Many people have searched the secrets of Forex trading. Everyone wants to get rich and become financially stable just by trading in the comfort of their homes. But what is really the secret of trading? Does the secret to success lie in the trading strategy? The MetaTrader 4 trading platform? Or maybe about strong risk management? As you have already known, all of these are contributing factors to your success as a trader. But this isn’t exactly the real secret to success – it is to do the exact opposite of what other traders do.
According to several statistics, only 5% of traders achieve their trading goals while the 95% remain to be at the dark side. Therefore, if you want to succeed, you need to understand the behavior of this 95% as to how they failed and its contributing factors. More so, you must also understand the characteristics of this 5% as to why they were able to succeed in the trading industry.
After careful thought and continuous research, perform the exact opposite of what 95% of traders have done. Take the less-traveled path of trading, it will surely lead to your success.
What are the most common mistakes of this 95% who failed to achieve their goals in the market?
Below is the list of some behaviors, the things that this 95% did and didn’t do. Check it out and do the exact opposite.
- Not enough funding
- Not using risk management plan
- Failing to accept a trading loss
- Counting pips and failing to focus on account growth
- Revenge trading
- A mentality that Forex is a ‘Get Rich Quick’ scheme
- No emotional control
- No trading plan
- Lack of trading plan
Following the route to success in Forex trading is easy yet very hard to achieve. There are times when you are already aware that you are doing something wrong and yet, you continue to do it despite the consequences. This is one of the biggest problems encountered by most Forex traders. You already know that for you to be able to succeed, you need to gain some knowledge – read trading books, educate yourself through online forums and the likes and control your emotions so it won’t interfere with your trades. But still, you fail to make a difference.
The next time you trade again, you make the same mistakes. It’s like you are split into two different personalities. One is logical who knows exactly what to do while the other is the complete opposite. One mind is determined to do something that’s right and appropriate while the other does exactly the opposite thing. This is the reason why Forex trading is seen as a roller coaster ride to many. You get to experience its highs and its lows along the way to success.
Look at yourself and determine the things that you have to do to succeed and obtain your goals in trading. Am I using the right trading platform like MetaTrader 4? Don’t follow the things that 95% of traders are already doing. You must motivate yourself to be different and be successful no matter the turn of tides you experience in the Forex market.