Winning Mindset in Trading

Today the FOMC will come once again. There is a lot of speculation on what the FOMC will discuss today, which makes it a little more of a challenge to trade. The end result of the FOMC will determine if there is more volatility or less. Many are calling for no changes to occur, however, the fact that there is a little more uncertainty this time, may cause markets to move.  This is why I am looking forward to today's FOMC. So, what is the best method for trading the FOMC? Well, the first step to trading the FOMC is to be patient.

How To Gain That Winning Mindset In Trading

Watching and waiting pays money in Forex, unlike other businesses. In other businesses, people must be aggressive and must work to get things done. The more work that gets done the more overall productivity in your average business. This is not the case in Trading. In Forex Trading, the less you do in times when you should do less, the better your profits. It took me years to understand this notion. When I first began trading, I thought more was better; this was the farthest thing from the truth. Let me say it again, "More is not better".

Lets discuss this a bit in detail. Traders for the most part lose.......why do they lose? Well, first is impatience. Emotions is one of the first elements in losing a trade. You get in a trade, you get impatient, nervous and you begin to question your trade. Some traders will begin to tell themselves, I can't believe I am losing, this was my rent....this was my mortgage. The moment a trader begins to say these type of things to themselves, they fall deeper and deeper in the trading hole of misery. Do not begin this process, we have all been there at one time or another, and I am telling you to train your mind from day 1. Tell yourself, "I am taking this trade, but if I am wrong, I am getting out". And that is that.

So it is important to remember that a winning mindset in trading will come with practice and patience. If you are able to focus on what is important and not what your natural inclination is, then you will be a trader of the winning mindset when day trading.