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Without knowing it, it is very likely that it will look like a card player in the currency market. In fact, if you're like most people who trade currencies, you're probably more of a player than a trader. Foreign traders who do not make money consistently simply have the wrong mindset, unlike professional traders who have developed certain habits that allow them to make money regularly by speculating with the financial markets.

There are two types of currency traders, those who play with their money as card players and professional traders who consider currency trading as a business. To determine if you are a player, let's talk about some of the most common features for players. This will help those who are more players than traders first recognize this factor and gradually change their mentality.

Main features of merchants who are players

The players are addicted; They like to do the same thing over and over again just to have a sense of euphoria. They regard commerce as a hobby and not as a serious activity that involves a reflective and responsible approach. Unfortunately, this "hobby" often becomes a gambling addiction that can cost you thousands of dollars. Players get drunk by "waiting" so they keep losing and not changing their habits, they waste a lot of money even to get loans to fund their habit. Players still believe that their luck will eventually smile and continue to put more money on the table. Unfortunately, most individual investors in the foreign exchange market have a similar approach to a card player. People with a similar mindset, become addicted merchants and behave like card game fans, risk big sums of money with random risk management plans and no risks. These types of merchants are in the market for fun even when they are not winning. They lose reality by using very high leverage, as their negotiation method is based solely on greed and hope.

Professional traders

In the mind of a professional forex trader, money management is the surest way to control risk. Understanding and applying the risk-return ratio allows operators to manage the risk in each operation. Basically, professional dealers do not enjoy entering and leaving the market. Unlike players, they do not look for euphoric feelings because they know exactly what they want to do in the market before exchanging. They have no confidence in luck, but the likelihood of success. In other words, they have a forex trading plan. Successful traders are familiar with their forex trading strategies, do not enter the market just to compensate for a loss and have confidence in their long term strategies. Generally, money-making operators only trade with a few key currency pairs and in reliable market configurations. Patience, consistency, a sustainable method and precision are the tools and qualities of successful traders. On the contrary, players invest in random markets with very high leverage as they enjoy the strong adrenaline rush.

What can you do now?

These are some principles that you can begin to apply immediately to thinking and acting as a professional trader:

To become a professional become a funded account trader, you need to create new paradigms that include positive habits that help you get the mind of a winning trader.

Consider trading as a complete occupation that includes significant liability. Can you have a family to give birth to? Will you be willing to take risks that are not calculated and that may affect your family's needs? You need to realize that your limit is determined by your level of emotion, the loss of your emotional control will certainly lead to losses in the foreign exchange market.

Keep an operation log to archive all previous operations. All companies have records of their expenses and revenues to monitor and measure the performance of their daily activities.

Lastly and most importantly, you need to be realistic about your profit goals relative to your starting capital and not invest money that you cannot afford to lose. Under no circumstances should the potential loss of your funds affect your standard of living.