44 Maxims of Successful Forex Traders
In 2008 I started with the first steps in trading world, and after 10 years of trading the markets I learned many lessons and 44 maxims of the successful forex trader. In order to learn to trade forex (or any other financial market) you have to invest time and energy to become a successful trader.
1) You always suck at the beginning. Fall in love with the process and never give up. Do not be afraid to fail and make mistakes. It is part of the progress. There is always room to growth.
2) Nobody will believe you until you achieve it. Never tell about your plans.
3) Trading is one of the best jobs. You will learn more about yourself and human psychology than anywhere else.
4) There are no shortcuts. You are on your own journey to make it work. Learning to trade is an investment in yourself. If you want to learn to trade forex, stock, futures find yourself a forex mentor if you want to fastrack your trading progress and save time.
5) If you are having a bad day, close the charts and go to the gym, or on boxing session. Thank me later.
6)When you become successful give something back to trading community. Giving back is trait of successful forex trader.
7) Trading plan is your daily guide to long-term trading success.
8) Trading journal is your best trading book. Trade, track, improve. REPEAT.
9) Be patient. Good things takes time. Nothing is build over the night. Even the Rome was not build just in one day.
10) Find yourself a mentor, someone who is already where you want to be. You will be amazed how much time, energy and money you can save yourself in your progress.
11) Short-term results means nothing. What matters is consistency over the long-run.
12) Forget about trading every day or week. Retail industry is fooling you.
13) Trading should be simple. Forget about the magic indicators and predictions. Price and high-time frames is all you need.
14) Always focus on the process. Money will follow.
15) Risk management is the key, if you plan your trading for the next 10-20 years.
16) Good trades always come. Do not try to find something and chase the moves.
17) PATIENCE. PATIENCE. PATIENCE. Patience to become a good trader, patience to wait for proper opportunities, patience once in the trade, patience with the slow markets,…
18) Trade less and achieve more. One of the main characteristics successful forex traders have is they trade same high-probability setups over and over again, on each and every trade they take. They believe in quality over the quantity. Markets will be always there – never trade just for the sake of trading.
19) Before you make a trade ask yourself »Does this trade align with my trading plan?«.
20) You do not find consistency. You apply it. To stay consistent – BE CONSISTENT.
21) Always trust your trading rules and process. Stop watching other traders. If you want peace in your trading business, focus on your own trading style and process. Learn to trade forex by focusing on yourself and our trading.
22) Daily habits makes you or breaks you.
23) Never complain and control your thoughts and emotions. Negative emotions such as anger, sadness, doubt are waste of your energy. Think positive and stay calm so you can make good decisions.
24) Focus only on the things you can control. You can not control the market, but you can control your daily process.
25) You can not be disciplined in trading, if you can not make a bed or 10 push ups every morning.
26) Mindset is everything. What you believe you can achieve.
27) Want something? Decide and take action. What you do today determines your tomorrow.
28) No one is responsible except yourself. Always take a look in the mirror before you try to blame anyone else.
29) Market is the BOSS. It does not care about YOU. Respect it and stay humble.
30) Avoid the media. Media is brainwashing you and saps your energy. Protect your mindset at all costs.
31) You need PASSION. Do not trade just to make money.
32) Find ONE trading style and become a really good at it. Own your trading process!
33) Focus on the ONE THING. Stop forcing everything. »The man who chases two rabbits catches neither.«
34) Never compare yourself with other traders or people. There is no competition. Focus on yourself and your own trading. Stick to your proven process, ignore distractions and everything will fall in place.
35) Stop caring what other people think. Who cares? If you have a passion for your trading, learn to trade forex and try to become the best trader possible.
36) It is all between YOU and the Market.
37) Always be open-minded. Read, lift weights, spend time outside, eat healthy. Healthy body leads to healthy mind. And mindset is everything.
38) Stay out of debt. You can not trade properly, if your debts are weighting you down. Read books »Rich Dad Poor Dad« and »The Richest Man in Babylon«.
39) Forget a guaranteed monthly income from the trading. Trading is not working like that, and anyone who is promising you this is a liar.
40) You can not be negative and grouchy, and still be successful. Be grateful, ditch negative people out of your life, and connect with open-minded, positive people. When you are trading, having the negative mind and thoughts is the last thing you want to have.
41) Trading is a business, not a hobby. Treat it as a business and you can make it work. Treat it as a hobby and you will achieve nothing. Invest some time in your trading plan, trading journal, and learn to trade forex with the right trading skills and habits.
42) Live like a spartan. Simplify everything, narrow the focus on important things, manage your money well, take care of yourself, make money, train, read, produce not consume, respect others,…
43) Always have goals. If you are not waking up with a passion and drive, you are not living. You are just existing.
44) Never hate successful people. How can you hate someone who is successful, while you are trying to become one too?