The Authority’ on Price Action Trading. In 2016, Nial won the Forex trading millionaires strategies for reading Dollar Trader Competition.
Understanding that you must consciously control your interactions with the market so that you always do what is logically and objectively the best thing for your trading account at any given time. A good analogy for this concept is the fact that some doctors smoke cigarettes, I personally had a a doctor who I knew was a smoker when I was kid. Now, it’s pretty safe to say that all doctors UNDERSTAND they should not smoke or do anything to damage their body. DO WHAT THEY KNOW NEEDS TO BE DONE. Successful Forex traders understand that their trading success is measured over a large series of trades, not just a few. IQ or a degree in finance to understand this.
So, a key element to becoming a consistently profitable Forex trader is aiming for long-term success, rather than short-term satisfaction. Giving into short-term satisfaction is the main reason why most Forex traders lose money. So, while it is important to understand the importance of patience in Forex trading, you ALSO need to execute this understanding by ignoring all the short-term temptations that will come at you every time you open your trading platform. What types of people typically make good traders?
Discipline and overall fortitude are indeed FAR more important than intelligence when it comes to successful Forex trading. Many highly successful people in other fields fail miserably when it comes to trading the markets. Doctors, lawyers, college professors, you name it, there is no shortage of people from these highly-skilled fields and others that have lost thousands of dollars in the markets. It is execution of discipline that makes a successful trader, this means reinforcing positive trading habits instead of negative ones and making a conscious effort to make sure all your actions in the market are logical and not-emotion based. I could just figure out, would give me a virtual key to riches.
I have that you guys cannot or do not already have. The difference between traders who are successful like me, and traders who are not, can only be explained through the difference in our behavior in the market. I trade a lot less than you might think, and so do the other successful traders who I know. It’s all about trading Forex like a sniper instead of a machine gunner. Glad to read your articles,i started to change myself as a trader.
I trade mostly demo ,because of learning,but simply done any of the mistakes you mentioned as a novice trader. Comprehend is important but execution is what separates successful trader than a total loser. Great article Nial, I’m really enjoying being part of this trading site. With each of your article, I am a successful professional trader. When I removed indicators and focused on price actions, trading became much easier and simpler, Thanks Nial for teaching us your price action strategy. Until I began to read your postings,I never knew that I was one of those people who was over trading.
It has taken me three years to work it out. Now I’m sometimes successful with my discipline,but I am a very inpatient person. This has taken a long time to control,at times,with hope. I have proven not to work. Just a short note to say thank you for all the lessons and the excellent course.
I am finally starting to be more of a sniper than a machine gunner. I like all the articles u have written and this one is yet another good one. I have created my own forex learning manual. Nial for letting me see myself in black and white.
I used to look to have at least one trade per day. Went back to demo trading and now am happy if I get one or 2 trades per week and my success rate is increased. This is definitely helping my confidence which has to help improve my discipline as well. Good article, Nial, learning lots of new thngs! You have spoken the appropiate words.