Traits of Successful Traders

Filed under: Learn Forex Trading |

Screen shot 2013-03-04 at 08.51.04Sometimes (for beginners), it might seem like the forex market is one big scam. To some extent, this is correct. It is very easy to make a winning system in the forex markets if you don’t take into account the spread – and the spread seems so insignificant, that most beginners do not take much notice of it. However, as soon as you enter a trade, you are carrying a loss, and this puts the odds against you. Therefore, in order to make a profit in the forex markets, your edge has to be very strong – but there are also a number of other factors that needs to be in balance.

 

If you have been trading for a while and no matter what you do, you seem to lose – you might be starting to think that the whole thing is a con. However, the records of professional traders prove that money can be made in the forex markets. Sure, some people get lucky in their first couple of years, but there are some traders out there who have been trading for twenty years – with very few (and sometimes no) losing months. So what do these successful traders all have in common?

 

They all have an edge in the market via a system or trading methodology, and while this is not easy to find, it can be done with enough dedication. However, they also point to a number of other factors for their success. One of these is believing that they will be successful, and sticking to their method when things get tough. Being unemotional about trades is also important, as are good money management skills and maintaining a positive risk-reward scenario. One final thing that seems to be common amongst successful traders is that they trade because they love trading, and they see it as a game to be won or lost, rather than as a moneymaking enterprise. Thus, if you are trading just for the money alone, then you are likely to fail – but if you see it as a game and a challenge, then you may well be on the right path.

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