No. 1 “My strategy is profitable in all market conditions”
When it comes to forex trading, there is no such thing as an infallible strategy that can be successful in any market climate. If
there were, all traders would be millionaires by now. Indeed, it takes a
lot of practice and hours of trial and mistakes to establish a
successful strategy. And yet, this strategy cannot be profitable 100%.
No. 2 “I am 90% accurate”
In fact, 90% of traders lose money and quit, while the most successful traders usually don't hit a success rate of 70%. You can lie
to people, but you cant argue with numbers. The market is so dynamic
that a success rate of over 90% in the long term is highly unlikely.
No. 3 “I don't need risk management”
While losing money is inevitable in forex, risk management can reduce losses. Without a risk management strategy we will become
irrational and emotional. Thus, a successful trader will never tell
other traders that risk management is unimportant.
It is not possible to win all the time and never lose money, even for a successful trader. Being able to win and lose is part of the forex
trading game. It is something you should accept in order to become a
good forex player.
Proper trading education is crucial to success. Because even if you have a genius IQ score, there's no way you can learn everything about
forex by yourself. Dont expect your learning journey to be smooth. A
truly successful forex trader will be willing to use different learning
materials and learn from other traders as well as his own mistakes,
which makes him stronger in the long run.
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