Steps to Mental Success in Trading

Mental work is important and can put a trader off course but it is secondary to strategy development and risk management

Fight4noob posted:
Mental work is important and can put a trader off course but it is secondary to strategy development and risk management

If you want to become successful in the forex market, you have to make a good trading plan.

Some of my tips for new traders is try to understand the trading business. You have to have knowledge and skills to do good in trading. Don't expect to make money just by entering into the market. Try to learn the mindset a professional trader should have.

Thank you for sharing these valuable steps and your insight for newbies on the platform

After all, it’s a mind game. So, prepare the mind and trade with the proper mindset.

I can say that the psychological attitude really gives a lot

After all, it is a mind game. So, mental strength is needed.
         

If you study Behavioral Finance, you'd very much know how the markets just work based on traders' psychology. So it's true that it's just a mental game, but a very tough mental game! There's this thing called Loss Aversion, where the degree of unhappiness you feel when losing is much greater than the degree of happiness you feel when winning. So the tendency is for people to be very irrational when they lose (multiply their risk, withdraw all their money, etc.). Keep this in mind! You need to find the right balance between not getting excited when winning and not getting stressed out when losing. Many years of experience in trading will teach you this.

SofieAndreasen posted:
After all, it is a mind game. So, mental strength is needed.
         

Yes. Mental strength helps a trader to stick on his plan.

Forex trading is all about making up your mind that you will lose money just the way you will make money. It won’t be possible for you to move ahead without making losses. Keep this in mind so that you don’t set unrealistic expectations and take unnecessary steps that could lead to more losses. Just make your mind and everything else will be sorted.

The average successful trader who have a psychological condition capable of controlling himself into a positive thing, with a State, then the trader will be maximized without thinking influenced the psychological pressure

Of course, trading is a mindset game. And here you have to work with full mind focus. There are many benefits to meditating in this case.

To be successful in trading, you need to understand yourself and what motivates your actions fully. If you know what you want to achieve through trading, then you will find it much easier to stick with your goals and reach them.

according to me to be a successful TRADER from this trading place is not a minor deal , need a very long time experience with a reliable support from a credible trading broker.

Going slow but steady is the kind of effort everyone should put in for mental success in trading. Personally, whenever I set small goals and work for them, I automatically stay motivated. However, trying to take everything at once can be really overwhelming.

I think that a trader shouldn’t give up. He should be persistent with his goals, but at the same time he shouldn’t be obstinate when he’s definitely doing wrong.
Secondly, he should never stop learning because trading is the thing you need to learn all the time.
You need to timely recognize your mistakes, learn from them and go ahead.
You need to control your emotions. That’s probably the most difficult thing to do but you have no choice but to take over yourself, otherwise you will not succeed in trading.