8 THINGS SUCCESSFUL FOREX TRADERS WON’T SAY.

Introduction

Forex trading is nowadays gaining more and more popularity because youth are attracted to this new hot trend. Newbies believe forex is an easy game, but they don’t know fully about this game. It’s hard to distinguish myth from reality, but below are the eight things which successful traders won’t say.

1. A SUCCESSFUL TRADER NEVER SAY “I’m SELF TAUGHT.”

Most of the newbie believe that all they need is to buy the $99 forex robot to make a gazillion of dollars from the market. They think that by using the one robot or by taking one trading course they can easily make hell amount of money. On the other hand, a successful trader won’t tell you that he makes all his money by just completing one trading course. There are so many different aspects of trading where the traders need to improve. Successful traders tried so many different courses they hundreds of books on mindset, emotional intelligence, market psychology, spirituality to understand themselves and the forex game completely. They knew they have to acquire the whole knowledge from all the sources to become a successful trader in the long run. They knew the path to become the successful trader is often rocky and filled with ups and downs and for them, learning from their own mistakes and the mistakes of other traders is very crucial.

2. A SUCCESSFUL TRADER WILL NEVER SAY ‘I NEVER LOSE.’

You will never hear from the successful trader that they never lose. It is something which is not possible. Some traders even failed two to three times before timing the trade successfully. If any trader is showing you his or her one or two-month results then simply that’s not a success. Success is always measured in the long run. If you are a consistently winning trader from the last 2 to 3 three years then only you are a successful trader. The successful trader holds the ability to embrace the market ups and downs, and they can adjust themselves and their strategies according to the market. To become a successful trader you should accept that wins and losses are the part of the game, they knew that they are going to lose in some trades and they are going to win in some trades. Their whole focus is when they lose they should lose a very little amount, and when they win, they should win big.

3. A SUCCESSFUL TRADER WILL NEVER SAY ‘I AM 90% ACCURATE.’

If any trader is saying to you that they win ten out of 9 trades then merely they are lying. It is not possible to have a 90% win rate in the long run. Yes, in the short term you can have a 90% win rate, but for the long run, it’s not possible. Highly successful traders maintain a 70% win rate and with 70% per cent win rate they make a lot of money in the market. A successful trader never expects each trade to be a home run; instead, they focus on the accurate risk-reward ratios to take the trade. Home run is something never matter for them. The never put pressure on themselves to succeed 100%, because they knew the more they want something they less likely they are going to get it. Having a 90% accuracy is not the goal, or we can have a consistent win is not the goal. Instead, they take a couple of trades, and they stopped out two, three times before catching the home run.

 

4. A SUCCESSFUL TRADER NEVER SAY ‘YOU SHOULD TRADE every day.’

Novice traders always in a hurry to take trades, whereas successful traders trade the market significantly less. They knew that they are not going to get the setups every single day. They knew the market needs time to print the setups. The successful trader has patience; making irrational choices increase the chance of committing the mistakes. Don’t forget that sometimes taking a break from the market is more important than making bad choices. During the news time or political events where newbie traders’ eyes full of greed to take advantage of the market volatility, whereas the professional at that time only watches the markets, they are not interested in trading the hot events. They knew during the hot events price action moves vaguely, and none of the edges works, so they choose to stay away from the market because it is not only beneficial for the bank balance, but it is also helpful for the mental health.

5. 5. A SUCCESSFUL TRADER WILL NEVER SAY RISK MANAGEMENT IS NOT IMPORTANT.

   Newbie always believes that the risk management strategies are not necessary. Most of the time, they just took the trades without putting the stop loss and started taking irrational trades. Successful traders knew it’s not possible to win in each trade, so before taking the trade, they already clear about the stop loss and take profit area and if price action approach to the stop loss they then are happy to close their trade. They knew that booking loss is a healthy habit, and fear of not booking the loss is a sure way to blow the trading account. So if you are even a world’s leading trader, you’ll never be being able to avoid risks. Successful trader knew we couldn’t predict the market, but they knew they could decide how much money they want to risk in each trade. Without a risk management strategy, traders fall into the emotions, and they started taking the trades vaguely.

6. A SUCCESSFUL TRADER WILL NEVER SAY ‘MY STRATEGY IS PROFITABLE IN ALL MARKET SITUATIONS’.

If anyone says my strategy is profitable in all the market conditions, then only that guy is lying, or he is trying to sell you his courses to make some money. None of the trading strategies works all the time; even big players strategy failed in the market. It takes a lot of practice and hours of trails and mistakes to establish a successful forex strategy and that strategy also fails from time to time. Everything in this universe is changing and moving; nothing is static. Even every year, new players coming to the market and their trading style affecting the market. When it comes to stock or forex market, there is no strategy which that can be successful in all the market conditions. If there were all the traders’ will be billionaires. Some trading strategies worked in one market conditions and failed in other situations. So you must know ahead of time which strategy works at which market condition and adjust your trading accordingly. When it comes to trading, knowing when to stop trading the market is an essential key to success.

7. 7. A SUCCESSFUL TRADER NEVER WILL NEVER SAY ‘I KNOW EVERYTHING THERE IS TO KNOW ABOUT FOREX.’

Human beings are so small when it comes to infinity. Life is eternal; it is a long journey which never going to end. There is no way you know everything about the forex market. The world is rapidly changing every day. Things are moving, evolving different economic factors affecting the markets every day. If you start studying everything about the market, it will be going to take so many years. Trading is a journey where you learn new things every day, which helps your consciousness to grow and evolve and create new things. Trading allows you to increase your mindset, your understanding about everything; it helps you to develop into your spiritual journey. So you can’t learn everything within a few months or in a few years. Things take time and never underestimate the importance of lifelong learning. So don’t fall into the illusion that you know everything about the market to know. Every day make some mistakes learn from them, make some changes in your trading strategy according to the market conditions to become a successful trader in the long run.

8. A SUCCESSFUL FOREX TRADER WON’T SAYS ‘FOREX TRADING IS EXCITING.

You will never hear from the successful traders that forex trading is exciting. When it comes to forex newbie traders’ started thinking about the fancy gadgets, advanced trading platforms, but in reality, all you need is a laptop, internet connection to get started. Trading isn’t exciting here you need to regulate your emotions, stay patience and scan the market very deeply to understand what’s going on. This game isn’t exciting, infect it is a boring game where traders wait all the time for the perfect setups.

CONCLUSION.

Forex trading is gaining popularity nowadays, and so many traders are coming into the game to make quick bucks. Making quick bucks isn’t easy; it’s a hard, lonely road where traders hours and hours practising the game then only they become successful. In the end, becoming a successful trader is lucrative, you will grow spiritually, your mindset will grow, and your consciousness evolves. It is a beautiful journey which I believe everyone should follow. You will encounter so many new experiences every day; you will become peaceful, your mind achieves the new level of growth. You will develop patience also you will learn hardcore lessons of life. Follow the steps above to reach the new heights in your growth. Make a change, grow, make money, help the society, and evolve into the new levels of consciousness.