How To Develop A Profitable Forex Trading Mindset
In today’s lesson I am going to help you develop a profitable trading mindset.
It’s an unavoidable reality that your forex trading success or failure will largely depend on your mindset. In other words, if your Forex trading psychology is not right, you aren’t going to make any money! Unfortunately, most traders ignore this important fact or are unaware of how critical having the proper mindset is to Forex trading success. If you do not have the correct trading mindset, it doesn’t matter how good your trading strategy is, because no strategy will ever make money if it’s used by a trader with the wrong psychology.
Note: I would love to hear how you plan on using the points discussed here to improve your Forex trading mindset. Please leave me your comments and feedback below after reading today’s lesson!
A lot of people seem to be unaware of the fact that they are trading with a mindset that is inhibiting them from making money in the markets. Instead, they think that if they just find the right indicator or system they will magically start printing money from their computer. Trading success is the end result of developing the proper trading habits, and habits are the end result of having the proper trading psychology. Today’s lesson is going to give you the insight you need to develop a profitable trading mindset, so read this lesson carefully and don’t dismiss any of it, because I promise you that the reason you are struggling in the markets now is because your mindset is working against you instead of for you.
Step 1: Have realistic expectations
The first thing you need to do to develop the proper Forex trading mindset is have realistic expectations about trading. What I mean is this; don’t think you’re going to quit your job and start making a million dollars a year after 2 months of trading live with your $5,000 account. That’s not how it works, and the sooner you ground your expectations in reality, the sooner you will begin to make money consistently. You need to accept that you cannot over-trade and over-leverage your way to trading success, if you do those two things you might make some quick money temporarily, but you will soon lose it all and more. Accept the reality of how much money you have in your trading account and how much of that you are willing to lose per trade. Here are some other points to consider:
• Only trade with disposable ‘risk’ capital – Disposable capital is money you don’t need for any life expenses, including retirement or other long-term things. If you don’t have any disposable or risk capital, then keep demo trading until you do, or stop trading all together, but whatever you do, do not trade with money you are going to become emotional about losing. Always assume you could lose whatever money you have in your account or in a trade…if you’re truly OK with that, then your good to go, just make sure you don’t lie to yourself…REALLY BE OK WITH IT. Trading with ‘scared’ money (money you can’t afford to lose) will lead to severe emotional pressure and cause ongoing losses.
• Make sure you can still sleep at night !– This is related to the above point about disposable capital. But the difference is that you need to ask yourself before EVERY trade you take if you are 100% neutral or OK with potentially losing the money you are about to risk. If you can’t sleep at night because you’re thinking about your trade, you’ve risked too much. No one can tell you how much to risk per trade, it depends on what you’re personally comfortable with. If you trade 4 times a month you can obviously risk a little more per trade than someone who trades 30 times a month…it’s relative to your trade frequency, your skills as a trader, and your personal risk tolerance.
• Understand each trade is independent of the previous one – This point is important because I know that many traders are way too influenced by their previous trade. The fact of the matter is that your last trade has absolutely ZERO to do with your next trade. You need to avoid becoming euphoric or over-confident after a winning trade or revengeful after a losing trade. The fact of the matter is that every time you trade it should just be seen as another execution of your trading edge; if you just had 3 consecutive winners you need to avoid risking more than usual on your next trade just because you are feeling very confident, and you need to avoid jumping back into the market right away after a losing trade just to try and “make back” what you lost. When you do these things you are operating 100% on emotion rather than logic and objectivity.
• Don’t get attached to your trades – If you follow the 3 points we just discussed you should have little chance of becoming too attached to your trades. Don’t take any trade personally, just because you lose on a few trades in a row doesn’t mean you suck at trading, likewise if you win on 3 trades in a row it doesn’t mean you are a trading “God” who is immune to losing. If you don’t risk too much per trade and you aren’t trading with money you need for other things in your life, you probably won’t get too attached to your trades.
Step 2: Understand the power of patience
I think one of the biggest realizations that allowed me to turn the corner in my own trading was that I didn’t have to trade a lot to make a decent monthly return. Think about it, most people consider a 6% annual return very good for a savings account, and if you average 12% a year on your retirement fund you are pretty happy. So why is it that most traders expect to make 100% a month or some other unrealistic return? What’s wrong with making 5 or 10% a month? That’s still exceptional over the course of one year. Whilst I can’t imply you will make a certain percentage per month, if you just understand that slower and more consistent gains are the way to long-term success in the markets, you will be far better off at the end of each trading year. Here are some other points to consider about patience:
• Learn to trade on the daily charts first – By learning to trade on the daily chart time frames first, you will naturally take a bigger-picture approach to the markets and you’ll avoid most of the temptation to over-trade that the lower time frames induce. Beginning traders especially need to slow down and learn to trade off the daily charts first. Daily charts provide the most relevant and practical view of the market. YOU DO NOT HAVE TO TRADE EVERYDAY to make a solid return each month.
• Quality over quantity – I consider myself a “sniper” of the market; I wait and I wait and I wait, sometimes for days or even 1 week without trading, then when I see a price action setup that triggers my “this one is a no-brainer” alarm…I pull the trigger with ZERO emotion. I am always fully prepared to lose the money I have risked on any one trade because I do not trade unless I am 100% confident that my price action trading edge is present.
• User your ‘bullets’ wisely – To really hammer-home the power of patience in developing the proper trading mindset, you need to understand that being patient will work to instill positive trading habits within you. Patience reinforces positive trading habits, whereas emotional trading reinforces negative ones. Once you begin to trade patiently you will see how using your “bullets” wisely works…you only need a few good trades a month to make a respectable return in the markets, after you achieve this via patience, you will learn to enjoy NOT being in the markets…because it’s then that you are “hunting your prey”. This in contrast to the frazzled and frustrated trader who is staying up all night staring at the charts like a trading zombie who just will not accept that they need to trade less often.
Step 3: Be organized in your approach to the markets
You NEED to have a business trading plan, a trading journal, and you need to plan out most of your actions in the market before you enter. The more you plan before you enter the higher-probability you will have of making money long-term. You are ALWAYS going to interpret the market more accurately whilst you’re not in a trade…so pre-planning everything increases your odds of making money since you will be working more on logic than emotion.
• Have a trading plan – I know it can be boring, I know you might think you don’t “need” to make one, but if you don’t make a trading plan and actually use it and tweak it as you learn, you will start trading on an unorganized and probably emotional path. A trading plan doesn’t have to be a very dry and boring document; you can get creative with it. You’re trading plan could be that you write your own weekly commentary before each week begins, plan out what you will do and look for in the upcoming week…just make sure you have a “plan of attack” before you enter any trade.
• Keep a professional trading journal – You need a track record, you need to record your trades, you need to do this in a forex trading journal. This is a critical component to forging the proper Forex trading mindset because it gives you a tangible document that you can look at and instantly get raw feedback on your trading performance. Once you start keeping a journal of your trades it will become a habit, and you will not want to see emotional results staring back at you in your trade journal. Eventually, you will look at your trading journal as something of a work of art that proves your ability to trade with discipline as well as your ability to follow your trading plan. This is something any serious investor will want to see if you plan on trading other people’s money.
• Think BEFORE you ‘shoot’, not after – All of the planning and preemption that I just discussed is analogous to thinking before you shoot. A gun is a very powerful weapon, we all know that we need to think before we shoot one, even if we are just hunting or shooting at a gun range. Likewise, the markets can be very powerful “weapons” in regards to making or losing you money. So, you want to do as much thinking before you enter a trade as you can, because after you enter you are going to naturally be more emotional and you don’t want to put yourself in a position of constantly entering regrettable trades. If you plan your actions before you enter, you should not regret your trades, even when you have losing trades. I never regret any trade I take because I don’t trade unless my edge is present and I’m always comfortable with the amount of money I have risked on any one trade.
Step 4: Have no doubt about what your trading edge is
Finally, don’t start trading with real money if you aren’t really sure how to trade your edge. You are obviously not going to develop the proper trading mindset if you jump into trading a live account without being 100% confident in what you’re looking for. Whatever your edge is, make sure you’ve found success trading it on a demo account for at least 3 months or more before you go live. Don’t just “dive in head first” without being totally comfortable in your approach…this is what most traders do and most of them lose money too.
• Have 100% confidence in your edge – I have 100% confidence in my price action trading strategies…that’s not to say that I am foolish enough to believe EVERY trade will win, but I am totally confident that every time I trade my edge is truly present. I don’t compromise my trading edge by taking setups that look they are “almost” good enough…I simply don’t trade in that case. I only take price action setups that I feel in my gut are high-probability valid representations of my edge. Therefore, I am never fearful or worried about any trade I enter, even if it ends up losing.
• Don’t gamble – There are skilled traders, and then there are people who gamble in the markets. If you take a calm and calculated approach to your trading and wait patiently for your trading edge to appear, like a sniper, then you are a skilled trader. If you just “run and gun” and veer off course from your trading plan, you are a gambler. So, are you a Forex trader or a gambler?
• Price action trading helps develop the proper trading mindset – My trading edge is price action, and I fully believe that the simplicity of price action trading helped me develop and maintain the proper Forex trading mindset. We don’t need tons of messy indicators on our charts and we don’t need Forex trading robots or other expensive software. All we need is the raw price action of the market and our magnificent human minds to interpret it; it’s up to us to harness this power.
The price action of the market gives us a map to follow, and a pretty obvious one at that, if we can ignore the emotional temptations that arise in our minds we will have no problem profiting off of this price action map. I trust today’s lesson has provided you with some insight into how you can develop the proper mindset and ignore the emotions and break the habits that destroy your trading success. If you want to learn more please check out my price action Forex trading course.
Invaluable insights! Thank you Nial.
An eye opener and great points to add to our trading guide by practicing patience,having a plan ,journal ,edge,position sizing and many more thank you Nial.
This is definitely going to help with my discipline. Thanks Nial.
Thank you very much Nial Fuller for the article when reading my friend’s article, really made a lot of mistakes in trading
What I need to do is improve it and keep learning
So that I can have a better direction in my trading
Thank you so much Nial
Thanks. It is clear and easy to understand. It has really helped me in my trading.
Great article and advice.
This is a very important lesson to me as im new in this field and im looking foward to learn from your lessons to come
Hi Mr Fuller’s I am new to trading forex I have struggled to understand some of the most important things key factors, I hope to understand more as I follow your leadership, it like I never went to school and learn anything I really hope I can improve after reading and understanding your articles
With the points you discussed above it will be a mistake if I enter the market thinking that I’m going to be a millionaire overnight. I think this is one of the reasons people often lose trades. So I’m going to abide by all the points you have discussed.
Fantastic article and advice from Nial on how a real trader posture should be…two thumbs.
I just printed this article out to read it tomorrow and the day after tomorrow. I have to break the habit of overtrading the lower timeframes like 5 minutes which makes my results fit your description exactly.
I am not loosing much daily and maybe not every day since I try to be cautious. But slowly not gaining. The mindset is not bothering me anymore and I am pretty much at ease with Step 1 and 2 Being a busy man I have trouble with Step 3 and to organize a trading plan and journal. Step 4 is about the confidence I usually feel when entering a trade. But I am not devastated when I loose but of course I like to win some.
I note what Kimbo said:
“Kimbo4x says:
June 8, 2012 at 7:27 pm
Thank you, Nial, for sharing your wisdom. As a pensioner, I cannot afford to gamble, and you would laugh if I told you how small my position sizes are (I trade “nano” lots). Nevertheless, I can track my weekly rate of return. In the last six weeks, since trading daily time frame only, I have not had a losing week. My worst week was up 1.5% and my best week was up 3.8%, most weeks being 2%. Nothing wrong with that. I reward myself by adding a small amount to my account each week for not over-trading and turning a profit. I am confident that within a year I will be able to take a very small monthly income, and each year will get better.”
Now I have to transform myself by force.
Nial: You are what I want to become:
A real trader.
And I have to listen to you.
Now I have a framed picture of you in my office to remind me of this necessary metamorphosis that must come.
Thank you Nial for the great pieces of Trading Tips. You prefer Price Action over all other factors, right? Could you please guide the readers with exact price action pinpointing the indicators that may result constant win. Appreciate it. Best Regards, Dr. Altaf
Hi Nial, I really appreciate this article as I am trying to find my entry to trade which time frame I should use as a new trader. I got my answer in this article. So as a new trader I will use the daily chart. Also The power of patience …what a powerful thought. The trading journal I need to learn how to do that and chart my trade to find my my good and bad moves. I have much more to learn.. As I read your article one after the other I hope to develop my trading correctly like you. Thank you.
What more can I ask for? Your teachings are never null and yet again you’ve just gave us another brilliant take home lesson. I respect you for the fact that you always tell the truth about trading. I’m forever grateful to be your student. Thanks my Mentor, Salute.
Oh my GOD` ave bn trading more than a decade not knowing all along i ave bn gambling. u are a GOD sent. honestly u ave bn talking to ME and i feel professional even b4 i realy follow ur rules. u deserve to be highly commended. u are an avatar
Hi Nial,
I am short of words to express my gratitude to you. Your lesson on traders’ mindset is instructive and a transformer of my trading life. I thought I was trading until I read your lesson, I realized all along I have been gambling.May God give you the wisdom you never ask for. Godwin
each trade is different is so important yet I violate the rule a lot,having knowledge and practicing it are 2 different aspects of trading,i am at the door of proper practice,i hope to read this often for more practical ideas on trading
Very important advice, mindset in everything is the key to success or unsuccess.
your article is so helpful and unique than all others .almighty bless you dear
This article is one of my favourite ones. Spot on.
Many truths that new traders don’t want to hear, but in the end you realize it’s very true.
Mindset is more important than all other factors put together.
your advice and articles on price action is invaluable to both newbies and experience traders alike.
keep them coming .cheers.
Hi Nial
Would just like to say thank you for your ‘keep it simple’ line as it has made me see things more clearly. Cheers
Andre
God bless you Nial!!!!
Thanks for sharing all the valuable articles here, and I truly am indebted to you forever
Wonderful, I’ve read this many times and will read it again. It’s the inside game, like so many things in life. With may blessing to you Nail.
Humberto
Hi Nial
As a beginner ,I seen this article as god’s gift and it gives me enthusiastic feeling to become successful trader.
thanks a lot
The article really reinforced no revenge trading to make up losses. I need to read the traders mindset often because I have ”built in forgetters” and find myself drifting into bad habits from time to time. Thanks again NIal with the supurb way you explain things.
What to add on your truly, real insights
– we are paid for patience
– imortant are objectivity, risk acceptance and exiting on profit targets
– successful trading is rutine work, repetitionwhat works good again and again and again
E D G E (have an edge and just to it!, believe in yourself, uncompromising, taking only high-probability trades and it`s obvious to have trading plan, strategy and precise trading journal.
But I am still worried about maintaining all this performances, a little change, a little mess in private life have a high impact on trading.
tnx Nial
I just like this sentence “just make sure you have a “plan of attack” before you enter any trade.”
My trade plan is usually refer to the higher time frame ( M chart or W chart ) that I prepare during weekend, if seeing the price action in these chart showing bearish reversal candlestick ( for instance ), then the coming week/month I will wait the downtrend ( in D chart H chart ) to begin and enter SHORT trade. Usually, will see at least 50-60% of accuracy
Lionel,
That makes sense to me. I wish to + :
-after a long retracement when a bullish candle shows up, now is time to prepare yourself for the right opportunity . As soon as you see one or 2 bearish candles that’s the moment to enter with low 1 risk and high 2 reward possibility as many small traders jump to sell in fear, while still the buyers are in control of the price with high demands. You got an EDGE, you’ll not have to wait too long for the trend.
Inshort you’re making a lot of senses
thanks Nial. i know these post will soon start working for me. thanks, thanks.
Every article and every single line is like gold. I wonder, how you are gifted with this writing skills and trading skills in this young age ?
I am reading one lession daily (2 times) and repeatedly reading the lessions and following it. Thank you.
It needs long process to be successful trader, I do it!
Thank Nial!
Hi Nial,
Want to know is there any psychological disadvantage if we trade with 1 minute chart. Please send me a sentence or two regarding your view and comment of this trading with 1 chart versus longer time frame.
Thank you very much for sharing your thoughts with me.
best regards,
John.
” You need to accept that you cannot over-trade and over-leverage your way to trading success, if you do those two things you might make some quick money temporarily, but you will soon lose it all and more.”
You are so right….
Hi Nial,
This info is great, no matter what charts you use or what platform you run off, this information is extremely relevant to all traders. I am a strong believer in patience and mind set and this covers it all.
Cheers mate
Luca From the Goldy
eccellent article thanks nial
Great article!
Simply awesome and true.
Thanks Nial.
Thank you very much, Nial Fuller for your enlightened trading advices. They make me feel so good & relaxed & affirmed the removal of all obstacles to my futures trading. I may be able to fulfil my dream of becoming a profitable trader.
Thanks for this article. I just started to trade a live account recently, reading this article has enlightened me to know that I don’t have to trade daily but trade only when I am 100% confident of the market price action. Patience isn’t always easy but now that I have learnt more about it I will strive for quality and not quantity
At times i makes mistakes in the markets and i thank God and you personally for the kind of lessons u offers since they alwaiz help me correct my mistakes,thanx a lot Nial.
I’m a Chinese ,even my English is not good but read your article very carefully everytime.The teaching you give us allways encourage me and guide me on the right way with my trade, i will introduce you to my friend , Thank you very much!
Thanks Nial,
Am glad I have managed to be patient now, and it is
rewarding both monetarily and strategy wise.
Regards
PETER
in one word you are the numero uno….english, you are number one
Thanks for todays lesson…
Your articles and videos have given me a new perspective on the the forex markets.Those things you have mentioned like trading plan,trading edge,patience were never in my mindset.You’ve made me realize I was just a gambler.Thanks for providing this valuable information and your expertise.
its funny i have been recieving your newsletter and lessons for a few years by now, but only recently ive started to pay attention to them…thinking that should ive done that earlier would be better is true, but everyone has its own path in life and when is ready, than he can absorb it.. for some it may take thousands hours screen watching and thousands dollars lost and for some probably less…but in the end…just like you said…simplifie it or finish with this business…and trading on the higher time frames, to compare with scalping is probably like being employer and employee…anyway thanks nial you are the man :)
Thanks Nial,
Real healpful as always and so true.
Big problem for me has been that I’m thinking too much on the last single trade, instead of looking at how my last 20 trades looks. When I look at the series of the last 20 it’s much easier to see how well you are as a trader and where I make the mistakes. Just like in bowling, golf or many other sports, you can’t win or lose on only one shot (at least that’s what I’m trying to say to myself).
Tomson
Nial,
Thanks…Larry
Nail
I think i will be professional due to useful knowledge,
i love it
so true..emotional in trading equal to disaster..be cool and calm equal to prosper..
I have to reduce my times of emotional trades.
Thank you Nial.
the reason you are struggling in the markets now is because your mindset is working against you instead of for you.
VERY TRUE IN MY CASE – KILLED MY TRADING ACCOUNT- ALSO THANKS TO SWISS CHF FOR NOSE DIVING IN 2011 TO 00.7000 FROM 00.9990
Great article as usual… always good to read it.
It’s show us the good way to take
Cheers ;-)
Nial
its very usefull
Good stuff Nial ….
Things I have learned from reading this post:
1. Be patient and wait for the trade setups.
2. I will not profit on every single trade I make.
3. Focus on trade quality not quantity.
4. Trade by chart reading and learning price action.
Many thanks to you, Nial, for sharing your knowledge with us.
Thanks Nial. I am very interested in being wealthy, and a big part of wealth is being generous. I am always moved by your generosity to share your wisdom, and by your commitment to others being successful.
Great, I think all new traders should read it which is realistic. Most of so called “GURUS” promot unrealistic targets of being rich in one week or so… Thanks Nail.
Thanks Nial. This is just to re-inforce all you teach. I have seen my self become a better and more confident trader since I started the “Price Action” edge which in my opinion is the best way to trade. Keep up the good work, you’re a real good mentor.
Hi Nial,
really good tips for everyone who want to be a succesful trader. I find it very useful, learning every day with your great articles. I am not a life trader yet a but I am slowly getting there. thanks
When I open my mail inbox I’m sourcing your emails to read first, there the best, I’m always learning more, thank you Nial.
thks fuller, u are at it again. it has become my habit to read ur posts, i appreciate ur time reminder may god rewards u more. keep it up mentor.
I joined Nial’s course a few months and one of the things that’s really helping me is the patience! I used to think the more trades I make, I’ll make more, especially if I have a losing trade, I can enter another winning trade and it’ll wipe out the loss. The more and more I traded, the more I traded “bad” trades, trades that didn’t fit my plan. I started getting emotional and every set-up looked like a “good” trade but after the trades hits my stop, I was left thinking “why did I trade that?” I’m trying out only 5 trades per week and it’s helped me. The worst case scenario is I’m down 5x risk! It used to be I would have 10-15 losing trades per week! Yikes! Thanks Nial!
Hi Nial, Very informative. I agree with you price action is the king everything else lags. Keep it up the good work, and Thanks again for such a great service.
Another well written essay on trading. Thanks!
Love the lessons, Nial. What would we do without u?!
Thanks Nial
….. for all.
All I can say is I wish I had this advice 8 years ago when I started trading Forex, and I would have avoided losing a ton of money.
For me, one of the most important sentences in the whole article was near the end: “if we can ignore the emotional temptations that arise in our minds we will have no problem profiting off of this price action map” I’m sure for many of you, like me, sometimes even though I know the setup is solid and following my rules, I can become fearful, or have self doubt. I find it amazing that Nial is talking about this topic today,as I have just finishd a book about a traders mindset and how it affects your trading. It is a fascinating book written by Rande Howell who is a licensed therapist and performance coach. The book is called Mindful trading: Mastering your emotions and the inner game of trading. You can order it as an ebook to at tradersstateofmind.com. It goes into depth about how you can calm your mind down when you start thinking of fearful thoughts or have self doubt, which causes you to hesitate and not pull the trigger on the trade when you should.
Thanks Nial, for always sharing your priceless wisdom.
Thanks
I find your emails very useful.It helps keep learning every day
Kindly let me know if you have a site were traders (small traders) like me can chat?
All the bset
Thank you for the constant reminder and great advice. Always love to read your articles.
Hey Nial great advice methods I shall be implementing in my own trading. I must admit its gonna be a difficult task to retool by brain with the emotionless training but it will be to my benefit in doing so. My first task is de-cluttering my email address as it is now filled with too much noise from the so called Gurus and their magic systems.
I think I will read this article every day before trading. It helps me a lot in terms of setting plan and keep myself calm and disciplined in trading. Thanks Nial a lot for keeping this tutorial for those who need to develop a truly professional trader mindset.
thanks nial have to read this every day to get brain washed very easy to just hit that button trading less good point
a very good article as usual A+, i do however trade the 5 minute chart and i find myself getting better and better all the time:-the same setups are found in all time frames-so once i master the 5min i can trade whatever timeframe i choose :-) a chart is a chart is a chart – it means understanding it and learning to interpret it in the same way you would a language!
Hi Nial this tutorial is something that is more than gold. I came in contact with your web site about 5 yrs now,at the begining i was not intrested due to the fact that i was adviced by my so called “mentor” to always use (indicators)after 4yrs of wasted effort and money, my mind now remembered p/A by Nial, to cut the long story short now I know what setup i am waiting for no more confusion. ( MY ADVICE TO NEW FX. TRADERS) stop runing from one system to another to aviod. confussion
hi nial thanks for all these great trading lessons you keep supply us in all your articles, am very grateful to you.
Thanks again for the info, i cant just stop checking my inbox for your mail everytime.Am glad am one of ur fans in Africa.
Thank you, Nial, for sharing your wisdom. As a pensioner, I cannot afford to gamble, and you would laugh if I told you how small my position sizes are (I trade “nano” lots). Nevertheless, I can track my weekly rate of return. In the last six weeks, since trading daily time frame only, I have not had a losing week. My worst week was up 1.5% and my best week was up 3.8%, most weeks being 2%. Nothing wrong with that. I reward myself by adding a small amount to my account each week for not over-trading and turning a profit. I am confident that within a year I will be able to take a very small monthly income, and each year will get better.
My trading results are due to your indirect help.
I have in mind to buy your complete course and I hope to be part of your community in next future.
My compliments.
Luciano
After 4 years of your teachings your trading philosophies are starting to make sense on a deep functional level. Thanks Nial
Nial!, this is incredible but true. i have been in trading for the last 5 years and i know this to be the truth. I have lost money due to emotions, lack of being organized,over trading etc. and what you are saying need to be followed up by every trader. I no longer spend sleepless nights due to trades i have set. I always through away emotions which is the greatest killer of forex traders. I urge my fellows to follow Fuller’s advice. This is the road to successful trading. Keep it up Nial and God bless you for the good training you give to us. A good day.
i love all of your artical.
Thank you for this truly wonderful and insightful article.I am reading “Trading in the Zone” by M.Douglas at the moment and he says the same thing that it is having a correct mindset that determines whether you are successful or not.
Some time i wonder why people should quite trading the forex market.As far as am concern i love this business. not that am pulling $ out of it yet but the a potential life changing trade business especially if you love entrepreneurship.THE FOREX MARKET IS SWEET XPECIALLY IF you TRADE PRICE ACTION, UNDERSTAND CANDLESTICKS FORMATION AND CHART PATTERN
I am always looking forward to your articles.For me ,this is the best,thanks Nail.
Hi Nial
I find it hard to put into words the gratitude i feel to you for being so generous with the truth about what it takes to become a consistently profitable trader.I am sure that i speak for many of us who have been fortunate enough to have found you.
Many thanks to you and your family!
I really enjoy your encouraging words to traders, your fixing the problems we content with as traders. remember words like yours are up building specially to those who still sees fx as a scam.Personally my trade mark is CONFIDENT,I personally believed that if they are people who are successful like you in this business-I should be among you-sorry that is not comparison,but that is me.Never will i ever allowed my past experience to cloud my judgement for the future trades,that hope keeps me a life. I believed if i can loss $50 to the market when i made trade wrong trade, i can still pull out $100 in a wining trade.THANKS SO MUCH
The hardrest thing for me is not to be attached to the money I might lose! So demo for now. I am sure I will be able to sleep at night eventually, it will come as my confidence in PA trading grows with practice and your ongoing support. Thanks for another great article.
Well organised article to read daily & i was waiting from you for last few days for such a important lesson for my future, Thanks a lot.
I find myself drifting in and out of the good habits but thanks to articles like this I’m spending less and less time on the bad side. You are very right to emphasise the psychological aspect of trading, it’s one area I have great difficulty with. Thanks.
Very awesome and nice written. Mindset is the most important in trading. Found that your introduced book – Market Wizard demonstrates a lot of these mindset from most top traders too.
Fully agreed ! I had learned a lot from your articles. A thousand thanks !
Really powerful and needed, especially @ this time in my trading life. I think, one foundation to trading successfully over the long haul is not to put all one’s hope in trading, as if that is going to solve all one’s life issues.I will do well if I only go into the market, only after seeing that ‘particular’ setup appear clean and undoubtful! Thanks for this article.
How else, could one pay for your course without through paypal, not everyone has paypal account. Thanks Nial!!!
Thank you for always ready to cheer your secret with other.
Thanks Nial, as you guys say “Good on you mate”. Good sound advise again and good old fashion common sense. These articles are a great reminder of what we should be doing day in day out. They condition our brains into positive action and without your ongoing support i know i would not be where i am today with my trading and my life/mindset.As i keep saying,this is without doubt the best value and information trading website anywhere on the net and you are a very talented and wise person Nial.Thanks again. Peter
very insightful article, now I realize I was a gambler
Nials
Another solid piece of advise,good reading to be sure.
W
This article reinforces a decision I have made to step away from my charts for a month. I have traded intraday before and found I was muddling up my “edge”. When my self imposed exile is over, I will start from scratch and try and go through Nial’s process as if I’d never traded before and get my trading psychology back to a healthy status. Thanks Nial
I wrote several of your points that I really needed to hear into my trading plan. Thank you for your ongoing help. Cheers.
Hi Nial.I’d like to tell you that I’ve used with great success a lot of your
Strategies and set ups all involving price action,but the most important thing I’ ve learned from your course is waiting for the right setup where one has confluence for the trade.I’m no longer addicted to trading and only
Trade maybe once a night 3 or 4 trades a week.Better trades more sleep
And more free time.
Thanks Mate
Sean
I improve day by day not on my own but because of these articles. I look forward to join your members area. Am forever indebted to you with gratitude.
Simply awesome and true. Thank you for sharing and teaching us. Forever indebted to you. Cheers && Blessings always.