Forex: The Turtle and The Hare

Trading Rock

Dear friends, I have experienced such wonderful success over the last month and I just wanted to let you know that there is much money being made out there, you just need to go get it. I would like to talk to you today about what it takes to become a successful Forex trader. The first thing that I noticed about all of those that I have worked with and heard about, is it is of absolute necessity for traders to have the right mindset, clear thinking, that we might know exactly what to expect when day trading.
Another aspect of being successful in Forex is learning how to keep focus on remaining consistently profitable in the long-term trades, while still enjoying smaller short-term wins. The one single word on the lips of EVERY successful trader is "consistency."Successful traders know that success means consistency more than it means immediate profits. Of course, all traders love to make the immediate profits, but the real winner in this game is the one that can do that consistently. So please remember, you may be able to get the "jackpot" in the Forex Market every once in a blue moon, but if you desire to get it on a longer basis, you may have to learn by being willing to accept the smaller unimpressive gains.
Traders who don't really understand the Market or who are hoping for a quick "buck" are only interested in the immediate profit; whereas successful traders understand that it's not about that, but they rather the consistent profits. I have been in this game long enough to know that ignoring the "nickel & dime" profit trades, so to speak, and always aiming for a "Mega-millions trade" is a sure-fire way to become an unsuccessful Forex loser. There are no Forex gods; ones who can repeatedly predict huge gains on any single trade. There are no "holy grails," though I know that you see the advertisements in the Market - no one always predicts the 400-pip trades, it just doesn't happen.
Well that was the bad news - don't always go for the "monsters" in the Market, now it is time for some good news. Though most people can't accurately predict the massive trades, many can and do predict a host of small-profit trades that create the same, if not more, profit than people who get extremely lucky and hit the Forex "jackpot" once or twice.
So what is the bottom line: Successful traders understand that a good trade is not about winning or losing; it is about whether or not they followed their trading plan exactly. Whether you are a beginner or someone who has been trading for years, like me, the point is that even if you lose a little money, as long as you stayed with your plan, success will follow. My suggestion would be to look at your profits at the end of each week and take a tally. Look at your pluses and your minuses and take a good look at what caused each - you will especially be looking at overall trends. Learn how to tweak some of the trends you notice and, instead of reacting to individual trades, develop a consistently profitable system of trading.