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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Profitable Currency Traders – What Motivates Them?

by

James Woolley

Many people dream of becoming a successful trader, but why is this? Well I have been trading the forex markets for several years now, so I think I am in a good position to be able to tell you three of the main factors that motivate people to become successful forex traders.

The first is obviously money. The great thing about currency trading is that you can potentially make unlimited amounts of money. If you are successful, your account balance is just going to grow and grow, and obviously if you are risking say 3% of your account per trade, then you will make more and more money as your account grows. The beauty of all this is that you can start off with a modest amount of capital behind you, maybe just a few hundred dollars, and grow this into a sizeable sum over time. Of course it takes a large amount of skill to come up with a trading system that is able to achieve this goal, but it is possible because plenty of people have done it in the past. The second motivating factor is the independent lifestyle that is available to you if you are successful. Most of us hate working for someone else, but with forex trading you can easily work from home (or anywhere in the world that has an internet connection) and choose the hours that suit you. Some people find that they need to be watching every tick for around 8 or 9 hours per day in order to make money, whilst other profitable traders are able to generate profits trading just a few of the most profitable hours of the day. The point is that you have the freedom to choose the hours that suit you, once you have an established trading system in place. The final thing that motivates people to become highly profitable forex traders is of course the challenge. For some people the money that they make is obviously greatly appreciated, but it is the challenge of beating the markets that gets them out of bed each morning and eager to get started. The fact is that not many people are able to generate consistent profits from their forex trading. This can be said about some of the traders that work in the city as well. So to keep coming out on top is immensely satisfying and gives you real job satisfaction when you are essentially just working from home. So hopefully you can see what drives people to become successful forex traders. It is not easy by any means. If it was, then we would all be sitting on a deserted beach somewhere sipping cocktails. However it is definitely possible and you don’t need a great deal of money to get started either. You just need skill, discipline, motivation and a decent trading system.

Click here to learn how to choose a good

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and to learn how you can use

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Profitable Currency Traders – What Motivates Them?