In a world where information is just one click away, it is easy to find 1000 opinions that differ from your own. This makes it extremely difficult to believe in your trades and manage them correctly.
Fortunately, there are ways to focus on your own game.
If you want to become a consistently profitable Forex trader, one of the significant psychological obstacles you will have to overcome is greed.
When a trade is going your way, or you are on a winning streak, the brain will automatically go into “more, more, and more” mode.
Having a bad trading day? Having a bad trading week? Or month? Guess what, that’s normal! Drawdowns come to winning traders too. How you behave during that drawdown will determine whether you will come out ahead or go further into the hole.
There are many myths that we all encounter when studying the market. These myths are based on historical data, but we aren’t meant to look at historical data alone to inform our future decisions.
Indicators, fundamentals, and opinions do not paint a crystal clear picture. Price action is crucial when analyzing our charts.
A belated Happy New Year and Merry Christmas! (to whomever that applies). I hope you all spent some time with loved ones and re-centered yourselves in preparation for the new year that will come with new heights ergo new challenges.
In the Forex trading industry, “consistent profitability” is used so often, the actual meaning can become blurred.
It has become a phrase people use to pounce on newbie traders so these innocent traders can buy their course, lose thousands of dollars, and leave with nightmares about the Forex market.
The question most new traders do not ask? How long will I be losing for? How long, on average, will I be unprofitable?
Most entrepreneurs, who are seeking capital from investors, ask this question so that they’re not under pressure to turn a profit while a business is in its incubation period.
Trading in general, but particularly in the Forex market, requires that you have solid psychology when it comes to risk and loss.
A lot of new traders come to make boatloads of money sure, but nobody ever says “hey! while you’re making all that money, you’re gonna be losing some in the process”.
This is what new Forex traders have been looking for! The answer on how to grow a small account into a big account that would solve all the world’s problems.
In this article, I will try my best to break down what goes into growing a small account and “flipping” it, as most would like to call it.
A trader’s win rate (percentage) is determined by the number of winning trades out of all the trades they have placed.
If you win 50 out of 100 trades, then your win rate sits at 50%. If you win 80 of 100 trades, your win rate is 80%.