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Thread: DEVELOP THE RIGHT MINDSET FOR SUCCEEDING

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    Default DEVELOP THE RIGHT MINDSET FOR SUCCEEDING

    If you want to make it as a successful forex trader, you need to develop the right mindset. Nobody is a born trader (except with few notable exceptions) and even if someone has some inherent skills which are very essential to succeed in forex trade like patience and keen foresight, he needs to hone or sharpen those skills by exploiting them to his advantage. Furthermore, he needs to cultivate and develop other vital attributes so very necessary for succeeding in forex venture.

    Dabbling in forex and dealing in forex markets is unlike dealing in other kind of financial markets. It is not only the largest of all types of markets but also the most volatile and precarious as well. You need to apprentice and train yourself thoroughly before you attain the level of confidence to deal in forex trade. You also need to formulate and develop a well-planned trading strategy that will help you to stay the course through thick and thin. Following are the attributes that all successful forex traders possess that you can refer to as a checklist :-

    Successful traders do not let emotions cloud their judgment: -We have all been brought up on counsels that we should not be overly and overtly emotional in our dealings. In fact, we have been cautioned so many times that more often than not we take such admonitions with a pinch of salt. But when we are trading in forex, we need to be extra cautious and not let emotions like fear, greed or impulsiveness get the better of us. Remember, that the market does not treat emotional persons deferentially but treats everybody rich or poor, old or young impartially.

    Effective traders follow a strict regimen and are much disciplined: -All successful traders share this trait. They develop a well-crafted trading strategy and follow the same at all odds. And you too should chalk out your trading strategy much before you actually start trading. Once you start trading and stick to your strategy under all circumstances, you’ll be able to steer clear of the emotional pitfalls that most new traders fall prey to.

    Successful traders have the wherewithal and the resources: - All those who have been trading in currency pairs have lost their initial deposits many times over. They are fully acquainted with the unpredictability and the instability associated with forex markets. Many times, traders with small trading accounts try to contain and minimize losses by increasing their leverages or spreads that more often than not aggravates their losses. Have enough capital ready for trading and trade sensibly because it does not make good business sense to keep your trading account afloat by keeping it on life support.

    Clarity of vision and realistic goals: -You should know where you’re headed to as most accomplished traders do. Many traders get down to trading just for the heck of it with some abstract impressions as if it were some sort of gambling venture. Of course, gambling and speculating is very much a part of it but there’s more to forex trade. You need to be thoroughly educated on the forex tools and need to review the markets through fundamental and technical analyses. Without proper set of goals and clarity of vision, you will tend to take more risks than usual and will be tempted to keep on trading when you’re on a winning streak which can be spell disaster.

    Behind every successful broker, there’s a reliable broker: -This is perhaps the most important requirement to trade effectively.

    Thorough education and expertise: -It goes without saying that you need to be fully aware about the pros and cons of forex trading. You need to enroll for a refresher course and become knowledgeable enough to choose the right broker, formulate your trading strategy and help you to develop the attributes mentioned above to excel in forex trading.

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    Having a good trading plan only comprises one part of the overall trading game and optimal trading mindset. Another key element involves knowing what to do when the going gets tough. This aspect of trading will eventually distinguish a successful trader from the other high percentage of unsuccessful forex market participants.

    Generally, forex traders will risk between 1% and 5% of their trading account's value on any given trade. Also, by always risking the same percentage, the trader's trade size will tend to grow along with the equity in their account.

    In order to effectively trade with stops, the trader would do well to examine technical indicators and other trading signals and to place stop-loss orders accordingly, thereby maintaining a more objective mindset when trading.

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    Try to understand what we've learned here and then good mindset will be on ourselves. What we should do when trading to get more maximal result in forex. That's why, we also need to make pracite using demo account too, so we will get trading experience.

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    Quote Originally Posted by CahCuncun View Post
    Try to understand what we've learned here and then good mindset will be on ourselves. What we should do when trading to get more maximal result in forex. That's why, we also need to make pracite using demo account too, so we will get trading experience.
    yes, very good mindset needed in forex trading and therefore we need to have a good mindset in forex trading. By having a good mindset it will be able to trade with more caution again. a lot of practice in forex trading is very necessary to hone the skills of trading well

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    Mindset is good and a positive one helps you remain positive as well. It is the clear mind set and positive attitude a trader has that determines how successful he would be. Knowing how to trade is one thing and maintaining a good and focused mind is yet another thing. It is not that which usually come easy to anyone but is worth it.

    One of the ways to achieve this is for us to keep one encouraging ourselves even though we are losing and that is what we can achieve when we understand the rudiments of the business. Understanding Forex isn't on it's own easy but is highly realistic.

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    Yes its very important to be in proper mindset, this will help you to have a proper trading plan and you will trade with an aim in mind.

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    Quote Originally Posted by fxapex View Post
    Yes its very important to be in proper mindset, this will help you to have a proper trading plan and you will trade with an aim in mind.
    As a trader, must have good mindset to be able to success in forex trading. Try to maximize our trading skills to in forex. Trader can try to use small amount and as a trader, we must try to learn from our mistake to make our skills be better in forex. To own good mindset, trader must understand forex well.

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    been use and test several trading strategies, but none of them risk free. and in my humble thought, there's no such risk free trading strategy exist. scalping entry are my latest research apply with my Tickmill ECN account, most said scalping need to implement with low spread brokers, volatile pair with low spread, this where i pick EURUSD as base traded currency, as tickmill EU spread start 0 pips spread. so far I keep manage to get lower negative result, just curious it's clearly stated of using stop loss on your trade, do we suppose this stop loss level as limitation of our entry trade, which means our trade never been risk free no matter what, correct me if i;m wrong.

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    Quote Originally Posted by veljia View Post
    been use and test several trading strategies, but none of them risk free. and in my humble thought, there's no such risk free trading strategy exist. scalping entry are my latest research apply with my Tickmill ECN account, most said scalping need to implement with low spread brokers, volatile pair with low spread, this where i pick EURUSD as base traded currency, as tickmill EU spread start 0 pips spread. so far I keep manage to get lower negative result, just curious it's clearly stated of using stop loss on your trade, do we suppose this stop loss level as limitation of our entry trade, which means our trade never been risk free no matter what, correct me if i;m wrong.
    Risk in forex must be minimized as well as possible because if we do not minimize the risk, we will not be able to get maximal profit. As a trader, we also can try to maximize our trading skills. psychology when trading also must be good where emotion is being controlled well.

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    Quote Originally Posted by CahCuncun View Post
    Risk in forex must be minimized as well as possible because if we do not minimize the risk, we will not be able to get maximal profit. As a trader, we also can try to maximize our trading skills. psychology when trading also must be good where emotion is being controlled well.
    Of course, if we can not minimize the risk in forex, we will lose our all money which we deposited. We can try to use demo account to more understand about forex, develop our mindset to success here. We also must learn from our trading experience.

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