What better way to master the forex mt5
The Authority’ on Price Action Trading. In 2016, Nial won the Million Dollar Trader Competition. Forex trading obviously requires a high degree of discipline, most all traders know this, whether beginner or pro. What better way to master the forex mt5, knowing is different from doing, and while most all traders know they should be more disciplined, it often ends up being something they think they can put off until they make X amount of money.
Trying to rationalize in your head not being disciplined is one of the biggest mistakes that almost all traders make at some point. The problem with thinking you can put off being a disciplined trader until XYZ happens is fairly obvious, yet most traders continue to do it. This is simply a mistake born out of greed, and greedy traders do not make money over the long-run. If there is one thing that will destroy your trading account faster than anything, it’s greed.
The traders who survive long enough in the markets to see themselves become consistently profitable are the ones who attain and sustain positive trading habits. Like anything else in life, habits define your reality and how far you go in any field. Habits are also reinforcing and they tend to become more ingrained into our personality and daily routine whether they are positive ones or negative ones. Unfortunately, for most small retail Forex traders, developing the habits of a successful Forex trader is an uphill battle right out of the gate.
Most traders come into the market with the dream of making quick money or with some idea of making enough money to quit their job right away. So, the first step to becoming a disciplined trader is to simply accept the reality of what is possible given your account size, assuming you plan on implementing effective Forex money management. Once you’ve designed a trading plan around an effective Forex trading strategy, you need to start keeping track of all your trades in a Forex trading journal in order to develop the impressive track record we discussed previously. Trading plans and trading journals are a trader’s two main weapons against over-trading and over-leveraging.
Another problem many traders run into is that they begin changing their trading habits and remain disciplined for a period of time only to fall off the track and back into their old trading habits. You really need to remain consciously aware of the importance of discipline everyday as you trade the markets. Once you start changing your trading habits it should become easier for you to maintain them and thus staying disciplined will not seem like a chore to you anymore. If you enjoyed this lesson and want to know more about becoming a disciplined Forex trader, and the other points discussed in this article, check out my price action Forex trading course. Since day one I started reading your articles up until today, my mindset about forex trading has been transformed.
The only thing remaining of me is to apply what I’ve been reading here. Thanks a lot Mr Fuller for not sugar-coating the facts about trading, Thanks again my Mentor. I really appreciate your writing in all of your articles. Great article Nial, I’m really enjoying being part of this trading site. With each of your article, I’m a successful professional trader.
Who did the analysis for you? I thank you SOOOOO much Nial! Thanks Nial for the article, it is really educative and helpful. I am going through your lessons on forex 1 by 1 and starting off skeptically first as there is so much jokers talking about Forex on the internet who dont know there right hand from left I must say I have learntt 3 years of information in 1 night.