Wrong Mindset

Rambo35

Corporal
Messages
280
One of the biggest hurdles to success, not only as a trader, is you yourself. Reading a lot of threads in different forums over the years, meeting new traders seeking advice and engaging with other already established traders one thing became obvious:

Most traders end up failing as they have the wrong mindset when it comes to trading. I know there has been plenty of terrible advertising which misled and continues to mislead tens of thousands every month.

So before you even try to work on strategy and start counting your pips, work on your mindset and understand what trading is and what it is not. Those who think they can open an account with $1,000 and quit their job two weeks later are on the wrong track. Don't open a standard account
if you have less than $10,000 and even then you may end up pushing the limits.

Trading requires capital, unless you are fine with making $1 per trade. I have witnessed countless new traders who made a smaller deposit, traded big lot sizes which eventually caused them to blow their accounts and when they did make a nice return it was not enough for them so they remained in the trade hoping for bigger returns like the big guys. You can imagine the outcome.

Get in the right mindset, take it step by step and you have a chance to become part of the 2% who actually succeed as traders. It requires a lot of hard work, but the results should you succeed are well worth it.

Just my thoughts and experience.
 

Whitesnake

Corporal
Messages
428
This is very much realistic thought, its ultimately the traders mindset which makes them the successful or loser traders and thus it is very much essential for the traders to have strong mindset when they are trading in the forex market so that they can trade with more of intellectual mind than being just emotional and ending up in losses.
 

LoRio

Sergeant
Messages
484
I find my trading to improve everytime i watch "the wolf of wall street trailer".weird
 

LoRio

Sergeant
Messages
484
Also Tony Swartz talks about the negative mindset is burning up energy .So when we enter the market with negativity , we lack the energy to focus on the activity.
 

itkraze

Private, 1st Class
Messages
200
Your thoughts and experience is definetly right its not easy to trade with full confidence and with relax mind until the trader is not have enough capital and proper trading knowledge and experience.
 

Faelar

Private, 1st Class
Messages
58
I agree that thinking plays a significant role in trading, and it is essential to set yourself up to trade properly. But I do not entirely agree that it takes a lot of capital to trade. I think that if you learn how to trade normally in a demo account or a real account with a small investment, you will be able to make a good profit by trading with $1000 capital. Of course, there is always a greed factor, and it is very difficult to control yourself because you want to earn more as soon as possible. So one of the main tasks of a trader to restrain his emotions and learn to discipline.
 

Thoris

Corporal
Messages
145
Oh, it's such a complicated subject and there are so many pitfalls to keep under control. But I think it's very important to take your time and make all decisions as consciously as possible. Because the consequences are always difficult...
 

Mnefyn

Recruit
Messages
15
Well, I think capital is very important for any business. But it's also important to learn how to distribute your money yourself in such a way that you can change your decisions and navigate the market more freely.
That's always good news.
 
Top