Thinking Like The Best Foreign Exchange Traders
By Ultimate Trading
How The Most Successful Foreign Exchange Traders Achieve Their Best
exchange traders believe that: (1) you don't need to know what's
going to happen next in the market to make money; (2) anything can
happen in the market; and (3) every moment and every trade in the
market is unique. Each individual trade either works or it doesn't.
Sound complicated, and difficult to do? It is, but you can learn to
The best foreign exchange traders think differently from everyone
else. The successful foreign exchange traders have confidence in
their own trades, and trust themselves to do what needs to be done
without hesitation. They have learnt to focus on the information
that helps them pinpoint opportunities to make profits, rather than
focusing on the information that strengthens their fears. The
foreign exchange traders have learnt not to fear the erratic
behaviour of any market.
With these types of ideas shaping your approach to the foreign
exchange traders market, you can learn what does and does not work
in the market. You will also be able to build up your
self-confidence so that you won't harm yourself in the changeable
environment of the market. A foreign exchange traders work can be
hard and psychologically dangerous work, but its rewards can be
great for those who have the discipline to learn to trade in a
consistently safe and responsible way.
Not everyone has this discipline. There are two types of foreign
exchange traders in the market: those who consistently make money,
and those who dont. Foreign exchange traders who have learnt to be
consistent and disciplined make significant sums of money in the
market every year. Surprisingly, most of the trading industrys
failures are accomplished people.
The largest group of regular losers is made up of doctors, lawyers,
engineers, scientists, CEOs, wealthy retirees, and entrepreneurs.
Furthermore, most of the best market analysts are the worst foreign
exchange traders. Intelligence and good market analysis can
certainly contribute to a foreign exchange traders success, but they
are not the defining factors that separate the consistent winners
from everyone else. So if it isn't intelligence or better analysis,
then what could it be?
While the markets can be described as an arena of endless
opportunities, they confront the individual with some of the most
sustained adverse psychological conditions they can be exposed to,
such as conflicting information and sudden unexpected trend
reversals. Even with this, though, foreign exchange traders learn
something about the markets that will indicate when opportunities
exist. But learning how to identify an opportunity to buy or sell
does not mean that you have learned to think like foreign exchange
The one characteristic that separates the consistent winners from
everyone else is their attitude. The winners have acquired a unique
outlook that allows them to remain disciplined, focused, and, above
all else, confident. As a result, they are no longer susceptible to
the normal fears and trading errors that plague everyone else.
foreign exchange traders end up learning something about the
markets; very few foreign exchange traders ever learn the attitudes
that are essential to becoming a consistent winner. This attitude
comes from accepting the volatility of the market, approaching the
market with discipline, taking it one trade at a time, and keeping a
consistently positive attitude.
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