A Successful Traders Mindset

Its a new month and I'm excited about trading and the opportunities that lie ahead.

 I scan my charts for my preferred trading set up-
 On Monday, nothing sets up the way i want to see it,
 Its Tuesday morning and i do my analysis same as before and nothing again sets up the way i want to see it.

 If you are a Nigerian like me, this scenario will probably have started playing out in you  mind-

1 I have to make money at this
2 How can i call myself a trader if i am not making any money
3 How do i justify the fuel that I'm burning in my generator
4 And for some, its simply their old nine to five mentality talking; I've been sitting here for
    9hrs and do not have anything to show for it.

What most of us fail to realize is that we all come into the world of trading with the wrong mindset for success.

The markets do not care when and if you have to make money.
The markets do not care how long you have been waiting for your setup

And the straw that breaks the camels back,

 let's say you were able to keep your mind focused on your objective and wait for the markets to setup in the way you like to see it as per your trading rules, does this guaranty you will make money on this trade?

 Of course not; because every trade has an uncertain outcome.The results of which are randomly distributed.

 So in layman's terms, you can do all the right things and still end up with a losing trade or a string of losses at that.

What does this tell us about the requirement of successful trading that most people ignore or the so called experts fail to tell you before you dole out your hard earned naira for their latest greatest system?

You need to develop a mindset for trading that is far different from what we are used to operating with in the natural world.

Without this it is virtually impossible to succeed as a  trader.


Wishing you all success with your trading

Tradefox

Introduction To The Nigerian Forex Trader

This blog is not intended to teach any particular trading system, as i believe there are enough experts on the Internet promoting their fx systems.



Rather it is intended to point out the common pitfalls beginning traders get into that can keep them locked into the endless cycle of running from one technical system to another and a steadily declining account balance sound familiar? :-).



If you are like me, you have a great passion for the internet and always dreamed of making my money online the legitimate way.

You may have tried a lot of things before you settled on the forex because it presented a unique set of opportunities, but the most important of all was a way to make money online legitimately from Nigeria.



I draw directly from my own experiences as i developed as a trader. Some of these problems i have overcome and some i continue to struggle with.

I have come to understand that success as a trader is not a destination, but rather a journey. One that requires that we continually upgrade and improve on our knowledge, skill and ways of thinking.



It is my sincere hope that through this blog, the path for other aspiring traders may be made easier.



Tradefox.