Ray Barros commenced trading in 1975 at the time when he was already a successful practicing lawyer. At the time, Ray was an intuitive discretionary day trader looking for opportunities he felt right. Ray left his law practice in 1980 to focus 100 percent on what had become his true passion in life, trading.
Ray success became known among the banks, which placed both their funds with him to manage and their trader to learn his trading strategies. Ray became one of the first outsourced currency traders in the world and one of the few external traders used to teach institutional traders.
Ray is a very familiar face in Asia due to his regular appearance on CNBC and he shares his thoughts on trend determination in his book The Nature of Trends.
Let’s now hear what Ray’s one piece of advice it.
”We all know that 90 percent of the novice traders fail.
The question is, why should this be so? It is not for lack of education.
We find part of the reason in the nature of trading itself. As a probability game, on any single trade, the novice trader has the same chance as winning as a seasoned professional. Often, the novice perceive hold the false idea that all they need is a “super trading strategy.” and engage in a fruitless search for the Holy Grail: that methodology that will produce unlimited wealth from a small capital base and a methodology that will have relatively few losses.
As a seasoned professionals know, the methodology is but one part of the success equation:
Winning Psychology X Effective Risk Management X Written Trading Rules [with an edge]
[Free Monthly Seminar!] Registration for the next Monthly Universal Principles of Successful Trading & Market Outlook Seminar for 18th February Thursday Evening is now open! Register Now!