Becoming a successful trader is not easy, for sure. Which is the discipline of steel, the impatient patience, the knowledge of knowledge, the endless passion, ... it requires the "forms" of habit that most ordinary people can not have.
Each successful trader has a different style, or almost the same, but together, we can list the attitudes that successful traders have (should / must) have.
In this article, I would like to give my opinion on the attitudes that a trader needs to be successful, maybe they are incomplete but if you want to be a trader who earn long-term money in foreign trade repent, follow them.
They do not react when they know the result of a trade
Many types of emotions will come to you after every order completed: can be frustrated, depressed, happy, full of faith and hope, ... One of the great walls that hinders the way to become A successful trader is the wall of emotions that you can have before, during and after every trade.
Experts consider each order as simply a task that must be executed in accordance with the original contract (your method), if A is B, if C is D, ... there is no emotion at all. I have 2 suggestions to help you easily follow:
1) Successful transaction is not in 1,2 transactions but success, it is the result of a long series of different transactions. You need to have enough steel discipline (or any diamond or hard substance) to execute your trading method with an emotionless state.
2) Maintain the risk amount in each of your orders, be really comfortable in case you lose that order. This helps you not to get frustrated or many other negative emotions driven after a losing order, similar to a winning order. Control your risk through the number of lots of an order so that you are not affected by any losing or winning orders, both of which will lead you to trading errors later.
They are extremely confident
Confidence is one of the key factors to becoming a successful trader. You have to believe in yourself, in your trading method, in your ability to follow it, and with the discipline to do it.
Confidence means that when you are facing a series of losing orders, which still happens to the best traders, you have no doubts about yourself, your trading methods and continue to follow your instructions. What did you do.
You need to be confident that you have the power to dispel all emotions, whether winning big sums or losing even bigger sums, as I said: if A is B, C is D, all just as such.
Being confident also means that you fully understand your trading method and know what you are looking for when you look at the market. You know when an opportunity is really good and worth the risk of your money appearing. To achieve this, you need to spend a long time focusing on learning, and have to study in the right and effective place.
Confidence doesn't mean that you are invincible, you have a 99% win rate. No, losing orders are always there, many, for any top investor, you probably don't know how much they lost. They are confident, but not arrogant, and balance their emotions with what the market brings, winning orders and, of course, losing orders.
They are extremely good at "doing nothing".
"Doing what" in transactions is hard, yet doing nothing is even more difficult. Can you sit for 1 month or more without placing a trade? That is what leading traders often do.
Understanding and knowing when NOT to trade is just as important as knowing when to trade (for me it is even more important). Successful traders know that they should "stay out" of the market many times more than they would in it, and they do this very well. They do not make money by always "sitting" in the market, they do not expose their accounts to thousands of risks per minute, per hour, ...
We know that not every order can be a winning order, even the most perfect candle settings still reflect us, sometimes. That means, as a trader, you are "playing the game" of probability, (forex trading has many similarities to poker and there are many experts who recommend playing poker as it will complement forex and opposite).
Because it's probabilistic, we're only risking on really-good-chance opportunities, if you trade steadily every day a few dozen orders, you're simply gambling. You need to be patient and disciplined to wait, just like a sniper in forex so. Every day, if a good opportunity doesn't come, the only thing you need to do is ... do nothing, you can spend time with your hobbies and interests to help you stay away from the market. Professionals can take a few months without entering an order and they usually do, if forex trading is the most financially risky place in the world, where most people are involved in losses, then Why are you still following what the majority still does?
(wait for
part 2)
Each successful trader has a different style, or almost the same, but together, we can list the attitudes that successful traders have (should / must) have.
In this article, I would like to give my opinion on the attitudes that a trader needs to be successful, maybe they are incomplete but if you want to be a trader who earn long-term money in foreign trade repent, follow them.
They do not react when they know the result of a trade
Many types of emotions will come to you after every order completed: can be frustrated, depressed, happy, full of faith and hope, ... One of the great walls that hinders the way to become A successful trader is the wall of emotions that you can have before, during and after every trade.
Experts consider each order as simply a task that must be executed in accordance with the original contract (your method), if A is B, if C is D, ... there is no emotion at all. I have 2 suggestions to help you easily follow:
1) Successful transaction is not in 1,2 transactions but success, it is the result of a long series of different transactions. You need to have enough steel discipline (or any diamond or hard substance) to execute your trading method with an emotionless state.
2) Maintain the risk amount in each of your orders, be really comfortable in case you lose that order. This helps you not to get frustrated or many other negative emotions driven after a losing order, similar to a winning order. Control your risk through the number of lots of an order so that you are not affected by any losing or winning orders, both of which will lead you to trading errors later.
They are extremely confident
Confidence is one of the key factors to becoming a successful trader. You have to believe in yourself, in your trading method, in your ability to follow it, and with the discipline to do it.
Confidence means that when you are facing a series of losing orders, which still happens to the best traders, you have no doubts about yourself, your trading methods and continue to follow your instructions. What did you do.
You need to be confident that you have the power to dispel all emotions, whether winning big sums or losing even bigger sums, as I said: if A is B, C is D, all just as such.
Being confident also means that you fully understand your trading method and know what you are looking for when you look at the market. You know when an opportunity is really good and worth the risk of your money appearing. To achieve this, you need to spend a long time focusing on learning, and have to study in the right and effective place.
Confidence doesn't mean that you are invincible, you have a 99% win rate. No, losing orders are always there, many, for any top investor, you probably don't know how much they lost. They are confident, but not arrogant, and balance their emotions with what the market brings, winning orders and, of course, losing orders.
They are extremely good at "doing nothing".
"Doing what" in transactions is hard, yet doing nothing is even more difficult. Can you sit for 1 month or more without placing a trade? That is what leading traders often do.
Understanding and knowing when NOT to trade is just as important as knowing when to trade (for me it is even more important). Successful traders know that they should "stay out" of the market many times more than they would in it, and they do this very well. They do not make money by always "sitting" in the market, they do not expose their accounts to thousands of risks per minute, per hour, ...
We know that not every order can be a winning order, even the most perfect candle settings still reflect us, sometimes. That means, as a trader, you are "playing the game" of probability, (forex trading has many similarities to poker and there are many experts who recommend playing poker as it will complement forex and opposite).
Because it's probabilistic, we're only risking on really-good-chance opportunities, if you trade steadily every day a few dozen orders, you're simply gambling. You need to be patient and disciplined to wait, just like a sniper in forex so. Every day, if a good opportunity doesn't come, the only thing you need to do is ... do nothing, you can spend time with your hobbies and interests to help you stay away from the market. Professionals can take a few months without entering an order and they usually do, if forex trading is the most financially risky place in the world, where most people are involved in losses, then Why are you still following what the majority still does?
(wait for
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