Do you also feel that achieving success in trading is only meant for a certain percentage of lucky traders? Well, it’s true that successful traders have already fought the battle with the mental pitfalls but at the same time, they’ve also found a trading edge with which they are consistent. According to a previous survey done on rebate brokers and forex brokers, it was found out that 80-85% of the traders start losing money in the initial quarter, which implies that the losing rate is higher.
When the newbie traders are surveyed, it is seen that that number of losers range from 88%-93%. Hence, everyone is looking for ways to succeed in the trading game. Whether through forex cashback or seeking the help of a trustworthy forex rebate provider, traders are on the lookout for minimizing losses and maximizing winning odds. Keep reading to know more.
The success mantra of forex trading
- Watch out for a 65% winning percentage
Do you know about the two-thirds/one thirds formula? This will mean that your odds are going to be in your favor but at the same time you are also accepting that your risks might become high if you reach a high accuracy level. The two-thirds/one-thirds rule has helped traders achieve success for a very long time now. It will surely be a deal if you could follow this and achieve success 80% of the time.
- Understand the power of quitting
If you have been a forex market trader for a very long time, you know what this means and how important it is to embrace the power of quitting. Try to trade at the ‘prime time’and be sure about the quitting point. Experts suggest that 2 winning trades + positive outcome = quitting time. If you get two winning trades but negative results, it is time to reach the stopping point. Majority of the US futures markets are valid for trading for the initial 2-3 hours. Soon after, the traders fall into a rut, which is not worth the effort.
- Accept the process of losing trades
People never enjoy the feeling of being wrong. But you must accept the fact that no matter how effective your trading strategy is, you can still be wrong. Do you find yourself cursing, sweating, and pacing for a single trade? If yes, you are way too over-leveraged for trading or you need to search your soul before you progress with the same. Talk to experts and seasoned traders to know how they indulge in successful trading where they do more than 50 or 100 trades. You muststay away from the whims of the trading markets that is not under your control.
Trading is experimental and you need to execute it successfully. If you are trying to minimize your trading costs throughforex rebate, get the help of a rebate providerto gain the benefits of forex rebates. Choose a reliable provider with an effective program.
