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ForexArticles 11-11-2016 13:29

How to Think Like a Successful Trader
 
Youíre at it again, youíre spending the day sitting before a chart and bickering with yourself over what trading card to play next.

You think you have it, you feel the adrenaline coursing through your veins as you watch all the signs point towards profit and success for you, success so close you can almost taste it but wait!- thereís a shift in the trade, and itís unexpectedly moving against you, your shoulders sag, both your stomach and your mouth drops.

You wait and watch in dismay as the trade continues to move against you and then thatís it. Youíve lost, again, youíve made the same mistakes you made the last ten times.

What you need to realize is that you canít help what youíre feeling but what you can do is try and make a change. As a trader you need to understand that emotions and feeling often take over all logical thinking and successful traders keep their feeling in tow when trading amongst doing other things.

Successful Traders are Fully Aware of the Workings of Their Minds
To think like a successful trader you need to develop an understanding of your mind, especially when you are trading, a good trader knows his limits and what his goals are, he does not easily get distracted by other unimportant things while trading. Good traders know what it is that will motivate them and what kind of thoughts they should be having while trading that will have a positive effect on the way that they trade. So to get the mindset of a winner, first get to know your mind and get to know it well.

They Know the Importance of Being Biologically Healthy too
What most traders donít realize is that their biological condition has the ability to greatly impact their mental stability while they trade. Something as simple as taking deep breaths at the right time could have been the difference between you losing or you winning. The mind and the body are linked together instead of getting worked up and letting the adrenaline take over them, successful traders exercise and know well enough what the advantages of being healthy are.

They Tell Themselves That Losing Isnít a Big Deal
Winning isnít everything, how many times will you need to hear this till you actually get yourself to believe it? Successful people- and Iím not just talking about traders, take solace in defeat rather than in winning, they see failure as something that can easily be overcome, if handled correctly.

This devil may care attitude of theirs ends up being the reason why they win, as it gives them an edge that not many traders have, most successful traders accept the fact that they cannot and will not always win so they donít completely break down when they lose, this helps them in the long run because it enables them to trade better the next time they do it.

Their Entire World Isnít Trading
Most successful traders, trade part time, they have other jobs and if not that then hobbies and friends or family that need them, they are not trading addicts and so they arenít absolutely devastated at the sign of a loss.

Do you think you possess any of the above qualities? Did this article make you realize what you may be doing wrong as a trader? Let us know!




chin100 17-11-2016 02:09

Re: How to Think Like a Successful Trader
 
If we really follow our trading system and wait for too strong setups, we cannot overtrade. Overtrding happens when traders take weak setups and misuse their account leverage.

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HockeyWain 19-11-2016 04:47

Re: How to Think Like a Successful Trader
 
Forex Trading is a great business, and it requires lots of knowledge and skills and experience to become successful in it.


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