Description: Are you looking for how to succeed in forex live trading? This is what you must do
What is your forex live trading goal?
For you to succeed in the forex live market, you need to ask yourself what you are reasonably and realistically expecting from your trading. This means you need to come up with how much you are expecting to have in your trading account at any point in time. No target should be seen as wrong or right. The goal can only be defined bearing in mind what your trading skills are, your trading methods and your account balance.
What time frame are you comfortable with?
You need to ask yourself when you are expecting to achieve your trading goals. If you have an ambitious trading goal and expect to meet this goal in a very short time then it is very likely that you are a risk taker and you have to adjust your trading system to reflect your risk appetite. On the other hand if your trading goals are not for the immediate short term, your trading system should be one that is more conservative.
You have to learn how to wait for your trades
In most cases, the impatient trader is a losing trader. Success in forex trading can be likened to a hunter that knows when to let certain opportunities pass while keeping an eye on the bigger picture. Doing this means you must know how to handle your emotions and maintain strict discipline.
Do you have what it takes to stomach losses?
To succeed in this market, you need to know how to exit your losing trades very early and avoid dwelling on the lost trade for far too long. This can only be possible though when you have learnt to use sound risk management. You also need to learn how to avoid entering the market without having the feeling of revenge.
You must have the determination
Many people come into this market with the desire to succeed but the truth is that only few people have the determination needed to move through the trying times in this market. It is common knowledge that a good number of traders lose, and this is why many traders quit after a few years of trading. Unfortunately, most of them end up quitting just as they are about to turn the corner. So if you are to succeed in this market, you need to make up your mind to keep trying until you have found the right mix for success. Granted, this could cost you a lot of money but if you actually know what you are doing it is only a matter of time before you recoup all those losses.
How good is your trading plan?
Bad planning in this market is equivalent to bad performance, there are no two ways about it. If you do not have a good trading plan, you are no different from a gambler.
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