Wrong Mindset

I believe that the wrong mindset is the biggest reason of traders getting losses, however with consistency it can be improved too.
 
As above its the unrealistic expectations that drive new people astray .
If people treated it more like the serious business it is or like an apprenticeship they would prosper more
Can you imagine if people approached medicine or law with the same loose attitude many approach trading? It would be carnage (and we'd be lacking in doctors and lawyers that actually qualify!).
 
Totally agree with this thought. Having the right mindset is very important in order to succeed in forex trading.
There are so many people who think of trading as the source of easy money which doesn't require any skills and knowledge. That is totally wrong and dangerous because as a rule, such people lose their money pretty quickly. The first thing you need to do before coming to forex trading is to realise that you need to learn much and practise many new skills if you want to make some profits. Having the right expectation can save you lots of money and nerves.
 
Totally agree with this thought. Having the right mindset is very important in order to succeed in forex trading.
There are so many people who think of trading as the source of easy money which doesn't require any skills and knowledge. That is totally wrong and dangerous because as a rule, such people lose their money pretty quickly. The first thing you need to do before coming to forex trading is to realise that you need to learn much and practise many new skills if you want to make some profits. Having the right expectation can save you lots of money and nerves.
Totally agreed!
 
That is a nice post and I do really agree with you that having the right mindset is very important to be a success on the market. Lots of newbies come to trading thinking that forex trading can bring them money without any skills and knowledge required. This is absolutely wrong. Forex trading is a very hard job where nothing is sure. You can make 20% profits this month and lose 50% the following month. Such things happen and successful traders always reconsider their thoughts and trading strategy. Nothing is stable on the market and traders should change their outlook at the same pace as markets change. I have an impression that a person should really be interested in trading itself but not only as a place to earn the money, because it is very hard to keep on being motivated all the time if you don't really like this business.
 
yeah... you're right, as a rule traders consider trading as a source of huge sums of money, nevertheless this shouldn't be the primary goal, at least until you are a novice and don't gain enough skills and experience. motivation has to be complex, I mean not only money should motivate traders to devote the time to this activity.

for example, personal development and acquirement of such qualities as durability, emotional stability and so on also should motivate traders to stay charged. it will be a real lie, if I say that traders aren't interested in money, of course they do and this is the primary goal. However, money likes silence =)
 
Having the right mindset is crucial in any area of life, including trading. A wrong mindset can lead to irrational decisions and emotional reactions to market movements. It's essential to approach trading with a clear and logical mind, focusing on the process rather than the outcome. The mindset of a successful trader involves discipline, patience, and a willingness to learn from both successes and failures. By cultivating a growth mindset and constantly working on improving your skills and knowledge, you can achieve long-term success in trading.
 
Greetings, traders of the forum! Today, let's discuss the critical role of mindset in the journey of a beginner trader. Few wrong mindsets to be aware of and strategies to overcome them:
Gambling Mentality, Unrealistic Expectations, Blaming External Factors, Lack of Patience.
 
The worst mindset is that you can’t trade. You may start thinking like this following a serious of heavy losses. When lose dozens of depos in a row it’s hard to think positively but that’s the point where you can win if you believe in yourself. I lost so many depos before I started to trade much better.
 
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