Whether you’re a seasoned forex trader or just a newbie, I’m sure you’ve already come across a few generalizations about trading.
Problem is, some of them are flat out wrong.
Let’s bust three of the most common ones:
1. “If I try hard enough, I’ll eventually succeed.”
We can probably blame movies like Rocky for this one. They make it seem like grinding 24 hours a day and sacrificing your entire social life guarantees a happy ending.
Sorry to burst your bubble, but the forex market doesn’t reward effort. It rewards skill and discipline.
You don’t have to pull the trigger on every setup you see or watch the charts all day errday to make a living out of forex trading. Traders gotta have a life too, ya know.
To be consistently profitable in forex trading, you need to hone your abilities and develop your skills.
Consistent profitability comes from developing an edge and refining your process. Focus on what you can control. Don’t rely on hustle karma to hand you pips.
2. “As long as I’m disciplined, I’m safe.”
Don’t get me wrong, discipline is most definitely necessary to be successful in forex trading, but there are still factors that could trip up your trades and turn them into losses.
Maybe you skipped proper backtesting. Maybe you didn’t get enough demo reps. Or maybe a surprise market event blindsided your setup.
You can follow your rules perfectly and still lose.
That’s not failure. That’s just part of the game!
Discipline improves your odds. It doesn’t eliminate risk.
3. “My biggest enemy is my emotions.”
Traders have been told time and again to keep their emotions in check.
Letting your emotions take over can hurt your trading, since they can cloud your focus and distort your decision-making.
But think about it for a second. When do you feel most stressed? Is it during those times when you’re trading poorly?
If you answered “Yes!” to the second question, then congratulations, you are a normal human being.
When do you feel the most stressed? Likely, it’s usually, when you’re trading badly. That stress often comes from weak risk management or trading without a real edge.
Emotions become destructive when they feed a cycle of poor decisions.
Always remember that trading is a performance field, where success is a result of a combination of talents and skills. And as with discipline, control over your emotions is a crucial factor, but it’s not the only ingredient to success.
Remember that mastering trading psychology supports your trading edge. It doesn’t create one.
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