10% Skill 90% Mindset

[ForexWarrior2020]

Yes, you are more correct than most here.

Greed and impatience to make as much money as possible is the downfall of all those very dead Newbies & Wannabe Traders littering the forex highway.

Treat trading the forex (or stock/whatever) market as an investment with proper planning, management, and strategies. Approach it like you would like getting (and investing) in education, project, business, and any endeavors.

Unfortunately, vast majority of Newbies & Wannabe Traders are an impatient lot and come into the market to plonk all their money on either "black" or "red" with a prayer and a wish....and a lot of them just latch onto the worst possible brokers around with absolutely no idea about these scumbag brokers.

Like babies growing up, it's a learning process and most times we can only guide them but unable to prevent them from doing what they do in their learning process.

Completely agree. They aren't successful after 3 months and then get impatient then this creeps into their decision making. Im over 18 months and still learning its so tough to explain that it takes time to newbies

 

[fxoday]

Yes we can not wait for luck or any good chance in trading , Mostly need to trade with our skill and experience. It will make easy to adjust trading with market. only 10% skill is not enough it means you are going to do risky and emotional trading just rely on lucky time . But in forex business we have to plan and protect all about our capital,

Yea I think skill here very important, we can take the analogy for driver car, he has strong mental, very dare to take a risk, but because the skill to driving car still very poor and bad, it possible he will face accident and death if just relying on mental driving. So here in forex in my view skill and mind are important.

 

[Redondo]

that is the summary of what trading is about

 

[davtrent55]

Need to factor luck in there too

 

[Eryk Martin]

40% mindset and 60% skills makes more sense!

 

[bigdolly]

40% mindset and 60% skills makes more sense!

yes I would also add weight to skills because they are obviously higher to acquire, it requires patience and a lot of hard work.

 

[Eryk Martin]

yes I would also add weight to skills because they are obviously higher to acquire, it requires patience and a lot of hard work.

True, just like a student who attends all the lectures in the theory classes, but has no practical experience, skills are always on the heavier side

 

[sarah2701]

40% mindset and 60% skills makes more sense!

Luck is also one of the important factors while trading. I am not saying to totally rely on luck, but it does impact our trading.

 

[Eryk Martin]

Luck is also one of the important factors while trading. I am not saying to totally rely on luck, but it does impact our trading.

Yes I totally agree with you, many times you can make profits or losses just because you were lucky or unlucky.

 

[Dora_WalletInvestor]

I think it's not necessary to try and quantify this. The key is that both of these are very important, and how much you have to focus on each might depend on your personality and preexisting skills. In other words, the difficulty of mastering the technical side and the mental side will vary from person to person. You just have to be self-aware and notice if one of them need more work.