Forex Trading Mindset - How to Obtain The Winning Mindset of the Millionaire Traders
- Author Monica Hendrix
- Published May 11, 2008
- Word count 508
It's true anyone can win at forex trading yet paradoxically 95% lose money. So what separates winners from losers? The answer is simple - it's the mindset of the trader that determines whether he will win or lose. Here we will look at obtaining a winning mindset.
First, I want to tell you a story which will illustrate perfectly how important the right mindset is when trading.
Back in the 1980s trading legend set out to show that anyone could learn to trade and he taught a group of traders to trade in just 14 days - the result?
They made over $100 million for him in 4 years and this group became legendary.
If you read the story of the turtles (and we have covered it in other articles) you will see that the real reason these traders succeeded was they had:
A simple robust trend following method which they all understood - but Dennis realized this was not enough, they would have to apply it, so he taught them confidence in the method.
With this rock solid confidence they then could set about applying it with discipline which leads me onto the formula for forex trading success:
Robust logical simple method + Discipline to apply it = Forex Trading Success
Of course if you don't have the mindset to apply your system with discipline you have no system!
Discipline can be hard when your executing your trading plan and taking loss after loss but you must stock through these periods to emerge a winner. It requires a deep understanding of what you are doing and holding your emotions in check which is not easy.
Most forex traders approach trading with totally the wrong mindset - they think trading is a walk in the park or they can follow a guru or system they have bought off the net.
This is not enough to make money, most systems sold on the net are junk but even if you have one that makes money unless you understand it and have confidence in it, you will never win.
Forex trading is not easy and you wouldn't expect it to be with the rewards on offer but there is a huge difference between something being impossible or achievable.
Richard Dennis probed that anyone could do it and think about it - he taught traders with no experience, to make millions after just 14 days. Their success was NOT based on method alone - it was based upon confidence and the discipline to apply it.
So instead of trying to take short cuts - learn forex trading the right way and make sure you have a simple system, you are confident in and can apply with discipline.
Does the above sound simple?
Yes, sure you have to do your homework and pay your dues - but for doing so, you could be rewarded with a life changing income.
Think of how well the traders did in the experiment above and use it as an inspiration to learn the forex trading mindset to give you long term forex success.
NEW! 2 X FREE ESSENTIAL TRADER PDFS
For free 2 x trading Pdf's, with 90 of essential info and more on Successful Currency Trading visit our website at: http://www.learncurrencytradingonline.com
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- It’s Not Too Late to Make Money Investing in This Gold ETF
- Top 10 Forex Trading Signal Channels on Telegram: The Best Resources for 2024
- SCOFI: Pioneering Venezuela’s Petroleum Industry for Over 65 Years
- To Understand Risk, Start By Asking What You Don’t Know
- How To Make Money On Binance: A Full Guide
- Airbnb Investment 101: Tips for New Hosts in Australia
- Indian Gold Demand Rebounds During Important May Festival
- The Investment Terrain in Crypto, Blockchain, and Web3
- Exploring Bitcoin: Corporate Giants Embrace the Cryptoverse
- The Significance of Static IP Address for Trading
- TYPES OF FOREX REGULATIONS
- Weekly Events: Avalanche & Chainlink Collaboration, CommEx Closure, And More
- Assani Elolo Ronaldo - How Bank Instruments Facilitate Gold Deals
- Crypto News: Mempool Solana Shuts Down, Police Integrate Cardano Into Their Work, WhiteBIT And FC Barcelona Launch New Course
- Is Crypto Entering 2021 Vibes?
- Bitcoin Updates All-Time High In Momentum Amid Its Scarcity
- Analyst Announces Bull Run Start, Cites Stock-to-Flow Strategy
- Weekly Crypto News: Telegram Pays Toncoins, WhiteBIT Is Now TradingView Broker And More
- undetectable banknotes
- Unlocking Financial Success: Why Successful Portfolios LLC is Your Best Advisor
- Are EVs a Threat to the Republic?
- A Deep Look Into Binance: Can It Really Be Trusted?
- Ledger Live - Most Trusted & Secure Wallet - Ledger
- Decoding the Future: Navigating the Crypto Landscape
- Don't Cry for Me General Motors
- Investing in exponential growth stocks: what can you choose
- Leveraging ChatGPT AI for Smarter Stock Market Analysis and Investments
- Shib, Doge, and Pepe Have a New Competitor: The Rise of $FUFU Token
- Unlocking Wealth: The Power of Apartment Syndication in Real Estate Investing
- 6 Reasons to Invest in Bitcoin