“Patience is a virtue.”
This quote applies to life in general as well as the financial markets. Humans find it very easy to give in to instant gratification, but as Forex traders this can leave our accounts bleeding to the death.
Whenever someone talks about taking a break in Forex trading, or trading in general, it usually comes after losing money. SO… you probably just lost money.
A little, a lot, it doesn’t matter, but you feel like all the trading advice you’ve been given indicates that you should probably take a break. Should you? I wouldn’t advise it.
Psychologically we human beings require rest in order to function and make the best decisions possible in the Forex markets. When our minds are tired, although we may have an edge over the markets, we can tend to be very lethargic in our approach to market analysis and trading our plan.
And no, not in that way either! A lot of people reading this have probably already blown an account. Some of you haven’t and still need to be deflowered, and that’s okay. Whatever your situation is, you are welcome here.
As traders, we face many battles on a daily basis and some of the battles we face are unseen, meaning they are psychological. Looking back on my own trading journey, I have come to realize that the battles I’ve faced are psychological but also physical!
Trading, like anything in life, needs practice if you want to become good at it. Luckily, with modern technology, there are ways to practice without spending any real money. Without the added risk, trading a demo can help traders hone their skills and become better by first losing fake money and not real money.
Today, I want to talk to you about persistence. While it is true that roughly 90% of people who start this journey won’t make it to the end (although that number is probably less because of the internet and mentors) it doesn’t mean that success is impossible in the Forex market.
Confidence is one of the key aspects that a Forex trader needs to actually TRADE. A lot of people have a hard time understanding that confidence comes with time and back-testing!
A drawdown refers to the difference between the highest balance in a trading account and the following lowest balance.
Drawdowns are caused by losing streaks, the losses compound over a certain period and trading capital is left depleted.
Have you ever thought of looking for a mentor? The possible reason you may need a mentor? Or even when you should get a mentor? In this article, we will address…
1. What a mentor in the Forex market is meant to do?
2. When you should get a mentor?
3. The advantages and possible disadvantages of getting a mentor and lastly, several things you can do to get a mentor.