KUCHING: Traders in the market are encouraged to adopt positive values in order for them to be successful in their trading. “How well you want to do in the market depend on your integrity and also the commitment you want to commit in the market,” said global derivative and foreign exchange markets expert Dar Wong, who gave a coaching on the first module of ‘Millionaire Trader Values’ seminar yesterday.
With 22 years of trading experience in global derivatives and foreign exchange markets, the coach pointed out that good mindset would play a very vital role for one to become successful, adding that ‘mind preparation played a very important role to make money’.
According to him, traders must have the habits and skills in reading technical charts.
“When I talk about technical chart reading, it is not about just looking at the chart. I trained all our associates when you look at the chart, what are you looking to happen in the next one week,” he explained.
Besides that, Wong – who is also the founder of PWFOREX. com – highlighted that traders should also know how to read the news and correlatingly, how to interpret the news.
“Intrinsic money management is something only will be taught if you’re a very experienced trader. When you trade — whether you trade stocks or CPO (crude palm oil) futures using margin — there is always a skill on how to calculate your margin and leverage on it.”
He highlighted that one very simple and direct reason why a lot of people lost money in margin trading such as CPO futures was because they did not how to leverage their margin.
On another note, he also mentioned that successful traders must adopt the values of gratefulness, determination, perseverance and consistency.
On his principles of trading, Wong said that he would always tell people that the moment they wanted to enter into the market – whether to buy or sell – they must be well-versed on what the outcome would be.
“Once you know what the outcome is, you take action by going into the market either to buy or sell. Then once you take action, you must have a very sharp sensory acuity. That means you must be very sharp and sensitive to risks because trading will carry risk. How successful you can be is how much you can control the risk,” he affirmed.
The expert said that success would come naturally once traders had the knowledge of their outcomes; at the same time, taking action and locking up their risk.
Meanwhile, Wong believed that in order to achieve success, traders must have a good health and physique.
“If you don’t have enough sleep, if you’re always tired or if you cannot think properly, it is very difficult to trade. Trading needs a lot of alertness. Always do a lot of exercises, always keep fit to maintain your physiology,” he advised.
He stated that traders needed to have very positive and strong mindset, adding that trading is a very energy taxing and tiring game this they have to be fit physically and mentally.
“When you can do that, the next thing is from success, you will achieve excellence in your performance. The moral of the story is that everything comes naturally by itself but you must know its steps to do it correctly,” he said.
Wong pointed out that traders must connect themselves to the market and not comparing themselves to others if they want to make money from the market.
He underlined that people failed in trading because of the wrong mentality, the wrong concept in trading.
“Trading plan is so important that you must adopt the trading plan, must know how to forecast the market, must know the outcome the moment you go into it,” he stressed.