The mindset of successful forex trader
I was talking with one of my price action forex students today who in some sense, has a very typical story — they tried everything, from forex robots, signal services, listening to expert trade advice, reading all kinds of books, etc. They are definitely dedicated and sincerely want to learn to trade the forex market successfully so it is not a question of effort.
Particularly, they seemed to have trouble dealing with losses and asked me how I dealt with them. I asked them how they dealt with them just to get an idea of what their mindset was and where he was coming from.
After hearing his responses, I told him I would write an article about how a person with a successful mindset deals with losses and failures which can make all the difference in the world.
So here is a short but sweet article describing 5 key things that will help you deal with losses and have a successful mindset.
In trading, this would translate to not letting every trade win or lose determine your sense of value because this will make you totally dependent upon the results in the beginning which is a precarious time. Instead, focus on what you need to do with the information being presented in the loss or mistake you made. This will keep you focused on moving forward instead of becoming judgmental about your process. Use it as fuel to learn to trade better.
They become humble, realize they have more to learn, and become sharper in how they look at things which helps the process become more informative. But more importantly, they become more resilient and determined to become better.
I really congratulate Tiger Woods who for almost 3 years had not had a major win. Keep in mind this was someone who was used to winning like it was breathing. In his last tournament, he was in the lead after having one of his best rounds ever in his life. What was he doing after playing 18 holes of golf after 3. Right back at the driving range working with his coach to figure out what he could have done better.
He used these losses over the years to become more resilient and this is what you need to do. Imagine having a 3 year losing streak, and imagine what kind of resolve and resiliency it takes to keep fighting to get back to what you believe is possible. They know they are human, that they will make mistakes, that there is more to learn, that they will never be perfect. But take the process of learning to trade forex seriously. Often times, mistakes mean the difference between a win and a loss, a winning month and a losing one, so use the information contained in each loss, failure or mistake as an opportunity to get closer to your dream of trading successfully.
You have to get comfortable with losing as it will be part of the game. Be willing to fail and make mistakes. You will never see the top of the mountain and the view from there. Learn to face the craziness of the markets, the unpredictability and the oncoming waves crashing into you with courage. You can learn from your failures as much as your successes, so just consider it part of the process of learning to trade and achieving your objective. So there you have it, 5 key things which can help you develop a successful mindset and help you deal with losses so they become the fuel and building blocks of your successful trading, not an emotional vice grip which constrains your natural talents and intelligence from coming out.
The mindset of a successful trader simply deals with the experience of losses and failures differently — but most importantly, realizes success starts with your mindset. I welcome your feedback and thoughts on this so make sure to comment, like and share the article to pass it on. Kind Regards, Chris Capre 2ndSkiesForex. I'm Chris CapreFounder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform.
As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page. Hi Chris Thanks for the ncb bank saudi arabia exchange rate to india on how to be a good trader.
Aon stock options had to find all these answers by the hard way. Now i follow all what you have stated and that is how i am comfortable on losses and winning. Yes if i did not make mistakes when i was a baby trying to walk i will never be walking now.
Yes when we fall we learn but if we did not get up and try again and master it will we be walking and trying to climb the mountain.
The Mindset of A Successful Forex Trader - 2ndSkies Forex
You are very generous with your students with the wealth of forex4noobs webinars and knowledge that you want to share and help them become good traders. Like you said in one video-Giving and you will get more. Thank you for watching the recorded webinars. Good to know you are enjoying the discussion on trading psychology and finding benefit from it.
But yes, success starts with mindset and this is probably the number one reason why most traders do not succeed. I am naturally an emotional person can you use etrade for penny stocks it has been hard for me to cut these emotions out of my trading and to stick to rules which I have set for myself.
Once I was able to do this my losses became less. Trading daily and H4 has also helped me. Yes, keep believing in yourself but your right, trading will have an effect on your emotions. I actually have in the course an entire 45min.
I also teach rule-based systems which helps with the process as there are very little decisions to make. But glad you liked the article so thank you for commenting. ProtectionI think is one of the most essential tools in the mindset of any successful trader want to survive in this economic junglelower budget traders need maximum protection technicks this will deliver peace of mind in most of the looses.
Very usefull and enlightening thread you gave us today Christhank you! Glad you liked the article. Yes, if in protection you mean stop, all traders should be trading with a stop — this is a sign of immaturity and lack of understanding the market if one trades without a stop.
Imagine being long EURUSD in summer with no stop. This is why having proper money management is critical.
10 Steps to Developing a Winning Trader's Mindset (Transcript) | EminiMind
In last June 1st week I really had a bad trade in Silver and almost disturbed me, no trade how to make gold in wow mop 5.4 pounded my mind like this one.
I almost stopped trading for the whole month and analyzed the mistakes done by me and almost decided to quit trading. After reading this article I will try to keep this points in mind. There really is nothing you can do about any one forex bank traders that is over.
Its in the past and the mindset of successful forex trader cannot change the result in the past. You can only change the results in the present and the future by what you do from this moment on.
So learn from it, but let it go and move on. I am glad you have learnt a lot asx stock market data download benefited from these articles. I appreciate your kind words so thank you!
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Want to Learn Price Action Strategies for Trading Forex? Sign Up for our Monthly Newsletter and Get our FREE E-Book. You Might Also Enjoy. Hello Joe, Thank you for watching the recorded webinars. Wiser words I have not heard.
Hello Jevon, Yes, keep believing in yourself but your right, trading will have an effect on your emotions. Hello Nikos, Glad you liked the article. Anyways, glad you enjoyed the article. Hi Chris Thanks for one more motivational and useful article.
Hi Chris In last June 1st week I really had a bad trade in Silver and almost disturbed me, no trade has pounded my mind like this one.
Hello Rahulsinh, There really is nothing you can do about any one trade that is over. Hope this helps kind regards chris. Hello Rahulsinh, I am glad you have learnt a lot and benefited from these articles. Trading With Price Action Context Engagements.
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