The Mindset of the Successful Forex Trader
Forex trading can be learned by anyone, yet 95% lose all their money so what makes forex trading so hard? It's not learning the right information - it's doing so and executing it with the right mindset. Let’s look at the traits of the really successful traders and what you can learn.
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1. Acceptance of Responsibility
All successful traders rely on themselves and don’t believe anyone else can give it to them – so if you’re the type of person who wants to try and follow a so called guru or buying an e-book and think you will win, then you’re going to lose. If you accept responsibility and learn what you need to then this will give you the next vital character trait that you need to succeed.
2. Confidence
If you want to succeed, then you need to have to have confidence. While this may sound obvious, many traders never acquire this trait. They follow gurus or mentors, and think that they can have confidence in them. However, this confidence soon evaporates when losses are encountered. You won’t follow any method unless you have confidence and confidence is really a key to acquiring the next character trait.
3. Discipline - The key To Success
If you read any of the interviews with the world’s top traders, you will find the word discipline mentioned all the time. Discipline is vital to your forex trading success. Lack of discipline is probably the major reason most forex traders fail to succeed. You need to have the discipline to follow your method through losing periods, which will lead you to longer term success. Discipline is built on confidence, and without it you won’t succeed. Keep in mind, that if you don’t have the discipline to follow your method, then you have no method at all! If you have the above traits you will also be able to acquire more which will lead you to currency trading success.
4. The Ability To Isolate Yourself
You must be able to rely only on yourself. Don’t be tempted to discuss your trading with anyone, or give anyone else advice. You will simply allow your emotions to get involved, and you need to keep them out of your trading to succeed.
5. Patience
Patience is a must in forex trading. You need to not only have the patience to wait for the right forex signals to come and not try and rush profits, you must also have the patience to execute your trading system through periods of inevitable losses.
The above 5 factors are key traits of all successful forex traders and gives them the mindset to accept short term losses and stay disciplined to achieve overall currency trading success.
Confronting the Truth
The forex market forces you to confront truth. Your opinion counts for nothing. The truth is the market price, no matter what you or anyone else thinks. The market is all powerful and always right and only you can be wrong. This is why you have to create a framework or set of rules, that allows you to keep your emotions or weaknesses under control and allows you to deal with an unpredictable market and come out a winner. This is why you cannot find market success through someone else. Traders need to find their own truth and work out how to confront the market. This is why you must do your own research and trust yourself. If you can't do this and you believe all the people who tell you about how easy forex trading is, you will lose your equity and lose it quickly.
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