10% Skill 90% Mindset

[RahmanSL]

I do not think this ratio is reasonable if we give importance to skill just 10 percent then with a 90% mindset almost all traders should be successful because every trader comes to this market with the hope they want money not want loss.

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.

 

[ForexWarrior2020]

Skill is definitely more than 10% but I would agree mindset is more important

 

[nahiyar]

That is very true. Some people think that the only way they can make it in forex is if they have the skills. It is however more than just having skills. Your mind needs to be able to handle forex trading because there are some aspects of people that cannot be learnt such as making appropriate decisions within a short time period.

What is mind set ? we can say it is your interest or talent towards any work. Skill will be yours when you are having using your mind and ability to know the forex or you improve it with your practice. There is not a short cut but you will learn forex in less time when you will pay attention and feel satisfied with this business.

 

[fxoday]

Skill is definitely more than 10% but I would agree mindset is more important

Yes, I think we can't say if relying on 10% skill just like gambling and relying upon lucky, like a fighter if skill only 10% and they have 90% confident, the opponent will easily to beat us, skill has more portion to become successful trader I think.

 

[sarah2701]

Skill is developed after you practice regularly. I think skill should be given more weightage and be just confident with your trading strategies.

 

[bigdolly]

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

 

[Kirstysingy]

Couldn’t agree more, the emotional side of trading is the hardest point to learn in my opinion

 

[fxoday]

Indeed emotional side is a very high effect on trading, maybe some trader giving skill only a small portion as key success, but skill here very complex, not only based on luck

 

[Keithstyles1]

Never forget this....work on the mentaNever forget this....work on the mental side!

Never forget this....work on the mental side!

Definitely important part

 

[nahiyar]

Indeed emotional side is a very high effect on trading, maybe some trader giving skill only a small portion as key success, but skill here very complex, not only based on luck

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,