Believe it or not, it’s a lot easier to enjoy real success in the Forex trading world these days if you focus on three core fundamentals – the three things we highlight in this detailed guide.
No, these three things aren’t going to guarantee that every Forex trade you made from here on out will be a winner.
That’s not how the Forex game works.
But we can tell you that if you implement these three simple things in all of your Forex trading you’re going to be a whole lot more successful than you would have been otherwise – and it won’t take you long to start piling up some real wins while you pad your bank account.
Bundle Up Some (Small) Loses
For starters, it’s never a bad idea to bundle up a couple of small losses every once in a while just to remind you that your money is ALWAYS at risk.
One of the biggest mistakes that new people to the world of Forex trading make is forgetting that their money isn’t necessarily going to produce a real or consistent return.
Sure, that sounds crazy on the surface.
After all, everyone knows that there’s the potential for loss in investing, right?
Logically that’s right on the nose – with humans often find themselves making decisions based on anything but logic, fooling themselves into thinking that they just can’t lose when Forex trading (especially if they haven’t in a while).
It might not be a bad idea to throw a couple of bucks at high risk trades just to see what happens.
If you win, remember that lady luck had her hands firmly on the wheel. And if you lose, remember what it feels like – and remember that your money is always at risk with every move you make.
That mentality will force you to be more serious and more focused on all of your Forex trading.
Ride Positive Feedback Loops
On the flip side of things, don’t be shy about writing positive feedback loops when you hit a homerun.
If you have taken the time to research and execute successful Forex trades there’s nothing wrong whatsoever with rewarding yourself, taking the time to pat yourself on the back, and really embrace just how much of a big deal that is.
Too many people start to get a little bit “jaded” in the world of Forex, especially if they haven’t been having a lot of luck of late.
It’s important to give yourself an opportunity to sort of lean into those wins and successes, only to fuel yourself to do everything possible to make sure those successful trades keep happening.
Always Analyze Your Previous Week on the Weekend
At the end of every week you should take a couple of days to analyze the trades and positions that you made.
Have a look at not only the actual Forex trading that you did, but the research that led you to make the decisions that you’ve made as well.
Doing this at the end of the week gives you the advantage of looking back at these trades with information you wouldn’t have had access to in the moment.
You’ll be able to tell pretty quickly if your decision-making was sound or a little flawed and then can adjust those kinds of decisions moving forward based off of this analysis.