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The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. In today’s lesson I am going to help you develop a profitable trading mindset. It’s an unavoidable reality that your forex trading success or failure will www forex killer com depend on your mindset.
In other words, if your Forex trading psychology is not right, you aren’t going to make any money! Unfortunately, most traders ignore this important fact or are unaware of how critical having the proper mindset is to Forex trading success. Note: I would love to hear how you plan on using the points discussed here to improve your Forex trading mindset. Please leave me your comments and feedback below after reading today’s lesson! A lot of people seem to be unaware of the fact that they are trading with a mindset that is inhibiting them from making money in the markets. Instead, they think that if they just find the right indicator or system they will magically start printing money from their computer. Trading success is the end result of developing the proper trading habits, and habits are the end result of having the proper trading psychology.
Step 1: Have realistic expectations The first thing you need to do to develop the proper Forex trading mindset is have realistic expectations about trading. That’s not how it works, and the sooner you ground your expectations in reality, the sooner you will begin to make money consistently. Disposable capital is money you don’t need for any life expenses, including retirement or other long-term things. If you don’t have any disposable or risk capital, then keep demo trading until you do, or stop trading all together, but whatever you do, do not trade with money you are going to become emotional about losing. Make sure you can still sleep at night ! This is related to the above point about disposable capital.
OK with potentially losing the money you are about to risk. No one can tell you how much to risk per trade, it depends on what you’re personally comfortable with. This point is important because I know that many traders are way too influenced by their previous trade. The fact of the matter is that your last trade has absolutely ZERO to do with your next trade. You need to avoid becoming euphoric or over-confident after a winning trade or revengeful after a losing trade. If you follow the 3 points we just discussed you should have little chance of becoming too attached to your trades. Step 2: Understand the power of patience I think one of the biggest realizations that allowed me to turn the corner in my own trading was that I didn’t have to trade a lot to make a decent monthly return.
By learning to trade on the daily chart time frames first, you will naturally take a bigger-picture approach to the markets and you’ll avoid most of the temptation to over-trade that the lower time frames induce. I pull the trigger with ZERO emotion. To really hammer-home the power of patience in developing the proper trading mindset, you need to understand that being patient will work to instill positive trading habits within you. Patience reinforces positive trading habits, whereas emotional trading reinforces negative ones. You need a track record, you need to record your trades, you need to do this in a forex trading journal. This is a critical component to forging the proper Forex trading mindset because it gives you a tangible document that you can look at and instantly get raw feedback on your trading performance. All of the planning and preemption that I just discussed is analogous to thinking before you shoot.