If you achieve these 8 points, success will be within reach:
1.Only fight battles you know you can win (with confidence).
This is a famous saying that teaches investors to carefully choose the currency that suits them, as well as their entry and exit points. For example, when we buy a certain currency, we feel comfortable that "it" is on our side, ready to work for us. We do our best not to be enemies with the market because we know we cannot win against it. When we realize that we have made a choice that conflicts with the market, we withdraw and immediately align ourselves with the powerful side.
2.Falling down is not important, as long as you learn from the process of getting up.
Investors must learn to move on and improve from trading mistakes. Every trading loss should be a springboard for us to advance to higher levels of trading skills.
3.No matter how bad today's events are, tomorrow will be another opportunity to correct them.
As a successful investor, you cannot bring the baggage of yesterday into what might happen today. The residue of the previous failed trade must be completely cleared before we start the next trade. Otherwise, we are destined to fail.
4.Always know why we take each action, and never take action out of greed or fear.
Investors must know that there is a space between greed and fear, which is "wisdom." We only take action when we have wisdom.
5..Always understand what others in the market are thinking.
Successful traders always seek to understand what other traders are thinking in a particular currency trade. The pain (failure) of other traders may be an opportunity for you because successful trading behavior is nothing more than buying low-priced commodities and currencies from those who cut their positions in the market and selling them at high prices to those who blindly follow greed. If you want to truly make money in the trading game, you must know how other traders in the market feel (fear or greed). Mastering this feeling can make you rich.
6.Don't value yourself too much.
Every time you make a profit, you must remember this phrase. Treat continuous profits as ordinary things, and deal with them with a calm mind.
7.The market is not something to conquer, but something to treat kindly.
Cooperate with the market, rather than fight against it. See it as a friend that can make you rich, not an opponent that can plunder you. The market is not your nightmare, but the interpreter of your dreams.
8.Sometimes losses are gains. Most investors overlook this concept.
If you buy the euro at 1.2800 and stop loss at 1.2700, losing 100 basis points, and the euro drops to 1.2600, not "losing again" is a gain. The art of profit depends on your wise control of stop loss.
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