There are a lot of traders who have made a good profit in their trades but lost wiped out all their profits from a single losing trade. It is a very common problem for Forex traders. To answer this question, we need to focus out trading mindset and consistency. Before traders develop their trading mindset on how to set their goals to become a professional trader in this sector, they begin to analysis with market strategy, Forex robots and many other quick schemes. They do not make a profit but only waste a large part of their time. If you want to win the super bowl, you must have consistency in your bag. It is the ultimate secret that can set you apart from the average traders of this investment market. Losing is just a part of the trader’s life. If you want to see yourself successful in the Forex industry then you need to learn to accept the loss. Most retail traders get frustrated after having a few loss in their trading account. They simply don’t realize the fact that without having losing trades, it’s impossible to make money in the online trading world.
But I like to focus on making profits?
We know that you are very much interested in making profits. It is also one way to earn money in Forex. You place trades, make profit’s and at the end of your trading, you are the successful trader who is going home with a good amount of cash. The problem is making a profit and making consistency is two different things. Think for a second that you are driving a race car in the mountain with difficult turns. You made a good turn in one curve and in the next turn, you crashed your car. The first turn that you make was your profit, the second turn where you crashed your car was your consistency which you do not have. The mountain you were driving on was your career in Forex industry and if you do not want to crash your career, you need to know how to make the successful turn in every curve of your mountain tracks. You will lose your place sometimes to other racers but you will not crash your car. These other racers are your trades. You will always lose some trades in this sector but when you have learned how to consistently trade in Forex, you will never crash your car or lose your profit.
Importance of consistency
We hope that you have understood the importance of consistency in CFD trading. If you were chasing after profit, now you know where to chase the market. Instead of making profits in every trade, try to be consistent in your trading strategy. This will make your strategy more advanced and give you more money as profit. So how do we make a profit on a regular basis? The answer lies within your trading system and mindset. You need to develop your own trading strategy and trade the market in favor of the trend. There is no need to use a complex trading system as it will create confusion in your trading mindset and force you to execute poor trades. Try to trade the market with a simple trading system, preferably price action trading strategy. And also make sure that you are using a robust trading platform like SaxoTraderGo so that you can experience the best user experience as a professional trader. And focus on proper money management in every single trade to reduce the risk exposure in trading.
Summary: Consistency is the most vital element for all professional trader. If you are new to this industry then you need to gain confidence by using the demo trading account. Work hard and learn all the market details so that you can easily execute the quality trade setup in favor of the prevailing trend.