Online Trading Course Malaysia by Benjamin Song

Online Trading Course Malaysia(Forex Trading,Oil Trading,Gold Trading)

Monday, March 8, 2010

The Mindset of Success in Trading(Forex Trading,Oil Trading,Gold Trading)

The Mindset of Success in Trading(Forex Trading,Oil Trading,Gold Trading)

Every successful forex trader would have his own methods and secrets of currency trading. Does trading success depend on accurate forex technical analysis? Good forex signal system? Good automated forex trading software? Good broker? Although all these are important, but the foremost important factor of all, is the mindset of a forex trader when he approaches his trades.

Is formal academic education background a prerequisite for success as a trader? The answer is no. You do not need to have a degree in business, economics or even investment analysis. Although it may help you have deeper understanding of the different strategies, but it is not a prerequisite for trading. Anybody from all walks of life, can trade, as long as he or she has a mindset of success and is willing to learn. A teachable attitude is more important than any knowledge of Fibonacci, moving averages or charting indicators. Having the correct mindset is the key to success in trading forex (or even success in anything in the world, for that matter!).

Without the proper and correct mindset, the currency trading would not go far in his trading journey, and would eventually stop trading altogether, especially when he faces challenges in the volatile onslaught of the forex market. But a trader with the mindset of success, would be able to handle these challenges well, and seek for the solutions, as well as seek professional help. With this attitude, he would be able to continue his journey towards professionalism in his trades.

Trading discipline is essential to ensure consistent success. As traders typically work alone very independently with full autonomy without reporting to anyone, the ones who succeed are those that are able to instill self-discipline in themselves. Foreign currency traders without self-discipline are usually disciplined by the forex market in a matter of time. A good mindset and discipline goes hand-in-hand to ensure success.

A beginner to forex trading should cultivate good habits and set the correct mindset right from the start. He should know what when he is on a winning streak, do not be greedy and try to go for bigger gains even though it is against proper money management practices. And, if he is losing, he should be disciplined enough to stop trading for awhile, and contemplate his losses. Find out the reasons for the losses, and make tweaks to his trading strategies. As a good practice, he should do plenty of back-testing on his newly formulated strategies, and forward test it on live data for at least awhile, before he dives back in again with real trades.


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