How to Develop a Success-Driven Mindset in Trading
Being successful is the thing that drives many financial traders.
17:07 03 September 2020
This stands to reason, given that the stakes are high, and failure can cost millions.
In fact, research carried out in 2015 found that traders make money most of the time as over half of trades close at a gain. Yet, various websites and financial reporters state that as many as 90% of forex traders lose money and quit due to these losses.
With stats like that, you’d think that people would be put off going into trading. However, if anything, more people are getting into this world of forex because there are more opportunities than there were before. There are trading tools and platforms, apps and guides all designed to set people on the track to the trading floor.
So, how do you introduce a success-driven mindset once you’re there? Here are some tips to help keep you on the path to those all-important wins.
What does success look like?
What is success in the world of forex? Establishing where the wins are and how this impacts your trading career is likely to help you get an idea of what success looks like when you’re a forex trader.
Allow yourself to fail
It’s worth bearing in mind that even if you know what success looks like, it’s important to understand that there will be losses along the way. In this case, use these losses as a learning curve to help build on your success in the future.
Having both short and long-term aims provide the building blocks for success. Take your time to establish early on what your goals are, and this will give you the opportunity to have things to focus on and reach for.
Get the best kit
Trading platforms and tools are a great starting point. By exploring what these have to offer, you can develop a knowledge of the markets and understand the current state of play.
In addition, some of the leading platforms offer a demo function, so you can get a feel for how forex operates and establish a trading style that you can take into the real thing. By using this practice run, you can build up confidence and this, in turn, is likely to help you feel ready to be successful when you’re right in the middle of trading.
Follow the leaders
Are there any forex marketers that inspire you? Perhaps you’ve been charting the rise of some of the big players in the field. Research the people who’ve gone before who are doing great things. What’s made them successful? Find out how they’ve done what they’re doing and see if you can sport the formula that led to their success.
Remember why you’re here
Don’t lose sight of your ambition. You’ve decided to become a forex trader because you believe you have what it takes. Now is the time to remember how you’ve arrived at this point and the steps to take to get to the next point.
While there will be failures and losses along the way, as you get into this world you’re more likely to grow in confidence and succeed.