Have you ever wondered how a trader can achieve such great success while another trader fails and finally stops trading? Apparently, this is caused by differences in motivation and sincerity between the successful trader and the failed trader.
Did you know that almost all successful traders who make great profits through trading have the following thoughts and mindset in a career as a trader:
Do Not Let Losing in Trading Break Your Excitement
Profits and risks in forex trading are always related. Even the most successful traders will and will continue to experience potential risks. In fact, the average level of victory of world traders is only around 40%, or less than its defeat.
However, the many failures experienced do not make them discouraged and stop trading. That way, the motivation to get back up and trade better will be even greater.
Making Failure an Evaluation
A failure must be painful, especially if the failure causes material loss. However, as the saying goes, there is always wisdom behind every event, successful traders make the failure they experience as an evaluation as well as a lesson not to repeat the same mistakes.
By daring to face failure and make it a lesson, your trading skills will increase quickly. In addition, you will more easily recognize trading patterns that must be avoided or even need to be trained.
Improve Analysis Capability
Analysis is a very important thing to do before starting trading. You can choose to use technical or fundamental analysis as a basis for estimating the price of a particular currency pair.
To understand the factors driving market prices, fundamental analysis becomes the most appropriate technique for you to do, especially if you want to trade in the long run. Because, the economic condition of a country is the one that actually determines the value of the traded currency.
Meanwhile, if you want to estimate price movements based on charts or price movements in the past, then you will more easily find the right conclusions through technical analysis.
Continue to Learn and Look for New Strategies
What do you do after opening a trading position? Waiting for prices to move as expected, or continue to monitor market conditions and look for possible price moves in the other direction? If the second answer, then you have thought like a professional trader.
To be able to achieve maximum results, you need to continuously monitor market conditions and anticipate further movements. There is no need to hesitate to close positions that appear to be losing money and leave the profitable positions open.