For someone who is new to the Forex trade and for someone who has been in this trade for some time, the thought “Why some people make profits continuously while I incur loss frequently?” is sure to strike then and there. The secret is, ‘they too incur loses but accept it in the right spirit and know it is a part of the game’. The important thing is, while maintaining discipline in the losing periods, they never accept under performance and constantly train themselves to play well.
The good news is – you can also be a successful trader who makes good profits. Nobody is a born trader and learning the trade is definitely not rocket science. The traits and characteristics of a good trader can surely be learned.
Many of my profitable students are not trained in any related field of finance, yet they trade well and make money consistently.
Trading profitably is certainly possible for you in spite of your present position in the learning curve. But you have to work at it and likely make a few adjustments from what you are already doing.
Here are 4 ways to drastically improve your trading.
Maintaining Commitment, Even During Challenging Periods
Trading is not fun and throughout your learning period, you have to face tough times and hurdles. A good trader should always be ready to face the challenges.
The goal and working towards it should enthrall you and the losses occurred should not deter you from actively working towards the goal.
If you were not being paid to trade, would you still love it and enjoy the challenge? If so, be sure, you are maintaining the necessary commitment to succeed.
Get Comfortable With Losses and Losing Periods
You have to believe that my inbox is always full and has been filled to its capacity for a year. It is because of the incessant request for the system with high winning rate.
By itself, the winning rate does not guarantee profitability. The controversial thing to note here is ‘the unsuccessful traders who opt for high win rate are really asking for compensation.
The lack of confidence and unknowing of the fact that nothing is solid in trade prompts them to go for a solid thing and they expect compensation.
Obsessing over a high winning percentage is short-sighted. Directing your focus to get better continuously (i.e. on the process), is seeing the forest from the trees.
Intentions Must Be Consistent With Actions & Beliefs
If your goal and working towards the goal not produced the desired result, then the person to blame is no other than yourself. It indicates that your intentions are in direct opposite to your actions and beliefs.
It is one thing to say or think, ‘I want to be a successful & consistent trader‘. But if the moment comes to fill in your trading journal and you balk, then there is inconsistency between your conscious and unconscious mind.
It is like ‘somebody wants to be wealthy and looking around his belongings and feels poor’. This attitude won’t help in making wealth and he is prone to failure.
This is called ‘thinking in one way, and feeling another‘. Only when these two things (thinking and feeling) come together, you do produce results that match your intentions.
Avoid Under-performance in Trading
What is one thing which without fail promotes under-performance? Excuses. Have you ever used excuses for your results in trading? If so, you are making it more probable for under-performance.
The best way to avoid under-performance in trading is to get rid of the excuses. Adopt a ‘no-excuses‘approach to trading. It is better to chant and follow the mantra “ I am responsible”.You may not be in control of everything that happens in the market, but you are responsible for your performance.
Finally, analyze the above suggestions and ask yourself that if the suggestions would help you and if adopted, would help you in changing your mindset and approach towards trading. Get to know How To Become A Successful Forex Trader.
Vincent Nyagaka is a Professional Trader, Investor, and Author. He has built an 8-figure solid business around Forex, Stocks. He was recognized as one of the top 100 entrepreneurs under the age of 30 by the United Nations. His work is featured in top publications like Entrepreneur, Forbes, Inc, FoxBusiness, and more. Check out Vincent’s Price Action Course here.