Most people think that Forex Trading is simple and can make money quickly in a short period. This is one reason why only 5% of traders are successful and the majority of the 95% fail in the Forex market. In addition, many people do not have a mindset that is essential for successful Forex Trading. Here are four factors that most people do not have:
1. Discipline – This is a very important factor. Whether you are able to maintain a successful Forex Trading in the long term will depend on that. As a disciplined trader, you must follow the rules of a system of Forex trading and you do not break them. But on the other hand, you do not respond to all signals appeared in the commercial system blindly, you also understand the conditions of the Forex market. For example, you may not want to go long on GBP / USD, when there are concerns about weak economic market in the United Kingdom.
2. Trading Psychology – The inability to control the greed factor could lead to a drop in your career negotiation. Always be content with the goal of profit you have planned and forget the losses you have incurred in a failed trade Forex, there will always be more trade opportunities. Another bad habit of trading psychology is the fear of losing a job, which means people can reduce the losses sooner or later. Leave it all to the benefit targets and stop loss you have defined, which means that you are consistent in everything you trade.
3. Money Management – Forex Trading is also on how well you manage your money. Do not trade all your capital, but only the amount you can afford to lose. Plan how much you’re willing to risk per trade. I recommend trading on 1% to 5% of your trading capital through trade. This ensures that you have enough money to trade forex if you lose some.
4. Consistency – If you can not be consistent in the three factors above, then you should make a profit on Forex Trading and consistently. A Forex trader can make a huge amount of profits in a short period of time, but if he / she lacks consistency, I can assure you that the operator will not be a successful trader in the long term.
I understand that as a beginner trader, you may find it difficult to follow the 4 points above. I’ve been there too. This is why forex trading is not as easy as you might think. But learning to respect these rules and following my guide forex trading, forex trading system that teaches, I can be sure that with hard work and determination you can be one of the operators of achievement.