at 9:05 am

    your lesson to stay out after a winning trade very good even i devieated from trading plan went back in and lost but 30% for the week thanks to your post this one and last week first time ever in 1 year trading made profit

    Reply
  58. John PiPs May 19, 2012 at 8:53 am

    I havent really used real money on forex yet and prolly not for another few months, but Im glad that Nial is my teacher. Im glad that my foundations as a future fx trader is built by him!

    Reply
  59. Raj Jadeja May 19, 2012 at 8:44 am

    simple awesome…………

    Very very appropriate!

    Raj

    Reply
  60. Marvin Hacker May 19, 2012 at 8:33 am

    Dear Nial,

    I am very grateful for the advice you give us in these training articles and videos. You are VERY generous, to say the least!!

    My mission of success as a consistently-profitable Forex trader began 3.5 years and tens of thousands of dollars ago. I am still plagued by:
    2. Professional traders trade what they see, not what they think or want to happen.

    8. Professional traders have a well-developed discretionary trading sense.

    9. Professional traders feel no ‘need’ or ‘pressure’ to make money in the markets.

    10. Professional traders are organized and disciplined.

    Thanks again,

    :) Marv

    Reply
  61. Gilberto May 19, 2012 at 8:15 am

    Exelent article! All points mentioned above are very important; as for me no. 10 is the most important one and I have to work hard at improving my discipline and be more organised

    Thanks Nial!

    Reply
  62. griff May 19, 2012 at 7:37 am

    Thank you, Nial – you are an awesome educator.
    No 10 speaks to me loudest. “Actually using my trading journal” is the area where I take short cuts. So, I am taking on honing those skills over the next month.

    Reply
  63. Larry H. May 19, 2012 at 3:57 am

    Thanks Nial,
    Gooood stuff as usual. Would confuence be #13? THANKS!
    Larry.

    Reply
  64. Galen May 19, 2012 at 3:24 am

    Numbers 1,2,3, have been predominate when I started out demo trading. I do enjoy looking at price action on the weekends to keep a feel as to the flow. #8 is just now coming into focus. #12 is now being practiced, yes even though having been with you for a couple of years I still recently was looking and combining indicators.(I had gone mad looking for the right combo) I now use only three moving averages rather then two that you use. #7 I believe must be taken more seriously, I think doing a demo has influenced me but I am aware of this and off and on take action accordingly. I am in no hurry to jump into live trading until I have myself completing #’s 9,10,and 12.

    Your student
    Galtar

    Reply
  65. Jack May 19, 2012 at 3:15 am

    After trading full time for several years now, I believe the word ‘fundamentals’ is some what misused in this context. Fundamentals, from my point of view, are not news releases but global macro-economic information that is indeed moving the market. The idea of weak-Euro, strong yen, etc., what ever may be happening on the big stage, can be a HUGE help in taking the right direction in a trade.

    Reply
  66. hungbq May 19, 2012 at 2:52 am

    1-6,9-12. great article.
    thx nial

    Reply
  67. radiostar May 19, 2012 at 2:40 am

    Another excellent article. I have been implementing all 12 of these principles in my own trading recently.

    Reply
  68. Edos May 19, 2012 at 2:30 am

    Thanks Nial, no 2 was my major problem, and i didnt start making profit until i acknowedged the fact that the market leads and i follow,not the other way around.u write so well, u should be a writer in your next life.

    Reply
  69. nisar May 19, 2012 at 2:12 am

    I’m amazed by the simplicity of ur articles. they are so simple and so effective. I got a lot from ur trading course and these articles are cementing good habits.
    thanks for such a nice article.

    Reply
  70. Martin May 19, 2012 at 2:10 am

    Another interesting & informative article. Helps reinstate these fundamental but important concepts. Thanks Nial!

    Reply
  71. khalid May 19, 2012 at 1:01 am

    Nial you have given answers to most of my Questions,I had in mind,about pro traders.
    thank you very much.

    Reply
  72. ade May 19, 2012 at 12:35 am

    Thank you again Nial, almost all the points you raised in this blog applies to me but I am working on keeping it simple, thank you again.

    Reply
  73. inder sachdev May 18, 2012 at 11:51 pm

    i have done many a time that u have stated in para 1,clause2.

    Reply
  74. Barry May 18, 2012 at 11:49 pm

    Point 2 is a biggie for me.
    I believe the reason for this one is pure EGO. The need to be right. This one alone has severely damaged my account in the past.Instead of truly listening to the market, you decide “you know” what will happen next, and the hell what the market thinks! That is, until it brings you to your knees.
    I have a been a member here since August 2011 (trading since 2004), and the beauty with Nial’s system, is the simplicity, and also the fact that with price action signals, I have learned to WAIT until the market gives me a signal, not the jump the gun.
    Number 9 was also a big one for me. Too much emotion. This one has been very difficult to eliminate. But I have been greatly helped by Nial’s set and forget method.

    Excellent article as per usual :-)

    Reply
  75. jasper May 18, 2012 at 11:23 pm

    Think professional, act professional, become professional.

    Reply
  76. Ramli M.S May 18, 2012 at 11:09 pm

    Thanks Nial.

    Bravo…I am will be a professional trader soon…

    Cheers….

    Reply
  77. Ron Jones May 18, 2012 at 11:07 pm

    The one item that I can relate to the most is the “urge to trade”. I became a member in Dec, 2010, but I thought only trading a few times a month was never going to cut it. So for 16 months I tried to “improve” the system by doing all the shorter intervals and lost, lost, lost. In fact I lost over 7,000 pips in those 16 months. I threw in the towel on 4-19-2012 after 18 losses in a row and another 1,000 pips thrown on the fire. On that date I decided to become a Nial “turtle” by taking seriously the daily comments and reading the forum, and only using the daily charts. There are some guys on the forum that have learned from Nial and are able to help as well. Bottom line is I am profitable for the last 4 weeks, and it is fun, fun, fun. Thanks Nial for you persistence in hounding us but I am just a slow learner. (Now if I can onle learn to post a chart in the forum)

    Reply
  78. Pham May 18, 2012 at 11:04 pm

    Great Nial! It took times to adopt those lines in trading forex. All the points you have mentioned are important for me because I am a novice. Thank you for the lesson.

    Reply
  79. Tomson May 18, 2012 at 10:55 pm

    Hi Nial,

    For me number 8 is important, “you have to choose the best entry’s and not all pinbar’s that is showing”.

    And also the last sentence in nr 7 I found very important for me:
    “You have to be realistic and disciplined BEFORE you become a pro trader…you essentially have to “act as if” you are a pro trader before you are one…if you ever expect to become one.”

    Cheers
    Tomson

    Reply
  80. inder sachdev May 18, 2012 at 10:52 pm

    Making consistent money in forex {([WAS])}difficult.
    Nial I salute you.
    A standing ovation.

    Reply
  81. Martin May 18, 2012 at 10:32 pm

    Hi Nail,
    Ive had a bad experience from points 2,4,6,7,8,11.But thumbs up for your continued support.Am saving to pay for lifetime membership soon before i go live.

    Reply
  82. pedrosy11 May 18, 2012 at 10:23 pm

    Thanks Nial great lesson as usual.Am working on all points and not just any one. I think determination and a will to succeed is also important.If you have the desire and right attitude anyone can succeed and thats where i am heading next.I appreciate your ongoing support and that makes it all worthwhile.
    Regards Peter

    Reply
  83. danilo May 18, 2012 at 10:22 pm

    Nial,
    thanks for your lessons!
    to me number 1 and 2 are the principal points to improve but they are very linked to 7 and 8
    danilo :-)

    Reply
  84. aleem May 18, 2012 at 10:07 pm

    It is very important lesson to keep in mind while trading

    thanks
    aleem

    Reply
  85. kubatos May 18, 2012 at 10:03 pm

    Hi Nial,

    All points helped me be successful trader and THANK YOU for that!! I need to focus more on point: ’10. Professional traders are organized and disciplined’

    Regards,
    Kubatos

    Reply
  86. Mike May 18, 2012 at 9:50 pm

    Hi Nial! Hi Traders!
    When I read sentence 6,7 and 9 my observational alarm went off…
    Points stressed in 6,7,9 is my area of opportunity for improvement.
    I definitely need to recondition myself on these ones.
    Thanks Nial

    Reply
  87. Tonye May 18, 2012 at 9:02 pm

    Hi Nial,

    From my experience so far, No. 1 & 2 are very true. I’ve progressively learned to spend less time “analysing” the market and trade what you see and not what you are hoping to see.

    I’ve also found out that No. 3 does actually clog up your screen as well as your head.

    Also, nos 6, 7, 9, and 10 are all very important and true.

    As someone else said earlier, it’s the overall psychological edge the pros have.

    Thanks again,

    Reply
  88. Fount Shults May 18, 2012 at 9:01 pm

    Thanks Nial,

    Personally I need to work on #1 and 2. I know these things but am too eager to get in the market. I also struggle with #10. I think the log will help me be more disciplined in staying out of the market when things are not right.

    Reply
  89. Simon May 18, 2012 at 8:36 pm

    Point 2 and 10 will help me most. The market will travel where it wants to go and don’t care what I think. I also need to have the discipline to follow my trading plan without any emotion. Once I can master points 2 and 10, I believe I have a good chance to become a professional trader.

    Reply
  90. Frank Page May 18, 2012 at 8:09 pm

    Hi Nial,
    I truly believe this is your best lesson to date!! For me I have been trading a few years so I know your 12 points are spot on. The trouble for me is the time it took to learn all this , often by the hard way! So newbies save yourself a lot of grief and fully absorb this lesson! As soon as I get home I’m paying to join your community! By the way I think no. 6 is one of the most important points. You have to be have total confidence in yourself to be a real trader.

    Reply
  91. Jon May 18, 2012 at 8:03 pm

    Sound advise. 1,2 and 12 were my biggest problems to overcome.

    Reply
  92. Tunde May 18, 2012 at 8:01 pm

    I am enjoying the lecture,please keep me posted.

    Reply
  93. Nick May 18, 2012 at 7:52 pm

    Thanks Nial,

    All very sensible advice.

    I think your course and website is superb!

    Reply
  94. Richard May 18, 2012 at 7:35 pm

    is a journal very critical?

    Reply
  95. Mike May 18, 2012 at 7:32 pm

    Hi Nial

    Great article. The points which most apply to me are:

    1. Professional traders don’t spend as much time analyzing the markets as you do.

    I need to work on this.

    2. Professional traders trade what they see, not what they think or want to happen

    I’d say I am guilty of not always trading what I see and I let some good trades go by…

    6. Professional traders listen to themselves, not others

    I have used this as a reason for taking trades when I may not have normally traed…

    I will work on these 3 areas over the next few weeks.

    Cheers

    Mike

    Reply
  96. Sanjay May 18, 2012 at 7:32 pm

    Just another thing.. this articals got me fired up!

    I have found that if I make money in the markets, but dont know how I made it.. then what’s the point in that? I have gained no confidence.. all I have gained is a slight nagging feeling saying “you fluked that 1″… then I fear that im going to lose it..

    Only when I understood this, did I desire to make money in the markets and KNOW how I made it.. which brings confidence that im going to win again.

    Reply
  97. Harry Tay May 18, 2012 at 7:28 pm

    Hi Nial,

    Totally agree all the points you mention here. Putting all these knowledge into practice is a challenge. I think there is no short cut in trading,you need to practice and practice until you get it. Enjoying all your updates. Thank you Nail!

    Reply
  98. Sanjay May 18, 2012 at 7:21 pm

    Its like you read in my mind mind every couple of week and put together these articals – Keep them coming!

    I have found traders need to to strike the right balance of being detached from the markets but at the same time have the confidence to win.

    Gut feel is amazing, honestly, I have found that if im fearful about a setup then greed normally comes along and encourages me to fail, so I listen to my fear and greed and if its there I dont trade its as simple as that.

    Reply
  99. Dominik May 18, 2012 at 7:20 pm

    Hey Nial,

    Very good article – as usual, working on bits and pieces but surprisingly I think I am almost there!

    Thanks for an ongoing support and your work!
    Dominik

    Reply
  100. Kingsley May 18, 2012 at 7:07 pm

    Hi Nial,

    This piece of writing are hard facts to really deal with if one intends to be consistently profitable in this business.

    thanks

    Reply
  101. tol May 18, 2012 at 6:48 pm

    All very true. But the main problem of the trader is psychology. I think that there is nothing more than just to do so, as is written here. And then there will be a 90% success rate. I support this article. This is the basis of success. It’s simple, just like quitting Smoking! Success! You are loved in Russia. Извени. English is not my native language.

    Reply
  102. Paul May 18, 2012 at 6:48 pm

    Sounds good, I think your in the money there …

    Reply
  103. sunday May 18, 2012 at 6:45 pm

    Hi Nial,nice reading this as well,but surprisingly,no 9,10,and 11 affected me grossly before,but as am telling you now I feel like a pro trader and I had decided to work and save the money up to what I plan to start my live account again rather than borrowing.
    You are really doing a good job,keep it up.To add this,I had made up my mind to visit you physically one day to say thank you!!!!.
    Cheer!
    Sunday

    Reply
  104. obmepa May 18, 2012 at 6:40 pm

    Nial thanks for this shortlist. For me 1, 2 and 8 apply as the most important issues. Have a profitable day!

    Reply
  105. berke May 18, 2012 at 6:35 pm

    I blew an account prior to joining Nial’s course. Reasons were stated @ no.1, 5 and 7 in the article. Normally I would never promote any service on a public domain, but this blog changed the way I trade and think. I am still amazed with the difference.

    Reply
  106. Jim Foster May 18, 2012 at 6:30 pm

    Hi Nial,

    Points 1 and 5 took me a while to adopt (it’s too easy to look at the news sometimes).

    Point 10 I have adopted recently and now I’m only checking pairs 30-40 mins a day 5 days a week (max) and typically taking 2-4 trades per month.

    Only ever with the trend and on daily time frame (although I check 4h and w1 for confluence(.

    My performance in 2012 has significantly increased and I plan to go live later in 2012.

    Great article as always!

    Cheers
    Jim

    Reply

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