I have been trading forex for ten years and the market has taught me a lot, and I had had a few ass whopping’s and had to learn the hard way. After taking battering after battering I finally decided I did not know enough about forex to consistently make money if make any money at all.
I decided to read lots of books, and took quite a few seminars. after all of this I was still not making any money in Forex. In fact I was haemorrhaging cash but determined to succeed I decided to seek out an mentor. I found two and paid in the thousands for them to teach me.
What they taught me was good but not worth the money. I implemented their strategies and made some money but was still loosing big time. Now I had all these techniques but was still loosing money.
One day I was searching the web, looking for another trading book to buy and stumbled across a book about sports psychology. It interested me so I decided to read it. It was about world class athletes and how they are able to consistently preform no matter what, even if they were sick.
This interested me, so I decided to look for trading psychology books, which I found a lot of. After studying this part of trading which is greatly overlooked. I began to see that my subconscious was sabotaging my success because I had not earned the success I was dreaming of.
Determined to implement what I had now learned, things started to come together. I was able to control my trading and especially my Lot size and began to do things properly, finally starting to constantly make profits.
What I have learnt and can say are the three qualities every trader must possess are:
Without this you are doomed, discipline is an all the time thing. If you say, you have quit smoking and 9 out of 10 times you do not have a cigarette, then one time you do. You have not quit smoking just reduced it and you are not showing discipline. In trading that one time you don’t stick to the rules could be the one time you blow your account.
This is crucial in trading because you will need to do a lot of waiting around and not trading or doing silly things in between can be very hard. You have to wait for good set ups and you have to wait for your trades to hopefully hit your take profit. If you trade the daily you could be waiting around for days or weeks.
The is extremely important, you have to wake up and before you turn on the computer you have to belief you will be successful and make money. This can be hard especially if you are loosing money on a regular basis, but you must do it. Your mind will say a lot of negative things to you, which are mostly not true by the way. You need an affirmation so in those quiet moments or moments of doubt you can override the voice in your head.
It my sound a bit extreme but I used to say and still do. “Shut up, I’m am the greatest trader in the world” Now I may not be the greatest trader in the world….yet. However my trading has improved dramatically.
When that little voice speaks , quieten it down if it is not saying what you want to hear. Once you can do this and possess the above qualities you will be well on your way to becoming a successful trader.
All the best with your journey, feel free to check out the site.