Characteristics Of A Successful Forex Trader

Provided By Ultimate Trading Systems

Becoming a successful forex trader means setting goals

Many forex traders take actions that aren’t 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… the list 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 they’re 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 it’s 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 success.

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 you’re 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. That’s not true. (It’s also true that if you don’t stay disciplined, focused, and rational, you’ll end up as a losing forex trader, regardless of your level of “expertise.”) All successful forex traders started as small investors; they didn’t 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
It’s 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 events.

If you aren’t interested in currency trading, for example, don’t 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 you’re 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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