Traits Of Successful Forex Traders

Provided By Ultimate Trading Systems

What Skills Put Successful Forex Traders Above The Rest Of The Pack

Trading presents all successful forex traders with a fundamental paradox: How do you remain disciplined, focused, and confident in the face of constant uncertainty? Successful forex traders who become consistently profitable in the market usually experience a great deal of pain (both emotional and financial) before they achieve this ability. It takes time, and trial and error, to acquire the aptitudes that allow you to function effectively in a market environment. The rare exceptions are usually successful forex traders who were born into successful trading families or who started their trading careers under the guidance of a mentor who understood the true nature of trading, and, just as importantly, knew how to teach it.

Why are emotional pain and financial disaster so common among traders? To start with, most of us weren't fortunate enough to start our trading careers with the proper guidance. However, the reasons go much deeper than this. The markets are filled with contradictions that make it extremely difficult to learn how to trade successfully.

Financial and emotional disasters are common among successful forex traders because many of the perspectives, attitudes, and principles that make perfect sense in our daily lives don’t work in the trading environment. Because they are unaware of this, most successful forex traders start their careers with a fundamental lack of understanding of what it means to be successful forex traders, the skills that are involved, and the depth to which those skills need to be developed.

Generally successful forex traders avoid actions that cause them to be wrong, or to make expensive errors. It’s a natural response to potentially risky situations. But this natural tendency makes trading extremely difficult. Instead of avoiding these actions, successful forex traders needs to remain disciplined, focused, confident, and active in the face of constant uncertainty. When you have learned how to "think" like successful forex traders, that's exactly what you'll be able to do.

I'm sure there aren’t any successful forex traders reading this who haven't gotten into trades too soon (before the market has actually generated a signal) or too late (long after the market has generated a signal). What successful forex traders haven't convinced themselves not to take a loss and as a result, had it turn into a bigger one. Or hasn’t gotten out of winning trades too soon; or found himself in winning trades but didn't take any profits at all, and then let the trades turn into losers. Or even moved their stop-losses closer to their entry point, only to get stopped out and have the market go back in their direction. These are only a few of the many errors successful forex traders can make.

These aren’t market-generated errors. They don’t come from the market. The market is neutral, it moves and generates information only about itself. Movement and information provide traders with the opportunity to do something, but that's all. The markets don't have any power over the unique way in which each of us perceives and interprets this information, or any control of the decisions and actions we take as a result.

Here’s the biggest difference between consistent winners and all other traders: The most successful forex traders can remain calm and focussed in their trades because they aren't afraid. They aren't afraid because they’ve developed attitudes that give them the mental flexibility to flow in and out of trades based on what the market is telling them. At the same time, the most successful forex traders have developed approaches that prevent them from getting reckless. They’ve learned to accept the risk of the market, but to never take it for granted. These are skills all successful forex traders can learn, with some help, and one that will unlock the possibilities of the market.

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