Forex Blog Articles

Attitude and Mindset of Accepting Losses | Successful Forex Trader

May 21, 2020 | 8:29 am | Forex Blog Articles
May 21, 2020 | 8:29 am
Forex Blog Articles
Attitude and Mindset of Accepting Losses _ Successful Forex Trader

Whenever I Have a Loss I Never Let It to Bother Me. That’s Solomon’s Mental Routine.

Solomon.O 36 years old, Ghana.

“Accepting Losses”.

Solomon has just successfully passed our evaluation program with a great trading plan and has become a forex funded trader.

He is now one of our funded traders and is trading with a 40K forex funded account on our platform.

His next mission is to reach 10% of profit and double his funds to 80K.

We spoke with Solomon about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.

Click here for more Inspirations lessons and interviews from our professional funded traders

 

  • Do you have a specific trading plan?
    My trading plan is very simple and relaxed. I do not expose more than 1% of my equity on a single trade. I do not also trade only one pair of the market, I try to enter at least 8 pairs providing my strategy setups are correct. I intend to make 3% to 6% every month but I do not force it if my strategy setups are not correct for a given month. I don’t intend to lose more than 3% of my equity in any given period, I try everything possible to protect myself from losing more than 3% of my total equity.

 

  • Tell us about your trading routine.
    I normally trade from the beginning of every new month by sitting behind my laptop and watching the market until I get set up. Most of my setups happen from the beginning of the month and so I have to meet them before I relax at the back of my laptop. So my normal trading hours are from 6 am to 6 pm daily. I trade for at most 16 days in a month and the rest I analyze the market for another new month. That gives me a lot of time to relax and refresh always.

 

  • Do you have any risk management techniques? If so, please, elaborate?
    for any trade that I take, I close at a profit of 50 pips and buy with half of the initial invested amount. This prevents a lot of losses and also gives me a lot of profit. I try everything possible to cut my losses.

 

  • What was your biggest challenge in trading, and how did you overcome it?
    My biggest challenge was when I started with your challenge and I made some mistakes with regards to the lots that I mistakenly used. It took me soo much loss of about $330 dollars and I had to recover everything again and make my target. Thou it was unfortunate and it made me make some mistakes but I trusted my strategy soo much that I knew I would overcome it so I was not too much worried. And here I am!

 

  • What was the key moment of your trading career?
    When I started using my strategy am using now and I did a 5% minimum profit for a straight 14 months. It was the best month of my life and that of my trading carrier. I knew I have landed exactly where all the best have been.

 

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  • In your opinion, what are the most important characteristics for maintaining a steady trading career?
    1. Stable psychological mindset 2. Patience 3. Good money management 4. Attitude and mindset of Accepting losses 5. Trusting your strategy and learning from your mistakes 6. Being positive always.

 

  • Do you apply any mental/psychological routines while trading? Please elaborate.
    Whenever I have a loss I never look at it to bother me. I know my strategy so I just focus on that. I always count my profits not losses. I try to always keep myself in the mode of motivation and positive atmosphere. I am in to make profits and not losses so I am always focused. I give myself some time every afternoon to go out to refresh myself at the cover joints.

 

  • What was your strategy for successfully passing The 5%ers’ Evaluation Program?
    Whenever I have a loss I never look at it to bother me. I know my strategy so I just focus on that. I always count my profits not losses. I try to always keep myself in the mode of motivation and positive atmosphere. I am in to make profits and not losses so I am always focused. I give myself some time every afternoon to go out to refresh myself at the cover joints.

 

  • How long did it take you to become a consistent trader?
    I became consistent after three years. The strategy changed and more importantly, my money management changed to a more relaxed and long term way. The strategy I use is more relaxed and more of building profits in a more relaxed way than forcing to win all trades. I became more of a master of my own trades and I began to expand my knowledge more into working as a trader in a more professional way than a hit and run newbie lol!

 

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