1 . Thinking long term rather than short term
Most traders starting mistakenly believe the hype that the currency market is a place where you can make a fortune overnight . Good forex school teach their students the fundamental lesson that it takes time to make money. Trying to make a lot of money in both markets can only end in disaster if you're really lucky. Keep in mind that the only way to earn consistent profits in the forex markets is to negotiate the use of leverage, but also significantly increases the amount of money you can lose .
2 . Learn to be patient
It takes time to learn how to trade successfully , rather than thinking that after only a few courses , you will be successful at a time . In addition to the courses that you will learn in Forex school , will also have to spend hours of practice with demo accounts before real accounts . They say that it takes 10,000 hours to become an expert in something, and you have to put invest all the needed time to develop a successful strategy , because won't happen overnight .
3 . Develop a trader mindset not a gambler one
A trader must accept his losses because nothing is worst than letting running losing trades rather than closing then when it's against him and hoping that the trade will reverse in his favor .
4. Managing your risk
Every time you open a trade, there is always the chance that will go against you and you lose your money . For this reason, you must develop skills of risk management that will help you manage your risk so that you will be able to make successful trades . An example of risk management is to trade just the amount of money you are able to loose of your trading capital . This will limit your losses in case you fail to reach your take profits targets . Of course, this does not prevent you increase the amount ventured on your trades in case you feel the market is in your favor.
