This story does not tell the journey of life, career, love or grief but any tips or tricks you learned from the story description. You already know Paull Rotter. Yep he’s right once a trader is now a successful professional in the world of trading. He can generate from the initial capital $ 526,000 to $ 6.5 million in 3 months.
How the hell he can be successful like that? Turns out he always implement basic thinking as practiced by other traders. The difference is in the mindset mind. We could have a successful trading if there are people who teach us to be successful. Agree? Paull Rotter could generate so much profit because he has a partner or a teacher, or his inspirational figures that indirectly gave the example of trading.
Paull Rotter time working in one of Bank of Japan, he met with one of the chief trader at the bank that always make consistent profits. Since the trader is able to record profits every month and every year, eventually studying with Paull Rotter. Well, then Paull instead taught himself, he is still learning from his teacher at the Bank of Japan.
Paull also expressed always see fundamentals, news release, rumors were circulating before the “open market”. So the open market at around 04.00 pm on Monday. There were 2 days of time off, and he used to observe, study schedules of outstanding importance of the news. Once he knows there are important things, start collecting information critical levels in the market. Usually it will form a trend long after passing through an important price level. This level is identical to the rules fibonanci, support resistance, or pivot point. Paull did not say in detail about this level.
In trading, Paull Rotter always apply MM. Professional trader is applying management. It is said every day he would always target the loss or profit. If it’s loss or profit is on target then he would not open the position again.
The most interesting is Paul did not hesitate to close the position when the transaction is incorrect. Principle, a trader must have a basic transaction, not opinions. Example if the price against the transaction, while the market has shown another signal and you still do not cling close position then it is synonymous with opinions. So the stronger the subjective trader, the less willing to do close position. “It key”, said Paull.
When the position was wrong, Paull was always looking for the cause. It was not immediately shut down at the time, sought why market against the transaction. If there is evidence to support fault the transaction would have closed. Here we see the prices that fight is not necessarily a mistake. Paull Rotter is always looking for the cause of the fight until finally made the decision to exit a position.
Now how about you?