Mindset Mindset Mindset!!! | Forex Factory

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Mindset Mindset Mindset!!!

  • #1
  • First Post: Sep 23, 2008 9:58am Sep 23, 2008 9:58am
Hello fellow forex factory traders...

Just joined this forum and noticed how most of the threads are about systems and strategies... almost too much information!!!

So I thought I'd start my own thread on what I think the most important part of forex trading is....... Mindset.

Traders don't fail because of strategies that don't work, the majority of the strategies out there are winners. They fail (I hate that word) because they don't know how to handle losses, and also the winnings. I've been there...

When you lose... smile... take a deep breathe... analyze any mistakes which you may have made so you don't make them again. Any hey, sometimes u just gotta accept that the market doesn't always do what its supposed to do!!! lol.

When you win... pat yourself on the back and do a few star jumps lol... whatever makes u happy.

A quote which I read from someones post sums up the mindset of a successful trader....

PATIENCE + DISCIPLE - GREED = $UCCE$$... :-)


Happy trading all.
  • #2
  • Sep 23, 2008 10:36am Sep 23, 2008 10:36am
i agree except the part when you mention that the market doesn't do what it suppose to.. i think it does.. but not what the trader expected..

Also Greed is GOOD! Anyways, this is just my 2 pips..
  • #3
  • Sep 23, 2008 10:50am Sep 23, 2008 10:50am
Quoting TradeSense
Hello fellow forex factory traders...

Just joined this forum and noticed how most of the threads are about systems and strategies... almost too much information!!!

So I thought I'd start my own thread on what I think the most important part of forex trading is....... Mindset.

Traders don't fail because of strategies that don't work, the majority of the strategies out there are winners. They fail (I hate that word) because they don't know how to handle losses, and also the winnings. I've been there...

When you lose... smile... take a deep breathe... analyze any mistakes which you may have made so you don't make them again. Any hey, sometimes u just gotta accept that the market doesn't always do what its supposed to do!!! lol.

When you win... pat yourself on the back and do a few star jumps lol... whatever makes u happy.

A quote which I read from someones post sums up the mindset of a successful trader....

PATIENCE + DISCIPLE - GREED = $UCCE$$... :-)


Happy trading all.
Hi Tradesense,

Welcome to FF. I think this is an excellent idea for a new thread, and I hope that others will post their insights here.

I do, however, have to disagree with part of your post. I have no real proof of this, but my experience tells me that most traders fail because they do not have a true edge. I don't believe most systems work, at least not in the long run. I'm not trying to minimize the importance of trading psychology, because I believe it is vital to success in this business. Midset if often the reason traders can take a winning system and still lose. Discipline and emotional control should never be overlooked, but don't make an opposite but equal mistake of using an unsound strategy.
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  • #4
  • Sep 24, 2008 3:06pm Sep 24, 2008 3:06pm
Quoting Rosscub
Hi Tradesense,

Welcome to FF. I think this is an excellent idea for a new thread, and I hope that others will post their insights here.

I do, however, have to disagree with part of your post. I have no real proof of this, but my experience tells me that most traders fail because they do not have a true edge. I don't believe most systems work, at least not in the long run. I'm not trying to minimize the importance of trading psychology, because I believe it is vital to success in this business. Midset if often the reason traders can take a winning system and still lose. Discipline and emotional control should never be overlooked, but don't make an opposite but equal mistake of using an unsound strategy.
Brilliant post, Rosscub, IMHO.

Exactly what I was going to say.

David
  • #5
  • Sep 24, 2008 4:13pm Sep 24, 2008 4:13pm
Very true... the problem is people cannot stick to their rules of trading, we are all guilty and this is where it all goes wrong.

If you stick to your trading plan, you will be successful, providing that you have a method/system that gives good returns.

Regards,
Vip
  • #6
  • Sep 24, 2008 4:41pm Sep 24, 2008 4:41pm
Quoting guess121
Very true... the problem is people cannot stick to their rules of trading, we are all guilty and this is where it all goes wrong.

If you stick to your trading plan, you will be successful, providing that you have a method/system that gives good returns.

Regards,
Vip
Well said, Guess121. On the surface it sounds like such a simple thing, but in practice it can be quite challenging. One mistake can easily give birth to more mistakes.

I have found myself in a situation where I made a mistake like hitting the "sell" button when what I really meant to do was hit "buy." Then the trade instantly goes my way, but I discover I'm losing money because of my mistake. Now I have to exit and and decide if I want to take a worse entry price or just miss the opportunity and wait for the next setup (in most instances this is best). Being greedy, I enter the trade in the correct direction at the higher price and "hope" that it continues. Of course it doesn't and I'm stopped out. Now I have a loss (both actual and opportunity) when I should have had a gain. After this, the natural reaction is to revenge trade in an attempt to gain the money back and the cycle continues.

This is why mindset is so important. You have to stay focused and disciplined with eye on the horizon. Our goal is way out in front of us. Trading is like brick laying; you have to do the small things right, day after day. No one trade should make or break us. So long as you don't compound your mistakes, they can easily be recovered.
Visit my journal here.
  • #7
  • Mar 24, 2022 11:32am Mar 24, 2022 11:32am
Often overlooked but so important to master
  • #8
  • Mar 31, 2022 2:48am Mar 31, 2022 2:48am
Everyone knows the truth, but not everyone can do it, expect us not to be swayed by the market。
  • #9
  • Mar 31, 2022 3:24pm Mar 31, 2022 3:24pm
The right mindset is one of the most important parts of the trading.
  • #10
  • Apr 3, 2022 2:25am Apr 3, 2022 2:25am
agree. but this right mindset never builds with over night , its a practice issue , need a long time meditation and the habits about zero thoughts. and this is not only for trading life but also for real life.
  • #11
  • Apr 8, 2022 2:09am Apr 8, 2022 2:09am
Mindset plays a vital role in trading. A trader should flourish his mindset to earn a better feedback. I a mindset, there should be no negativity because a negative mindset can never inspire you. A trader should practice more to remove fear of trading from their mind. So, there is no alternative to flourishing one’s mindset.
  • #12
  • Apr 8, 2022 5:43am Apr 8, 2022 5:43am
This is lyrical, but behind a clear understanding of the processes, we often cannot resist greed.
  • #13
  • Apr 12, 2022 11:16pm Apr 12, 2022 11:16pm
A positive mindset leads to a positive result and traders should get rid of some common mistakes. Traders should not frequently change their trading styles. They should stick their preference like if they are scalper, they should enhance their skill in this field. And if they are long time traders should prepare themselves with sufficient knowledge so that they can do well in their respective trading style.
  • #14
  • Nov 13, 2024 1:39am Nov 13, 2024 1:39am
Quoting jonstewart
A positive mindset leads to a positive result and traders should get rid of some common mistakes. Traders should not frequently change their trading styles. They should stick their preference like if they are scalper, they should enhance their skill in this field. And if they are long time traders should prepare themselves with sufficient knowledge so that they can do well in their respective trading style.
Absolutely! Focus on your trading style, stay consistent, and keep improving. A positive mindset helps you stay disciplined and turn challenges into growth.
  • #15
  • Mar 26, 2026 11:54pm Mar 26, 2026 11:54pm
A perfect mindset is still different, neither wins not losses shouldn't trigger any strong emotions. Same as opening a pizza place and being happy each time customer buys your pizza. At first, maybe, but after time, it's just business. Same as trading, you can allow yourself to be happy when you get the money in your bank account. Until then - it's business.
  • #16
  • Mar 29, 2026 9:00pm Mar 29, 2026 9:00pm
Quoting Faum
A perfect mindset is still different, neither wins not losses shouldn't trigger any strong emotions. Same as opening a pizza place and being happy each time customer buys your pizza. At first, maybe, but after time, it's just business. Same as trading, you can allow yourself to be happy when you get the money in your bank account. Until then - it's business.
Yup, you are saying the right thing, treating trading is just like a business, not a rollercoaster. But bruh, reaching that mindset takes years, not just reading wise words. A beginner can understand logically that emotions hurt performance, yet still feel their heart race on every tick. Be real, we have all been there. You can't skip the burnout, the revenge trades, the overconfidence after a win, the overleverage. Until you live through those cycles yourself, staying numb is just a theory, nothing more. Experience is the only real teacher. The detachment you describe isn't learned, it's earned, one painful lesson at a time.
  • #17
  • Apr 1, 2026 4:16am Apr 1, 2026 4:16am
Easy to say this. Irl it’s super hard to achieve this “calm psychological mindset”, when you accept things and don’t show overexcitement when you win. Otherwise, we would have a bunch of successful traders, everybody would quit their 9-17 jobs and it would bring peace in the world… But it’s on paper…
Imo trading success is a whole bunch of factors. Ability to understand current market context, enough experience with your trading strategy, hours of grinding charts, sufficient capital to keep risks tight, ability to adjust when it’s time to adjust, and yes, as a foundation, it’s mindset, ability to execute whatever you have in mind. Small note, you can’t avoid these emotions, you can control them to a reasonable degree.
  • #18
  • Apr 6, 2026 5:27am Apr 6, 2026 5:27am
Ah yes, this age old topic never gets old.

In my case, I needed more than just a positive mindset. After 10 years, I realized that my "faulty" mindset was due to me playing the wrong game and lacking the skills for the right game.

Like most struggling traders, I was playing the wrong game:

  1. success = profit = "I did something right" => "I'm a trading genius" => euphoria => overconfidence & greed
  2. failure = loss = "I did something wrong" => "I'm an idiot" => depression => fearful & no confidence

My mindset started to change after I changed the game:

  1. success = I listened to the market and got out when it told me to => "Any idiot can do as they are told, doesn't make me a genius"
  2. failure = I ignored what the market was telling me => "Get it together, if you want to make it in this business"

This completely changed my reaction to wins and losses:

  1. win = "no biggie, I stayed in until the market told me to get out" = "the market was responsible for the win, not me" = "doesn't make me a genius"
  2. loss = "the market told me to get out and I got out with minimal damage, a success" = "my job is to manage the losses, the market's job is to manage the wins, I'll succeed as long as I continue to do my job and let the market do its job"


This of course meant that I had to stop trying to win via a "strategy with a proven edge" and develop analysis skills focused on reading the market and letting it tell me what to do.

  • #19
  • Apr 18, 2026 3:08pm Apr 18, 2026 3:08pm
Had a problem with overtrading early on. Got creative and opened a demo account right next to my live one. When I saw a real setup, I'd place it on live and walk away. When I had too much time on my hands and started itching for action, I'd "backtest" on the demo instead to scratch the itch.
A few weeks in, I caught myself clicking buttons on fake money and thought: "What am I actually doing?" The demo wasn't solving the problem, it was just moving it. The need to be doing something was the whole issue.
Deleted the demo. Now I take one trade a day max, and only if it matches my setup. No setup, no trade. That one change fixed more of my trading than any strategy tweak ever has.
  • #20
  • Last Post: May 4, 2026 1:18am May 4, 2026 1:18am
i am slowly training myself to stop placing trades at every thing I see. As a newbie it is very hard though, because it is all so exciting and new that i imagine a good trade everywhere I look. Then I look at my p&l and it gives me pause. But slowly , I am getting better and more disciplined.
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