10% Skill 90% Mindset

ForexViking

Recruit
Messages
130
Never forget this....work on the mental side!
Would agree with this. I read everything I could on forex analysis, systems and strategies and found the number one reason for my loosing trades was my mindset. I would watch trades and worry about my money being risked and now I just set my stops and leave the trades alone to play out :)
 

RachelEB

Corporal
Messages
113
Mindset is the key, the ABCs of trading are really quite straight forward, but implementation is determined by your mindset, and that is the key to success or failure
 

bigdolly

2nd Lieutenant
Messages
1,027
Mindset is the key, the ABCs of trading are really quite straight forward, but implementation is determined by your mindset, and that is the key to success or failure
What do you mean by mindset? I think it is very elusive concept there are no precise rules for getting correct mindset and avoiding a wrong one.
 

DaveT

Sergeant
Messages
361
What do you mean by mindset? I think it is very elusive concept there are no precise rules for getting correct mindset and avoiding a wrong one.
That's why it's hard to master. The goal in my opinion is to get to a point where you trade robotically and emotionless
 

Clay Davidson

Recruit
Messages
81
I believe that is really important but don’t underestimate the power of skill. In forex having a clear mind is very very very important, no one can deny this truth. But many of the traders who don’t succeed in this business lack the good skill or strategy to survive in this market. The biggest enemies in this market (as big names suggest it) are fear and greed. When you fear you may lose what you earned and you close your trade early, or when greed doesn’t let you close a trade on time and a winner trade turns to a loser, so sad.
 

Granigamand

Private, 1st Class
Messages
52
I fully support your point of view. Many traders spend a lot of time on their skills, studying information and stuff. I don't argue, it is very important in trading. Yet, for some reason, many people forget that trading is also a psychology. What happens to you in the end depends on how you set up. Have you prepared for the loss of money? And the fact that you won't understand something? It happens that you're doing the right thing, but it's just your unlucky day. In these situations, the main thing is not to lose your temper and to set right. So trading is 90% your mindset.
 

EuroTrader

Sergeant Major
Messages
1,048
There is a need to set your mindset or manage your trading psychology. How much loss you face depends on your skill, first, you have to know how to work with your own emotions, are you ready to face loss then you will certainly manage your risk-taking decisions. It is not all mindset but it works with your skill in successful trading. You have to control your mind as well as the trading plan.
 
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