Many aspiring traders fail to become consistently profitable because they put too much time into trying to get rich from forex trading and not enough time into the actual process of trading. Becoming a consistently profitable forex trader is the result of discipline, passion, and a willingness to recognize and conquer your own personal mental faults. Becoming a consistently profitable forex trader is the result of discipline, passion, and a willingness to recognize and conquer your own personal mental faults.
Successful traders understand this point, and so they contain their risk per trade to a level that does not allow them to become emotional, and in fact they actually forget about the money for the most part, and so they are much more concentrated on being excellent traders. So, if you want to focus more on your trading and relieve the emotional tension you feel in your trading, you simply need to dial-down your risk per trade to a level that cuts the emotion from coming into play, then you will have nothing left to focus on but becoming a master forex trader, and the sky will then be your limit.
One common attribute of professional traders is that they are very well disciplined when it comes to trading the markets. Put simply, there is no way you can make money consistently in the markets if you are an emotional train wreck who gives into every little mental impulse you feel about the market. You have to have the fortitude to know when to trade and when not to trade; you need the ability to consciously over-ride your emotions and do what is best for your trading account, instead of what feels best.
If you want to increase your odds of consistently profiting in forex, focus on mastering one forex trading strategy at a time and forget about making a lot of money. Obviously, you are in the markets to make money, but you need to understand that the more you feel a “need” to make money the more you will experience difficulty in actually making it. By effectively managing your risk on every trade you can begin to forget about the money. This means setting your risk tolerance at a dollar amount that you are truly okay with losing on any trade.
Being motivated by money can be a great driver. However, this can also quickly change into the contrary when a trader approaches his monetary goals from a wrong perspective and forgets about the whole picture. Trading success really is dependent on developing the proper trading habits and continually reinforcing them. However, most traders develop negative trading habits and reinforce those instead. They do this by getting lucky on a few trades they have entered on a gamble by either over-trading or over-leveraging. Once they win on one or more of these gamble-trades, they have reinforced a negative trading habit that is very hard to break.