Some of the common mistakes of newbie traders is focusing an excessive amount of on finding the following winning trades as an alternative of becoming good traders.

It’s common to see newbies who spend most of their time doing fundamental or technical evaluation to search out a profitable trade setup. Some even straight up copy other traders’ ideas and systems without learning much concerning the rationale behind them.

They’re so afraid of missing a superb opportunity that they’d slightly devote their trading time to taking trades slightly than identifying their strengths and weaknesses and dealing on their skills.

What they fail to grasp is that it’s the winning trading habits that win trades more often than winning setups do.

I’m not saying that on the lookout for and even copying trades aren’t helpful. I’m saying that self-improvement activities like trade journaling or deliberate practice would make you a consistently profitable trader faster than simply attempting to find good trade setups.

A successful boxer didn’t start his profession by entering as many competitions as he can within the hopes that have would make him a greater athlete.

He would first spend hours and hours within the gym conditioning his body, memorizing different combos, and correcting his weaknesses before he officially enters the ring. Then, armed with the fundamentals and the habit of learning from his fights, he would make appropriate adjustments until he becomes unbeatable in his weight division.

Now, imagine if the boxer was more concerned about winning fights than being a superb athlete. He would challenge as many opponents as he can without much thought to his training.

His conditioning will likely disintegrate within the ring and he’ll find yourself losing battles. Mockingly, his have to win has weighed on his ability to win.

Forex traders face the identical scenario day by day. Just without the facial bruises. Perhaps.

Point is, many are so focused on their balances, on “scoring” good trades that they neglect their conditioning.

They don’t exert much effort into improving their skill set and over time their trading skills will probably be limited to the sort of setups that they sometimes take.

Specializing in the method as an alternative of profits makes you more equipped to handle any trading scenario that comes your way. It could also lessen trading anxiety since you’ve gotten more control over your current problems than future profits or losses.

Ultimately you’ve gotten to do not forget that winning isn’t about having the perfect cards, but the way you play those that you just’re dealt.

Concentrate on becoming a superb trader and good trades will follow.