Being in control of your mental state lies in two main factors
- How you see your losses.
- How you see your profits
Do you jump around in huge joy when you rake in profits?
Do you get sad and down when you get losses?
Profits and losses should be part of the game, and you should have no extreme feeling when you encounter either because this could have huge impact on what your next trade move is.
Profit can make traders take the foot off the pedal and begin to think they can never be wrong. This translates in neglecting money management rules, trading huge lots and risking huge amount.
Losses can make traders lose confidence in themselves and get too cautious second guessing themselves on the next trade. Sometimes losses make you lose the patience to wait for the next good trade setup, you want to get back in the game to wake what you just lost. This will only lead to bad decisions and eventually make you lose money.
Conclusively, as an individual seeking to be a long-term success in the forex market, training your mind as to how it reacts to losses and profits goes a long way in stabilizing profits.