Successful traders don’t have access to better information, trading models or broking facilities than losing traders. Their edge is mental: decisiveness, ability to be comfortable with uncertainty and responsibility for their own trading outcomes. They transcend the focus on money with attendant emotions of greed and fear, and see trading as a challenge and a game.
Losing traders typically wait for confirmation from others before they act, and want a broker to hold their hand. They do not use a tested model, but instead try to second guess the market and trade by the seat of their pants, or buy someone else’s trading model. They don’t manage risk or use stop losses and have unrealistic profit targets. When they lose, they typically look for someone to blame and avoid responsibility for their own actions.
The FX market is not the place to find out what type of person you are, but will quickly and ruthlessly reveal your true character and expose your limitations. Hopefully you will do the homework of working on your psyche before starting to trade
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