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Posted on Sep 12, 2021 at 08:54 PM
While making money is your goal as a Forex trader, you cannot deny the fact that in most cases you can't control the market! So how can you navigate your trade physiology to ensure that you stay in control and make good money as you trade? Let's dive in!
As an astute Trader myself, I dwell more on Trading Psychology than any other thing so we’re gonna have some sweet pep-talk on that, ok. Let’s go!
Over my years of trading, what I’ve discovered and will love to share with you is that "consistent traders realize that making money is more important than being right” when it comes to Forex trading.
No matter how sure you are about your trading decisions and analysis, there are days where the market can go the exact opposite of your trade and sometimes even longer than you can afford.
It's so important for you to understand that making money is the goal and accept that you cannot enforce your will/analysis on the market because it won't work that way.
Else, It will slap you in the face every single time and such mistakes or behaviour will cost you fortunes in Dollars!
To avoid these kinds of mistakes, you need to be flexible and willing to change sides when necessary. If you already have your bias for a direction, but the market is telling you that you are wrong, that's okay!
Make the switch to the trending direction and do what the market is telling you to do rather than tell the market what to do.
This is a secret that Successful traders have realized and leveraged on simply because they know no matter how good you claim to be the Market is always right!
Having stated that clearly, let's take a quick look at the 5 Fundamental Truths of Trading by one of the timeless Trading legends, Mark Douglas followed by my recommendations on how to apply them to your trading (in bracket).
With these fundamentals carefully laid out, you just will find yourself in control, on the right part to trading profitable and growing your equity at a steady pace.
I hope these points give you a clearer view of how to take control of yourself while trading in the very unpredictable Forex market. In the following episode, we will be discussing "why it is so important to focus on not losing money?" so stay tuned and lookout for the next episode!
Would you like to learn how to pick perfect entries using demand and supply zones? Join me & other traders in the September Traders Forum to discuss Trading Demand & Supply Zones with pointers on the BIG-4 pairs for the rest of the month.
Date: 11th September 2021.
Time: 11 AM
Venue: Zoom Online Meeting.
Other events you can Join This September!
Target up to 200 Pips in our Live Trading Sessions Holding this Month: If you have a Real InstaForex Account & you want to trade with an Expert Analyst, then you are welcome to join our live trading session! Simply leave a message in the comment section saying " I want to join the live trading session" and we will contact you.
Are you a newbie who is still searching for a practice-based, Mentor-led, Forex Trading Education platform? You can sign up to our premium Online Forex Academy to enjoy first-class training and mentorship as you go through a fully practical Forex Trading Academy. Click here to register immediately!