f you conquer ‘IT’, you cannot get a Forex margin call, ever again. “IT” is pride. The pride interferes with trading the most at intermediate years in trading. A lot of self-taught traders who come up with their own trading disciplines and strategies are easily trapped by egotistical arrogance and become rigid and stiff. They make some profits on the way, but eventually lose one of the greatest virtues in the forex world: modesty. When you think you are at the top, that’s when the fall begins.
To control the pride and arrogance, follow the 4 mindsets:
1. There is no unique method in the Forex world. Even if you think that you came up with the strategy, you are never the first one. It’s either tried and vanished, because of ineffectiveness, or forgotten, because of a better method.
2. There is no 100% guarantee in any strategy, but great strategies do not fade and still found to be effective. You must grow out of modesty. Stay in the place of apprentice and keep learning.
3. If you cannot set up a certain trading strategy, don’t jump into trading right away. Study the existing trading records and acquire knowledge from the past. Learn from history.
4. Walk slowly but surely. You will accumulate your own valuable lesson every step of the way. Embrace the losses and analyze the win. You will be winning even when you lose.
If you keep these four mindsets and manage the pride, you will be able to get off from the Forex margin call pattern.