If you want to enjoy Forex trading success you need to have the six personality traits in this article and if you don't, you will lose and join the 95% of currency traders who fail to make money. Let's look at how to join the elite 5% of traders who make huge Forex gains.
The six personality traits for Forex trading success are in no order of importance - you need to have them all to win:
1. Acceptance of Responsibility
The professional trader knows that he needs to learn his trade and no one else can give him success, most new traders think they can buy success and purchase cheap Forex robots and lose. It should be obvious to anyone, that you don't get a lifelong income for two hundred dollars or so and no effort but its a sad fact, that many traders fall for these schemes.
If you want to make money in life and in Forex trading, you need to accept you have to learn skills and the responsibility for your success, rests on your shoulders.
2. The Ability to Act in Isolation
You need to act in isolation and not consult other traders or follow the news, the majority of traders do this and they lose. The serious trader, knows that the only way to make money is to trade against the crowd, because the majority always lose. The serious trader is quite happy to go against the majority view when the time is right and that's why he's a winner.
3. Patience
Most traders trade for the thrill of trading and not to make money, they end up taking low odds trades and they lose. The serious trader, waits and only trades when the odds are heavily in his favour - he makes less effort but makes more money! You don't get rewarded for effort in Forex trading, you get rewarded for being right with your trading signal - period.
4. Know Your Trading Edge
A trading edge is something that you have confidence in and know will make you money but ask most traders what their trading edge is and they say - they have some sure fire system they bought or struggle to answer! Remember this - if you don't know what your trading edge is you don't have one!
5. Discipline
This is the trait that most traders never have and its the discipline to follow their plan and keep losses small. No matter how much is written about its importance, the majority of traders still let their losses get out of control and over ride their trading signals.
A trader who has confidence in their trading edge will understand the key to winning is keeping losses under control and waiting for the big trends to re-emerge. Always keep in mind, if you don't follow your trading strategy with discipline you don't have one.
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