Losing Focus is the #1 Mistake of Traders in FOREX
Losing Focus is the #1 Mistake of Traders in FOREX
This article is one that I'm asked to do over and over againand that's because so many people fail to focus! In the article I'll give you some rock solid tips and methods to staying focused, and in my Forex Toolkit I'll give you an in depth video on making the methods stick! Get my kit here, and enjoy the report!
What you probably don't realize is that the "mind game" of Forex trading is just as important as having a proper trading system. This is why up to 95% of novice fx traders blow up their accounts. They make simple mistakes that cause a downward spiral of confidence. Or they let greed and fear push them into that one crucial decision that costs them all their profits (remember the big leverage that Forex gives you is a double-sided sword).
We've been successfully trading and educating traders at BigTrends.com for over 10 years and we know the proper mindset is extremely crucial to long-term trading success. One of the most important factors is to take the emotion out of your trading as much as possible. Logical, systematized, rule-based trading is a much better bet versus emotional trading and not having a plan.
When you have confidence in your trading systems and indicators, you can then develop a set of rules to follow to ensure that your trade management and profit/loss taking is in correct order to maximize gains and minimize risks. You will learn the proper size and allocation to take of your trades in order to ensure that you "remain in the game" if you take a loss or two. You also will have "powder dry", aka capital available, for when the super profit opportunity comes along.
The key to having a successful trading system is to have confidence in it and the rules and to follow it properly. Poor execution is one of the leading causes of losses by beginning Forex traders. Don't fall into the "hope game" of wishing your trade would go your way. Have a proven, tested system and rules to get you in and out quickly let the winners run and cut the losers short.
Clear your mind when you begin Forex trading each day or week. Remember and learn from your past trades, but don't let them hang over you like a negative ghost. Follow and execute your system why have a trading system if you can't focus on executing it in the first place? Develop a specific time of day that you dedicate to focusing on only Forex trading. Keep a trading journal of your past trades, indicators, thoughts and lessons. Strive to take the emotion out of your trading.
Follow these various principles to creating the proper mindset and you will see your trading results improve. We delve far more into these and have specific proven methods and instructions in the new FIT (Forex Interval Trading) systems. I've not taken it live yet as we're still shoring up the back-endbut in the mean time..
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