Napoleon Hill, the author of "Think and Grow Rich", knew a lot on how to make money. Forex traders can learn a lot from him.
1. "Self-disciplined begins with the mastery of your thoughts. If you don't control what you think, you can't control what you do. Simply, self-discipline enables you to think first and act afterward."
There are many things in your forex trading career that are as important as having a good system. You should never underestimate the importance of having the right mindset, and the dangers of having the wrong one. You have to know your weaknesses, and strengths. Do this and you will conquer.
2. "Edison failed 10,000 times before he made the electric light. Do not be discouraged if you fail a few times."
Losing money, while trading, can be considered as a fail. But you should learn to accept that losses are part of the deal. Look at it this way: if you were a baker you would have to buy milk, eggs, flour and butter so you are able to produce bread. The losses you experience in your trading account, as long as they are under control, are the raw material that will make you able to bake your bread (make some dollars). Don't be discouraged by occasional set-backs.
3. "If you cannot do great things, do small things in a great way."
You should not aim for 1000% gain a day. Small gains tend to add up very quickly when you trade in a wise way. If you invest your money in a responsible disciplined manner in no time you are going to have a small fortune., there is great power in consistency.
4. "Patience, persistence and perspiration make an unbeatable combination for success."
A successful career as a forex trader is never the result of luck or chance. Only those with the discipline and commitment to succeed will profit from this occupation. The key, to become a successful trader, is to be bold, have cold blood, and trust your trading rules.
5. "Do not wait; the time will never be ''just right.'' Start where you stand, and work with whatever tools you may have at your command."
Sometimes, after a series of consecutive losses, taking the next trade can be very difficult. But this next trade is the one that will help you recover from your losses and make some profit. You should always trade when your system tells you, even if it hurts. Don't wait for perfect timing. You can't predict tops and bottoms with enough consistency.
I know trading the forex market can be a rewarding occupation; you need no special skills or natural talents to become a successful trader. Anyone with the determination and the right information can learn how to trade. The only thing you need is good mechanical system with a positive expectancy, sound money management rules, and above all self-discipline.