Commerce involves many things profitably and the’ mindset’ is important. A successful forex trader thinking. A profitable trader that doesn’t have this attitude can’t be found. To go on this trip without retracing you need the mental power. It is not an inborn quality, and it is possible to build your physical structure through regular exercise with proper training. Both the future of your path and the equity curve must be held in a straight line. No accidents, speed bumps or hills, no success story has been created. Not every success story has such flaws and challenges–they help to define them.
These are five tips to build the required attitudes to be successful forex trading. It can also be used for life’s progress.
It seems to me that in any sphere one should strive to gain knowledge and not be afraid of difficulties.
Because the former allows you to always be aware of events and accordingly make informed decisions.
And the second helps to become a real professional who is ready for everything every day.
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Thinking is something that really matters in the market and accounts for 80% of performance. Because we face a huge flow of analytics every day and we have to learn how to find causal relationships. And for that we need to be able to think and make informed decisions.
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Traders need to think of themselves as elite performers - in the same way we see our favourite sportsmen and women.
The idea in trading that you can just switch off your emotions is flawed. It helps little by just saying ‘well just accept your losses, and don’t over trade’.
We all flinch, we all choke.
Some of the best research on elite performance has come from the sports world.
Trading psychology is far behind on this - IMO
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If you want to be successful in this forex market, you need to make a profitable plan to make money from this market. Making a good strategy and your dedication to achieve the goal will make you successful in the forex market…
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Thanks for your replay
Remember that losses are that much a part of trading as profits are. And remain objective.
Not only can we not switch off our emotions while trading, I feel, that trading invokes every flaw in our emotion/ mind.
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You said it. Trading brings out our worst traits - not only that - most of the time because of fight or flight we are powerless to do deal with it
Having a good mindset is important. That is what keeps a trader going long in the forex.
I am just going to parrot what the above people say… but we are our own worst enemies… our emotions. The market is a separate entity and does what it does… I want to trade like a bored factory worker, just putting in my stop orders over and over again … not caring about the loses and being happy when I get the desired outcome… up down buy sell… it don’t matter as I don’t have a bias … I just want movement and liquidity enough to move enough of my trades into profit…
If you can wrap your head around this idea, I think you will make money consistently. That’s all I want.
Use fundamental analysis to bring positive feedback in trading. Fundamental analysis strengthens the signals generated from technical analysis. Fundamental analysis always ensures a quality market forecast.
The first duty as a new trader is to develop a successful mindset. Don’t take too much risk but you shouldn’t cross the limit.
Successful trading mindset never inspire a trader to over-trade, revenge-trade or take exaggerated risk.
For success, there is no alternative to forming a successful trading mindset. Spend more time in market research because it will help you.
A successful forex trading mind is passionate, dedicated and hardworking. It can sustain stress.