Wrong Mindset


Confirmed PaxForex Representative
Apr 22, 2013
One of the biggest hurdles to success, not only as a trader, is you yourself. Reading a lot of threads in different forums over the years, meeting new traders seeking advice and engaging with other already established traders one thing became obvious:

Most traders end up failing as they have the wrong mindset when it comes to trading. I know there has been plenty of terrible advertising which misled and continues to mislead tens of thousands every month.

So before you even try to work on strategy and start counting your pips, work on your mindset and understand what trading is and what it is not. Those who think they can open an account with $1,000 and quit their job two weeks later are on the wrong track. Don't open a standard account
if you have less than $10,000 and even then you may end up pushing the limits.

Trading requires capital, unless you are fine with making $1 per trade. I have witnessed countless new traders who made a smaller deposit, traded big lot sizes which eventually caused them to blow their accounts and when they did make a nice return it was not enough for them so they remained in the trade hoping for bigger returns like the big guys. You can imagine the outcome.

Get in the right mindset, take it step by step and you have a chance to become part of the 2% who actually succeed as traders. It requires a lot of hard work, but the results should you succeed are well worth it.

Just my thoughts and experience.