Trading with the wrong mindset does not only affect the new trader; it does to the professionals also.
Let me tell you a story.
I met a guy last year that told me he was looking for $250 to start his trading business. I was like, wow! this is good. He even asked me to even borrow him the money; that he had learnt how to trade the forex market for seven years and that he knew everything about the market. Cool right?
I thought the guy was a serious person, but only when I began to hear him say that in a year he can turn that money into Tens of thousands of dollars. I said wow! You can? He said yes! And i asked exactly how he was going to do that. And he said he will use Robots and Indicators. And in fact when I heard that, I refused to borrow him the money because I know it was a game of no return.
He got angry that I didn't borrow him the money, but he did not know that I saved him from paying back debt painfully.
Some wrong mindsets
From that story above, I will be drawing out some wrong trading mindset some traders have and is injuring them unknowingly.
Money is not the first motivation.
Yea of course, money is your reward for trading the forex market. No doubt about that! But money cannot be your motivation for jumping into the market.
When I saw in that guy from the above story that money making was his interest, I knew he had the wrong mindset and my money will not be safe with him. If he had said he wanted to grow through the process that would have been my first yardstick to measure that he will be successful.
If you see money only as a source of your motivation to trading the forex market, you will be very disappointed to say the least.
Too confident that you cannot lose.
When you have this kind of confidence that you will make so much money trading the forex market without a strategy and time limit, well I dare to say you are joking.
False confidence has become the bane of many who got discouraged from trading the FX market today. I said in one of my articles; that the forex market is not designed to suit you, but it will do what it wants to do and there is nothing you can do about that. When the market is doing all it can do, all you too can do is watch and trade what you see.
Permit me to say that; Too much confidence in yourself that you cannot loose a trade is pride and you don't deserve help. Better for me to be harsh that way.
How to defeat that wrong mindset is to tell yourself that; even professionals can have losing trades in a roll. But not allowing too many losses to run will protect your account more than blowing it. All I am saying is just fix your mind before going live that; you can also have losing trades too. That is how to make good trade and become successful.
When I see that kind of a trader too confident in himself, I suggest he seeks for more knowledge because trading positively changes your personality more than you can affect it. Being confident in your trade is a good one but not being too confident that you cannot loose. That's a lie!
He did not have a trading style.
From that story above. Thinking that you will become a successful trader without mastering a trading strategy is a very wrong mindset. How do you ever place and exit a trade without without a strategy?
When that guy told me that he was going to use robot and some other indicators to trade, I knew he was not ready to grow and become a professional, but he just want to make money. There was no strategy!
The best trading success strategy I know about is price action and what i can best master and relate to. But if had alternatives to Price Action, was he willing to master it? The key to success in trading is mastery! Ability to pick whatever strategy and master it very well is key.
I hope this article helped? Let me hear your comments and questions.
See you Soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a great Trader!
Let me tell you a story.
I met a guy last year that told me he was looking for $250 to start his trading business. I was like, wow! this is good. He even asked me to even borrow him the money; that he had learnt how to trade the forex market for seven years and that he knew everything about the market. Cool right?
I thought the guy was a serious person, but only when I began to hear him say that in a year he can turn that money into Tens of thousands of dollars. I said wow! You can? He said yes! And i asked exactly how he was going to do that. And he said he will use Robots and Indicators. And in fact when I heard that, I refused to borrow him the money because I know it was a game of no return.
He got angry that I didn't borrow him the money, but he did not know that I saved him from paying back debt painfully.
Some wrong mindsets
From that story above, I will be drawing out some wrong trading mindset some traders have and is injuring them unknowingly.
Money is not the first motivation.
Yea of course, money is your reward for trading the forex market. No doubt about that! But money cannot be your motivation for jumping into the market.
When I saw in that guy from the above story that money making was his interest, I knew he had the wrong mindset and my money will not be safe with him. If he had said he wanted to grow through the process that would have been my first yardstick to measure that he will be successful.
If you see money only as a source of your motivation to trading the forex market, you will be very disappointed to say the least.
Too confident that you cannot lose.
When you have this kind of confidence that you will make so much money trading the forex market without a strategy and time limit, well I dare to say you are joking.
False confidence has become the bane of many who got discouraged from trading the FX market today. I said in one of my articles; that the forex market is not designed to suit you, but it will do what it wants to do and there is nothing you can do about that. When the market is doing all it can do, all you too can do is watch and trade what you see.
How to defeat that wrong mindset is to tell yourself that; even professionals can have losing trades in a roll. But not allowing too many losses to run will protect your account more than blowing it. All I am saying is just fix your mind before going live that; you can also have losing trades too. That is how to make good trade and become successful.
When I see that kind of a trader too confident in himself, I suggest he seeks for more knowledge because trading positively changes your personality more than you can affect it. Being confident in your trade is a good one but not being too confident that you cannot loose. That's a lie!
He did not have a trading style.
From that story above. Thinking that you will become a successful trader without mastering a trading strategy is a very wrong mindset. How do you ever place and exit a trade without without a strategy?
When that guy told me that he was going to use robot and some other indicators to trade, I knew he was not ready to grow and become a professional, but he just want to make money. There was no strategy!
The best trading success strategy I know about is price action and what i can best master and relate to. But if had alternatives to Price Action, was he willing to master it? The key to success in trading is mastery! Ability to pick whatever strategy and master it very well is key.
I hope this article helped? Let me hear your comments and questions.
See you Soon!
I am Wealth Peters
CEO and Head Coach, Pips Akademy
Saying: Be a great Trader!
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