Forex Trading Success Getting The Right Mindset For Big Profits
90% or more FOREX traders lose and only 10% or less achieve FOREX trading success.Everything about trading however can be specifically learned.The reason so many traders fail, is not they can t be successful (anyone can), they simply cannot adopt the right mindset needed for trading. If you can adopt the right mindset and have desire to learn, you can enter the minority of traders who achieve FOREX trading success Let s look at this in more detail.
1. Your On Your OwnIf you want to make it in FOREX Trading you are responsible for your success. Today, more than ever before people don t like taking responsibility for their actions - they want to consult an expert . Many people think that they can buy success in FX trading, but you can t. If you think buying an e-book for $100.00 or so will make you rich think again.The only way you will be successful is to do it on your own. With this attitude you will now be able to learn the right knowledge for FOREX trading success.
2. Learning the RIGHT knowledgeThis means leaving your ego behind and being humble. This may seem a strange trait for trading success, but it s true. Many traders think that learning lots of knowledge, developing complicated trading systems and being clever means success. They think the fact they are smart, means they have a right to be successful. This is of course is not true you make money not for being clever or working hard, but for getting market direction right. The really successful traders know this, they learn what they need to know, have essentially simple FOREX trading systems and are humble, in terms of their attitude to the market. Many traders who make millions have no formal qualifications, yet they make money, that s because they learn the RIGHT knowledge and work smart rather than hard.
3. Confidence and discipline If you develop your own trading methodology, you will know how and why it works this means you will be confident in it and apply it with discipline in the market. Discipline is a hard trait to acquire and it s hard to put into words actually how hard it is. Staying for example with a trading system through a string of losses can be frustrating and this is where you need mental discipline to stick with your system. More traders fail due to lack of discipline than any other character trait, but it s essential for FOREX Trading success.It comes from learning your own trading methodology and having confidence in it.
4. Trade In Isolation If you want to be successful in currency trading, then you need to trade in isolation. The real pro traders understand this. They don t discuss their trades with others, give or seek opinions, they focus on what their doing in the currency markets and ignore everyone else. If you don t trade in isolation, you will find that your emotions get involved and discipline suffers. 5. Patience. You can t hurry the currency markets, or profits so don t try. Trading requires immense patience to ride out losing periods and wait for good risk to reward opportunities to present themselves.
5. Love what your doing Trading should be fun and you should love what you do. If you constantly are feeling nervous, don t like risk, constantly checking quotes and willing the market to go your way, then trading is not for you.If you can approach online FOREX trading with the character traits above, you have the opportunity to achieve FOREX Trading success and make some great long term capital gains.