Characteristics Of A Successful Forex Trader
By Ultimate Trading
Becoming a successful forex trader means setting goals
Many forex traders take actions that arent in their best self-interest.
They make irrational trades; they trade based on emotion, rather than
logic; they hold on to a losing position due to their unwillingness to
admit they made a bad trade; they trade based on greed or panic
of bad moves a forex trader can make is endless. Successful forex traders,
on the other hand, all have a few things in common. Developing these characteristics
and habits will help make you a successful forex trader.
Successful forex traders Set Goals
Successful forex traders tend to be incredibly goal-oriented. Why? Most
forex traders perform at their best when theyre reaching for a clear
goal. And there are three basic qualities that make up a clear goal:
The goal must be realistic
If your goal is to double your money every day, it sounds great but
its not realistic.
The goal must be attainable
Just like with a realistic goal, an attainable goal must be within your
current capabilities. The best goals are short-term goals; make your first
goal a small one, and then continue to increase your goals as you experience
The goal must be measurable
Successful forex traders set goals, and they also are confident they can
reach their goals. Confidence is a key to staying rational, logical, and
disciplined. Starting with small, realistic goals will help build your
confidence in yourself and your abilities as a forex trader.
Success Can Come at Any Level
Whether youre a beginning forex trader, a forex trader with some experience,
or someone who makes his or her living strictly from trading, you can
be successful. Many people think they have to have significant capital,
or years of experience, to trade successfully. Thats not true. (Its
also true that if you dont stay disciplined, focused, and rational, youll
end up as a losing forex trader, regardless of your level of expertise.)
All successful forex traders started as small investors; they didnt trade
more than they could safely risk, they learned from their mistakes, and
they developed systems that worked for them and that fit their personal
styles. We have not defined different strategies for different levels
of forex traders in this article because the principles are the same:
logical, focused, disciplined trading creates success.
Successful forex traders Specialize
Its simply not possible to understand and stay in touch with everything
that occurs in all the types of investment vehicles and markets across
the world. While some forex traders have developed systems that allow
them to trade in multiple venues (for instance, in different stock markets
around the world), most forex traders specialize in a particular type
of investment, and in a particular market. You may enjoy trading in commodities
futures; that enjoyment will help you focus and stay in touch with market
If you arent interested in currency trading, for example, dont trade
in it your lack of knowledge and motivation will cause you to lose focus
and make mistakes. Successful forex traders tend to specialize; they pick
an area to gain in-depth knowledge of, and they follow it closely, learning
from past trends and patterns, and from their own trades. If youre a
beginning forex trader, we recommend focusing narrowly on a particular
investment vehicle and market; learn all you can, about the market and
about yourself, before you move into other investment types.
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