Jayden All successful traders have learned that “failure is the mother of success”. When you are frustrated, the most important thing is to know what to do. Learning to overcome setbacks in your life, or in your trading, is a necessary trait for a successful trader.
Strong people make mistakes just as much as weak people, except that strong people, admit their mistakes, laugh about them, and learn from them. This is what makes them strong. Mistakes are part of life itself, and we need to learn to thank ourselves for our mistakes, because we often learn the most important lessons and experiences from them.
Before we trade, we need to develop our own trading mission statement to help us focus on becoming trained, financially free long-term Forex traders. By following the principles below, you will see the journey to becoming a successful trader is seen as a shift in mindset, and the creation of a new body of knowledge.
➤The idea of self-discipline
➤Principles of self-discipline
➤Self-disciplined behaviour
Before any trader decides to enter and start a trade, he or she must have a trading plan in place and follow it. Each trade should have an entry point, an expected profitable exit point, and a well thought out exit point with the minimal loss if the market does not move in the direction you want it to. Each buy order should have two sell orders corresponding to it, a sell order to exit with a profit and a sell order to exit with a stop loss. No one can predict what the market will do the next So the right thing to do is to develop a trading strategy and trade it.
Before you start trading forex, you should get into the habit of learning about forex trading, which is one of the most important of all and one of the most beneficial habits; if you fail to do so, be prepared to lose money. If you want to follow your “good, sharp” instincts, then you are no different from the reckless gamblers in the casino. gamblers. The market will take all your money, just like a casino.
I have learned that to be successful in trading, you have to master 3 decisive elements of trading Elements.
➤ Technical knowledge of foreign exchange and trading skills
➤Understanding the fundamentals that determine market movements
➤Psychological factors in trading – the most important aspect
Traders are divided into three stages.
Stage 1: Entry-level trader
You focus on learning, understanding Forex knowledge and techniques, having your own trading strategy and building a trading system that suits your personality. It is a good idea to practice on a demo account before trading real money in order to become familiar with all aspects of trading.
Stage 2: Qualified Trader
You are at the Consciously Competent stage, starting to trade with real money, doing your best to minimize emotional interference with your trading, and beginning to learn and use money management to help you reach consistent and stable winning goals.
Stage 3: Expert Trader
You are in the Unconscious Competent stage, where you are like a precision machine, free from any psychological or emotional influences, and you trade strictly according to your trading plan. Your beliefs, acquired knowledge and skills, developed trading discipline and experience are the sources of trading confidence and the guarantee of consistent and stable winning that will allow you to succeed.
The truth about trading is that less than 10% of traders succeed in the Forex market. Over 90% of traders try hard to succeed in the Forex market and still fail. We strongly believe that learning is the number one factor in trading success. Knowledge is the key to making you a successful trader and will give you the edge to succeed in this market.
Knowledge = income
Lack of knowledge = less income
Proper use of knowledge = financial freedom
There is one thing you should understand: most people in the world suffer from mediocrity, even poverty, and only a small percentage of them have ever tasted success. What is the reason?
Because they don’t know how to succeed, and there is no one to guide them on how to succeed. We can learn how to become financially self-sufficient from our friends and family. However, not all mentors are successful, and we have no choice but to learn the way to success through trials and failures.
There are a vast number of books on success. We believe that success comes from learning to grasp opportunities, having the right work ethic, developing good habits, and always believing that if you focus on something, keep the right mindset, and actively put it into practice, you will achieve good results.
Successful people always simplify complicated things, they see the beauty in simplicity. Regular people always try very hard to complicate even the simplest things for some unknown reasons.
21 Days and the 3% Principle
The human brain forgets 80% of the knowledge within 3 days after storing it, and in the next 18 days the knowledge will continue to be forgotten, and Eventually, only 3% of the original amount of knowledge will sink in and form a long-term memory. In other words, if you don’t use it often enough, you’ll forget it quickly.
This law of memorization was discovered only after years of research, and it has influenced our philosophy of trading.
Understanding and mastering all the steps and patterns of successful trading before you trade is vital to your success. You must practice them over and over again until they become a habit in your subconscious mind.
A doctor doesn’t operate on a patient after just one semester of classes, and a pilot doesn’t fly a plane around the world with passengers after just one weekend of classes. Doctors must first practice performing surgery on cadavers, and practice long enough to get clearance before performing even the smallest procedure on a patient whose life is in their hands. Pilots also have to practice a lot on a series of flight simulators before they can actually fly.
The same rule applies to forex trading. Although your life is not in danger, if you trade blindly, it will inevitably put your financial stability in jeopardy.
