The World of Trading
A speculator's mind is important if you want to attain a trader's mind. Most of the mistakes of traders are that they want to learn the easy way out in perfection like the how to read charts or data, perfecting the entry skills and so on. Trading requires a specific mentality; you should prepare yourself on the losing game even if the trading has not yet started.
The first step to success in the trading industry is training the mind if the trader. This is the common mistake on why most of the traders, especially the new ones, fail to succeed inside the trading industry. You should always remember that the acquisition of the education or knowledge of the foreign exchange market is not that difficult to attain. Anyone could study and learn the background of trading but the key to stay long inside the said industry is to develop or set your mind which is known as the trader's mind.
It is also proven that it is not based on the intelligence or how much knowledge you attained during the learning process that determines your outcome or success. It all lies on the decision making which is the most difficult part of the learning process of becoming a full pledged trader. The sad part of the trading industry is that for every decision that you will make lies enormous risks which will determine whether you'll succeed in the end or not.
A lot of research and studies were already made about the trading game. A trader will need to face the challenge of deciding or making decisions in order for them to test their knowledge and put it into practice. It may sound very easy to say that a trader needs to decide in order to gain profit but once you are the trader engaged in trading, the act of deciding or making a move is very difficult.
Imagine laying your own money, which you earned hard for, at stake without any assurance whether it will make profit or lose in the end. Definitely if you are in that position you will think twice, maybe not just twice but a hundred of times first before making your move or decision.
The hardest part of this game is that you will not know whether you will succeed or not unless you will try and make a move first. The pain lies of not knowing what to expect but then again, this is part of the world of trading wherein a trader needs to learn and cope with. It all depends on how you form your mentality in the trading industry.