Characteristics of Successful Forex Traders (part 1)
By Ultimate Trading
Not All Forex Traders Started Out Successful
Why does some forex traders succeed and others fail? What sets the
winners apart from the losers? Well, you wont be surprised to know
that there are certain characteristics that all successful
traders share. While many investors take actions that arent in
their best self-interest, such as making trades based on emotions,
rather than on logic, or holding on to a losing position so they
wont have to admit they made a bad trade, successful forex traders
dont do these things.
But there are some actions that they take regularly, so regularly
that they become habits. Learning about these characteristics and
habits will help make you and your associates into successful forex
traders as well.
To start, successful forex traders are goal-oriented. Most people
perform at their best when theyre reaching for a clear goal. There
are three basic qualities that make up a clear goal. First, the goal
must be realistic. If your goal is to double your money every day,
it sounds great but its not realistic.
Setting unrealistic goals can undermine your self-confidence; you
will be setting yourself up to fail. Secondly, the goal must be
attainable. Just as with a realistic goal, an attainable goal must
be within your current capabilities. The best goals are short-term
goals; successful forex traders make their first goals small, and
then continue to increase their goals as they experience success.
The third trait of successful forex traders is measurability. Goals
that arent precise and cant be quantified or measured, arent
goals at all. If your goal is to be wealthy, you need to specify
what wealthy means. My guess is that your definition of wealth
will change as your net worth increases. If you cant define your
goal, and measure your progress towards it, then you have no way of
assessing your progress.
It becomes impossible to make any changes to your techniques and
strategies that may help you reach your goal. Successful forex
traders set goals, and they also are confident they can reach their
goals. Confidence is the key to staying rational, logical, and
disciplined while you are trading. Starting with small, realistic
goals will help build your confidence in yourself and your
Successful forex traders also apply skill and logic to all their
trading decisions. They learn every day, and they use what they know
to make intelligent choices on every trade. Successful
traders dont worry about missing out on the next big thing
they focus on making good trades.
One of the most common mistakes inexperienced forex traders make is
to trade when they see an opportunity they think might be too good
to miss. Jumping into a position based on a hunch, or on the belief
that you may be missing an opportunity, is no different than
Almost every investor at one time or another has felt a rush of
enthusiasm for a trade based solely on their desire not to miss
out on a great opportunity that might be available. Successful forex
traders know their market, and are disciplined in their trades so
that they arent swayed by these kinds of concerns.
While these forex traders know their market, 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. If you
enjoy trading in commodities futures, that enjoyment will help you
to focus and stay in touch with events in the commodities futures
market. If you arent interested in currency trading, dont trade in
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 study and they follow it closely, learning from past
trends and patterns, and from their own trades. If youre a
beginning trader, I recommend focusing on one investment vehicle and
its market. Learn all you can, about the market and about yourself,
before you move into other investment types.
Whether youre a beginner forex traders, a forex traders with some
experience, or someone who makes his or her living strictly as a
forex traders, 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
trader, regardless of your level of expertise.)
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. There arent different strategies for different levels of
forex traders because the principles are the same for everyone in
the markets: logical, focused, disciplined trading creates success.
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