Thursday, April 28, 2016

Things Successful Traders Avoid Saying

Becoming a successful trader in the forex market is not easy. You need to have a certain amount of discipline, ingenuity and a penchant for identifying trends if you want to become successful in the forex market. Most traders in the market often find it difficult to generate profits, simply because they look for big rewards in the short term. Becoming a successful trader in the forex market is all about developing a sense of discipline. However, if you want to take a look in the mentality and mindset of a successful trader, you need to figure out the things that they generally avoid saying. To give you a brief idea, here are some of the statements that a successful trader will never say:

"I don’t take losses"
No successful trader will ever say that. What most people don’t realize is that losses are likely to occur. They are a part of trading. Successful traders know that a major loss is more than likely to wipe out their account completely sooner or later. Therefore, they are always prepared for this. However, what separates a successful trader from an unsuccessful one is their ability to win rather than lose. Successful traders know that losses are a part of trading, and while they try to avoid them as much as possible, they don’t shy away from losses.

"You don’t need to manage money"

You will never hear a successful trader say that they don’t need to manage money while trading. Money management is an essential part of long term trading, and you need to be very careful when deciding the amount of money you are willing to risk on every trade. It is vital to the long term success of your trading portfolio.

"I use a strategy that’s profitable in all market conditions"
There are essentially two distinct ways of making money in the forex market. One is to make use of a defined trading strategy, which will help you make money in certain marketing conditions, or a whole lot of money in very limited conditions. The other is to make money using your own understanding and intuition. No trader can claim to have a trading strategy that works in every market condition. Remember, there is no magic formula involved in forex trading. There will be times when you will incur a loss, and there will be times when you will make money. How you trade is all that matters.

"You Should Trade Daily"
We are seeing a trend developing here. A successful trader will know that a lot of discipline is required in the forex market. However, no trader will ever ask you to trade on a daily basis if you want to become successful. There are off days, and there are good days. Knowing when to curb the losses is essential if you want to become a successful trader. These are just some of the many statements that you will never hear come out of the mouth of a successful trader.

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 Do your own due diligence. 
No one knows tomorrow's price or circumstance. 
 I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader. 
I do not accept responsibility for being incorrect in my speculations on market trend.