Do you think successful traders have their own rules? Do you think they would succeed in the market just because of their rules? Well, there are different things that would decide the success of a trader. If you look at the successful traders and the naïve traders they have a completely different mindset on trading. The successful traders look at trading in a different way than a naïve trader. If you ask a trader in the United Kingdom he would say different things about trading than you. You may look at trading with a mindset of short-term commitment whereas a successful trader would look at trading with a mindset of long-term commitment. Most traders have their personal rules so that they can access the higher level of trading. The ultimate thing that you should understand is that the professional traders keep looking for good things. On the other hand, naïve traders try to get the things that are found on the surface. They don’t prefer searching for information in detail, which is why they end up being losers. However, do you think as naïve traders you could follow the rules of a successful trader? And if you do follow, will you be successful too?
Trade the higher time frame only
The majority of the successful traders focus on the higher time frame. In the lower time frame, you will have to deal with too many variables and this will make trading extremely difficult. Being a beginner you might get bored with higher time frame trading strategy but this is the only way to save your investment. However, there are some professional traders with years of experience trading the lower time frame data. Unless you have extensive experience in live trading and multiple time frame analysis you should never use the lower time frame. Even if you use, make sure you are not risking more than 1% of your account balance as a safety measures.
Know to pick the right things
You should never try to forge success because it will never last. If you want to be successful you should know to pick the right things. If you are trying to trick the system or method, remember, it will be something that would last for some time. If you want to remain in the Forex market as the successful traders you should be honest. You should be honest with yourself because it is how a person succeeds in trading. It would take a lot of time to build your success. It would take so much hard work to create the best trading account. If you are trying to find out shortcuts to win in the market, we advise you not to! You can never reach permanent success if you search for shortcuts, so call to mind trading success comes along with hard work and patience.
Practice to avoid distractions
One of the major reasons why naïve traders lose and successful traders remain in the market is they don’t easily get distracted. They remain in the market no matter what happens around them! There are a lot of distractions around traders but it shouldn’t stand as a barrier to their journey. They should take a break if they feel like their being distracted. So basically, naïve traders still trade even if they are being distracted. So this is a behavior that we can see in gamblers, so be aware of this factor.
Know when to take risks
You should not take risks blindly. If you are a naïve trader it is obvious that you would take risks blindly because you are not focused. You just want to make money nothing else. If you follow this habit you wouldn’t be able to maintain your trading account. You would have to leave the market any time soon. You should know when to take risks and when not to take risks.