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5 Things Successful Forex Traders Won't Say
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[QUOTE="KahoFXPrimus, post: 196161, member: 75084"] I agree with you. A lot of people that I speak to on a daily basis believe that Forex can be a get rich quick scheme. This kind of mindset that they have adopted is usually the reason they lose their money fast as they take on high leveraged positions that end up going badly against them. Losing trades are part of Forex, and no trader can win 100% of the trades. Drawdown is a normal part of trading so understanding risk levels is crucial to becoming successful in the long term. It takes a lot of patience to refine a trading strategy, and to get it profitable. This is not done over 5-10 trades, but more like 50-100 trades. This will give you a decent sample size for your strategy so you can better understand win rate%, profitability, drawdown etc. Another thing I have noticed is that a lot of people seem to have issues sticking to one strategy. Even if I were to write down a set of rules for people to follow, they tend to break these rules over and over. Rather then jumping from different strategies, learn to refine one, and become an expert at that. Once you understand your strategy like the back of your hand, it will become easier to refine it. Patience is the key. Learning to be patient when no trades are available is a game changer. Avoiding a bad trades will save you lots of money in the long run, wait for your ideal set up, stick to your rules and let the markets play out, don't force trades in bad market conditions. [/QUOTE]
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