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  1. 6. They Don't Need the Money

    There aren’t many guarantees in the forex vps market. But one guarantee I can make is that there’s no successful Forex trader who is trading today for money he needs tomorrow.

    In other words, trading Forex to gain a certain amount of money within a specific time period.

    I’m not saying that you can’t generate the majority of your income from trading Forex and do it full time. Such a statement would contradict my own experience.

    What I am saying is that no successful Forex trader needs a win today to pay the electric bill tomorrow.

    No trader can sustain that kind of pressure and become consistently profitable. That type of environment will only foster destructive emotions such as fear and greed.

    This topic takes us back to the notion that the best Forex traders don’t try too hard.
  2. If you need the money from trading to pay bills, odds are that you’ll feel pressured to win. If you’re feeling pressured to win you’ll most certainly be trying too hard instead of allowing the market to do the heavy lifting.

    The bottom line is this…

    You should only trade with money you’re prepared to lose. Don’t trade with the money you need to pay rent or provide for you or your family.

    Similarly, don’t allow the money to be your sole reason for trading. The desire for money is probably what attracted you to trading in the first place, but don’t let it be your only desire.

    Embrace the challenge and focus on the journey to becoming a successful Forex trader and the money will follow.

    Let money be the byproduct of good trading.
  3. 7. Successful Forex Traders Know When to Walk Away

    Of course, I’m referring to taking a brief hiatus, not walking away for good.

    All successful Forex traders know when to walk away and take a break. Those who are truly passionate about trading Forex know how hard it can be sometimes to walk away from the market. Still, it’s necessary in order to become a successful trader.

    Walking away can be especially difficult following a trade. This is because our emotions are running high and often get the best of us. But that’s exactly what makes walking away at this time so beneficial.

    After a profitable trade
    After a win, we’re feeling good about ourselves and our trading strategy. It feels like things are finally starting to click.

    Walking away at this time can be tough. The natural tendency after a winning trade is to continue trading.

    However, that’s precisely why you should walk away.
  4. Taking a break after a win will allow your emotions to settle. After the win, you’re feeling excited and proud of yourself, and you have every right to be.

    But as you may well know, pride and excitement can get you in a heap of trouble, and fast.

    So the next time you have a winning trade, pat yourself on the back and then walk away. By the time you come back to your trading desk, your emotions will be under control and you’ll be ready to approach the market with a neutral mindset.

    After a losing trade
    What do you do immediately following a loss?

    I can’t speak for you, but I know what I used to do. I would immediately start going through all my charts looking for a new setup with the intent of recovering what I just lost.

    Whatever you do, don’t do this. It’s just your ego drawing you into one of the most common and costly traps in the Forex market.
  5. If you’re doing this, it means your emotions are getting the best of you.

    Instead of seeing a loss as a reason to hop back in the market, take it as a signal to look at what you could have done differently. Remember, it’s just feedback.

    One reason the failure rate is so high in the Forex market is that traders haven’t learned to lose.

    Your emotions will always try to outweigh your logic after a loss; it’s human nature. The key to becoming successful isn’t about eliminating emotions after a loss, it’s about channeling them in a way that will make you a better trader.

    Top Forex traders know this and have learned how to control these emotions. The very first step in controlling your emotions involves walking away for a bit.
  6. From experience

    One thing I’ve found helpful after a trade is to close my trading platform until the day closes at 5 pm New York time.

    Not all brokers offer New York close charts, but you can go here to get access to the same style charts I use.

    This is when I do the bulk of my analysis anyway since I trade the daily time frame, so it makes sense to take a breather until then.

    It’s a simple, yet incredibly helpful, way of controlling your emotions.
  7. 8. They Don't Focus on Wins and Losses

    You can’t visit a Forex site these days without seeing an advertisement for some strategy that promises a 98% win rate.

    Why is that? Is it because a high win rate is needed to become a successful Forex trader?

    Not even close!

    They do it because it sells. People love to win, there’s no denying it. If you’ve ever played sports or watched your favorite sports team on television, I’m sure you can relate.

    Those behind the so-called strategy that produces an advertised 98% win rate know this and exploit it to make money.

    Nobody is going to be enticed to spend money when they see a headline that promises a 50% win rate.

    But what if it’s a strategy with a proper risk to reward ratio that aims for $300 for every $100 risked?

    At a 50% win rate, that’s a 20% gain on a $5,000 account over the course of 10 trades.
  8. Successful Forex traders know this. They have realized long ago that it’s not about winning a high percentage of the time.

    It’s about maximizing the amount of money made on wins and minimizing the amount of money lost on losers.

    As George Soros once said…

    “It’s not whether you’re right or wrong, but how much money you make when you’re right and how much you lose when you’re wrong”.
  9. 9. They Never Gave Up

    Although this one is last on the list, it’s by far the most important to your success as a trader.

    I’ve found over the years that many people, including Forex traders, lose sight of this very simple fact. The only way you can fail at becoming a successful Forex trader is if you give up.

    This sounds obvious, but it amazes me how often I see perseverance and grit left off the list of reasons why a certain trader became successful.

    You can’t fail if you don’t quit.

    That brings us back to the first section of this post where I mentioned passion. You can’t expect to achieve Forex success if you give up, and you can’t expect to persevere if you don’t have a passion for trading.

    You must have a burning desire to want to succeed as a trader. Not because you want more money, but because you love trading.
  10. Of all the ways to make money in this world, trading is arguably the worst choice.

    That may surprise you coming from me, but of all the things I’ve accomplished in my life, none have come close to being as difficult and unforgiving as becoming a successful trader.

    I don’t say this to discourage you, but rather to prepare you for what’s ahead.

    In all honesty, although trading has been the most challenging endeavor I’ve ever undertaken, it’s also been the most rewarding
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