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Attributes of successful forex traders
Written by: PaxForex analytics dept - Friday, 27 June 2014 0 comments
Trading in the forex market is surrounded by a certain amount of mystique, because there is no single formula for trading successfully. Why do some forex traders succeed and others fail, what sets the winners apart from the losers? Successful traders have acquired certain skills and habits that they have finely adapted and tuned to their interactions with the unique environment of the market.
For what really seems to divide the winners from the losers is the ability to take responsibility for every action and to possess the ability to recognize, accept and be master of emotions. Every professional trader knows that the trading method or strategy does not determine his own success; it’s how they follow through on the strategy that matters. The typical list of success traits always includes characteristics such as discipline, focus, passion, commitment, determination, and confidence.
To succeed in trading you have to take responsibility for your own actions. Being a successful trader is about taking responsibility for every behavior and every negative or positive emotion expressed in the market. You will not meet a successful trader who blames someone
or something else for a losing trade. Successful forex traders set goals and they also are confident they can reach their goals.
Successful forex traders also apply skill and logic to all their trading decisions. They learn every day and they use what they know to make intelligent choices on every trade. Successful forex traders don’t worry about missing out on the next big thing, they focus on making good trades. One of the most common mistakes inexperienced forex traders make is to trade when they see an opportunity they think might be too good to miss.
Most of the successful forex traders started as small investors; they didn't trade more than they could safely risk, they learned from their mistakes and developed systems that worked for them and that fit their personal styles. There aren't different strategies for different levels of forex trading because the principles are the same for everyone in the markets: logical, not emotional, focused and disciplined trading creates success.