Forex Market is full of sentiments from buyers, sellers, and other players. In order to win from them all, you need to set aside your emotion and execute your trade very rationally.
Being a successful trader needs a lot of efforts, but all of the steps can be drawn into two main determinations: manage the risks and be better than yesterday.
Where there is a profit, there will always be a loss. This perspective needs to be embedded in every forex trader's mind when they try to manage their trades in the forex market.
Do not commit these six fatal mistakes if you want to become a profitable forex trader. From not having a trading system to taking too much risk, always be cautious of these blunders.
A Good trading decision can lead to profitable results, while bad trading decision will doom you to an untimely failure in forex trading. How to make a good trading decision?
There are a number of reasons why successful traders can maintain their profitability. One of the most crucial ones is their emotional tenacity. Here we will discuss on how that particular matter helps them.
"Novice Traders trade 5 to 10 times too big. They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on."
George Soros
"Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected."
Alexander Elder
"Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds."
Jesse Livermore
"There is a time to go long, a time to go short and a time to go fishing."
Alexander Elder
"Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets."
Ed Seykota
"The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance."
Jack Schwager
"There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer."
Warren Buffet
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
Bill Lipschutz
"If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money."
Victor Sperandeo
"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading."
Jim Rogers
"I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
Peter Bernstein
"The fundamental law of investing is the uncertainty of the future."
Bruce Kovner
"If you personalize losses, you can’t trade."
Michael Marcus
"Being a successful trader also takes courage: the courage to try, the courage to fail, the courage to succeed, and the courage to keep on going when the going gets tough."
Larry Hite
"I have two basic rules about winning in trading as well as in life: 1. If you don't bet, you can't win. 2. If you lose all your chips, you can't bet."
Martin Schwartz
"Learn to take losses. The most important thing in making money is not letting your losses get out of hand."
George Soros
"It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong."
Bruce Kovner
"I know where I’m getting out before I get in."
Alexander Elder
"The goal of a successful trader is to make the best trades. Money is secondary."
Jack Schwager
"There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer."
Nicolas Darvas
"I believe in analysis and not forecasting."
Warren Buffett
"Risk comes from not knowing what you're doing."
Paul Tudor Jones
"I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have"
Mark Douglas
"If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist."
Peter Lynch
"In this business, if you're good, you’re right six times out of ten. You’re never going to be right nine times out of ten."
Bruce Kovner
"Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he's not going to take a patient's temperature."