They have been very successful, ironically, in every aspect of their life and profession. It is because they see it as just a game of money and not comparable to what they do, visit us.
Many lawyers, doctors and accountants have also failed to make it in the forex market. It was their belief that the success they had in their respective fields would allow them to be successful in forex trading. They lose so much money that they eventually give up.
This is because they do not possess the traits of a successful investor.
Take a look now at the 8 traits that make a trader successful.
1. It is not something they take for granted. For them, forex trading is just as challenging if it’s not even harder than the most highly specialized of professions. The traders put in many hours and efforts to make sure they trade well.
2. They are well aware of the potential financial risk involved with forex trading. The fact that forex traders can lose and also win money is well-known to them. The practice prudent money management in order to preserve their capital.
3. They begin with forex trading basics before diving into the Forex market. Learn about forex technicals and fundamentals.
All the prior rules established by successful traders are respected and followed. They are aware of the risk involved in trading against trend.
4. Patient. It takes time, just like in any profession, to become a successful trader. Always start slowly and with demo trading. They started with demo trading and then moved to live trading.
5. The importance of a mentor is understood by them, just as it would be in any professional field. Beginners are very aware of their weaknesses and they seek advice from experienced traders.
6. It is a well-proven strategy that they use and limit themselves to trading one currency. They never switch strategies. They never trade more than one currency at a time.
Their focus is on maximizing profits and minimising risk, as well as understanding their nature.
7. The capital they have set aside is enough to allow them to afford to lose. Because they don’t feel any pressure to trade, because they are trading with money they could lose. The traders simply execute their plans and follow them.
8. They record their trading. It is important to review both their successful and unsuccessful trades in order to learn from their mistakes.
The game of forex trading is easy to understand, as you can buy and sell. The 95% who lose money are forex traders. It must be that successful forex traders possess something.