These basics for success are not to do with your actual Forex trading strategy but to do with getting the right mindset for success and the first one is a basic error the majority of traders make.
1. Accept Responsibility for Your Results!
Most new traders like to think the route to wealth is some junk Forex robot or fancy indicator but its not. For Forex success, you have to get a Forex Education and think outside the box and on your own. If you can't take responsibility for your actions forget Forex trading, as you are destined to lose.
2. Perfection Forget It - Trade the Odds and Trade the Reality
If you want to trade Forex successfully, forget being clever and forget your ego instead, be humble and do these basics right.
Perfection is not possible yet most traders waste their time trying to figure out what may happen next. The savvy trader knows that the big Forex trends last for weeks, months or years and he locks into them and holds them. He doesn't care why the market is moving, he just wants to make money from trends, he may not be clever but he's smart. On the other hand if he is wrong he takes his loss and does it quickly.
Most of us like to be right all the time but in Forex trading forget about perfection, you are going to have to be wrong and you are going to take losses and lots of them. Of course you can still win by keeping your losses small and running your profits.
3. Have the Courage to Accept big gains
Sounds odd - surely most traders want big gains?
Yes they do, but they never have the courage to hold a trend. When they get a profit, they get excited and the bigger it becomes, the more they want to take it. As dips in the market eat their profit, they can't hold and bank.
The savvy trader never banks early; he holds the trend and accepts open equity dips, as part of the route to a huge long term banked profit.
The above tips maybe simple, but if you understand them, you can why they can lead you to currency trading success.