Psychological mindset, money management, trading system ... is these enough ?

[Forexmachine]

Many dreamed that forex will soon take be able to take over their regular job or better yet, give them a better lifestyle , including me

I got attracted to forex because they heard of how successful traders made big with forex i have hoped that i will not be in the 95% of retail traders who lose money.

What makes the 5% traders successful ? Psychological mindset, money management and a good trading system, is that enough ?

1) Time – With a regular job, there is left little time to analyze and monitor the market movements without sacrificing much of my personal and work life.

2) Capital – Without sufficient capitals (less than 5,000 USD), the dream of having forex taking over your regular job can be a challenge, i currently only have a mini account which gaves me challenge trying to keep to a money management system.

3) Information – Most retail traders generally do not have the luxury of access to the latest market mover news. When the news have reached them, have limited access to the latest economic news and happenings around the world. By the time retail traders we hold of the news reports, the market would have already started the move, leaving little time for trade decision.

How should we cope with these ? Any pros here who can enlighten me ?

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[15jeff]

In forex trading 1%is psychology rest is our skill.

[FibMaster]

I would rate the psychology component much higher than 1%, but I can't really give it a percentage.

As for news, try not to trade when news is imminent, and then eliminate that from your trading plan. Consider this.. You are looking for consistency and less frustration. It's much easier just to trade trends, so avoid the random and frustrating new spikes...

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