9 Tricks of the Successful Trader (5 of 9) 9 Tricks of the Successful Trader (7 of 9)

9 Tricks of the Successful Trader (6 of 9)

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Focus on your trades and learn to love small losses. Once you have funded your account, the most important thing to remember is that your money is at risk. Therefore, your money should not be needed for living or to pay bills etc. Consider your trading money as if it were vacation money. Once the vacation is over your money is spent. Have the same attitude toward trading. This will psychologically prepare you to accept small losses, which is key to managing your risk. By focusing on your trades and accepting small losses rather than constantly counting your equity, you will be much more successful. Secondly, only leverage your trades to a maximum risk of 2% of your total funds. In other words, if you have $10,000 in your trading account, never let any trade lose more than 2% of the account value, or $200. If your stops are farther away than 2% of your account, trade shorter time frames or decrease the leverage.
Source: http://www.investopedia.com/articles/forex/08/successful-trader-traits.asp