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Thread: How should a Forex trader think to become successful

  1. #1
    Join Date
    Mar 2018
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    Forex Ability & Talent

    How should a Forex trader think to become successful

    If you are in the Forex market you should bear one thing in mind i.e. psychology plays a major role in trading. When we mention psychology it directly deals with the trader's mindset. The topic trading psychology is not a simple topic rather it is a wide topic. If we focus psychology of traders it will be easy to identify the mistakes. As for an example, the Singaporean traders are successful it is not only because of the market knowledge but also due to the trading psychology. Traders are also human, so it is impossible to avoid mistakes to zero. They will also make mistakes and it might even repeat if they don't handle the trading mindset. A trader should have the ability to control his mindset in order to become successful. The major mistake among naïve traders is fear and it leads to higher losses. Most traders leave the Forex market due to their fear of trading Forex. You cannot avoid your feelings but you can handle the way you approach it. If you want to handle it intelligently you must focus on trading psychology. You must take the time to enhance your knowledge related to the psychology of trading. Trading psychology will increase your profit immensely but you should grasp the knowledge properly.

    Trading is an art which requires an extreme level of precision and devotion. You can really call yourself a successful trader unless you make a consistent profit for six months. Managing a big fund for a long period of time is extremely challenging. You have to ask yourself whether you have a financial backup for six months to support your family. If you trade this market under extreme stress, it won’t take much time to make mistake. You need to be stress-free to become successful at Forex trading profession.

    You are the enemy
    Definitely, in trading Forex, you are the enemy of yours. The reason is you don't let yourself play the role rather your emotions do. You may want to remain calm. You may want to run a successful trading account. You may want to select the best online trading platform. But to do all these you should have a stable mindset if not you will take the wrong decision. In fact, there are traders who trade demo account in a mind-blowing manner but when it is the live account, it becomes vice-versa. Likewise, all these happen due to not having a balanced mindset and not controlling the emotions. If you don't control the emotions you wouldn't be able to succeed in trading because the reality may scare you. You can never get rid of emotions because you are a human but you can handle them wisely. You should practice demo account assuming it as live account and let the emotions be real. If you are tempted to enter into a trade you should not enter until you feel it as profitable. Likewise, you should try to play your role completely.

    Trading euphoria to be avoided
    You may have learned the successful trading strategies and techniques but it doesn't make you superior. You may think you are well-versed once you face two or three profitable trades but it is not the case. When a trader becomes overconfident in trading it leads to worse situations. He tends to believe that what he is doing is correct and perfect. This is how most traders fail in trading the Forex market. If you want to become successful you should get rid of such thoughts.

    Come outof your comfort zone
    You may already know that Forex market is a decentralized market meaning no one controls it. If you try to decide what might happen next without studying the market then, it is obvious for you to end up losing. You shouldn't assume that the market will be as it was yesterday because Forex market is uncertain.

  2. #2
    Join Date
    Feb 2014
    Thanked 3 Times in 3 Posts
    Forex Ability & Talent
    Every successful trader started somewhere before they learned the ins and outs of forex.Without learning is not possible to earn money. If you have knowledge and skills then you can make huge money with Forex so learning is must to be a successful trader.

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