1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

How to Be a Successful Forex Trader - Ned Gandevani

Discussion in 'Forex Discussions' started by dollarfinder, Jan 9, 2009.

  1. dollarfinder

    dollarfinder New Member

    Jan 9, 2009
    Likes Received:
    Trading Analyst Engineer
    I'd like to start a thread on the Five Factor Model, as outlined in this very good book. The purpose is to discuss how we might work on developing the core traits of a successful trader in ourselves. I have to say that I would appreciate a focused discussion. If you haven't read the book or are not familiar with the Five Factor Model, please keep your comments constructive and on topic, or I shall be forced to laugh at you! This is how you'll know -->

    How to Be a Successful Trader is the only book I've read on the topic of trading psychology that truly provides a framework for meaningful analysis of one's trading personality, and then guides the reader through a very accessible and practicable process of developing strategies for both exploiting strengths and mitigating weaknesses. Other than the many formatting, spelling and grammatical mistakes, the content is very clearly organized and easy to read and retain. Unlike many other authors in the field of trading, this one does not infuse his writing with pet theories, vaguely related case studies, or outmoded ideas. If you read this book you can expect to gain:

    - A clear understanding of the five factor model and how it differs from other models,

    - A fairly strong knowledge of those aspects of your personality that help your trading and those that are not so helpful,

    - A framework with which to identify those trading styles that suit your personality,

    - A clear process for defining what the author calls developmental and complementary strategies for working through personality-related trading issues, and

    - A launch point from which to start a life of trading with important self-knowledge that most traders never bother to uncover.

    His presentation of perceptual biases and decision traps is also helpful in framing our problems as traders, but more research on this topic is available from Plous and Russo, among others. A mindful reading of Gandevani's book and purposeful studying of the model for personality assessment will help traders take control of their trading behavior and use it to their advantage...or at any rate, it helped me.

    I would be interested to know how the FFM might compare with some of the other models traders might be using, and whether experiences with trading coaches have worked or not and why. (I am currently being coached by Robin Dayne, and have had positive results.)


    The Lonely Trader
  2. masterbroker

    masterbroker New Member

    Oct 30, 2008
    Likes Received:
    According to my view I feel you are absolutely right, you have given good and strong point.
    #2 masterbroker, Feb 6, 2009
    Last edited by a moderator: Feb 7, 2009
  3. daniellefr

    daniellefr New Member

    Dec 10, 2008
    Likes Received:
    I have to agree with the previous post - very interesting point.
  4. lancehibner

    lancehibner New Member

    May 30, 2009
    Likes Received:
    Become a successful trader have to take exact decisions on how and when to enter the market and admittance to up-to-the-minute, real-time charts that can help them make informed. Open a live trading account and start trading for profit.Armed with the confidence earned from profitable trading in the demo account.Successful forex traders are the people who make a steady, consistent profit, using every resource and tool available to them to its maximum level.
    #4 lancehibner, Jun 1, 2009
    Last edited by a moderator: Jun 1, 2009

Share This Page