How to successfully Trade Forex

To answer this is to know about your self more. Most  people are trap by the brokers or friends super hype easy cash flowing by playing demo. The use of demo is true , to understand how the forex market works. But it also lures novice or people to the unknown with thinking trading money is easy. 

Brokers trap them by trading on the demo and become billionaires easily. This is how you trained your self or trained by brokers to overleverage your account. Not just that, they build up your emotion base to revenge trading of not accepting losses. Some people are lucky to end up their losses in the demo account, but some who are gullible trade and open a live account straight away not fully understand his or her risk into the shark arena market.

How do keep your mindset originally without those fear inducing moments during your live trade ?  Simply ask your self, if you did good in demo, how did you do it ? Journal it, so you can mirror that psychology and implement the same method in live trading. Most people were at almost at a care free state during demo, why because

1. its not real money

2. You are willing to lose money you dont bother about to lose.

In Live trading, most people tend to trade on fear, fear to lose money, and this trading methodology ends up trading money you can’t lose rather money you are willing to lose.

And that is just a small portion of what trading is all about. As you can see, its all about mindset. Psychology plays a major role in trading , because it really will test your real fear, Your decision making , your management , and how you are in control of your self in order to master risk control.

TO be a successful trader is to know your self deeply and master your emotion. Focus on control, focus on your analysis, if you are wrong, then you are wrong, but dont punish your self with more and more over thorough analysis which end up a lot of decision into the plan and does make you hesitate to trigger when it was at the right time to trade.

To be successful in trading requires hardwork and due diligence. Why ? because this helps you in knowing your system well enough its drawdown and when not to trade . Its a matter of now how much you can earn but how much you can learn. Learn the system well and learn about your self during those testing phase. People always take that for granted and overlook it.

Treat  trading like a business, treat it as part of your daily job. Be responsible for it, responsible for its performance , how much you can achieve. How much you can do realistically not statistically.

I use to categorize trading psychology as Trade in the Zone. Here is the set criteria of Trading in the ZOne

Trading in the ZOne

Positive and Focus

Accepting a loss positively

Confident without doubt

Trade as planned

Waiting the trade to come (setup )

Trading cold as ice

Not Trading in the Zone 

Negative feeling and not fully focus

Accepting a loss negatively

Doubt so much of his own analysis and rely on 3rd party analysis

over excited and over trading after a winning streak

Impulsive trading , jumping into the gun , chasing it

Emotionally attached trade causing the above reaction.

And so many more….to list them it will be a lot. But overall, its a matter of total control of your self.

Get your mindset ready, then you are ready to trade any system!!

Hope that helps

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One thought on “How to successfully Trade Forex

  1. Chidiebere Ezenyem says:

    Nice One there, keep it up!

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