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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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