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Forex success

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The Traders Mindset


Author: Shanda Biggs


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In todays post we are going to discuss something near and dear to my successful traders hearts. It is the mindset required to become a profitable trader. There are many attributes that make traders successful but in this post we will narrow down on the two characteristics we believe to be most important.

A certain mindset must be attained in order to succeed in any area of life. Trading is no different. Forex trading requires the fine-tuning of a handful of characteristics in order to be successful. These specific traits will be identified a little later in this post.

But first, I want you to think about something… “Is success for a trader really different than attaining success in any other field of life?” To be a professional sports player, is there a different mindset required than becoming the CEO of a fortune 500 company?  

No. The skill set may be different but the mindset for achieving success is transferable across all fields no matter what you are trying to achieve. If you study the lives of successful people in different areas of life you will find a common thread that runs throughout. 

 People who achieve high levels of success all have one thing in common. No matter the particular area of life they chose to master, they all have a high level of belief in themselves. A confidence in who they are and their ability to achieve what they have set out to achieve.

This is the most important attribute that you need to develop. If you develop an unshakeable belief in yourself there is nothing that can stop you on your journey to success. Why? Because when anything comes against you, you still take action. Because you believe in the end result. You know with total confidence that you will reach your goal so you let nothing stop you. This is the unshakeable attitude you must develop to be a successful trader.  

With that being said. There are two particular mindset characterizes that are essential for success in forex trading.

Discipline 

The first is discipline. You must develop a rigid routine that you follow to a tee. Forex trading requires that you execute the same actions day in and day out. You must know how to follow a plan and stick with it. This will ensure your long term success. Where I see many traders fail is not following a strict trading routine. Their emotions sway their actions and this causes inconsistency in the routine. An inconsistent routine is a mess. There is no structure to follow. Lack of structure makes it easier to trade based on your current mental state and emotions.

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Since this is what we want to eliminate in our trading we want to ensure that we have a strict trading routine and follow it. Having a solid trading routine makes it easier to have discipline in the first place. You know the action steps that are required of you every day and you execute them.   

What is the next attribute that all successful traders have?

Patience

You have probably heard about having patience time and time again. It is so important that you develop an attitude of patience when trading the markets. It will ensure your long-term success. How? 

When you have patience you wait for the right setups to present themselves to you, you take trades that only meet your trading plan criteria and you do no have the fear of missing out. Patient traders understand that the market has an abundance of opportunities and that if the trade does not look quite right, that there will be another opportunity for them to capitalize on.

Great trades happen often but it takes a patient trader to capitalize on them. Not allowing the emotions of the market reel them into “Okay” setups. 

Patient traders play the long game. They understand that trading is not a get rick quick game and that true success in the markets takes time. When you understand that, you do not try to catch every trade. You wait for the perfect trades to present themselves and you execute. Suddenly you are not lured into okay trading setups but you only take pristine setups that perfectly align with your plan.  

I cannot stress enough how important these two qualities are to your success as a trader. If you want to learn how to develop these qualities I would recommend doing personal development. This will help you to get into the mindset of success. Patience and discipline are needed to success in any area of life but they are especially important for trading. If you can master these two areas I have no doubt that you will be on your way to consistent and profitable trading.




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5 reasons why you should trade with a mentor.


By Ivo Luhse CEO & Founder or Evestin Forex


Forex mentor

When I first discovered Forex trading back in 2006 I was excited to go in alone and create my own strategy. I wanted to trade my own way and just be my own boss with my own ideas.  Sadly while I had all this enthusiasm I really had no idea what I was doing. And while I purchased several ready-made strategies online and followed people on forums the real difference happened to me when I actually started to work with a mentor - A real trader. It made a massive difference that I could actually see in a Live trading room how my mentor trades in a Live market. 

Here are 5 reasons why you should trade with a mentor.

  1.  Mentors provide information and knowledge - You can tap into a wealth of knowledge straightaway and make a massive shortcut to your learning curve. 
  2. Mentors can see where you need to improve where you often cannot - We often ‘know best’ for ourselves but having someone else actually looking at your trading can find hidden mistakes you will never find by yourself.
  3. Mentors offer encouragement and help us going forward - We all know how hard trading is. And it is even tougher when you’re on your own. Mentor will push you forward and offer encouragement when you are down and need it most.
  4. Mentors can be connectors - If you do well mentor will back you up and can connect you with amazing opportunities.
  5. Mentors have the experiences you can learn from to prevent making the same mistakes beginners make - Mentors have helped several traders just like you and can immediately put you on the right track so you don't waste years of just doing the wrong stuff (I was stuck doing wrong stuff for 5 years 🙈)

If you’re wondering who is my mentor? 😊 It's none other than 5-star reviewed Andrew Mitchem - The Forex trading coach. If you’re serious about your trading I can’t recommend him highly enough. Also if you trade with my robots you will recognize one of his trading strategies from Satoshi robot. My robot Satoshi was built based on the strategy I learned from Andrew so taking his course will help you to understand all the details how our best performing robot Satoshi trades.

You can check out Andrew’s page below.


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