Many people underestimate the importance of the mindset in trading. Instead they sought the "Holy Grail"; A system or indicator that is 100% profit from start to finish. But did they find him? Try to ask your trader friends one by one. Meanwhile, Mindset, if a trader has the right mindset, he can generate consistent profit from forex. Despite the changing world economic conditions. Here are some Mindsets that are applied by big traders.
Realistic
If a trader wishes to quit his full-time job and romp to generate billions of dollars in a year's time with only $ 10, it is not realistic. Not that it is impossible, but every big target needs a breakdown to the smaller targets so that the targets you achieve will be measurable and you can monitor them from time to time. And when the trader realizes that there is no instant path to wealth, he will begin to produce positive progress. In addition he will also begin to consider the risks he incurs for any position opened in the forex market; As well as other considerations such as:
Trading with "free" money
Meaning that the money he uses in trading is not a crucial part of his life; Such as: this month's meal money, children's tuition, savings for self-employment, money to pay the mortgage, etc. Thus he will be free from great emotional distress. Surely many traders are able to affirm this.
Make sure you can sleep at night
Masil is related to the previous thing, but the difference is that every time he / she opens the position / trade he always takes into account the risks he endured when the position he put touched the SL. If he can not sleep, and is haunted constantly with the threat of Margin Call, then he risked too much capital for one or two positions. A person who trades ten times a month carries a smaller risk than those who trade up to 60 positions per month.
Realistic
If a trader wishes to quit his full-time job and romp to generate billions of dollars in a year's time with only $ 10, it is not realistic. Not that it is impossible, but every big target needs a breakdown to the smaller targets so that the targets you achieve will be measurable and you can monitor them from time to time. And when the trader realizes that there is no instant path to wealth, he will begin to produce positive progress. In addition he will also begin to consider the risks he incurs for any position opened in the forex market; As well as other considerations such as:
Trading with "free" money
Meaning that the money he uses in trading is not a crucial part of his life; Such as: this month's meal money, children's tuition, savings for self-employment, money to pay the mortgage, etc. Thus he will be free from great emotional distress. Surely many traders are able to affirm this.
Make sure you can sleep at night
Masil is related to the previous thing, but the difference is that every time he / she opens the position / trade he always takes into account the risks he endured when the position he put touched the SL. If he can not sleep, and is haunted constantly with the threat of Margin Call, then he risked too much capital for one or two positions. A person who trades ten times a month carries a smaller risk than those who trade up to 60 positions per month.
Confident in yourself
Many traders do not have confidence in themselves and trading techniques that he uses. So often we meet those who have not mastered one technique, but have jumped / looking for other trading techniques that are "more profitable". It is true there is no technique that can guarantee you 100% win in forex, everything back to yourself. At the very least, you should be absolutely sure of the method you will use as your main weapon. The trick is:
Apply your technique in demo account, at least 3 months. So you have a strong foundation to use certain trading techniques. When 3 months have passed, you can do an objective evaluation of your demo account trip.
Avoid "gambling"; In the market, there are traders who really have the skills, and there are also people who "gamble". They are traders who do not have a strong enough basis in trading and allocate too much money in 1-3 positions, which if one of his positions ends with SL, it can lead to Margin Call.
Realistic
If a trader wishes to quit his full-time job and romp to generate billions of dollars in a year's time with only $ 10, it is not realistic. Not that it is impossible, but every big target needs a breakdown to the smaller targets so that the targets you achieve will be measurable and you can monitor them from time to time. And when the trader realizes that there is no instant path to wealth, he will begin to produce positive progress. In addition he will also begin to consider the risks he incurs for any position opened in the forex market; As well as other considerations such as:
Trading with "free" money
Meaning that the money he uses in trading is not a crucial part of his life; Such as: this month's meal money, children's tuition, savings for self-employment, money to pay the mortgage, etc. Thus he will be free from great emotional distress. Surely many traders are able to affirm this.
Make sure you can sleep at night
Masil is related to the previous thing, but the difference is that every time he / she opens the position / trade he always takes into account the risks he endured when the position he put touched the SL. If he can not sleep, and is haunted constantly with the threat of Margin Call, then he risked too much capital for one or two positions. A person who trades ten times a month carries a smaller risk than those who trade up to 60 positions per month.
Realistic
If a trader wishes to quit his full-time job and romp to generate billions of dollars in a year's time with only $ 10, it is not realistic. Not that it is impossible, but every big target needs a breakdown to the smaller targets so that the targets you achieve will be measurable and you can monitor them from time to time. And when the trader realizes that there is no instant path to wealth, he will begin to produce positive progress. In addition he will also begin to consider the risks he incurs for any position opened in the forex market; As well as other considerations such as:
Trading with "free" money
Meaning that the money he uses in trading is not a crucial part of his life; Such as: this month's meal money, children's tuition, savings for self-employment, money to pay the mortgage, etc. Thus he will be free from great emotional distress. Surely many traders are able to affirm this.
Make sure you can sleep at night
Masil is related to the previous thing, but the difference is that every time he / she opens the position / trade he always takes into account the risks he endured when the position he put touched the SL. If he can not sleep, and is haunted constantly with the threat of Margin Call, then he risked too much capital for one or two positions. A person who trades ten times a month carries a smaller risk than those who trade up to 60 positions per month.
Confident in yourself
Many traders do not have confidence in themselves and trading techniques that he uses. So often we meet those who have not mastered one technique, but have jumped / looking for other trading techniques that are "more profitable". It is true there is no technique that can guarantee you 100% win in forex, everything back to yourself. At the very least, you should be absolutely sure of the method you will use as your main weapon. The trick is:
Apply your technique in demo account, at least 3 months. So you have a strong foundation to use certain trading techniques. When 3 months have passed, you can do an objective evaluation of your demo account trip.
Avoid "gambling"; In the market, there are traders who really have the skills, and there are also people who "gamble". They are traders who do not have a strong enough basis in trading and allocate too much money in 1-3 positions, which if one of his positions ends with SL, it can lead to Margin Call.
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