Successful forex trader good at managing EQ
How to be a successful forex trader? You don’t need rocket science knowledge, nor do you need to know what is going to happen next to the market to succeed in forex trading. I have met quite a number of highly intelligent, intellectually outstanding traders who possessed super analytical skills and good fundamental insights but who are horrible traders, nearly all of them ended up losing all of their capital invested.
In fact, there is no correlation between good IQ (Intelligent Quotient) and successful trading. Not all successful traders are highly intelligent; many of them have average intelligence, or average IQ. But all forex winners do have one thing in common: they are good at managing their EQ (emotional intelligence) while in the trades. They know how to self-regulate their emotions and remove their undue feelings; they work contrary to their human natural instincts which are the main culprits that deter all traders’ success.
Emotional intelligence tips toward a successful forex trader
So the first thing a trader should learn is to acquire good emotional intelligence, without which even if you have the best forex systems, with the most intellectual brains or infinite creativity, you will still fail.
How do I manage my emotional intelligence? Just to share some of the them here:
1. Be indifferent: I have no feelings, I am “heartless”. I have no pains when cutting losses.
2. Be a “dumb”: I don’t think, I am “brainless”. I don’t analyze the market, I don’t predict the market.
3. Distant myself from the market: I don’t follow the market, no news, no TV, no charts. I don’t get confused by the noises.
4. Don’t focus on the outcome of my trades: I don’t bother about the trading results, gain or lose; I don’t trade with magnifying glass, I trade with binoculars.