How to play forex to achieve 10% trading success in the forex market? In this article of Learn Forex Trading, please follow along! 5%, 10%, 20%… I don’t know the exact number of people who are successful in the risky foreign exchange market. In today’s article, let’s just say it’s 10%!
We often hear about successful people. Earn a lot of money from this risky job, so how do they become so talented? When they trade and observe the market, what is on their mind at that time? What is their trading process like, what is their daily routine like? What do they do and what don’t they do? …
Once again, in today’s article, I will write down a few bullet points, things you have read too much from this blog, nothing new, but approaching a problem in many other articles. may help you understand and remember better. It’s like a kind of “long-lasting rain”.
Let’s go find out who is the millionaire.
Lower your trading frequency
How often do you trade how to play forex? How many trading orders do you have a month?
If you are not having success with forex trading. Then I guess maybe you are trading too much, too often.
Over time, with many burned accounts, with many times holding my head and cursing myself. With happy times when closing big winning orders. I realized that I could trade a lot better if I was patient. By stubbornly waiting for an opportunity to appear (as well as stubbornly not interfering with an order once it has been placed on the market).
Most newbies trade very frequently. It’s hard to tell them to trade less, all of us will have to go through this phase. The only difference is who gets out sooner. The more patient you are, the more control you have over your trading thereby making money from the foreign exchange market.
Be patient and only enter the market when a really good opportunity arises. Helps you avoid losing orders because of unclear opportunities. Helps you increase your profits very well because a good opportunity always brings very long price movements, you just need to lie still and enjoy.
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Truly love the market, otherwise you won’t be able to make money from it
Do you love your forex trading job, do you love the forex market? Not sure the answer is yes. A lot of people participate in this market, simply wanting to make money with it. They don’t find anything interesting, they don’t love it.
All successful traders truly love the markets and love trading. You should not trade for fun, put 100% passion and seriousness into forex trading. Otherwise, you will just lose money with it.
I have never met a successful trader who was not obsessed with the markets. And loves what he/she is doing. They can sit all day just talking about everything surrounding the foreign exchange market. Trading has become an indispensable part of them. And if you want to be successful, you should (must) be. I believe that once you are successful, what you want to get from the market will no longer be money. It will become the joy and excitement that you want to experience.
Setting the wrong stop loss can destroy your account
If you are not setting a stop loss with your trading orders. Then I advise you not to waste any more time on this job. Cutting losses is a vital action in trading. And a correct stop-loss point is an extremely important factor. Impact on success or failure in foreign exchange transactions (stocks, real estate, …)
New or veteran traders but not making profits. Often their stop-loss points are too long or too short, they often set them at the wrong level. The stop loss point is not a random position, it is not set based on the amount of money you are willing to lose. It must be placed where it makes sense (usually below a support level or above a strong resistance level).
People often set stop loss as they please, this point has no meaning or logic behind it on the price chart. You can be very patient to wait for a good opportunity to come. But with an incorrect stop loss point, the market may drift past this point before returning to your judgment.
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The market always goes further than you think
I don’t know how to say it, but many people like to bet on trends. They want to beat the market, if the market is going up very strongly, they will beat it down. They like to catch the peak, want to find the bottom and imagine that they will completely capture a trend (trend) in the market. Speaking of which, I remember a few sentences that I wrote down in my notebook about stocks, writing them down to share with you:
“In the coastal region, when expert fishermen, often called sea wolves, smell signs of a storm forming, they will put their ships ashore and wait for the storm to pass.
In contrast to them, the young fishermen, who have not yet tasted the real storm, carry within them the hot blood of youth, vitality – youth, and magnanimity, wanting to ride the waves and the wind and still stand tall. challenge the storm.
Only when they face the storm do they realize that strength, vigor, youth, or courage are nothing; that facing the storm, people are just like leaves in the middle of a storm.
Respecting the power of nature is the first lesson of any fisherman if he wants to survive and continue to harvest bountiful catches, instead of burying himself in the heart of the sea.
Accept risks and be confident when trading Forex
Good traders know they have to face risks and know that any order can be a losing order. They take risks and control the emotions that come with it. No one said trading (foreign exchange, stocks, real estate,… in general, major asset classes) doesn’t require nerves of steel.
My mother buys and sells a lot of real estate, and even so, she often loses sleep over a transaction, whether small or large. There are always many risks that we cannot foresee. Many people will not have a single real estate transaction in their entire life. And too many people get scammed in such transactions.
10% of people are successful with forex trading. Resolutely leave your money out of the market without feeling regretful. Not afraid of losing opportunities, they are not attracted by the courtship of the market (although they love it very much). They are not bitter and want revenge for the money they just lost. They accept the “punches” when they come, pick themselves up, and stand up. And wait for another beautiful day when a good opportunity comes.
To be successful in the long term, how to play forex needs to always be in good shape with no emotions. And even if you are new to the market. Tell yourself that you need it.
Trade your method, and always trust it
The job of the market is only two things: one it goes up and two it goes down. It’s as simple as that, but this whole industry always creates things that make you feel like the market is so complicated, so sophisticated. And you need to have a very high IQ to play with it.
Your job is to learn how to play forex to understand and read what is happening in PRICES. The one that most accurately reflects what’s going on in the market. All other things are created whether accidentally or intentionally. These are all things to deceive you.
Choose a method that you trust (because it makes sense when you hear about it), and that suits you (everyone has a different personality. So even if it’s the same method, you should vary it to be suitable for yourself). And persistently practice and believe in it (for at least 6 months before you plan to change to another method).
Just keep learning, keep… losing money to learn more, the path to success is always difficult and it always finds a way to discourage us at every moment.
Success with foreign exchange trading is a real thing, something that many people (with not at all high IQ) can do.
I wish you lots of luck and success
