20 Factors For Forex Success
Today I’m going to give you 20 steps, or factors that will help you become a better trader. I look at the emotional elements of Forex trading, and other elements that you should pay close attention to in your trading process.
- Top forex traders keep score
Top forex traders know what works best for them. They don’t guess, they look at the numbers. Specifically, they record data about set-ups and their trades and then analyse that data. So, for example, they know what’s coming next.
- Manage your emotional state
In your trading, there will be times when you feel totally in control and others when you feel totally dysfunctional. This can be when you are experiencing emotional states such as irritation, guilt, anger, frustration, doubt, fear or greed. Luckily, we don’t rely on emotion much here, because we focus on systems rated highly by Forex Robot Nation.
- How to handle losing Trades
It’s a fact that your forex trades will be a mix of winning trades and losing trades. How you deal with both types of trades is a measure of how successful a trader you will become. When you have a losing trade, you need to learn how to bounce back. That’s one of the main things that I like about a system like Forex Fury. This software scalps, and while it almost never loses, when it does lose, it comes back very strong, and quickly.
- Goal setting
Climbing a mountain starts with small steps, perhaps even practicing those small steps on a gym wall. To be a successful Forex trader, you also need take small steps and ensure that you are constantly learning.
- Learning optimism
Do you sometimes blame your Forex trading losses on an external force? Do you believe that the Forex markets are manipulated or that brokers go stop-hunting? If you do, you are not alone. Knowing that others have the same though process, will only help you in vindicating these feelings.
If you lost your wallet (or purse) while shopping, how would you react? Would you be a pessimist and not bother telling the police, assuming that the finder will keep the money inside. Or would you be an optimist and believe that you will get it back?
I know that some of these thoughts weren’t flushed out, but moving forward that’s something I’ll work on, and certainly add to. Either way, thanks for reading, and as an aside, join with Forex Steam today.