How do you know if you are a successful trader? Making profits today? Making profits during one month? Or making profits in the long run?
In everything we do, we are used to instant gratification and, if we do not get what we expect, then we consider it a failure. Is this approach right? No, but it is very common.
Currency trading, like any business, sport, or art, is not measured by the success of one day or one month, but by the big picture, the overall success.
The success or failure of a strategy is not determined by the profits you made today or by the losses you made today. As in everything, it needs time to prove itself successful or not, especially in a market with high volatility like the forex market.
A strategy must be tested and given the chance to make you money over time, in the long run, not just today or this month.
If you focus your energy in making money in the short term, you risk making decisions that will make you lose money in the long run, like taking profits or close out the trade before the right time.
That approach does not make you a successful trader because you are not making all the profits (if any) you can make. Your emotions control you and you are not able to have the calm and the success of the great traders. A great trader is guided by wisdom, not by emotion. A great trader waits for the right moment to close out the trade. A great trader has a strategy and has the discipline to follow it. A great trader measures success in the long run, and usually the profits are high.
Everything worthy in life takes time to fully unfold and currency trading is no different. One day, one week, or one month, do not make it unsuccessful or profitable. It is a learning process, a disciplined process. You can make a lot of money if you are willing to learn and to apply your strategies knowing how you are doing it and why you are doing it.
Detach yourself emotionally, test your strategy and give it time to prove itself successful.
You will be happy you did.
Copyright by Lanval, Corp. All rights reserved worldwide.
In everything we do, we are used to instant gratification and, if we do not get what we expect, then we consider it a failure. Is this approach right? No, but it is very common.
Currency trading, like any business, sport, or art, is not measured by the success of one day or one month, but by the big picture, the overall success.
The success or failure of a strategy is not determined by the profits you made today or by the losses you made today. As in everything, it needs time to prove itself successful or not, especially in a market with high volatility like the forex market.
A strategy must be tested and given the chance to make you money over time, in the long run, not just today or this month.
If you focus your energy in making money in the short term, you risk making decisions that will make you lose money in the long run, like taking profits or close out the trade before the right time.
That approach does not make you a successful trader because you are not making all the profits (if any) you can make. Your emotions control you and you are not able to have the calm and the success of the great traders. A great trader is guided by wisdom, not by emotion. A great trader waits for the right moment to close out the trade. A great trader has a strategy and has the discipline to follow it. A great trader measures success in the long run, and usually the profits are high.
Everything worthy in life takes time to fully unfold and currency trading is no different. One day, one week, or one month, do not make it unsuccessful or profitable. It is a learning process, a disciplined process. You can make a lot of money if you are willing to learn and to apply your strategies knowing how you are doing it and why you are doing it.
Detach yourself emotionally, test your strategy and give it time to prove itself successful.
You will be happy you did.
Copyright by Lanval, Corp. All rights reserved worldwide.
About the Author:
Join the Successful Trading Club and receive information, tips, strategies, resources, and all the information you need for a profitable trading. To know how to speak the language of the trade, visit foreignexchangecenter.com.
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