Are you Losing Forex Trader or Winning Forex Trader?
Are you a forex trader and are looking for ways to become a successful forex trader? You might not believe that to be a successful forex trader you don’t have to have good analyzing skills. Maybe in your mind is that to become a successful forex trader, we must be very genius in reading graphics and mastering all indicators, must be at the computer all the time until we don’t know the outside world.
Well, we will actually review what habits we must know that distinguish between losing traders and winning traders. Here are 7 habits that we must understand to be successful forex traders.
1. The losing forex trader will be afraid of losing and feel they always have to profit from every transaction made.
A trader who is successful on his journey doesn’t immediately succeed. Even the most successful forex trader in the world also often loses and has even experienced a substantial decline in capital. Losses for them are already part of forex trading. They also know that the biggest enemy in forex trading is not from the outside but from within oneself, namely the emotional factor.
So the best attitude that is not so affected by fear will experience loss as long as we know risk management and are not too greedy in making a profit. Like formula 1 racing cars, if we are afraid of high speed, being a racer isn’t the right choice. In forex trading, if we are afraid of experiencing a loss then becoming a forex trader is also not a suitable choice.
2. Losing forex traders always pay attention to where prices will move in a matter of hours, today or tomorrow, while winning traders do not care where prices will move.
The habits that we often do in forex trading are always making estimates of where prices will move in one hour time frame, then making estimates in the daily time frame even weekly. That is precisely what sometimes makes us doubt and fear because each time frame can give a different picture.
Meanwhile, a winning forex trader does not care where prices will move because they know wherever the price moves will still provide an opportunity to be able to profit. What is important for them is when to buy or sell. Remember, the advantages of forex trading are the two-way transaction mechanism.
3. The losing forex trader always tries to find 100% profit in a short time. Winning forex traders transact according to the forex trading plan.
A losing forex trader usually wants to get a large profit in a short time, so to achieve it usually they will enter the transaction volume in large amounts, or if not set a large profit in one transaction. At times like this they will be controlled by greed. As a result, not the big profits they get, but big losses.
Winning forex traders in the transaction are not greedy to immediately get a large profit from each transaction because they already have a trading plan. They also have set a profit target of what percentage. And they are very disciplined with the forex trading plan that has been set
4. Losing traders expect 90-100% of the forex trading system they use is always profit while the winning trader does not have to look for a trading system whose accuracy is 90-100%.
Because of fear of losing, a losing forex trader will try to find another forex trading system. Losing forex traders will continue to look for new systems that they consider to have high accuracy.
Winning forex traders realize that forex trading losses cannot be avoided and there are no trading systems that are 100% profitable. A winning forex trader knows the importance of risk and reward ratio, so a trading system with accuracy is only 60% but with a good risk and reward ratio will still be able to generate profit.
5. Losing forex traders will easily give up, winning forex traders are not easy to give up.
If you give up, then you get out of the successful scenario that you planned. While the winning trader is able to hold back his capital drawdown until the market will give a reply for his patience and determination.
6. Losing forex traders always copy and follow others while the winning trader is always confident.
The losing forex trader always follows another person’s forex trading system which is considered to give good results. Forex Trader believes in the system that was previously tested on the demo account. He knows that a successful forex trading system for a trader is not necessarily successful for other forex traders.
7. Losing forex traders are always waiting and in doubt while winning forex traders always act without hesitation.
The cause of losing forex traders is excessive caution and fear of loss. They are doubtful and afraid because they do not master the forex trading system used because they only copy from others.
Those are some of the attitudes or things that differentiate between a losing forex trader and a winning forex trader. Please ask yourself whether a losing forex trader or a winning forex trader is in you. Always try to always have a winner’s mindset.