The mental side
Posted on Thursday, May 20th, 2010 at 1:15 pm.
Whether you have been trading for some time or are new to the currency market, one thing that is crucial for your success is being able to control your emotions. Becoming a successful trader isn’t nearly as much about charts and indicators as you may think. I would say that about 2% of your success will come from the indicators and charts. The other 98% is within yourself. You need to learn to read yourself and judge the market dispassionately. It’s easy to be successful with a demo trading account, but it is another thing entirely when you are trading live. Due to the emotional attachment that we have to money, trading live is much more difficult. If you want to trade consistently, learn to manage yourself and the rest will fall into place.
