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How to Know Your Real Chances of Achieving Success on Forex

5:08 PM Jul 16, 2020
9568
For beginners

Forex trading is affordable for everyone, but it's not an easy job, so many of us sometimes think about how to succeed in foreign exchange trading. Thousand of traders can not become successful traders during the first year and do not achieve good results. In this article, we will talk about successful professional Forex traders and highlight the best approaches and practices for beginners and experienced traders.

We often look at rich and successful people with envy. We believe that they all got it easy while each of us has to be content with little. You may not like what I will tell you right now but these rich and successful tend to deserve what they have. They had to tear and do the impossible to get where they are right now. And they don’t stop there but continue to study and work hard to become the best in their fields.

Why am I telling you this? Because this scheme works the same in any field, including Forex trading. You cannot rely on luck or the help of others to succeed. If you want to achieve something in your life, to become a professional trader, then you need to start behaving and thinking like these successful people.

What Does it Mean to Be a Successful Forex Trader?

One of the most important things is understanding what it means to be a successful trader and how you will become victorious. The second thing that you need to comprehend is your achievements and desired profits.

How to Understand That You Need to Change Something?

A successful person is distinguished by his desire for a goal and the persistence with which he goes to it. He doesn’t throw everything halfway and doesn’t relax after every small victory. A successful person lives his goals and dreams.

If you want to understand whether you are motivated enough and do everything correctly, then you need to constantly ask yourself direct questions and give honest answers. And the questions to ask depend on your goal. Let’s say you want to be healthy. Ask yourself:

  • Am I doing enough sports?
  • Am I eating right?
  • Am I sleeping well? Etc.

With Forex, the scheme is the same:

  • Am I taking enough time to learn trading?
  • Am I following the basic rules?
  • Do I practice enough on a demo account before real trading?
  • Do I study the market and the news?
  • Am I missing out on great trading opportunities to do something else? Etc.

If you notice that you are not making enough effort then it’s time for you to change your mindset. You need to start thinking and acting like rich successful people, even if you only have $1,000 in your account. Today I will try to help you with this.

Set Realistic Goals

Forex trading is not just a game. It’s a real job. You need to seriously think about why you came here. So you can set realistic long-term and intermediate goals for yourself. And it is worth taking it seriously because you are risking your personal funds. If you don’t have goals, then you will not have a plan. And without a plan, Forex trading turns into simple gambling which inevitably leads to failure.

That’s why your goal should be clear. Blurry phrases like “I came for profits” won’t work since it is not clear how to achieve such a target.

Avoid unrealistic goals at this stage, such as “I want to earn a few thousand dollars a week” or “I want to quit my current job, sunbathe on the beach while the market works for me.”

If you want to linger on Forex, decide on the nearest goals. A good example is “I want to earn $300 a week, which will complement my basic salary in the office and which I can save/spend on traveling, etc.” Everyone will have a unique goal. If you haven’t yet decided on this, today is the day.

Think and Act Like a Successful Person

There is a famous phrase “fake it till you make it”. Start by understanding and accepting that you are worthy of success and high profits. And then get ready to act and think like a pro:

  1. Treat Forex as a business. This is a real job, not a game. In order to climb the Forex career ladder and reach success, be prepared to fully surrender to the cause.
  2. Do not rely on luck. You may be lucky several times but without a clear plan, you cannot succeed in Forex. And it's not just about the trading plan. You need to set clear goals and outline steps to achieve them. In other words, you need a real business plan. Figure out how much time it will take you to achieve each target, what actions you need to take, etc. At the end of every period in your plan, review it, note what was achieved and what wasn’t, what mistakes were made and how they can be fixed. After analyzing the path traveled, set new goals and develop a new plan.
  3. Train your discipline. Many successful people talk about how they get up at 5 in the morning every day to fulfill the tasks set for the day and so on. It was self-discipline that helped them reach their level of success. At Forex, this quality is one of the keys to success. When you have developed your plan and trading routine, make the following of it your second nature.
  4. Continue to learn even after reaching success. Have you noticed that professional athletes who have reached unprecedented heights continue to train every day? Successful businessmen are exploring their fields to stay abreast of the latest developments, techniques, and innovations. Professional Forex traders do the same. Even if you are showing pretty good trading results, you still have a lot to learn. Continue reading books, attending webinars, and exploring new strategies and indicators. The secret to success is that it doesn’t have an endpoint. You need to grow and develop every day.

Yes, there is a lot of work to be done. But how else can you become one of the few successful and truly rich people? Start with your mindset. Decide for yourself what you want and whether it is worth it. I am sure that each of our readers deserves real success. So I can only wish you perseverance and a little luck!

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1-2% rule 1-hour chart 15-minute chart 4-hour chart 5 candlesticks 50% stop loss ADX ATR AUD Alexander Elder American session Android Asian session Australia Australian Dollar Average True Range BoE Bollinger Bands Brexit British pound Buy Limit Buy Stop CAD CHF COVID-19 CPI Canadian dollar Central Bank Charles Dow Cherry Blossom China Chinese Yuan Chinese yuan Correlation Matrix D1 DXY DailyFX Default mode network Doji Donald Trump Donald Trump Twitter Dow theory EA EA tester ECB ECN ECN Copytrade ECN accounts EMA EUR EUR/AUD EUR/USD EURCHF EURGBP EURJPY EURUSD Elliott wave Entry order Euro European Union European session Excel tables Expert Advisor Expert Advisors FOMC FXCL FXStreet Fed Fed Interest Rates Fibonacci Fibonacci levels Forex Forex Factory Forex advantages Forex bonuses Forex books Forex business Forex contests Forex education Forex forecasts Forex mentor Forex mentors Forex myths Forex news Forex resources Forex risks Forex scammers Forex terminology Forex traders Forex 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Forex advantages of forex aggressive EAs applications apps ascending triangle ask auto-management auto-trading averaging balance bar chart bars base currency bearish bearish spike bears beginner mistakes beginner trader beginners belt hold bias bid bid/ask bitcoin bonuses breakeven breakeven stop loss breakout breakout strategy breakout trading breathing techniques broker brokers budget bullish bullish spike bulls business buy buy trade buy/sell candle candles candlestick chart candlestick pattern candlesticks carry trading cashback cent account cent accounts cent trading central banks channel chart charts chasing the market checklist clicking the button close trade coins commission commodities competitive advantage confidence confident trading consistent profits consolidation consumer price continuation pattern copy trading coronavirus corrections correlation counter-currency counter-trend trading criminal risks cross currency cross pairs cross-currencies cross-currency cryptocurrency cryptocurrency market currencies currency currency market currency pair currency pairs currency rate currency wars daily candle daily chart daily charts dark cloud cover day trader day trading dealing with losses demo demo account demo accounts demo trading deposit bonus deposits descending triangle devaluation diamond discipline disposition effect distribution divergent triangle doji double bottom double top downtrend drawdown economic calendar economic indicators economic news economic sentiment economical calendar education emotion control emotional trading emotions emotions control end-of-day trading engulfing engulfing candle enter trade entry point entry price equity ethereum euro evening star excessive trading exit point exit trade exotic currencies exotic pairs exotics expanding triangle expert advisors export false breakout false signal fast trading fear fears fed rates decision fees female traders figure figures financial education financial intelligence financial literacy 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streak loss loss control losses lot lot size low low-frequency trading low-hanging fruit low-risk trading lows major news release major trend majors mam margin mark-down mark-up market analysis market balance market cycle market execution market makers market noise market psychology market sentiment martingale marubozu meditation mentor metals micro-lot million mini-lot minimum deposit minors mobile terminal mobile trading monetary policy money management money manager money managers morning routine morning star morning start motivation on Forex moving average multitasking mutual fund national currency news portal news release news releases news site news trading no deposit bonus non-farm payrolls novice trader novice traders novice trading nutrition oil open trade order order execution overbought oversold oversold/overbought overtrading pairs pamm partnership partnership program pattern patterns payment methods payment systems pending order pending orders pennants perfectionism 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