The whole business must have its key to success.
No business run carelessly will produce consistent and lasting profits.
Likewise with forex trading. You cannot run it carelessly, without a plan, without a clear method, and without clear management, and expect to get consistent and long-term profits, let alone finance a free and comfortable life. Impossible!
Someone taught me the Keys to Successful Trading.
3M! Yes, the key to successful trading is 3M, namely:
- Mindset
- Method
- Management
3 in 1 Inseparable Unity.
Let me explain briefly and clearly how to manage Mindset, Method, and management to produce consistent and long-lasting profits in forex trading.
1. Mindset
In this section, we organize our thoughts about trading itself. Includes goals, reasons for choosing to trade, and our fear of trading. Also included and arguably in this section, we will set our trading goals.
Make realistic goals.
This realistic goal is very subjective.
For many people, with a capital of $ 1,000 to get $ 1,000 in 1 day may not be realistic, but for certain people, it is very realistic.
In this section, there is no need to debate. Just set realistic goals for ourselves.
2. Method
In this section, we will set the trading method that we will use.
The trading method we will use must support our Mindset in section 1 above.
If we have set the mindset to make a profit of $ 1,000 in 1 day from a capital of $ 10,000; which means 10% of the capital, then the trading method that we use later can produce the profit.
If our trading method cannot generate profits according to our mindset, we have two choices:
1) change the trading method;
2) change the mindset.
Because if it is not changed, we will ultimately not fulfill one of the 3 key parts of this successful trading.
Imagine we want 10% a day in our trading mindset, but our trading method only provides trading opportunities as much as once and even then it produces 1% per transaction.
Believe me! This will disrupt our trading at the next opportunity.
3. Management
In this section, we will create a management profile of all factors in trading including capital management, mindset, methods, and emotional & mental management.
We will discuss this further, in the next article.
by: Albinus Tejo S
