Being successful in forex trading is a process that is time-consuming and has to go through. The longer you are in this industry you will get new methods, new ideas, techniques, and even new things in controlling this emotional game. This is called ‘PROCESS’.
We do not go through this process all at once, but it goes through it in stages. Throughout our journey through this process, we will find ‘signs’ that will help us be on the right track towards success in ‘forex trading’.
However, some of these signs we have actually gone through, but we overlook that causes us to forget valuable lessons even though they seem insignificant.
Let's get started.
# 1 Indicator Is No Longer An Urgent Need
This indicator is like a very urgent need. Each trader wants one indicator, wants to combine it into another indicator or two indicators, or wants to sell the indicator to another trader.
There are indicators that suit us, there are also indicators that are completely useless, because all the functions of those indicators are the same, to show the history of price movements in the past.
But that does not mean that all indicators are not good, but before learning or entering an indicator, try to first understand the basics of forex trading that we trade, such as support and resistance, the properties of candles, and many more basic things that should be learned first.
It's like building a house, first make a house pillar, instead of continuing to decorate a house like we decorate a chart with various indicators.
# 2 Doesn't Feel Right or Wrong
We live in a world that requires us to make the right decisions, and we always try to avoid making the wrong decisions. Everyone wants to be on the right side. Even though we are on the wrong side, sometimes we persuade ourselves, "I am right, he is wrong".
This way of thinking is not good for traders and it will usually consume you if you are too confident in the right side in terms of trading. Instead of thinking Right or Wrong — think like a ‘Mathematical Genius’ who makes trading decisions based on ‘Probability’.
Technical or fundamental analysis or both tell us the potential for movement or the probability of a currency moving up or down, nothing is certain.
# 3 Patience Is Complementary To PROFIT
Staying patient and being patient is the key to success in this industry. Patience only allows you to trade the best ‘set-up’, and most importantly it only allows you to use trading capital at a time when it really needs you to trade.
Patience - the most important aspect of life and often it is difficult to master, as well as in ‘forex trading’. Sometimes a set-up that is truly believed to only appear once a week but is enough to make a lot of profit compared to trading many times but loss.
# 4 Whatever Happens You Stay Flexible
When we first ventured into this industry, we always wondered if I knew exactly where this market was going. A day can be rich. haha
But that's it, there is no such thing in this global forex dictionary.
We just need to know the trend, which price to go. This tendency is like the potential price of where to go. But keep in mind it must always be flexible with that tendency.
Do not assume that you know more than the market, it is important that we are flexible and humble because the market can bring us down at any time.
# 5 Profit Is No Longer Your Priority
No matter you are a forex trader, a trader, the purpose is to make a profit. But a trader who is far-sighted and has the characteristics of a successful forex trader is more concerned with ‘Sustainability’.
Efforts to stay afloat in this industry should be your priority, because, if you run out of capital, you will not be able to take advantage of profitable trade set-ups when they appear.
Finally, good luck to you all!
