The simple solution is as long as you're consistently able to gain more than you lose; you've won!!!
For some of people to turn break even strategy into consistently profitable strategy is to master a risk management profile. The trader must have their risk management, entry, and exit criteria clearly defined.
Very common statistic about the forex market is that around 95% of people that start in it, will inevitably lose their money and fail. Forex market is highly volatile environment and one of the reasons people fail is that they risk too much before they understand what they are doing. Most of the people starting out competing against professionals who have superior knowledge, and years of experience.
Lack of experience and insight into what makes a successful trader, lack of appropriate plan or the knowledge ones need to be successful in forex, poor risk management and human emotion are some of the most common ones. Many times it all comes down to a lack of respect for the nature of the forex market.
Here are very specific things you can do to improve forex trading results:
· Have a clear definition in mind to spot the potentially profitable trade that is manifesting on the charts and visualize insights of winning and losing outcomes before trade will fold up.
· Learn as much as you can, through your own experience to internalize it and study your mistakes.
· Accept that you'll never be the "best", there is always room for improvement, and always keep learning
· You can learn a lot from other people that are already successful.
· Practice, learn, and practice more. Learn to take responsibility for your own trading decisions.
· You're undoubtedly going to end up blowing out your account and become part of the statistic of failures at some point, but don’t give up.
No trader can succeed if they do not have a trading plan which is an essential part of successful forex trading. Every trade will not be a favorable one but it’s important to do your best and maximize as many favorable trades as market offers to you.
Trading the forex is in part a psychological game. Pattern recognition, signal interpretation, analysis of indicators, mental discipline and understanding of human psychology all make forex trading the most fascinating of human financial endeavors.