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If you want to become a successful trader, you cannot avoid the learning process: you need to devote time and energy to learn the art of exchange trading and become highly qualified. Success in trading on the stock exchange is impossible unless you are willing to learn. In Secrets of the Trading Pros, Jack Bouroudjian shows what he has learned as a market expert who has gone through all aspects of the industry - from exchange leader to brokerage executive and market trader. It makes an impression that he is talking to you directly about his and the market's story, presenting the view of a skillful market player who is enthusiastic about his work. The author's work is appropriate reading, whether one is a trading pro or a purely interested in how economic forces are shown in the markets of today.

Novice traders will be surprised to learn how simple professional traders' strategies are. They do not have a heap of secret indicators, complex mathematical calculations and graphical constructions. This is not surprising since professional traders use a clean graph. The simpler the strategy, the more accurate the signals will be and there are no ambiguous interpretations regarding entry points. Nevertheless, you have some groundwork to do to get to that level. Here is a step by step guide on how to approach your education process.

• Make a plan. Before you start learning about trading and stock markets, you need to make up a plan. Decide what type of exchange trade you want to work with and what stocks to trade, focus on one direction and make preparations. Later on, when you can start with real trading, your organizing skills will come in handy. Having a trading plan and a daily transaction register make the trader disciplined and organized. If you do not have either one of them and you think that you will cope without them, sooner or later you will fail in the market. You have to develop a trading plan before you start trading, and follow it clearly, recording the results of trading. Then you will become as disciplined and successful as pros.
• Invest in education. You need to double-check that you have chosen the right training program. Exchange market training courses demand less investment and much less time than university studies. However, you still need to enroll in a specialized program with methodical training of the subject in order to get the most knowledge about the exchange trading. Do not be mistaken by thinking that you can just come to the stock exchange out of nowhere and everything will sort itself out.
• Look for a mentor. A good tutor will be able to teach you the intricacies of stock trading and teach their trading secrets. It is important to remember that the key to success is to find the right mentor. You should find a specialist who you understand who treats money just like you and has a thriving career - you need a mentor who you will want to act like. If you do not want to be like him professionally, then this is not your person.
• Set a daily routine. You should not devote to learning for some time and then decide that you already know everything there is about stock markets. Markets are changing and evolving all the time so you also need to regularly change and improve your strategies. Figure out how much time you can spend studying stock markets on a day-to-day basis. If you do not make this a part of your daily routine and will get behind your own schedule, then you will not be able to keep pace with market changes.
• Never stop training. Will there ever come a time when you can say that you already know about trading? Chances are that day will never come, which is no secret. A good trader constantly moves forward and always seeks to set new challenges.

What are the differences between professional traders and newcomers? Pro traders do not spend too much time analyzing markets. If you think that you need to sit in front of the monitor all day, analyze graphics and watch the publication of economic news in real time to become a pro trader, you are mistaken. Very few professional traders use fundamental news in their strategy, most of them do not include economic news in trading. To actually benefit from the news, you need to have an informant in the Central Banks and Ministries of Economics of major countries as do European banks and investment companies. We have to rely only on ourselves and our trading strategy. Of course, you need to consider the impact of such news as a change in the rate of the Federal Reserve System or Non-Farm but only to fix the profit or move the Stop Loss in breakeven. In addition, the release of fundamental news during trading on the daily charts and above has little impact on medium- and long-term strategies. Professional traders are very well aware of the setups of their strategy and they only need to look at the chart to see if there is an entry today or not. So why sit around all day and waste your energy searching for non-existent signals? So, you either do not have clear setups or you are confident in your strategy.

Nobody knows what the market is going to do next minute, even professional traders do not have that kind of secret information. Therefore, they do not make guesses and do not make predictions, they just look for the setups of their strategy and if there is not any, then they switch to their own things - read books or spend time with friends. Beginning traders try to predict the actions of the market and are looking for the setups where they do not exist, hence the mistakes such as entering with a large lot and overtrading. The latter means opening trades on the stock exchange without an obvious competitive advantage and even without any explanation. In general, the argument usually is something along the lines of "I felt that the price was about go up". But this is not a way to go in trading.

Most traders are wondering which indicators pro traders use in their trading but, in fact, they do not use them at all. Professional traders work with a clean graph since all indicators are built on historical price data and nothing can tell you about the future. All that is needed for analysis is already on the chart. Of course, you can throw one or two indicators (for example, a moving average) on the chart, not to search for signals but to determine the trend and support/resistance zones. Once you remove all the indicators from the chart, you will see the most important thing – it is the price which already shows everything.

Another secret of the trading pros is setting realistic goals. You will not be able to earn $1000 per year with a deposit of $100 – at least expect a return of 30% per year. Based on this figure, you can calculate how much capital you need in order to receive an income acceptable for you per month. You must set achievable goals while clearly understanding how much you are willing to lose in each transaction. Such emotions as greed, fear and excitement, appear in those traders who put everything to trading. They borrowed money and took out a second mortgage on the house. Of course, in this case every loss and unachieved profit is followed with negative consequences for them. Pro traders do not have such emotions, they trade absolutely calmly and there are several reasons for this. Firstly, they only trade with money that can afford to lose. Secondly, they have a stable job or an alternative way of earning in case trading does not go well. Thus, they take off part of the pressure and trade for pleasure.

Have you entered the market following advice of one of the so-called trading advisers, who present themselves in the most favorable light and publish their signals, let's say, on a blog? It is likely you have but each of us has done something similar. The funny thing is that later another adviser expresses an absolutely opposite opinion on a similar trade. Comparing predictions of such traders can overwhelm you. You have to draw a line and distinguish these advisers and actual pro traders. The same thing applies to robots. Many traders tried various robots but in the end, it did not turn into anything because a robot is just a program. It can show good results only in a short period of time since the market is constantly changing. To get a stable income in the long run, you need freedom of action, not a rigid algorithm. Artificial intelligence is not yet able to replace the human mind so you cannot rely on trading robots.

Thus, having examined the main differences between beginners and professional traders, you might not have found the main secrets of the trading pros but to be frank, no one will tell you about them, otherwise they will stop being secrets. But even if someone shares with you a secret of their trading success, it does not necessarily mean you can use the knowledge you have gained. The main secret of trading is the individuality of a trading strategy, adjusting it to yourself, your way of thinking and style. Moreover, almost all strategies have already been described: take any, adjust it to yourself, follow the advice of professional traders (but only part that your agree with) and hopefully, you will soon see the results.