The Forex Trading Mentality: As for every activity that we usually do, the mental attitude that we have is very important: it can make the difference between the success or the failure. In the Forex Trading, having the right mindset, can make the difference between winning a trade or losing a trade. For this reason, is “vital” to have and develop a “ Forex Trading Mentality ”. If you have ever wondered about how the most successful traders, were (And still are) able to manage their money and their Trading Activity in a so successful way, well, now you have the answer: their mentality towards the Trading.
They developed something that we can call “ Forex Trading Mentality ”: that is one of the keys to become a successful trader. Unfortunately, the vast majority of Traders use to underestimate this factor that can heavily influence them during their Trading Activity. That is one of the why, due to which the 90% of traders are not making profits from their Trading Activity.
Let’s analyze closer this “ Forex Trading Mentality ”. We can divide it into three different parts:
1) The Psychological part.
2) The Emotional part.
3) The Rational part.
Always remember this “golden” rule: you cannot always win. We perfectly know, that between winning or losing something, everyone on this planet would surely decide to win instead of losing. And We also perfectly know, that everyone on this planet, would like to win every time that he/she does something.
But, sadly, the truth is another thing: it is almost impossible to win always. Here comes the difference between, a winner and a loser: the winner, already know and probably had already planned, that sometimes will surely lose. The winner knows, that to become a winner, he must lose sometimes. Moreover, he had already planned this fact and he perfectly know that it would not be a problem for him. Why? Because the important thing, is not to be able to win always: but to be able to win more than you lose (Especially in the Trading).
If you would be able to have this type of Mindset before you will start your Trading Activity, it would be surely a good thing. If you already plan in your mind, the fact that you are going to lose sometimes, it would “hurt” less than you probably think, when you will lose a trade (And therefore a part of your money invested in that trade).
It is very important to prepare yourself, to accept a loss: if you lose a trade, you have to accept it, not to hide this fact. It is totally useless to lie to other people and to yourself, hiding your losses. Because at the end of the month the money that you had lost, wouldn’t come back to you if you hadn’t told to anyone about your losses!