Forex Mindset: You ARE Your Trade
The biggest thing you can do to achieve success in Forex is have extreme self-control and discipline. In my opinion, you can NOT be a successful undisciplined trader. To be consistently profitable, you MUST wait until the time is right, and the price is right. A trader is not successful because they enter a trade when they FEEL like it, such as with the FOMO Fear of Missing Out, but because price has reached a critical area, and price action has shown clues in that area that price will move in a certain direction.
PAY ATTENTION!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
You might think I’m insane for putting “PAY ATTENTION” in such big font, but this can not be overstated. THE MARKET CAN MOVE FAST. Always make sure to set your stop-loss with your trade or immediately after, and be careful around news releases. Also NEVER lose sight of what the market is doing long-term, is it in a long-term down trend? Then be careful about bullish setups. In this case, always be looking for bearish setups! Yes even a strong downtrend moves up and down, but you want to to sell! That’s the safest way. But my point is pay attention, and always keep in mind what the overwhelming momentum of the market is, that’s why it’s so important to pay attention to longer term time-frames.