How to Successful Forex Trading Mindset?

Knowledge and experience will help you to keep your mind cool and make the right decisions without any hesitation.

Work on your mistakes.. Try learning from your losses, that is how you'll go far in forex.

Calacti posted:
Don’t get attached to your trades. Stay objective.

Correct. Emotions can be harmful, so act rationally.

Very good post! Developing the right mindset for trading and improving as person in general go hand in hand, and it is kind of like training in the physical sense - the more you practice being mindful and staying rational despite all hardships, the better you become at them.

Stick to your trading plan.

Joz8 posted:
Work on your mistakes.. Try learning from your losses, that is how you'll go far in forex.

Well said, Reviewing your mistakes is a great way to grow as a forex trader.

You have to make a good trading plan to make money from this market.

Each stage of the plan that is designed to achieve the set goal must be controlled. The more actively a person controls his own progress, the better.

Yes, mindset plays a vital role when it comes to trading. The right thinking can be very beneficial for the success of a trader.

If the trading policy can be made according to the discipline and plan, then it is possible to be successful. However, in this case, it is also necessary to control emotions.

Bunaya posted:
Each stage of the plan that is designed to achieve the set goal must be controlled. The more actively a person controls his own progress, the better.

Control is very necessary; because without control in trading you will obviously lose money. If a trader doesn't know what are the main aspects of trading and the strategy, then it will not be good.

There are certain aspects of the trade which is in our hand but there are some which are not. It is the very nature of the markets that they are unpredictable. Bad days happen but it does not mean that you will leave your journey due to losses, they are also part of trading. And sometimes it’s just rotten luck.

When opening a position, she must have confidence and control over emotions, because mistakes can be made.

Kroolscmark844 posted:
There are certain aspects of the trade which is in our hand but there are some which are not. It is the very nature of the markets that they are unpredictable. Bad days happen but it does not mean that you will leave your journey due to losses, they are also part of trading. And sometimes it’s just rotten luck.

Talking about luck, I faced a pretty tricky situation when I was in the middle of my trade and suddenly the internet snapped. Though my broker Oanda was great and coordinated with me to resolve this situation and refunded my money to the trading account. Now no matter what I control about my trade these things can still happen to anyone. So as a backup from then I started to trade with more than one broker i.e. Fxview, IG etc. What do you think are some weird and unexpected scenarios that can come up during your trades?

Risk management and money management are essential to creating a successful trading mindset.

Patience is the key. The moment you rush in forex, or you loose patient, you loose the plot. Try sticking to a plan, strategize well and trade calmly.

Marshshaun posted:
Trading can only be successful when everything is planned from the start; from the beginning we should have our goals predefined. The step wise step plan to choose from the various brokers to the financial goals, everything should be predefined.

I don’t think we can figure out the brokers we want to use before we actually start trading because the requirements are different for everyone. It took me several brokers’ demo accounts to finally settle with schwab and fxview.

When initially my choice fell on the broker Amarkets, which has a fairly good reputation and experience of 13 years, I decided to make a minimum deposit of $ 100, try to work and withdraw money and realized that everything is fine and now they trade without any fear

Its true. Many traders leave the market because of their fear of losses. If you can remove fear from you, you can become a good and successful trader.