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How to Know Your Real Chances of Achieving Success on Forex

5:08 PM Jul 16, 2020
7166
For beginners

Forex trading is affordable for everyone, but it's not an easy job, so many of us sometimes think about how to succeed in foreign exchange trading. Thousand of traders can not become successful traders during the first year and do not achieve good results. In this article, we will talk about successful professional Forex traders and highlight the best approaches and practices for beginners and experienced traders.

We often look at rich and successful people with envy. We believe that they all got it easy while each of us has to be content with little. You may not like what I will tell you right now but these rich and successful tend to deserve what they have. They had to tear and do the impossible to get where they are right now. And they don’t stop there but continue to study and work hard to become the best in their fields.

Why am I telling you this? Because this scheme works the same in any field, including Forex trading. You cannot rely on luck or the help of others to succeed. If you want to achieve something in your life, to become a professional trader, then you need to start behaving and thinking like these successful people.

What Does it Mean to Be a Successful Forex Trader?

One of the most important things is understanding what it means to be a successful trader and how you will become victorious. The second thing that you need to comprehend is your achievements and desired profits.

How to Understand That You Need to Change Something?

A successful person is distinguished by his desire for a goal and the persistence with which he goes to it. He doesn’t throw everything halfway and doesn’t relax after every small victory. A successful person lives his goals and dreams.

If you want to understand whether you are motivated enough and do everything correctly, then you need to constantly ask yourself direct questions and give honest answers. And the questions to ask depend on your goal. Let’s say you want to be healthy. Ask yourself:

  • Am I doing enough sports?
  • Am I eating right?
  • Am I sleeping well? Etc.

With Forex, the scheme is the same:

  • Am I taking enough time to learn trading?
  • Am I following the basic rules?
  • Do I practice enough on a demo account before real trading?
  • Do I study the market and the news?
  • Am I missing out on great trading opportunities to do something else? Etc.

If you notice that you are not making enough effort then it’s time for you to change your mindset. You need to start thinking and acting like rich successful people, even if you only have $1,000 in your account. Today I will try to help you with this.

Set Realistic Goals

Forex trading is not just a game. It’s a real job. You need to seriously think about why you came here. So you can set realistic long-term and intermediate goals for yourself. And it is worth taking it seriously because you are risking your personal funds. If you don’t have goals, then you will not have a plan. And without a plan, Forex trading turns into simple gambling which inevitably leads to failure.

That’s why your goal should be clear. Blurry phrases like “I came for profits” won’t work since it is not clear how to achieve such a target.

Avoid unrealistic goals at this stage, such as “I want to earn a few thousand dollars a week” or “I want to quit my current job, sunbathe on the beach while the market works for me.”

If you want to linger on Forex, decide on the nearest goals. A good example is “I want to earn $300 a week, which will complement my basic salary in the office and which I can save/spend on traveling, etc.” Everyone will have a unique goal. If you haven’t yet decided on this, today is the day.

Think and Act Like a Successful Person

There is a famous phrase “fake it till you make it”. Start by understanding and accepting that you are worthy of success and high profits. And then get ready to act and think like a pro:

  1. Treat Forex as a business. This is a real job, not a game. In order to climb the Forex career ladder and reach success, be prepared to fully surrender to the cause.
  2. Do not rely on luck. You may be lucky several times but without a clear plan, you cannot succeed in Forex. And it's not just about the trading plan. You need to set clear goals and outline steps to achieve them. In other words, you need a real business plan. Figure out how much time it will take you to achieve each target, what actions you need to take, etc. At the end of every period in your plan, review it, note what was achieved and what wasn’t, what mistakes were made and how they can be fixed. After analyzing the path traveled, set new goals and develop a new plan.
  3. Train your discipline. Many successful people talk about how they get up at 5 in the morning every day to fulfill the tasks set for the day and so on. It was self-discipline that helped them reach their level of success. At Forex, this quality is one of the keys to success. When you have developed your plan and trading routine, make the following of it your second nature.
  4. Continue to learn even after reaching success. Have you noticed that professional athletes who have reached unprecedented heights continue to train every day? Successful businessmen are exploring their fields to stay abreast of the latest developments, techniques, and innovations. Professional Forex traders do the same. Even if you are showing pretty good trading results, you still have a lot to learn. Continue reading books, attending webinars, and exploring new strategies and indicators. The secret to success is that it doesn’t have an endpoint. You need to grow and develop every day.

Yes, there is a lot of work to be done. But how else can you become one of the few successful and truly rich people? Start with your mindset. Decide for yourself what you want and whether it is worth it. I am sure that each of our readers deserves real success. So I can only wish you perseverance and a little luck!

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trading mindset beginners novice traders trading strategy losses forex mistakes trading habits trading plan forex trading women in Forex female traders risk management broker profit trading instruments pairs price advantages of forex leverage FXCL investments copy trading advantages of Forex social trading professional traders trading psychology demo trading buy/sell bid/ask spread Metatrader 4 market analysis technical analysis fundamental analysis trade trading platform Forex trading novice trading dealing with losses charts timeframe indicators MetaTrader 4 trading routine support level resistance level trend low-hanging fruit stop loss loss trading history long-term goals open trade close trade daily charts swing trading intraday trading scalping trading setup Forex traders bullish bearish resistance support MA 200 trend trading professional trading EMA EA daily chart weekly chart Forex news highs lows account type cent trading Mini Micro Cent Partnership commission fees trading terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial 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morning star evening star figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex 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losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance