Having realistic expectations before you make a trade is essential to long-term success. That is why, as a newbie, you should stay away from anyone promising fast returns and quick wealth while trading forex.
A lot of people who get into FX trading do so because of the promise of striking gold early on. This notion is perpetuated all over the world on social media and a host of other internet platforms. If you lie in this group, you have just fallen prey to human greed.
Nonetheless, you are not doomed just yet. But you will have to alter your mindset and reconfigure your FX goals to get to profit.
Why Your Expectations Matter In FX Trading
Before you complete your first trade, you must have at least considered some information about the market and have a rough idea about how it operates. All of this goes on in your head and often affects your next play.
If you buy into the idea of quick money, then your mind detours from understanding the trade to thinking about the potential profits. You basically switch off from learning the way to really earn money.
As you sidestep these crucial lessons chasing that elusive fortune, you burn through your investment and leave the trade altogether. You could have avoided this unfortunate scenario with a little patience and most significant of all, an understanding of the FX world.
Get The Truth About Forex Trading Before Getting Started
For starters, forex trading is not a get-rich-quick scheme. Forget about expecting a freak result from your investment that will make you an overnight millionaire. That is not how it works.
However, this is not to mean that the FX trade lacks the potential to make you wealthy. On the flipside, FX trading, appropriately done just like any other business, will give you decent returns in the long run. So if you are still on the payroll somewhere else, hold on to that job for now.
Set Your Goals In FX Trading
Having an objective for anything we do tends to streamline our actions towards attaining it. The same applies to FX trading. Setting goals should be your next move once you get an idea of what the FX world entails.
As a trader, your primary goal is to make money as you navigate the currency market. Therefore, everything you do should lead to getting returns. It doesn’t have to be pot loads of money but any addition to your portfolio is welcome. Be wary of moves that would put your account at a greater risk of making losses.
Moreover, unless you have been in the market long enough, then profit-making can take a back seat meanwhile. Learn the ropes instead and build your knowledge on the intricacies of the forex market.
It is common knowledge that you have to spend money to make more money. This is no different in the forex market as you have to make an investment in which you expect to accrue some interest that is subject to your market analysis. Nevertheless, unless you control a hedge fund with access to a sizeable piece of wealth, then you don’t need to throw in thousands of dollars into your account.
Your account should only grow as does your level of forex expertise. This way, your investment acumen also grows. In due course, you will be in a better position to make more money and draw further satisfaction from forex trading with a bit of know-how.
Remember, you won’t get rich with a single day of trading. Successful trading companies and investors have been at the game since it began. Therefore, don’t dive in just yet.
Patience Is Key
Patience is not a virtue by mistake, and even successful traders understand its importance. Do not hurry your trade but rather take time to study and analyze your every move and double-check that everything is in line with your expectations.
There shall come a time when you make a losing trade, and your money is lost. Do not chase losses trying to recover your loss. Rather accept defeat and re-strategize. Both winning and losing are part of learning and we need to experience both to understand the value of one and learn to avoid the other. As long as you have money in your account, you will always live to fight another day.
Generally, once you realize the importance of knowing the trade, you will appreciate the gains you make on your initial investment, however minor. And it is these slight gains that impart vital lessons that will be the building blocks to your future successes.
Perfect Your Trading Strategy
The initial stages of every trader’s debut into the game should be about learning. That is why starting small on your investment is the way to go. Minor gains and losses serve to teach us what to expect from the market. From any loss, you will learn the market conditions that took a chunk of your investment and so will a profitable trade.
The FX market is immense and spans the global arena. No one person controls it but rather the forces of demand and supply. However, other factors come into play and affect the values of different currencies bringing about both profit and loss depending on the kind of trade made.
As a trader, accept this fact and teach yourself to identify these market influences. Doing so will enable you to develop realistic expectations once you put in your hard-earned money. With realistic expectations, it is then easier to fine-tune your trading strategy into a winning approach.
Our expectations stem from the information we take in. We develop such thoughts as a way of strategizing for the future. Exaggerated information only causes us to have unlikely expectations and once these do not come to pass, chances are you will stop trading altogether.
Therefore, get your facts right to strategize correctly and start reaping from the business.
Forex trading psychology is the art of managing emotions when trading in the forex market. The success of your profits in the currency market does not rely on the knowledge and experience but emotional discipline.
Forex trading and psychology should be used almost simultaneously to avoid some of the costly mistakes financial traders repeat in the forex market. These failures are a common trend among people from different social backgrounds and culture.
The fight or flee that emanates from fear is a major weakness that leads to failures even among the most respected forex investors for so many years. Changing emotions that cushion us against some pains is not possible, but prudent and successful forex traders can change their response when such feelings are likely to influence thinking and reaction after trading.
Fear limits human thinking especially when it comes to trading because the mind uses it to find a soft landing to make sure you live for another day. Therefore, as a professional forex trader, analyses the fear and ask yourself if pulling out due to fear will sort your issues. Failure to harness and be in charge of your psychological outbursts can cause a diversion from an early planned trading strategy. Fear can also take you out of the winning ways because of the failure to focus on the long-term and opt out when the whole strategy was to keep you on the game to make profits.
You need to understand how forex trading psychology plays within the forex trading market. Knowledge of fear will give you more powers and keep your emotions above worries. Overriding fear as trader gives the power of logic to you, which should be the ultimate goal trading business.
Types of Trading Biases
Before the floor opens all traders and brokers are calm and collected until the clock starts to wind down. Emotions will come in when faced with a financial decision that needs an answer within a short time.
A dedicated trader should always try to be on top of feelings related to fear or greed when the floor is open as this helps avoid costly mistakes. Do a personal analysis of self and decide which one of these forex trading biases you are subject to:
Overconfident: seems to know where the market trend is going
Anchoring: trying to pre-empt possibilities, which could be right or wrong
Confirmation: gives the impression of always getting it right
Loss: giving yourself some hope that the market will rise again to help you regain your loss
All the above biases have one thing in common – FEAR.
The number one way of getting used to manipulating your fears is to get the demo account, familiarize with the live markets, and gauge how you control your reactions to the environment and circumstances when faced with quick decision-making moments.
Here are some of the forex trading biases in details
1. Overconfidence Bias
Trading euphoria is common on trading floors because of the confused nature of humans crowded in one place looking for a solution. Our personal self-esteem elevates us to the point proving that we know what is happening around us and better than the next person is.
The only way to beat this is by owning up when you make mistakes and do not be afraid to be on the wrong. Once you have accepted that mistakes are inevitable when you are top of the learning curve.
2. Anchoring Bias
Traders want to believe that they are comfortable when performing market analysis by theorizing a future that will be the same as now. The tendency to anchor pushes the forex trader into making future decisions today. They do this without looking at the variation in market trends, and exchange rates leading to bad decisions using outdated data.
Once a trader feels comfortable, he will expose himself a little longer in a losing position without considering the changing factors. Always be ready to experiment on new things and strategies when one fails to avoid further loses.
3. Confirmation Bias
This bias affects the experienced and professional traders who will always be having a ready answer to support the decision they have made. Such traders will seek to justify anything as long as it carries their narrative. Confirmation bias leads to repeating the same trading mistakes.
You are likely to lose time and money by lingering for so long without challenging the brain to think of a better solution.
4. Loss Aversion Bias
When a trader takes an opportunity to evaluate their trading performance when making a decision between a lower leverage loss than a high leverage reward, fear takes charge and we lose big time.
Practically a trader will cut on profits when the earnings are still very low.
Trade with MetaTrader Supreme Edition
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Trading psychology and the profits generated
In case you have been asking ”How to change my trading psychology menace and improve my trading performance, write down all the trades you have taken and then check if were emotioanally-based trades.
Knowing how to develop a trading plan and sticking to it is one way of handling fear. Use your years of experience, knowledge, and ability to control your biases and you will be successful. Trial and error could end up to be the best teacher that helps to keep the FEAR at bay.
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Affiliate Links
I love that you are curious and that you are checking out this page right now. You know me, I love to help and teach aspiring traders something new! You will see throughout the website and in my blog posts links that go to outside sources (other websites and services).
These links may be what is referred to as an affiliate link which means I could earn money if you end up clicking on one and purchase/sign up for that service/product. If I am sending you to an outside source know that it is only because I have tested it myself and believe in it. I am all about sharing my recommendations and providing you with the best service/product and even excellent support.
The money earned through my affiliate links is just another way for me to earn a little extra income so that I can continue doing what I love which is helping aspiring traders with the right resources. If you choose to purchase something through me and use my affiliate links it is greatly appreciated and I thank you!
“I Wish You Well In Your Journey & In Your Trading.”-
By now, you know that day trading entails coming up with a strategy, implementing it, and, hopefully, making profits. However, this is not all it takes to become a successful trader. There are traits of highly successful day traders without which you will fail. Most beginners do not possess these traits, but they can develop them along the way.
Successful traders are developed through hard work, determination, and commitment. Most of them naturally have a few of the traits of highly successful day traders. They develop others as they master the art and science of day trading. It is, therefore, essential to evaluate oneself periodically to see the progress or lack of it, in your character development as a trader.
Discipline
Discipline is one of the top traits of successful traders. Financial markets offer each person infinite chances to make money. You can choose to trade millions of dollars or even 100$. While each of the opportunities can lead to profits, they can also cause you massive losses in equal measure. If you get distracted, you increase the chances of losing your money. This means that you have to remain disciplined as you trade. It is necessary to have a work schedule and to stick to it. During the hours when you are not actively trading, do not get derailed by things such as social media. Instead, you should be observing and studying the market so that you can take advantage of every arising opportunity.
Discipline means having a plan of action and sticking to it. Whenever you notice flaws in the plan, adjust it, and follow the revised one. Anyone who has a working plan can attest that it is not easy to follow without being disciplined. Over time, you will get used to following it, so start today.
Patience
After learning how to develop a day trading strategy, do not expect to mint millions of dollars from financial markets within three days. Patience is one of the best qualities of a successful trader that you should have. Like any other career, you must work hard and invest your time in trading before you can become a multi-millionaire or even billionaire. Achieving day trading success requires persistence, especially when you seem to be on a losing streak.
Patience means that you will spend time sitting, observing, and studying the market to identify the available opportunities to enter live trades. If you do not do this, you will lose all your capital. As you grow from a novice to a pro, you will realize that discipline and patience are highly interconnected. You will learn that you have to take baby steps before you can invest larger amounts of money. You will also learn that losing is not always a bad thing. From most tips from successful day traders that are available online, it is apparent that accumulating wealth by trading in financial markets is a long journey that should not be rushed.
Adaptability
What makes a good day trader? Flexibility or adaptability contributes to being a successful trader. The theory you learn from different sources on how to be a good trader is not set on stone. In fact, there may be some theoretical information that may not necessarily be useful when you start trading. In the same fashion, there is plenty of information and skills that you can only acquire by making an actual trade.
One fact about your day trader daily tasks that you must always remember is that no trade will ever be the same way another was. The market is always changing, so you cannot have textbook answers on how to start day trading and achieve success within a certain timeframe. After acquiring the basics, you will think that you have developed a perfect strategy only to realize that it is not feasible when you try to implement it.
Despite the continually changing market dynamics, one can be successful only if they are adaptable to the current conditions. This means that you should adjust your strategy as quickly as possible to recognize and take advantage of the available opportunities. Adaptability is not limited to the plan you have on paper, but also your mental state. Mental flexibility is crucial in real-time trading as it helps you to know when to enter a transaction and when to stay away. Without adaptability, you will fail to make profits in financial markets.
Mental toughness
Being thick-skinned is a must-have trait because financial markets will throw heavy jabs on your poor behind. Each jab should motivate you to bounce back like a boomerang instead of giving up. You are 100% guaranteed that you will lose a trade at one point or the other, so if you are mentally fragile, you will give up within no time. If your well-deliberated plan has some loopholes that cause you a loss, change it instead of holding a pity-party. As you learn to be a day trader, you also need to develop a positive attitude and a spirit that never gives up as this journey is not for the faint-hearted.
I will let you in on a little tip: Successful traders win a little more on their winners than they lose on their losers and vice versa. If you, my friend, are not cautious, you will wind up making wins that are equivalent to losses, so you have no profit at the end of the day. If you let each failure to affect your mental state negatively, you plant yourself for another loss in the next trade. Learn to brush off the dirt after falling so that you can move on and up. If you feel overwhelmed by a loss, remember to take some time out to rest and recover. It is always better not to trade when you are feeling emotional.
A person who has mental toughness is not afraid of their losing streaks. They remain rational and focused even through the thickest points. How can you shield yourself from the barrage of punches that the market will throw at you? It will take you time to develop a thick skin, but you can do it by taking breaks when needed and giving yourself a positive affirmation.
Independence
Who are the most successful day traders? Independent people are successful traders. Everyone needs help in their journey towards success. This help comes from tutors, blogs, magazines, friends, and even trading videos. These sources of information should give you the basic details as well as the tips and hacks to become successful. However, they will not be there for you at all times, and you will have to make decisions that will either build or break you.
How do you become a successful stock day trader? You become successful by not being too reliant on others. You have to be an independent person who identifies the right time to trade and uses logical reasoning before making any transaction. The strategy that worked for your friend a week ago may not work for you, so stop bugging them for hacks and tips. Instead, focus on doing what works best for you and ignore what others claim is a foolproof strategy.
Interestingly, gaining independence does not come automatically for most traders. It takes a hard-learned lesson for most to master how to think and act on their own. In fact, most traders will run from one mentor to another or from one book to another before they realize that the magic lies within them. One grows up when they decide to own their losses, profits, education, and action. Be responsible for the choices you make, as well as their implications.
At this point, I need to remind you that independence does not mean that you should carry the entire weight of the world on your shoulders. Whenever you feel stuck and lost, you should ask for help. Independence, in this case, means developing a personalized strategy or a personal toolbox instead of blindly following what others are doing or saying.
Forward-thinking trading
Are there any successful day traders? Yes, there are successful day traders from all parts of the world. What makes them better than the rest is their ability to think forward instead of being stuck in the past. Interestingly, a day trader must rely on information from the past to help make the correct decisions in their transactions. However, trading is like a game of chess. You have to deliberate about the next move and forget all the other erroneous moves you have made in the past.
Since forex markets are not static, you cannot say that you will buy $1000 in the next ten minutes and overlook all the other factors that come to play in the market. For you to be successful, you ought to analyze different scenarios and plan out how to apply your strategy. Talk to yourself positively and do not be swayed by what happened yesterday. Do what needs to be done in real-time after a careful analysis. If you are a forward thinker, you will know what to expect and what to do at the moment. Forward-thinking makes you act decisively and without unnecessary hesitation.
Aggressiveness
Being persistent and aggressive in life is not easy. The rule of the game is that if you feel that you are confident and you seem to be on a winning streak over an extended period, it is time to increase the value of your trades. The bigger your investment capital is, the higher the risk. At the same time, the more money you invest, the more emotional you are likely to be as it becomes a bigger challenge that is out of your comfort zone.
Being aggressive means that you have to be self-aware and able to control your emotions; otherwise, you will stagnate in your trading career. Do not allow yourself to be in your comfort zone. The more aggressive you are, the more likely you are to accumulate more wealth over time. Remember that being aggressive is closely intertwined with being consistent. Do not lose track of your progress versus your ultimate dream.
Decisiveness
In day trading, hesitation is your biggest enemy. You slack for a moment, and you lose it all. Uncertainty usually comes from lacking conviction in your plan, trading a huge amount of money outside your comfort zone, and lack of experience. You become more decisive, the more you trade. Similarly, if you spend more time analyzing the markets, you have more conviction when it comes to pulling the trigger.
Being indecisive will make you enter and leave trades in an erratic manner, and the result of this is being lost in different trades that may not be profitable. If you feel lost and confused, it is better to take some time off to recollect yourself.
Commitment
You will only become successful if you work hard and remain consistent in your work throughout different seasons. To achieve the level of success you desire, you must be passionate about financial markets and how they operate. If you lack the drive to keep up with the changing market conditions, you are likely to fail. A committed trader has specific working hours and time for resting. During their working hours, they do not get easily distracted by non-related issues. Sticking to the plan and revising the plan as often as needed is one of the ways in which you will become the multi-millionaire you dream of becoming.
Humility
Financial market trading offers you lessons on the importance of humility. One minute, you will make a profit and feel like you have conquered the world. The next minute, you will make a loss that could potentially break you. To avoid these drastic shifts in moods and feelings, remain humble through your highs and lows. Trading with humility almost always leads to a reward. If you are proud and arrogant, life will humble you soon. No trader is born with all the traits of highly successful day traders, so let no one fool you that trading is easy. These traits are developed by being intentional about your habits and daily practices. The good news is that you can create these traits starting today if you choose to. Remember that successful people are not quitters, so
AFFILIATE LINKS
Affiliate Links
I love that you are curious and that you are checking out this page right now. You know me, I love to help and teach aspiring traders something new! You will see throughout the website and in my blog posts links that go to outside sources (other websites and services).
These links may be what is referred to as an affiliate link which means I could earn money if you end up clicking on one and purchase/sign up for that service/product. If I am sending you to an outside source know that it is only because I have tested it myself and believe in it. I am all about sharing my recommendations and providing you with the best service/product and even excellent support.
The money earned through my affiliate links is just another way for me to earn a little extra income so that I can continue doing what I love which is helping aspiring traders with the right resources. If you choose to purchase something through me and use my affiliate links it is greatly appreciated and I thank you!
“I Wish You Well In Your Journey & In Your Trading.”-
Hey folks, I want to answer some of the queries I have received severally regarding the topic, if mediation will help in becoming a better trader.
Yes, mediation is good practice not only for your trading, also but for your wellbeing.At this time now if you have been trading,you can confidenly say Trading can be stressful if you approach it with the wrong mindset.
I know you are asking yourself ” how professional traders meditate” and I am here to walk you through the whole process.
”When The Surface Of A Lake Is Still, One Can See To The Very Bottom Very Clearly. This Is Impossible When The Surface Is Agitated By Wave. In The Same Way, When The Mind Is Still, With No Thoughts Of Desires, You Can See The “SELF” That is called ‘yoga’.” Swami Vishnu-devananda. ~S.
With above amazing quote, you can clearly answer the question if meditation will improve your trading. When I was introduced to this, I did not pay more attention to it as I did not know how that can happen. I am here to confirm try it out.
I just want to highlight a simple way you can meditate. Sometimes, I use a visualization technique. I imagine how beautiful my trading day will be. I start by visualizing myself sitting down on my trading desk, open the trading chart, start analyzing the chart with a mindset of I must get a trade today that will give me some good profits.
Once I complete that process, I would then mark the areas for my take profits, stop loss and even plan on the Risk to reward ratio of the trade that I will get.
I then visualize myself placing a trade going up or down depending on the trade direction. I start with visualizing it moving towards my take profit areas, I ask myself, what am I feeling that now the trade is almost to trade profit? If I can be aware of the feeling ( which is feeling good) I start smiling and happily saying wow! it was such a nice trade for me today.
Do the same techinque of visualization, and see the price going on your other way ( towards stop loss areas) Ask yourself what am I feeling. ( Are you fearful?, are you disapointed?) If the answer is yes, then try to calm youself further.
After that, I confirm to myself that, I am now a good trader. If you repeat this process every time before you place a trade, you will be aware of what you are doing and you will make logical decisions.
It’s scientifically proven that, your mind does not differentiate a faked visualization from the reality. That small part of the brain just know how to work. Always hold your trades mentally before you do it in reality.
I have this as the best way of trading as I can trade million trades within a very short period of time. Practice this it will cost you nothing trying it. Consistent is key here.Do as many times as possible a day before you place a trade. Make it a challenge for you and after a short time, you will be profitable.
I would be happy to let you know that, everything you see on earth was once a thought. By pracising this simple visualization, it will help you to improve your performance. This is the missing key which many people are not aware of. Remove negative minds about trading and for sure you will celebrate your wins soon.
I have some apps that I can recommend for you to use and it will help you in the whole process. The app will help on becoming calmer and logical when you are analyzing the chart. This technique is not only for trading. It can be used in any other business or activity.
This will help you to become calmer, happier and eventually a good trader.I guarantee you that. I have tried it and its working well for me.
I love that you are curious and that you are checking out this page right now. You know me, I love to help and teach aspiring traders something new! You will see throughout the website and in my blog posts links that go to outside sources (other websites and services).
These links may be what is referred to as an affiliate link which means I could earn money if you end up clicking on one and purchase/sign up for that service/product. If I am sending you to an outside source know that it is only because I have tested it myself and believe in it. I am all about sharing my recommendations and providing you with the best service/product and even excellent support.
The money earned through my affiliate links is just another way for me to earn a little extra income so that I can continue doing what I love which is helping aspiring traders with the right resources. If you choose to purchase something through me and use my affiliate links it is greatly appreciated and I thank you!
“I Wish You Well In Your Journey & In Your Trading.”-
The most important thing is to understand what forex trading is and how to go about it before getting to venture into the business. Once you sufficiently equip and prepare yourself,then
the short answer is: With forex you can invest money to earn a good income. It can also generate more wealth,thus making it beneficial to study forex trading and make an income. However,in order to become a successful forex trader,you have to meet certain conditions.Failure to that,you will only make losses or stagnate as a trader. Eg
1.Forex Money Management
This is all related to risk.Big risks will generate a huge income within a short time but in case of bad high risks you account will suffer very huge losses that sometimes can take you back to zero.If you taking a lot of irrelevant risks then be lest assured that you have poor money management in trading.Coming into proper understanding of the art could be an easy thin but applying and abiding by it when things are dwindling is a very hard task.
2.A Good trading Mindset
Alot may have been written and said about trading mindset but if one has trading indiscipline then they are not going to benefit from it. A few of the good trading mindset may include:
Being confident and not worried by the dawn of every trade outcome because your main concern is on a long term basis.
Understanding the negative effects brought about by greed and fear and figuring out how to control it.
Having emotional control over trading loss and profit .See it as a positive way of growing and managing your account.
Getting to know that the lifespan of your forex trading largely depends on risk management.Failure to which your account may suffer immense losses.
The question about forex knowledge and worths is mostly asked by two groups of people:
Group one has an idea that forex is profitable.Their point of interest is whether forex trading will earn them profit or not. The short answer to this group is: if someone somewhere is making money through forex trading,why not them?You don’t need a bachelor’s degree or higher education achievements in order to earn through forex. The only requirement in successful forex trading is seriousness and religiously adhering to trading ethics.this should happen throughout the studying and trading period.
Group two wants to understand the amount of money Forex trading can generate. It’s clear that they are aware that Forex trading yields income and are confident that they can successfully trade.Their main concern is how advantageous it is studying Forex compared to investing in other businesses.
To answer this question:Take a look at the amount of money gained from alternative jobs. A medical family doctor normally makes about $105-140,000 yearly after taxation yet in order for one to qualify as a family doctor with such an income,you have to take the course on different levels for twenty years.They also work for long hours ,during the weekends and over the holidays.
An elementary school tutor makes $53,000, lawyers $130,000, sport coaches make $37,000, janitors make $25,000 and teacher assistants make $25,000 per year.
Now the question is:what income can Forex generate?The amount varies from one trader to the other depending on various factors .E.g style of trading or amount of money invested.
It’s clear that Forex trading has a high and an undoubting ability to make money and wealth incremen thus, worth to spend time on forex trading .Its also important to take caution that if you miss out on trading ethics,chances of making losses are very high. It’s good to note that you should also apply consistency while trading for you to enjoy an overflow of income.
It’s possible not to take Forex or stock trading as a full time job.Forex trading will only help you to increase the already existing wealth.
The above clarifications bring us to the conclusion that it is worth studying and becoming a successful Forex trader but it is not guaranteed that you will always make profit out of it. Just like any other business Forex trading can incur losses due to uncertain market trends or poor risk management.Sometimes you will also fail to make either profit or loss hence no income at all.This is where a positive trading mindset helps you to pull out and focus on better days of trade.Your approach to Forex trading and how well structured your daily trades are also plays a very huge part on how profitable you are going to be in the business.
I would like to emphasize that its not advisable taking Forex trading as a full time job more so if you are under-skilled and can not follow the mentioned guidelines to positive trading mindset.
Forex trading is worth the try but not as an initial investment. It requires a backup source of income to fund Forex trading otherwise it might not be possible to grow up the trading ladder.Lack of income may result to fear of risking and also greed to gain with Forex (breaching the risk management and mindset rule) thus, delaying your growth in or throwing you out of the market.
In occasions where your initial capital is not enough,live accounts come in handy to help you make profit by initiating a 2%-3% risk on every single trade set up. Money gained from live accounts can be used in starting up your own account.
The most effective way of generating capital for Forex trading is having alternative consistent sources of income.Patience is key when preparing to venture into currency trading as money will generate money which will bring more income and the cycle continues…..
Can You Get Rich By Trading Forex? I want to be honest with you and the truth is forex trading is a business that need proper mindset before one start investing in this industry. Again, its of paramount importance to know that, all traders lose on some trades and there is no one out there can brag that they have 100% win at all times.
With the right education and mindset, its easier for a trader to increase his/her odds of winning and become a winner like 70-80% of the time. I want to highlight that the reason why many people lose in trading is that, they do not have the right mindset and they always think of how to make a million in a day. I was like you if you still have that mindset.In trading you must take it like any other business where by you need time to master, education alone is not enough, you still need more time of practising than even learning.
You can be a recent graduate from car driving school but that does not mean you are a driver, yes, you are driver but you have not practised enough to automate the process. All traders need to understand that, forex trading is just like driving a car. You need to be consistent with the strategies you have chosen to use. Let me be frank enough today with you, any strategy you have today can make money for you. I know there are better strategies out there, but the one you have if you consisitently practice in demo before you can jump on live account, you will make money. The bad thing is that, many people want to by-pass the procees of learning and practicing and they end up having only the introduction of how the market work.They only know when it goes up buy when it goes down sell, this will kill you my friend! You need first to seek the knowledge, and then practice what you have learnt.
Many traders do not believe in their trading strategies and that is why they keep on looking for holy grail. The holy grail in trading is just practising your strategies over and over again. If you stick with the ones you have today for a period of one year, doing extensive paper trading and stimulation trading, you will become a professional trader and you will eventually become rich.
Another holy grail, for them who do not want to pay for mentors, you can still get the basic information and trading strategies from youtube for 100% Free. If today you can do yourself a favour and just stick to one mentor ( you can choose me if you want haha) who you think will help you in becoming a millionare that will be a win to you. The problem with many aspiring traders who want to buy their ferrari cars next year is that, they keep on changing their strategies.
Today, one might be practicing how to trade using bollinger bands, yes, if you practice this long enough, for sure you will start making money. The problem is that, when they get new information from youtube, ”How I made $30,000 a month just by using RSI and stochastic indicators only?”.You find yourself now starting learing how to get the same amount. The person did not tell you for how long they have practised those two strategies for them to be successful. the person might have 10 years in trading only using those two strategies.
My simple advice today is to stop chasing money, and stick to one strategy for a couple of years and you will become rich my friend. Trading as it sounds good to call yourself a forex trader, you need to know these basics.I was there and i also struggled with different strategies but my mentor guided mewhat I was doing wrong.Just stop chasing money, and it will chase you. Seek proper knowlegde, practice the same strateigies for the next 3-4 years and if you do not make money SUE me. I will as well give you the same piece of advice for free because I care for you lol!
So please, plan your thoughts properly. We need to have the mindset of being rich yes, but you have to do the work. In this case I mean inspired action. Working on the same strategies over and over for a period of 3-4 years is not a joke! The consistency itself is what I call inspired action. You may start doing this being 100 people but only 10 people will complete the journey. Why are you among the 10 people if not inspired action??
By the way, you are perfectly caapable in becoming a pro in the industry if you think of these very simple basics things I have mentioed above. You will get challenges, you will blow many accounts, you will feel discouraged but just focus on becoming the best. Its my wish one day you will as well give someone you care the same advice.
Many people complicate things but you just need basics on how trading work to become a millioanare.Its my vision that your ferrari is coming soon! In case my English is not perfect, please remember I am a trader but not a writer lol. I think I helped you today? Looking forward to see your emails of how you are doing at admin@myforexglobal.com or SKype me at mentor@mfg.com. in case you need more help. Telegram Channel link:
Everyone in the forex trading field is likely to experience boredom in trading business at some point. Whether a novice or an expert we usually find ourselves in situations where there is no movement in the markets. Also, we may find trading routine monotonous.
However,
as a trader, you should understand that boredom is temporary as there are
different tricks that you can use to eliminate it.
Explore the trading world
As a trader, you should be willing to learn new things about the trading world. There are diverse trading options as well as opportunities in the field. In this case, it is important to do your research and talk to your trader about the options. One can explore Cryptotrading as an option. Although it is not like forex trading, it is a good way to kill forex trading boredom.
A good thing about Cryptotrading is that you can use the same knowledge from forex trading to trade. However, this does not mean that you should quit forex trading, instead, this should be considered as a part-time option to ensure that you do get bored by doing the same thing every day. Instead, you should make it a point to check your charts on a regular basis to make sure that you are updated on what is happening in the markets.
You
can also explore other areas of trading, for instance, as stated earlier the
trading world offers you a chance to learn new things every day. For instance,
when you are bored with live trading, you can create a demo account and try new
things. It will offer you a chance to learn without risking any financial
losses.
Join a Community
It is said that “No man is an Island”, hence, we all need people in our lives in every step we take. Working alone in the field of forex trading is risky as one can easily become isolated, therefore, leading to boredom. Nevertheless, you can combat it by joining a community of traders. Working with other people will enable you to view trading from a diverse perspective. For instance, you may be caught up in a difficult situation and your friend in the forex field may bail you out.
A setup may seem complicated and you risk more than your common position on the said trade. However, your trading friend could have a different opinion that may help to lower your risk level. Having a trading group also motivates a person, especially when facing tough situations. For instance, when you go through huge losses, you have people to support you and ensure that you are not bored.
There are different forums that any forex traders can join to interact with other traders. One can use TradingView.com as a social platform, whereby, you engage with others about any trading issue. You can also check different strategies that other traders are using. The platform offers different opportunities that will keep you motivated.
Joining
a community will enable you to combat boredom as you have the chance to engage
with other people and learn new things about forex trading.
Take a break
At times forex trading can be complicated and you may be faced with situations where you make huge consecutive losses. At this point, you may feel disappointed and boredom on forex trading business. At times as a novice trader, you may push yourself beyond your limits, leading to frustrations, stress and eventual boredom. Therefore, at this point, it is important to take a break and do something that will clear your mind.
You
can do something you enjoy doing such as going to the gym or hanging out with
your friends. It will help you clear your mind and come up with new strategies
that will help elevate your trading prowess.
Taking
a break can do wonders to any trader. You should ensure that you avoid
stressful situations at this point. For example, you can avoid talking about
forex trading and concentrate on other things.
Also,
it is important to remind yourself that it is part of the plan. In most cases,
as traders we find ourselves spending time analyzing the market and reviewing
trades which may become monotonous. Any trader needs to understand that it is
normal to feel this way, however, it is important to keep in mind that it is
all part of the plan. You should always remind yourself that it is a job like
any other and you are in it to make profits.
Boredom
can also be a good thing; it just depends on the perspective that you are
looking it from. When you are bored you can take that as an opportunity to
rethink your strategy in trading. As a good trader, you need to always give
yourself time to relax. When there are slow markets you need to relax and
patiently wait for the markets to be active. Every trader needs to have rules
that guide them. Hence, all one needs to do is to follow them.
In case you are facing difficult situations, it is good to stay calm and take time to do other things. Also, before you start trading business you should take some few minutes to ensure that you are comfortable. Ensure that you are sitting position is comfortable and there are no distractions. Next, take some few minutes to meditate, this will help you relax before you start trading. It is also important to slow down when you bored in forex trading business or its becoming hectic. It will help you regain focus.
When
you are bored, it is your mind telling you to relax and take a break. Although
you have everything in place, you need to be patient and rethink your
strategies. Every trader should accept their limitations and relax.
The above points will help any person whether a novice or seasonal trader deal with boredom. Also, it is good to explore other ways that you will help you relax. The worst thing that any trader can do is doubt themselves and quit forex trading.
You will truly start marking serious money from forex trading when it becomes a boring business to you.Boring helps to eliminate FOMO ( fear of missing out).It also helps in eliminate but habits like over-trading.
I know you can now releate that, boredom in forex trading is a good thing as it helps you to avoid overtading. If you feel you want to trade at every single minutes, then you have not mastered your patience and only boredom in trading can eliminate such a bad trading habits.
Thank you for reading this article.I support your dreams of becoming the best forex trader.
Many people aspire to become the best traders but the reason they do not become is that they are afraid to take the first step. Anything you do in life is a risk including eating or sleeping. If you do not change the way you condition your mind, and think about the risk and the failure you will never ever grow or start any investment. Take the risk and failure as just a part of emerging the best in every business that you venture into. With this mindset, you will never ever be discouraged in what you do.
The first step of becoming successful trader is taking the first step of imagining yourself becoming the best forex trader. You cannot become what you are not conscious of. You must feel yourself successful mentally even before you start the business. The worst thing is that many people starting a business focus moreon the negative part of it…… what if I get scammed what if what if, my friend, it’s good to have fear, but fear is opposite of faith. Fill your mind with success thoughts, see yourself making it, if there are millions of people who made it why not me? Never ever block yourself by saying it’s not your thing, but you really want it. You have to understand that you are not you, but God/Universe within you will ever be your guide. We should never wish to be good traders but we should always focus our attention on being the best and feel it. What I mean by feeling it is, just assuming what you aspire to be is already a reality.
Never ever say trading is
hard, or say it’s not easy for them make such money, they must have cooked
those results or it’s just a demo. Never ever say forex trading is like gambling,
never ever criticize what you really want to be or have. If you change your
tone of how you think about forex trading you are on your way of enjoying the
freedom and income that comes with trading. Many newbies or advanced traders
who speak ill of this business will never make it. It does not matter which
strategies you are going to use. In fact it’s not the strategies that makes you
a good trader, it’s your mind.
If you can train your
minds to see good anything that you desire in life, feel it and always keep on
visualizing it, you will become the best trader believe it or not. What I am
giving here is out of my own experience. I totally disregarded the illusion of
forex being hard to me, and persisted working on what I really want, and today
I can comfortably say it works.
Points
to consider before you place a trade.
Every morning after you
wake up just before you start your day remind yourself why you are trading, why
is this important to you? Why are you doing this, why you want to be a
professional and profitable? etc, try to answer your why? This will help you in
building emotions that will propel you becoming a professional trader. Without
feeling of success, of freedom of making good income and happy with that, it
will be hard for you to trade forex for a long-term. Never ever in any given
time allow negative thought about forex get a place in your mind, always
replace that by affirming that you are the best trader and you are getting the best
income and the freedom you truly deserve.
Before you place any trade,
visualize it going into your direction and triggering your take profit, never
ever see it going on the other side. Just pay more attention on what you want
not what you don’t want. Try to imagine what you visualized is already a
reality and build emotions of feeling good, a pro, successful, confidence etc.
Note better, you must feel it.
Do not let people’s
opinion about what forex is become your reality. Just take it as a mere words if
they are not helping you in anyway. All social media which encourage negativity
about trading get out of them, do not get a confirmation from any one of how
hard forex is because it’s not true. Never ever comment a negative comment about
forex trading.
Rely on your way of
thinking, do not get influenced to get into a trade that does not met criteria,
just wait and another trade is on the way coming for you. This will eliminate
FOMO, and increase your patience to wait only for the best set ups that align
to your strategy. Do not just say you are lucky, you better lose when you have
100% followed all your trading plans than win out of luck. You should know that
trading is not a short term business but rather a long term investment.
Lastly, have a mentor. If
you are truly serious of becoming the best trader, having a mentor will help
you to stick to one strategy given by your mentor. Do not ever say that your
mentor is just there to take your hard-earned money because the strategy seems so
simple and its like cannot work for you. Everything is simple in forex, it’s
just about how you are conditioned to believe. Mentor will also help you to
reduce the time taken in mastering all the concepts of trading. Every strategy
will always generate money, if it has been repeated for a long time until you
develop instincts. It’s not about knowing how to trade (conscious) you also
need your subconscious mind to help you on this. You cannot study all of the
forex strategies but if you practice just that one for many years its better
than trying million strategies.
If you just follow the
few concepts in this article, you are on your way to making enough income for
you from forex. You are the best trader, all successful traders once were like you.
Just focus on that one thing of making it, disregard all the negative talks
about your journey and soon or later………
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