2 Tips to Focus on Your Forex Trading Success
Trading the financial markets is a business and not a hobby. If you are experienced forex trader you know from your past failures and experiences, trading the markets is not a hobby and it should be treated as a business with proper forex trading plan, journal, and mindset. Mindset is the major thing that separates losing traders and consistently profitable forex traders who achieves forex trading success.
Everyone can become successful forex trader, but not everyone is ready to invest energy, time and money in themselves to gain experiences, achieve necessary trading skills for their trading process.
Trading the markets is not technically difficult – anyone can learn forex trading strategy (edge), or technical analysis such as learning to understand the markets and charts behavior, drawing major support and resistance zones on their forex trading pairs.
To achieve your trading goals and consistency within your own trading business you will have to become more disciplined and “man-up”. Where the most traders are struggling with is within their trading mindset and psychology.
Everyone wants to trade the markets for a living, and quit their “soul-sucking” day job. Everyone wants to achieve success, but not everyone want to stay committed.
Everyone wants to master their trading, but yet not everyone wants to work on their trading skills and mindset in order to achieve their goals and succeed.
Becoming consistently profitable and successful forex trader comes within us – the way we understand, think, act, and react about things.
When I mentor my trading students I very often see traders that are profitable on the long-term, but they still make some mistakes on the way. And that is where the room for growth comes in. Sometimes you just need to make few small steps, adjustments in order to improve you trading process and performance. Below I want to share with you 2 tips to focus on your forex trading success.
2 Tips to Focus on Your Forex Trading Success
Set Your Goals “Smart Way”.
Without goals you will not achieve much in your trading, or in life in general. Only if you focus on your forex trading success you can actually achieve it.
You can have a goal to grow your trading account for 10%.
But having this kind of goal is useless.
Because this goal is only result oriented.
You can increase your chances to achieve it only if you set this goal the “Smart Way”.
Break above goal on “Process Goal” and “Set Deadline”.
Let us set an example…
You can say “I want to grow my trading account for 10%”, but if you do not set a deadline to achieve it and break it into “smaller steps” you will hardly achieve it.
Now, let us imagine how you could set your goal the smart way…
“I want to grow my trading account for 10%”
Deadline could be: 6 months from today
Process goals could be: Follow my trading plan on the next 10 trades.
Now last thing – always write your goals down
Focus on each day on its own.
Every day is the new beginning and your opportunity to move closer to your goals. Secret in the life is there are no shortcuts to achieve your goals and dreams. Only thing that matters is that you show up every day, work on it, and take full-responsibility for your decisions and actions.
Ask yourself what are the only top 3 things you need to do daily to move closer to your goals, and then do them consistently.
Only this way you can stay consistent and disciplined on day to day basis.
At the same time cut useless activities and distractions as much as possible. They impact your mindset, thinking and mood more than you can imagine.
Hopes and wishes will never work. Hopes and wishes are for dreamers and pretenders… Goals are for doers and action takers. Only if you take a full-responsibility and focus on your forex trading success you can achieve it.
Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the fx market. Don’t trade with money you can’t afford to lose. You must be aware of the risks of investing in forex and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Weekly forex outlook opinions on this page are for informational purposes only and are not investment advice. You should do your own research before making any investment decisions and take full responsibility for your own results, performance.