How you become a successful forex trader? - Here's what to do

Beginner Questions Trading Psychology
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Once a man said, "The mind is a fascinating instrument that can make or break you.”

Really, it’s nothing matter that you are good at trading or something. If you do not control your mind, you are gonna lose.

In forex trading, there are hundreds of strategies and indicators available, and traders have optimized them every day. But what really makes them profitable after the sun goes down?

In one word, “Emotion”. Yeah, you heard that right! If you are okay while losing $100 in a row. I have to say you are mature enough. Most traders lose control and again make the same mistake. Here are the trading mistakes you should avoid.

So, in this blog, we will show you how you defend yourself from making mistakes by your emotions and how it makes your career even better. Here we go -

THREE Things Make You a Winner

We found 3 things that a trader should control his emotions. The most skilled trader knows when to trade in the market and when to not. So, let’s learn some–

1. Greed is Nasty

In most case scenarios, we found most traders have a greedy mentality. People are thinking that they are gonna make a profit just by placing a trade. Is that easy?

Or some traders are making trades upon their win possibilities. They are trading continuously as they are winning. But trading is not that game you play upon your luck.

It is upon your strategy and your skills.

So, it will be better if you make trades on your own goals and confidence.

2. Break The Negativity of Losses

Professional traders have one thing in common, that is, they are not afraid of losing and do not lose hope after losing a trade.

Think, you are the best forex trader in the world right now. But it does not mean that you are not going to lose a single trade. Sometimes the market gives shocks to traders in sudden changes.

But having faith and calm will make a huge change in your trading career. Always expect the unexpected and have that mentality to forgive losses.

3. Ignore Quick Profit

Lastly, the main thing is to avoid quick profits. Sometimes, it happens that you are making profits one by one. And you believe that the ratio will continue like that.

But it is wrong!

Your profitability will come with your patience. If you look into a successful forex trader’s life story, you will find a great patience story behind it. Because your patience affects your emotions. The more you keep patience, the more chances you have to win trades.

Source: How do you train forex trading psychology as a beginner?

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on the issues of success in Forex, only experience and practice decides, the more time you devote to it, the better the result you will get

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That’s right - losses are an accompanying element of trading. And losses need to be controlled. And this must be done so that tomorrow there will be a new opportunity to enter the market and earn money. If you lost your daily loss today, that’s okay. Tomorrow will be a new day, a new opportunity. The main thing is not to incur losses.

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Good information, to be successful in trading, you need to create a proper mindset. It is possible to be successful if you trade a positive mentality.

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only experience and knowledge can make you a quality trader with a good profit

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The new era traders are not into these kind of trading psychology. Quick buck is all they know :slight_smile:

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what are they then guided by in a successful trade?

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Great article I believe that traders will be really pleased to read this article. In my opinion, becoming successful shouldn’t be the maind thing in trading activity, if you set proper goals like gain experience, then you will probably do it much effective than just come to success. Where is experience, there is a sucess I think. So, trader should set proper goals in order to follow them an try to reach them, when they finally come to this goal they will understand that they became sucessful. It’s a trading law. If you don’t expect something, you will perhaps get it, it’s just like a law of life I guess. So, just never give up and put your hands down.

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Well, the first and the last tips are pretty good, but I don’t agree with the second one concerning losses. Surely, every trader has some losses and it is normal in forex, but I don’t think that a trader should just put up with the loss and remain calm. It mainly depends on the situation. It goes without saying that if you lost the money due to some unpredictable market move, you’ve got to pull yourself together and keep on trading according to your trading strategy. However, if your losses become consistent and you continue to lose the money almost after every trade, then you’ve got to analyse your past deals very carefully in order to find a mistake which led you to make such decisions. It is always hard psychologically to analyse your defeats but basically the progress is connected with pain which you have to overcome. Every trade which happened in the past must be analysed and your trading strategy should always undergo some alterations and corrections according to the market in order to make your trading more and more profitable.

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Very good points. There’s so much negativity surrounding a losing trade that a trader starts judging his skills by the profit he’s made. It is detrimental for one’s trading psychology. One should keep in mind that profits and loss is an inevitable part of the game and it is necessary to keep a trader focused, interested and motivated in the trading process.