A common mindset that I see in a lot of new traders is that they see always see their own way as the only way to go. They get into the world of forex trading, cocky and full of confidence, and some work very hard in order to achieve their goals of creating a sustainable profit out of it. But when things are not going the way they’ve planned, they seem to blame it on the fact that they get unlucky rather than the fact that they’ve made the wrong decisions. In my opinion, this is not the right way to approach Forex trading, and I think most successful experienced traders would agree with me on this one.
One of the most characteristic personality traits that I see among successful trades is their positivity and openness. They are always willing to try out new strategies and models, even though the strategy they have been employing for a long time might have worked just find. Theirs is a hunger of getting more and more successful, just like in the example I was making above, but the experienced traders approach it from a different angle. They are willing to take everything they already know, look at it from all possible angles to create a better understanding and, if necessary, dismiss everything they’ve previously learned when making new revelations.
I think it’s important, especially in financial trading, that you accept that you might not be the greatest, especially not if you’re new to this. It’s important to realize that in order to quickly get good at something; you should be open for input from as many sources as possible. Try to swallow your pride and make a mission to learn from as many people and learning places as possible, regardless of their previous experience. This will help you along the way, and even though it can feel like you’re being bombarded with information at first, things will eventually fall into place as you keep on trading.
One of the main things that I have noticed throughout my forex career is that the fellow traders that I’ve gotten to know throughout the years have been the most valuable source of useful information. Sure, the strategy guides that you find online, at places like forextrading.pm, are great for learning the basics and the strategies, but it’s really when you discuss trading with friends that you come to biggest realizations. So make your best attempt of creating a great social network among traders.