A profitable strategy is only a part of being a consistent forex trader. The other part is the way on how you execute these strategies.
If you feel like you are not in the mood to trade today, here are some lists that will help you keep your head in the game.
These are some quotes that some profitable traders have used and have helped them in their everyday trades.
“The goal of a successful trader is to make the best trades. Money is secondary.”
Trading, like any high-performance endeavor, requires skill, focus, and discipline. Those who are in it for the money alone aren’t likely to focus on the process of being a good trader.
Focus on the process first then you will be a good trader. After that, the money will follow.
“Every battle is won or lost before it’s ever fought”
Every trade is a battle and just like any battle, it requires a proper preparation. Since there are a lot of uncertainties in the market, you should learn how to identify possible scenarios and prepare back-up plans just in case things will go against you.
Having plans for every likely scenario increases your chances of closing your trades without losses.
“Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt.”
-Paul Tudor Jones
Managing your risks is better than focusing on making money. Focusing on the money will result to over trading and the last thing that you would want to do breaking your risk management plan and trading plan. Focus instead on keeping what you have while developing your trading skills.
“The biggest risk is not taking a risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
Losing is as much part of trading as winning. In simple terms, if you want to make money in forex, you have to accept the risks too. The best thing you can do is control your risk by following your risk management and trading plan. You should also be cautious when taking trades and make sure that the trade that you will take is of high probability.
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