AtoZ Markets– When it comes to talking about achieving success in a trading career, we discuss many things like trading plans, strategies, platforms, reliable forex brokers and so on. Even the motivation plays a major role because if you don't know how to accept your loss, you won't have motivation and you will be one of those many who quit within 24 months.
However, if you know how to control yourself and have the motivation and discipline, you are on the way to your very own success story. Every trader's first motivation, meanwhile, is to get rich in a short interval. This is until they start making loss. In a society like today, life is just more simple when you have become financially independent. If you agree with the majority of the population, then you will find these 5 simple ways to make million dollars, an interesting read as well. However, once the reality hits you, you can lose your motivation. Let's get back to the motivational drivers and see how you can increase Forex trading motivation.
Top 3 ways to increase Forex trading motivation
In this article, I have outlined the top 3 ways to increase Forex trading motivation to achieve your trading milestones. It is vital to filter out the factors that are responsible for demotivating and extinguishing the fire within you.
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Following the footsteps of a successful trader
Sure, this may sound like Duh!!! However, having a role model is important if you want to keep yourself motivated.
Choose a successful professional trader as your mentor and follow the guidelines how to execute profitable trades. Learning your mentor's habits and following his productive routine can help you achieve your goals faster. The long-term goal needs to be broken in smaller goals, so you will have motivation if you achieve your smaller goals step by step. Each time you hit your small goal, go ahead and treat yourself. However, be careful and choose a reliable Forex trainer, as there are many scams and so-called guru's in the market.
Making consistent profits can keep you up
To keep yourself up and motivated, your trading plan should have targets of making consistent profits. I know it is hard to make the profit on a consistent basis, but if you follow your trading strategies and plan religiously, it is not a big deal.
Here is the key though, don't look into your account from dollar perspective. Count your loss or win in pips. Every trader has that period where everything turns into red, every stop loss possible is being hit. Once you fall into a cycle of losses, you can lose the interest and ultimately this can ruin your trading career. So, don’t let the losses overcome your motivation. Making profits will help you to be confident and take up good trades with smaller margins.
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Learn from your losses and try to curb them
Losing is also a part of Forex trading. Believe me, I am talking from experience. I have gained the best part of my trading knowledge and experience from my losses. So always keep in mind that even if you lose, you can make a profit in the next trade. My mentor, Yagub Rahimov always tells me the following:
"Every trade you make, you either win pips or win experience." - Yagub Rahimov
So, don't get panic attack if you end up losing some entries. It is alright. Talking about learning from losses, I also recommend these 5 Powerful Lessons learned from Forex trading losses for you to read as a psychological guideline. Every loss teaches you something. Take the losses as a trading lesson and try to rectify your mistakes. Remember? Every trade you make, you either win pips or win experience!
But the key here is to make sure you don’t repeat the same mistake and make a habit of learning from your losses/mistakes. It is best to keep a Forex trading journal, in order to reflect on your mistakes and develop your trading. Such a strategy will help you in the long run and there will be a day where you will be able to trade without any fear. Always try to keep your motivation above your losses.
Should you trade Forex on your own at all?
Before you start trading Forex, you'll want to read this.
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His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?