Forex Trading: The Difference Between Winners And Losers
The difference between trading winners and losers.
Let’s compare winners and losers of Forex trading because it’s very essential matter in fact.
I spent about 2 - 3 years, carefully recording conversations with losers and winners of Forex trading. I was busy with penetrating into their heads to detect not only their styles of trading but also their beliefs. I hope you’ll get interested with my conclusions.
First let’s look at losers. Most of them are obsessed with the idea of making 1000000000 and the sooner the better of course. All losers are used to talking about a sort of an excitement, pushing them to the transaction. They can’t refrain from taking the deal. In fact they can’t just sit on the sidelines without an open position. They are much happier when being involved in trading both winning and losing than when just sitting without trading. Losers pay little attention to the capital management. One told me straight: “The essence of this game is not rooted in the management of your capital. The main thing is that you are right or not in a particular moment.” I noticed that only a few of them paid attention to the balance of their account.
Finally they asked me whether I knew anyone who was able to succeed with it. They seemed very uncertain that it is possible. They lacked the faith even in the face of the definite evidence.
Now let’s talk about winners. To my great surprise, winning traders asked me as many questions as I asked them. Losers asked me very few questions on the contrary. None of those winners didn’t trade occasionally. They all had some form of the capital management and all of them were familiar with the technical analysis.
The big difference is that unlike winners, losers fix their attention on a very small number of key “favorite” markets, selling or buying only one specific instrument and nothing more, starting with the 1956th failure. On the contrary winners try to conduct a lot of research by themselves while losers are looking for a particular personality, which would get them all the skills required for money making for free.
All winners fully believe they will make big money and they simply refuse to let bad things happen to them. They have an aura of protection around them from my point of view. They simply do not commit stupid acts in the market. They are amazed by the fact that most people do not do what they do. They are able to understand that this is a very intense exercise in fact but at the same time they believe that anyone with a sufficient intelligence and appropriate skills can do the same things which they do currently. You can generate your own conclusion from all of that mentioned above.
As in every other niche of our life Forex needs some education.
Of course, one can start forex trading and be quite successful about it. However sooner or later the losses will come. It is precisely when one might think “Why didn’t I start with a good forex book?”
That does not mean that after reading even the top forex book you will start closing trading positions with huge income, but this knowledge will save you from many traps.
