The Trader’s Mindset by Chris Mathews
I purposefully utilized the illustration of military training in this sentence.
Learning to win in the forex market is quite similar to practicing for combat.
A strenuous process of skill development, exercises, discipline, and “battle hardening” is required.
For difficult combat situations, soldiers are mentally prepared. They would rapidly fail without their mental training.
Leave the military analogy and go on to the startling revelation.
The key trader’s mindset is unknown to 99 percent of Forex traders.
Without extensive mental training and the capacity to control one’s own thoughts, not a single Forex trader makes it through the rigors of the market.
Whatever you want to call it: psychology, emotions.
The main cause of a trader’s failure is what I’m referring about. Take one more look at the statistics from my black ops training program: Out of 293 recruits, after just a year:
There were just 121 open trading accounts.
There has only been 27 winners.
Only 14 have achieved returns more than 50%.
Only six people have at least quadrupled their accounts.
I want you to understand why these numbers are accurate and why you are most likely NOT going to be one of the 47 people who did well. Let’s take a closer look at this.
8 factors that CERTAINLY WON’T guarantee your success as a forex trader
finding a successful trading strategy
Utilizing a reputable Forex broker
studying books about forex trading
involvement in forex forums
Purchasing Forex books (good or bad)
using specialized charting software
Buying Forex signal services with money (even profitable services)
taking part in pricey Forex training courses
Contrary to popular belief, practically all Forex traders—and there are thousands upon thousands of us—have completed all or most of the “important” tasks listed above. You may cross them off your own personal list, and you could discover that I was also accurate about you.
[Video Course] The Trader’s Mindset by Chris Mathews
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