The successful Forex trader

$010I want you to write this down so you can see it every single day! It should be your mantra. Memorize it!
“The successful trader isn’t the trader who doesn’t lose, The successful is the trader who can successfully manage his losses”.
I was talking to a fellow trader this evening, and we talked a lot about the emotional, trade, and risk management aspects of trading. What it all boils down to is how 90% of traders don’t get these aspects under their belt. They fight it to some degree. If it doesn’t have anything to do with the actual system, it’s not worth talking about. This is a costly point of view, it will make you unsuccessful as a trader. This is why 90% of traders fail.
The 10% that do manage to embrace it are the few that do succeed. YOU are going to be among the successful few!
It’s important to know that losing a trade is no reflection on you as a trader, it happens to ALL traders. It doesn’t mean you can’t trade and it doesn’t mean you failed.
It’s how you manage these losing trades that makes you a good or bad trader.
If you lose a trade due to not trading the system, you might be a poor trader.
If you lose a trade because you jumped the gun, you might be a poor trader.
If you move your stop loss and end up with a large loss, you might be a poor trader.
If you trade based on emotions, you might be a poor trader.
You are none of these. You manage your trades. You take your losses in stride. The system dictates your trade management and you follow it. Your losses are never large, never more than the allotted risk. You understand that losses happen and you don’t let it get you down, you keep trading.

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