Feb 1, 2021

Mindset of a Millionaire FOREX Trader


If you want to be a successful trader, you must have an eye focused towards your goal. Set your mind to what you wanted to be and live as if you are already one.
Anyone who has a desire to be a trader must follow the footprints of the former successful investors of forex trading and traders. It may seem to be easy, but there is a secret why there are just few traders who become successful in the foreign exchange market.

Here is some advice for aspiring millionaire traders. There are three things important to them.

Abundance and Opportunity

The easiest way of losing your money is showing that you are desperate, wanting to make money faster, driven by feelings. You should not be like this if you wanted to be a Millionaire as you trade.

Millionaires are driven by the mindset of earning more and more continuously and not thinking of it as if it is a one time big time opportunity. And so they analyze and examine the trade setup until the risk is low.

Their Performance in the Market

Millionaires value the performance rather than money alone. Valuing the performance leads to seeing the bigger picture in the trading system, seeing the right process which will help the equity curve go up consistently.

Themselves and Their Abilities

“Believe in yourself “, this is the edge of a millionaire trader to other traders. While others are thinking too much on what might happen to their money, they are driven by the confidence in their ability, plans and strategies in the trading.

 Aside from the valuable things mentioned above, there are also great moves that millionaire traders do.

Millionaire Traders Trade Less Than You

Their choice of trade is at the end of the day where others are already done trading during the day. The more frequent you trade the more risky it is for your capital.
A quote about too much trading says,
“One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do. Most people – not that I’m better than most people – always have to be playing; they always have to be doing something. They make a big play and say, “Boy, am I smart, I just tripled my money.” Then they rush out and have to do something else with that money. They can’t just sit there and wait for something new to develop. – Jim Rogers”

Millionaire Traders Control Their Risk, Carefully

The key to be successful in forex trading is to maintain the size of your position. Make careful moves and do not take things fast. Millionaires always think of how to keep their capital safe, not just on how to make it grow.

“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones
Being a millionaire in trading is not simple, yet a great motivation and goal to start entering the market and studying how it is done.

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