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Stock-Trading-Seminar-701233I’m not sure who coined the phrase “Rome wasn’t built in a day”, but it is very applicable to professional Forex trading. I find that many of my students exhibit urgency in regards to making money in the markets. Rather than focusing their mental energy on the process of trading, they are fixated on how much money they will make, largely forgetting that this money cannot be made without first concentrating on the process.

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The main difference between successful and unsuccessful traders is that successful traders followed a process or plan to get where they are at; they meticulously executed their trading plan every time they entered the market. Unsuccessful traders do not do this, instead they may or may not have a trading plan, if they do have one they may or may not follow it, etc. It takes consistent execution of the process of trading to achieve a consistently rising equity curve; just like a sky scraper is built one section at a time, your trading account is built one trade at a time. Just like every section of a sky scraper must be consistent and built to perfection, every trade you take must be consistent and entered with the utmost scrutiny.

• Put the process before the outcome –

Every accomplishment in any field is preceded by a process. You won’t make money unless you have a detailed and practical forex trading plan. Every successful trader arrives at their destination by taking it one trade at a time. Every day you follow your forex trading plan you should consider it one little victory. The longer you remain loyal to your trading plan, the closer your trading goals will become. Learn to love and master the process and forget about the outcome, this is really the only way to make consistent money over the long-term as trader.

A good analogy to help you better understand the importance of the process of trading, is exercising to get into top physical shape. Everyone wants to be in the best physical shape they can be. So why do some people achieve their physical fitness goals while others do not, even if they have the same amount of desire? The difference lies in how each individual thinks about the process of exercising. People who get into the best shape they can learn to enjoy the process of exercising and how it makes them feel, rather than becoming fixated on the longer-term goals of “losing 50 pounds / kilos”, or whatever your idea of physical fitness might be. People who remain out of shape view exercising as something that is uncomfortable or stressful, so even if their desire is just as strong, they do not learn to love and enjoy the process of exercising, and thus will not reach their physical fitness goals.

Traders who learn to love the process of Forex trading are the ones who succeed long-term, those who view the process of trading as something they can skim over or don’t really enjoy, are simply in the markets to try and get rich quick, and the irony is that because their focus is continually on the end result they forget about how to get to the end result and thus never achieve it.

• Make sure you have a “process” before trading with real money –

This point should be a “no-brainer”, but it is painfully obvious that many, if not most beginning traders, simply do not have a definable trading process. Stop and ask yourself right now, “Do I have an actual trading process or do I just shoot in the dark?” If you really cannot define your trading process or you don’t know how to get started creating one, you need to first learn a trading strategy that is truly effective, master it, and then create a comprehensive yet concise trading plan around it.

If you are interested in learning to trade with price action, you can begin developing your trading process by learning my strategies one setup at a time. By mastering one price action strategy at a time before trading with real money you can build your Forex trading process one piece at a time, and this will help you to focus on the process of trading, rather than only being fixated on making money. As we discussed earlier, focusing on the process is HOW you obtain the desired outcome.

• Record each trade –

puzzle-300x225Recording each trading in a forex trading journal is a good thing to do for two reasons: 1) it gives you a way to stay accountable and make sure you are following your trading process. 2) You will develop a track record, so that you can see how your results are playing out over time. As more time goes by, and you construct each trade consistently by following your trading process, your trading progress and track record will begin to reflect this. Think of it as a giant puzzle, each trade is a piece of the puzzle, and if you follow your trading plan, you get a piece of the puzzle in the right spot, but if you deviate, you don’t. In order to see the “final picture” of the puzzle, or to achieve consistent trading success, you have to put each piece of the puzzle in the right spot, or following your trading process meticulously on every trade you take.

• Don’t let your previous trade influence your next one –

This point is very important. This is where most traders screw up; they become emotionally influenced by their last trade. Whether it’s becoming angry at a loss or over-confident from a win, traders often let their previous trade or trades influence their next one. You absolutely cannot do this if you want to strictly follow your trading process and execute each trade as a separate event. If you need to take time off to “cool down” after every trade then do so by leaving your computer for a period of time. The bottom line is that if you want to build an impressive trading account, you have to learn to focus on one trade at a time, uninfluenced by the previous trade you took, and focusing on the process of trading will help you do this.

• Where to go from here –

If you find that you are lacking a trading process, you need to seriously think about developing one right now; this actually should be your main priority before you trade again. Traders who think they are going to somehow magically become successfully by “running and gunning” with no practical trading process, are essentially doomed to fail eventually. This is a primary reason why most Forex traders lose money; they have no real and effective trading process to follow and so they end up trading emotionally and essentially they end up gambling away their money.

If you want to learn how to trade with the same price action strategies that I use, and develop your own Forex trading process, my trading course and members’ community may be what you need. You will not just learn the specific setups, you will also learn how and when to trade them, and after taking my course and absorbing all the members’ materials, you should have all the knowledge you need to begin building a practical and effective Forex trading process that you can operate off of every day. To learn more about how I trade and developing your own trading process, check out my Forex trading course and members’ community.

nialfuller

About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 15,000+ students since 2008.
Checkout Nial’s Professional Forex Course here.

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45 Comments

  1. Surya says:

    You have provided truly great insights into trading in this site. Thank you

  2. kamarul says:

    Human nature is such that every body is in a hurry to make money but the truth is when you are in a hurry you lose focus and lose more money. thanks your article is very informative.

  3. Hastings says:

    Very good article!!

  4. Justin says:

    Thanks for putting all of this on the internet.

  5. Vitalie says:

    hi Nial, please help me to understand how to make a trading plan and a trading proces. I just dont understand, or tell me were to read this. thanks

  6. Galen says:

    Hello Nial

    “Learn to love and master the process”. This should be the heading to everyone of your articles. It is a positive statement to go by in learning what ever we chose in life.
    I am starting today once again to re-read your articles(3rd time), there is quite a bit of bone mass before I start hitting brain cells.

  7. Mathew says:

    Nail, you are genius. this is exactly what people like us is facing. No cogent trading plan, just enter the market anyhow.
    point
    This article really pointed at me. I gained, later dashed out all what have realized from the market. This is nice point you touched. keep it it up. have a learnt a BIG lesson from this.

    thanks for you love and concern

    Mathew

  8. Stevefx says:

    I now focus more on the process rather than
    worrying about the end result, as that will
    take care of itself.
    One trade at a time sweet Jesus.

  9. Steve says:

    Not sure about Miss Jane holding Mr Squiggles leg :) – but your comments certainly hold people’s hands as they navigate their way learning forex.

    My biggest issue is… fear! I see countless setups that run exactly as I predict based on PBs, IBs and fakeys, but often just can’t press the ‘Go’ button. When I do, it’s often a reactionary trade where I feel I’ve missed so many that I must get in on the next one. I can testify, this IS a recipe for disaster!

    So my goal is to become a dispassionate automoton that just follows my trading plan to the letter. If it wins, it wins. If it doesn’t, well there’s always the next setup.

    I think it was Mark Douglas who said that as traders our frame of mind should be carefree. A carefully defined trading plan should help us achieve that state.

    Anyway, nice one Nial. Thanks for your help.

    Steve

  10. Filopastry says:

    Good re-enforcement article. Its like Miss Jane holding Mr Squiggles leg so he doesn’t go off in a tangent.
    Thanks Nial

  11. kwaku says:

    Nial, you are absolutely right that is the key,that is my weak point, i hope to develop one soon to be able to go forward thank u

  12. jafaru says:

    YOU HAVE SAID IT ALL ABOUT FOREX TRADING CARREER. I AM A LIVING VICTIM OF ALL THAT YOU HAVE MENTIONED THAT COULD LEAD TO UNPROFESSIONAL TRADING . YOUR LESSONS HAS GRADUALLY CHANGED MY TRADING ATTITUDE. I DO NOT TRADE ANY HOW AGAIN I WAIT FOR SIGNAL . BEFORE MOW , I TRADE EVERY GREEN AND RED CANDLES. THANK FOR KNOWING YOU IN LIFE .WHILE I EXPECT THAT I WOULD TRADE FOREX FOR A LIVING

  13. Francisco says:

    As always, every lesson, every word written in this site is awesome!

  14. wilfried says:

    Thanks! I will try it!!

  15. Nabil says:

    Have a plan, but not follow it… That’s my case

    And the most frustrating thing, my plan was good !!!

    I understood one thing, don’t be a front of my computer all day long and STICK to my plan… but it’s complicate to apply that

    Thanks for your article ;-)

    Cheers

  16. KRISTOFA says:

    Every lesson is a gem. I feel the grieviest problem most of us have is this you called,running and gunning,the machine gunner attitude. Most times when we make money the excitement drives us to think that every candle is a signal and that we canmake money at every turn.
    Without taking time to evaluate the process, we start gambling and eventually loose even that which we have made.
    Religiously following every of your lesson will give one an edge over the market and make us to become very very successful.
    Thank you again for these hidden truths about forex trading.
    KRISTOFA OKENTA

  17. kingsley says:

    Trading hiher time frames is the winning formular to this market.

  18. sudhansu sekhar mohanty says:

    dear nial your every article is very fine .it is very helpful to new trader like me. please proeed on your job. it will always helpful for others. thanks

  19. Chuka says:

    This is simply excellent and speaks directly to me. My struggle continues and I hope to break the yoke gradually.
    Thanks

  20. Ric Wong says:

    Great stuff, get the process right a trade at a time, a tread at a time will build a strong cable that can withstand many of the stress test out there in the FX market
    A great take away for me as a novice trader to get my foundation right and build on the strong discipline of having a solid trading strategy as I have learnt from your trading course and in the members’ section
    Sincere Appreciation

  21. eddie says:

    thnks Nial for another brilliant insight into trading.

  22. billytt says:

    Some excellent comments,keep to the game plan (trading plan) chill out and hey presto,,, as Nial says you’ll reap
    the benefits.

  23. ttomek-pl says:

    Thanks Nial –
    tomek

  24. Rupesh Bawa says:

    Hi Nial,

    Good one.
    I would like to add few points here.
    To be a succesful trader,

    1. Being calm when order is placed.
    2. NOT to be GREEDY, this is very important while trading and I found myself and other trader are failing just because of it.
    3. Analyse every trade, whether +ve ot -ve, it boosts our trading activity.

    -Rupesh

  25. nik says:

    Very nice article. Sections are very well constructed and straight to the point. Thank you for your time in writing this very useful artical Nial. Take care and looking forward for your next artical.

  26. Marinus says:

    Terrific article,Nial, keep ’em coming

  27. Steve says:

    HI Nial

    I became a member January this year when I realized price action trading with your methods is my Holy Grail.I have read, reread and watched your vids. Now after 6 months of absorbing the LTTTM education and forums I have started trading live 2 weeks ago. This has not been easy with several years of false paths.
    This article is so relevant to me, with a winning trade last night. I have stepped back for breathing space to check the market today. I think you coined the phrase,
    “This is a business, not a game.”
    My trading plan and journals reflect just that.
    While I know my mind must now be on the next trade, it is nice to know my equity curve is up.

    Thanks Nial

    Steve
    Australia

  28. Abiodun says:

    What a wohderful insight from a real expert. Please keep it up. Thanks and God bless you.

  29. Michael says:

    Nial I enjoyed your lesson as always,
    previous trade influence is a very important part of trading, thank you.

  30. kotijett says:

    Hi Nial. Thanks once again. I train and excercise everyday so as to not only be fit but enjoy the benefits it provides. The reward is obviously the outcome but like exercise to truely enjoy the effort you put into trading is to have a commitment and the rest will follow.

  31. krishna says:

    nial,
    thanks for all your lessons, truly no BS insights into trading correctly and profitably

    cheers
    krishna

  32. krastev says:

    thank you Nial.very good article.

  33. Eve says:

    Nial, words very very good excelent … are not enough for you!!! TNX

  34. Darrell J says:

    Thanks for the info, Nial. However, I want to keep your trading style a secret because if too many people get it, the brokers might figure a way to screw with our trades.

  35. Gurpal says:

    Hi Nial,

    Hope you are well. Another fantastic lesson.

    Thank you for all your help

    Thanks and Regards

    Gurpal

  36. Brodwyn says:

    On point! It’s not that terrible a feeling following a plan exactly and losing, but deviate from a plan and lose? That is when buyer’s remorse sets in!

  37. v says:

    Great Article.

  38. Eudes says:

    Nial. Thank you for all forex lessons of PriceAction. Regards. Eudes

  39. olajubbu says:

    I found this article very important for me and to all forest traders.Thanks very much

  40. Nemanja says:

    What to say… excellent article as always!

    Best regards

  41. HuiJun says:

    Great! Trading is easy said than done. To me, trading is a kind of cultivation, a process of self-transcendency.
    Thanks Nial.

  42. Solomon says:

    Hey Nial, first of all I would like to say what a nice site you have going. Without being a member of your website it would be tough for me to say I’m starting to get the hang of forex trading after just 3 months of starting.

    Great article and something that no technical method can ever teach us. Above are all the things that I had to learn the hard way, and I still find myself doing some of those stupid things from time to time. Thank you so much for posting this.

  43. JHW says:

    ∏Thank you Nial :-)

  44. Sanjay says:

    Hi Nial,

    This is a very timely Artical personally for me.. Some very very good points in here.

    Thanks for all your efforts.

    Sanjay

  45. Marian says:

    Very good article and you should write more of these, as the psychology and discipline of trading is what really makes or breakes a trader, in my experience.

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