“How is it possible for other traders to have continuous wins while I experience a string of losses?” – Throughout your trade, you might have asked that very question. But in reality, no one in the Forex market didn’t experience losses. What they have is the capability to maintain the right spirit as they accept that losses are part of trading. What you need to do is to maintain discipline and constantly practice and develop currency trading strategies that will come in handy in the future.
But the good thing is, just like them, you can also become a successful trader effortlessly making lots of money. Remember that no one is born to a great trade. It is developed through time and experience. The traits of a trader also play an important part in molding a successful trader.
Stay Committed Even When The Situation is Tough
Contrary to the claims of every Forex advertisement out there, trading is not easy and may not be fun if you are still in the learning period. You should prepare to face a lot of tough times. There will be hurdles along the way. Of these things, a trader must be prepared to face such things.
You must look forward to the long term result. Losses must not hinder you from working harder in achieving your goals. You must be committed to succeed and never surrender after a couple of losses.
Be Comfortable with Losing Trades
Of course, no one wants to lose. Every trader aspires to win with all their trades. But, it is important to understand that profitability is not measured by the winning rate. It is important to note here that ‘unsuccessful traders who opt for a high win rate are really asking for compensation. When a trader gets obsessed with too high a winning percentage, he is merely short-sighted. You should focus on long-term results.
Intentions Must Coincide With Beliefs and Actions
If you have worked on a goal and yet the end result is undesirable, there is no one to blame except for yourself. This just means that your intentions are the same exact opposite of your beliefs and actions. It is just like saying, “I want to become a successful and consistent trader”, and yet you don’t have a trading plan or you don’t stick to it. There is no consistency between your unconscious and conscious mind. Think the way you feel. Only when these things come together can they produce much better results.
Under-performance Must Be Avoided
What is something that means under-performance? It’s an excuse. Are you using excuses when trading? If this is the case, you are already unconsciously under-performing. To avoid it, one must also get rid of those excuses. You must develop a ‘no-excuses’ approach and instead, be responsible for your actions. Surely, you cannot take control of everything in the Forex market, but what you can take hold of is your performance.
A trader who aspires to become successful must adhere to the things mentioned above. It will help change the mindset and approach to currency trading.
