A few weeks ago I discussed the 7 habits of a Forex winner so you don’t become a Forex loser (yeah, I’ve read some Stephen Covey 🙂 ).
While there are several concepts that I’ve reinforced repeatedly on the blog, the ideas below are simple and need to become part of your mindset as a Forex trader in order to become successful.
Successful Forex Traders vs. Unsuccessful Forex Traders
As a Forex trader, you will have the highest chance of success if you believe in – and follow – the following principles:
- A successful Forex trader educates themselves on how the market works.
- A successful Forex trader understands how to find and place a trade.
- A successful Forex trader trades only when solid equity management allows.
- A successful Forex trader NEVER trades without a protective stop loss order.
- A successful Forex trader never chases the market.
- A successful Forex trader patiently awaits solid trading opportunities that meet his trading criteria and passes on trades that do not meet his equity management requirements.
One of the fundamental reasons that 90 percent of Forex traders fail is that they do not follow the rules. It is crucial that you educate yourself on how to place sound, educated trades – this is why you’re at my Forex trading blog.
But you can have all of the education in the world and if you don’t follow the rules you have learned, you will fail. Do not get emotionally attached to the money invested in a trade (that means, in part, that you should not trade more than you can afford – practice sound equity management).
Do not get emotionally attached to a trade. Psychologists have found that many people who lose big in the markets held on to losers for too long – you can prevent this by setting appropriate stop loss orders with every trade.
Remember that every trader loses sometimes. It’s how we deal with losses that allows us to ultimately be successful! The ones who win overall are those who trade the Forex in an educated and methodical way.
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