How to Become the Best Forex Trader You Can Be
To start off today’s trading lesson I want you to ask yourself the following question; “Am I currently doing everything within my power to be the best Forex trader I can possibly be?” The odds are that you KNOW you should have a detailed Forex trading plan that you stick to like glue as well as a Forex trading journal that you update meticulously, yet you probably don’t have either of them, if you do you probably aren’t using them. You probably also know that you shouldn’t over-trade or over-leverage your account, yet you probably do anyways.
So why do traders know what they need to do but still not do it? How can you conquer this problem and move forward to be the best Forex trader you can be? Today’s article will give you some solid insight into why you are not trading the way you know you should and how to stop this bad habit and start trading correctly.
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Everyone has the potential to be a successful trader
In a famous trading experiment in 1983, Richard Dennis proved that a simple set of rules could be used to take people with little or no trading experience and turn them into very profitable traders. They became known as the “Turtle Traders”, and this famous experiment answers the question “Can Forex Trading Be Taught?” with a resounding yes.
So what’s the point? The point is that if you know you currently are not trading at your best and you’re having doubts about whether or not you have what it takes to become a successful trader, you should understand that you CAN be a successful Forex trader. Everyone has the potential to trade profitably, it just takes some people a little more work and effort than others, and unfortunately many of these people blow out their trading accounts or give up long before they develop the habits of a successful Forex trader.
The potential to make money consistently in the markets is inside of you, you just have to develop the correct habits. Trading induces lazy behavior in people because there is no boss; you have to discipline yourself and control yourself, no one but you will care if you lose all your money, so you have to somehow devise a way to stay disciplined and reinforce positive trading habits instead of negative ones.
No “guru” or educator can make you successful, only you can, because Forex trading success comes from within. So stop focusing on other variables and start focusing on yourself, because until you truly admit to your trading weaknesses and consciously devise a plan to conquer them, you will never make consistent money in the markets. So, there’s no better time than now to make the first step towards becoming the best trader you can be by admitting that you need to change the way you currently are trading.
Take some time off from the markets to “re-group”
One of the best things to do when your trading is not going how you want it to or you feel like you need to drastically change your trading approach, is to simply take some time off from the markets. Totally separating yourself from the markets for a week or more can do a lot of good for your trading mindset and can help to refresh your clarity of what good trading habits are all about.