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Submitted by: Dragan Lukic
In our last article, we discussed four traits which top Forex traders consider to be the difference separating consistent winners from trading losers. This article looks at some other characteristics which any new trader must take into account before delving into the world of Forex trading.
Firstly, think about all the successful businessmen and women, singers, footballers and anyone who has realised a significant amount of achievement in their industry. Chances are their success did not happen overnight. The likes of Richard Branson and Donald Trump did not build their empires at a blink of an eye. Most successful people have had to overcome some kind of failure and then learned from their mistakes before they finally reached their current level. Forex trading is no different. As a new trader upon the completion of your
Forex Trading Training
you must fully accept that losing is part of trading. No indicator or strategy will guarantee to make money on every single trade. The sooner you accept this reality the shallower your learning curve will be.
Another quality cited by great traders is the ability to take control and responsibility for every trading decision made. It s no good blaming someone else such as your broker or your trading platform for your own trading mistakes. Successful traders are able to take responsibility for their actions; both good and bad. By reviewing their trades and keeping a journal they can keep themselves accountable which is something consistent losers are too lazy to do. Furthermore, by being able to take responsibility, great traders do not feel the need to listen to outside advice or opinions before they take their trade. Can you imagine Warren Buffet or George Soros asking his broker for investment tips? Great Forex traders trust and have confidence in themselves and their system, which is the level new traders must aspire to.
Finally, great Forex traders are incredibly patient. They are patient before entering a trade, during a trade and when price reaches their profit target. Before a trade, most amateurs, due to a lack of a strategy, are constantly chasing the market and buying or selling because they can see price moving. Great traders do the complete opposite, they let price come to them – like a lion lurking in the bushes waiting to ambush its prey, professional Forex traders wait until the trade fits their entry rules. When their rules are fully met, because they are not afraid or have no fear of losing (due to sound money & risk management rules, confidence, and a profitable system), they take the trade. Once in the trade, they are patient to allow their edge to play out in the Forex market. Instead of getting excited every time price goes in their favour or upset when price approaches their stop loss, great Forex traders are patient. When price reaches their profit target, they have mastered techniques allowing to them manage the trade in order to capture much more than they were initially hoping for. They do not take quick profits or micro manage their trades like consistent losers will. If you are searching for a
Forex Trading Course
you must ensure that this is a subject that is covered or at least referenced as part of the syllabus.
In our next article (Part 3), we will explore further what top Forex traders consider to be the most important qualities which any new trader must develop before they can see consistent profits.
About the Author: Dragan is a trader and an expert on
Forex Trading Training
. Please visit the Forex Training Worldwide website for more details on our
Forex Trading Course
.
Source:
isnare.com
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