One of the main reasons why beginner traders fail in forex trading is due to their mindset. If you are new to forex trading or any form of financial markets trading you would have come across a few issues psychologically that have held you back from hitting profit targets on a regular basis.
If you hadn’t gathered trading is 70% psychological, if you can control your mind and emotions you have won half the battle. There are 5 main tips I would recommend you, master, if you want to have a chance at being in the top 5% of traders who are actually profitable.
- Accepting a Loss: You cannot trade an expect not to take a loss every now and then. It is just part of the game.
- Confidence: You need to have the confidence in order to take calculated risks in the market. You do this through self-education and practice. The more you learn and practice the more you earn.
- Discipline: In order to be successful you have to have the utmost discipline in sticking to your trading plan and put in the work, learning and chart analysis.
- Revenge Trading: Trying to make back losses by over-leveraging your account or adding to losses trying to recoup losses will only blow your account up. Don’t Do It
- Patience: Have the patience to let the trades come to you. The market will always be there and there will always be multiple setups every day. There is no need to rush it and cock things up chasing the money