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Not Successful Yet? Here's What You Need

5:52 PM Nov 20, 2019
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Trading Psychology

In this article, I will not tell you about the standard features that any trader should have. Such as discipline, confidence, patience. These traits are required for every trader to get at least some profit on Forex. I want to talk about real success - about the ability to receive consistent income from trading.

There are not many people in Forex history who can boast of stable profits. According to some reports, only around 10% of all traders are truly successful in trading. So what’s so special about these people? What traits have helped them achieve true success?

Passion

It may seem strange, but if you do not have a genuine interest in trading, then you have no chance to succeed. Only sincere passion will help you come back to the market again and again. If you came to Forex exclusively for profit, then most likely after one or a few failures you will quit.

If the trading process itself arouses a lively interest in you, then even a losing streak will not stop you. Have you ever heard the expression “Find something to your liking and you won’t have to work a single day of your life”? The same thing works for trading.

Accurate System

You must find a particular edge beyond which you will not go. Only when you work according to an accurate system, you can achieve success. You must think through every aspect of your trading routine in advance:

  • What charts do you trade on? Which timeframe, which pair?
  • How much are you willing to risk per deal?
  • What kind of analysis do you do in each situation?
  • What actions do you take before and after trading?

There can be dozens of such questions, and you should have an answer to each of them. If you want to become a truly successful trader, then you should have a work plan that you will follow steadily

No Luck, Pure Analysis

Everyone uses their own strategy, but not a single trader has succeeded in Forex without analyzing the price action in one form or another. Even simple determining of the main trend of the market can become a necessary basis for your trading decisions. I am not saying that you should learn to trade exclusively on price action and forget about indicators, Trading Advisors, and so on. But if you look at the charts and this gives you absolutely no information that you could use, then you are unlikely to succeed in Forex.

Start small:

  1. Learn to determine the main trend
  2. Learn how to find and draw main price levels, such as resistance and support

There Is No Such Thing As Failure

It would be lying if I said that successful traders never lose. It’s simply impossible. However, they treat losses quite differently. For them, a failed transaction is more of a response from the market to their actions. This is a chance to analyze your trading decisions, improve your plan and start earning even more in the future.

Know the Limits

In almost any field, the more you try, the better your results. In Forex, it only works for education and practice. What’s important in real trading is simplicity and measure.

Often, the simpler your strategy, the more likely you are to succeed. Overtrading will not lead to anything good either. Moreover, a successful trader always knows when it is time to step away from charts and wait for a better moment for entry. So don’t complicate and know the limits.

They Calculate Their Risks In Advance

A successful trader is hard to catch by surprise. Such people pre-calculate the risk involved in each trade. Thanks to this, they can set goals for the future that they will add to their trading plan.

They Don’t Trade Out of Need

If every time you look nervously at the screen, thinking that your future depends on this particular trade, then, in the long run, you are doomed to failure. For a successful trader, gains and losses on Forex are just numbers. If you see money in every pip and every market movement, then your trading decisions will most likely be based on emotions.

Forex should not be your main source of money. At least at first. You must be calm about the funds you trade and never put everything at stake. Only this way your decisions will be calculated and eventually lead to success.

They Keep Moving Forward

Do you know any success story where a person quit after the first failure? Or the second one? Or the third one? If you want to achieve success, you need to continue to move forward, no matter what. I hope the tips in this article help you achieve your goals. Just make sure not to give up.

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trading mindset beginners novice traders trading strategy forex trading trading plan broker losses forex mistakes trading habits women in Forex female traders risk management profit trading instruments pairs price advantages of forex leverage FXCL investments copy trading advantages of Forex social trading professional traders trading psychology demo trading buy/sell bid/ask spread Metatrader 4 market analysis technical analysis fundamental analysis trade trading platform Forex trading novice trading dealing with losses charts timeframe indicators MetaTrader 4 trading routine support level resistance level trend low-hanging fruit stop loss loss trading history long-term goals open trade close trade daily charts swing trading intraday trading scalping trading setup Forex traders bullish bearish resistance support MA 200 trend trading professional trading EMA EA daily chart weekly chart Forex news highs lows account type cent trading Mini Micro Cent Partnership commission fees trading terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro canadian dollar japanese yen mexian peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 Coronavirus epidemic macroeconomics markets CNY Bitcoin gold Jerome Powell fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester MeaTrader 4 trading signal chasing the market clicking the button COVID-19 oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial markets indices commodities stock metals trading robots Forex mentors confidence bias low-frequency trading set and forget end-of-day trading exit trade auto-trading OCO trailing stop auto-management competitive advantage partnership IB referral Introducing Broker Sub-IB EURGBP EURCHF Donald Trump Twitter exotics minors trading patterns wedges pennants triangles breakout trading range trading confident trading trading goals japanese candles stars morning star evening star Japanese candles inverted hammer hanging man abandoned baby spinning top spinning bottom bars harami cross engulfing belt hold sandwich piercing line dark cloud cover marubozu three black crows upside gap two crows inverted head and shoulders trading figure trading pattern spike bearish spike bullish spike Mrs. Watanabe beginner trader carry trading young traders women traders figures diamond divergent triangle symmetrical triangle reversal signal morning routine unusual trading tips useful habits