To Improve Your Results Apply These 3 M’s Of Trading

Mind, Money, and Method are the 3M of trading, maybe you've heard them, probably not. Either way, in today's lesson, you are going to learn about these 3M and what they mean and why they need a successful business.

Note: 3m was not my idea, but it came from a Book.

All three of M are equally important, and you can think of them as the backbone of the three pillars of business and your business plan. Without one of them, the foundation of your business will not be caught, and you will not be successful, you are working together to make all three of them as money changers ...

Mind

The First and important part of 3M's is Mind, 3M essentially means to develop a 'psychological' rule which will keep you calm between the noise and the constant temptation of the markets.Everything starts with (or ends) with your business mindset.

 If you are not in the proper business mindset you can not make money in months. There are many things that are in achieving the right business mindset and I have written about this topic in a big way. However, if there is an over-arching theme that you need to understand in relation to your business mindset, then it is self-control.

As a trader, speculation in markets, an attempt which is clearly very risky, it is up to you that you can control yourself, and with the mental understanding of this ability, what are you doing, what is possible And that which you are at risk.

My suggestion is that you think more about the fact that you are losing money business rather than influencing the big winner on any business. It is about the risk of understanding and accepting and then dealing in line with this acceptance.

Money

 The second part of 3M's is money refers to money management, of course. This includes both risks and rewards; How do you manage risks and how do you manage your profits/rewards?

Taking control of your money is very much dependent on having a proper business mindset, as well as making sure that money management really is. In short, what it means:

• You always think of the risk before the reward

• You know what is the risk some of your business and you are not more than that amount. It should be a dollar amount which you can lose safely on any business mentally and economically. 
• You understand how to keep a stop loss properly and how to manage your position size.
• You have a clear understanding of the goals and overall strategy of profit to get out
• You understand how to calculate the risk of risk on a business and it also means that you know that sometimes a business will not be worth the risk if the reward is not the meaning of reward.

Money management can be considered as 'Gum' of 3M, because it actually holds everything together. If you do not have proper funding, your mentality is coming out of instability. Apart from this, your method will become almost irrelevant, if you do not manage your money properly.

Method

Third and last part of the 3M method is how you trade the market. What is your point of view or way of analyzing prices and making decisions about business and when not? You must have an effective business method, but what is "effective business method" and how do you know what is your or not?

The easiest way to decide whether your business is effective or not, it does demo business for two months and it is to see what kind of results you are receiving, though a warning here; Ensure that you are actually following the method because it was taught to you and not over-trading.

Now, there are many different trading strategies and methods are available out there. In last you have to find one that is effective and that you personally enjoy and that works well with your personality and schedule.