How Wrong Mindset Can Affect Forex Trading

[moonchild]

I've been seeing some threads on people asking questions about forex making one rich or how long it takes to get rich in Forex.

First of all, I've said it times without number forex is not a get rich quick scheme and you have to put work before you'll be able to make it through and it might take years before it happens.

So, if you're still a beginner in Forex and you have this type of mindset you have to get rid of it before you get deep into it.

Understand that forex is like every other business or skill, forget about the expensive cars you have been seeing and blue trades on the so called gurus websites because it's all fake.

Anyone making real money on Forex Trading won't have the time to be flaunting his account or asset.

Dedicate yourself to lifetime learning and network with other forex traders to be able to learn new strategies in the market, you can find a lot of helpful communities on the internet with a single Google search.

Once again, forget about any thought of making it overnight through forex and focus on the process of getting there and with time you'll eventually get there.

 

[Jasz]

You are right! Forex is not a get rich quick scheme. The right mindset is essential for success in Forex trading. If you have the wrong mindset, it can lead to poor decisions and a lot of frustration.
Having Unrealistic Expectations
One of the biggest mistakes that new traders make is to expect unrealistic returns from their investments. For example, if you invest $1000 and expect it to double within a few weeks, this is not going to happen. You need to understand that even with margin leverage and leverage trade, it takes time for your investment to make money. It does not matter how good your strategy is or how well-informed your analysis; success comes with patience and perseverance.

Not Taking Risks

Another common mistake among traders is not taking enough risk when they trade on leverage (also known as margin). When you are trading on margin, the more risk you take, the higher your potential gain but also the greater your potential loss if things go wrong. However, many traders do not fully understand this concept and instead choose to trade with low levels of risk which leads them into trouble when markets turn volatile.

Patience: Be patient when you are making profit and learn to take a break while making loss.

 

[Holicent]

When it comes to forex trading, the wrong mindset can be a major hindrance. A trader with a negative mindset will find it harder to achieve success in the market. The right mindset is essential for success in the forex market. I don't think there's any get rich quick investment, such investment end in loss.

Amidst all these negative mindset can affect your trading: You’ll have a tendency to take bigger losses When you have a negative mindset, you tend to get emotional about your trades. This means that if you lose money, you’re likely to be more emotional about it than if you had made money. This leads to taking bigger losses when you lose money and leaving profits on the table when you win trades. You’ll focus too much on the past A negative trader tends to focus too much on what happened in their last trade and how they lost money. They also tend to get distracted by things that were not part of their trading plan or strategy such as watching news events or reading articles online instead of focusing on their trading plan and strategy. This leads to poor decisions being made which may result in losing trades.

 

[Jack Reacher]

Before investment, sharpen your trading knowledge. Use internet to fuel your knowledge and initially you shouldn’t go for any paid course because it’s just a waste of money with no benefit. You can invest your fund with FXOpulence broker because the broker is allowing you with a 1:500 leverage. The broker offers free educational programs to traders.