As often as we know, 95% of traders experience losses and the rest, that is, only 5% are truly successful in forex trading. With a low percentage who really triumphed in forex trading, it made me look at the true ability of the forex teachers who teach especially in Malaysia. So here I share 9 tips so that traders, especially traders in Malaysia, so they don't belong to the 95% of failed traders.
1. 10,000 Hours
According to Malcolm Gladwell in his book entitled "Outliers: The Story of Success" explains the 10,000-hour rule in which the key to success in a complex field requires practicing the exercise for approximately 10,000 hours ie 3 hours a day for 10 years. It is not that you need 10 years of practice, if you are diligent in practicing, Insha Allah in a short period of time you will be able to succeed. But most traders think of forex trading as a get-rich-quick scheme, they think this forex can double their money in a short period of time. Yes, it is true but in any way, you will incur a heavy loss. This is an incorrect response. Thinking like this would ruin the additional, bustling forex industry who would take advantage of tricking those who were just starting out in the industry. Therefore, my advice to be successful in your trading requires sufficient time allocation and steady training as well as doctors or engineers, they also need time and training to become proficient in their field.
2. Importance of Science
In any field, useful knowledge will guide you whether you are successful or not. In trading, we need to learn continuously to get success so that we are truly consistent in trading. Sometimes I notice that there are many people who exchange techniques even though the techniques that have just been taught are still not proficient. So focus on one technique, if it doesn't suit you then learn a more appropriate technique.
3. Believe in You
“NO! NO! NO! ”…“ Bear Stearns (the name of stock) no problem “…” Don't take your money off Bear! That's just stupid! Don't be stupid! "
Those are the words of the famous stock guru Jim Cramer, broadcast on CNBC the day before Bear Stearns lost 90% of its value. Crowds who believed his words because of his influence and ended up experiencing losses. So in conclusion, as a trader, you need to trust your own technical and fundamental analysis before hearing other traders' opinions.
4. Adjusted
Rules and conditions in trading constantly change according to market conditions and technological advances. Because of this, the world of trading today is very different when compared to 10 years ago. Day by day he is increasingly patient and difficult to maintain profits if he remains in the long cursed. So as a trader, you need to take other initiatives and increase your efforts to change the way of trading so that you stay consistent in trading.
5. If you fail to design, you will design to fail
A successful trader must have a careful design, which is to provide a journal/note to record every sale and purchase in the market. Careful design is important so that we can identify trading mistakes and minimize risks so as not to make the same mistakes over and over again. In addition, it also helps traders, not to "over-trade" and "revenge-trading".
6. Be Like a 'Machine'
Emotion plays a very important role in trading. So as a trader, you need to guard your emotions well. In trading, human nature will usually be scared and finished in trading. So to avoid that feeling I will imagine myself as a machine as if it is without feeling, so I will not feel afraid and greedy in trading. Try it if you don't believe it. But be reminded, make sure you have the right trading plan.
7. Understand Your Technique
Every trader has their own technique. But are they really good with their technique and do their techniques promise consistent profits in trading? Therefore, you need to establish something of that technique by doing a "back-test" before making a real trade. And once you understand and are proficient with the techniques, start your trading and be sure of the technique.
8. Know Yourself
Most successful traders know the stage of their own self, they will focus 100% on trading so that the same and small mistakes don't happen over and over again. So here I remind you that you need to oversee the risk of loss before thinking about profits. Make sure you put SL (Stop Loss) to minimize risk.
9. Advantages and Disadvantages
Traders who are successful they will usually give their trading leverage instead of seeing profits and losses solely. They consider their every trade a technical exercise and focus on getting the best out of the market following their design. They don't think about electric bill payments, kitchens, and so on because it will interfere with their trading support. Successful traders believe every trade will provide knowledge or lesson for him.
