I agree that being rich and lucky is better than being poor and wise, but wisdom and good trading are interrelated.
Good Morning Goldlover, Consistently Profitable year to year is the only outcome. Everything else is theory. And I do not believe in trading theories anymore.
Wisdom comes from experience, either personal or learning from the experiences of others. Kobe when asked; "Do you play to win or do you play to lose?" He responded; "Neither. I play to learn... that gives me emotional stability.. to view every experience as a learning opportunity.." Furthermore, arrogance and wisdom don't mix.
A wise trader does not rush and is not greedy, as he knows very well what this leads to. His actions and trades are fully justified and comply with all the rules and conditions of his trading strategy, he is disciplined and does not give in to emotions. He does not try to make big money in a short period of time, he knows how to wait and gradually and steadily earns on forex.
A wise trader does not rest on his laurels and constantly learns, improves his skills, analyzes mistakes and studies new strategies. He understands that the Forex market is always changing, and in order to be successful, you need to adapt and improve your methods. A wise trader also understands the importance of choosing the right broker for Forex trading, choosing a reliable regulated company with favorable trading conditions, for example, such as exness or fxopen.
A wise trader practices discipline, manages risk effectively, stays patient, learns continuously, controls emotions, and adapts strategies based on market conditions without chasing losses or overtrading.
These principles are rooted in successful trading psychology. Buying when others are fearful and selling when they’re greedy aligns with contrarian thinking. Ignoring minor fluctuations helps maintain focus on long-term goals. Self-awareness and managing emotions during both fear and victory are key to consistent, disciplined trading.