For those who are new to Forex trading, and for those who have been in this trade for a while, the thought “Why do some people constantly make profits while I often lose money?” sure to strike then and there. The secret is that “they also suffer losses, but they take it in the right spirit and know that this is part of the game.” The important thing is that, while maintaining discipline during losing periods, they never settle for inefficiency and constantly practice to play well.
The good news is that you can also be a successful trader who makes good profits. Nobody is a born trader and learning to trade is definitely not rocket science. The traits and characteristics of a good trader can certainly be studied.
Many of my profitable students are not educated in any related field of finance, but they are good traders and consistently making money.
Trading profitably is certainly possible for you, despite your current position on the learning curve. But you need to work on it and probably make some adjustments to what you’re already doing.
Here are 4 ways to radically improve your trading.
Staying Committed Even During Difficult Times
Trading is not fun and you have to face difficult times and obstacles throughout the learning period. A good trader should always be ready for challenges.
The goal and work on it should captivate you, and the losses that have occurred should not keep you from actively working to achieve the goal.
If you weren’t paid to trade, would you still love it and enjoy the challenge? If so, rest assured that you retain the necessary drive to succeed.
Deal with losses and losing streaks
You must believe that my mailbox is always full and filled to overflowing in a year. This is due to the ongoing demand for a system with a high win rate.
A winning bet by itself does not guarantee profitability. The point of contention to note here is that “losing traders who choose a high win rate are actually demanding compensation.
Distrust and ignorance that there is nothing lasting in trade encourages them to go for a solid thing and expect compensation.
Focusing on a high percentage of winnings is shortsighted. Directing your attention to continuous improvement (i.e., to the process) is to see the forest through the trees.
Intentions must be consistent with actions and beliefs
If your goal and work on achieving the goal did not bring the desired result, then no one else is to blame but yourself. This indicates that your intentions are in direct opposition to your actions and beliefs.
It’s one thing to say or think, “I want to be a successful and consistent trader.” But if the time comes to complete your trading journal and you hesitate, then there is an inconsistency between your conscious and unconscious mind.
It’s like “someone wants to be rich, but looks around their belongings and feels poor.” This attitude will not help him get rich, and he is prone to failure.
This is called “think one thing and feel another.” Only when these two things (thinking and feeling) come together do you get results that match your intentions.
Avoid lack of efficiency in trading
What necessarily contributes to poor performance? Excuses. Have you ever justified your results in trading? If so, you are making it more likely due to lack of performance.
The best way to avoid inefficiency in trading is to get rid of excuses. Adopt a “no excuses” approach to trading. It is better to repeat and follow the mantra “I am responsible”. You may not be in control of everything that happens in the market, but you are responsible for your work.
Finally, analyze the suggestions above and ask yourself if they will help you and, if accepted, if they will help you change your thinking and approach to trading. Learn how to become a successful Forex trader.