Top 5 Golden Skills of The Successful Forex Traders

Top 5 Golden Skills of The Successful Forex Traders

What Are The Skills Which Separates Successful Forex Traders From Unsuccessful Forex Traders?

Now after knowing the top 5 mistakes by which many forex traders fail, we will now see, what are the traits and characteristics, which all successful forex traders, have in common. The first thing I want to let you know is that forex trading is neither a rocket science nor anything, which can be done only by a particular group of people. There is no secret in order to be successful in forex trading; anybody can achieve success and earn a fortune by just following The 7 Golden Characteristics, which are as following Passion

• Determination
• Commitment
• Focus
• Confidence
• Discipline
• Patience

Anybody can excel and be successful in any of their desired field, by following these 7 golden characteristics. Apart from these seven characteristics there are 5 more key points which every successful forex trader follows and they are as following

Top 5 Golden Skills of The Successful Forex Traders

1. Love to Trade Forex

Successful forex traders do not think forex trading as a job; they do not trade only for the money; they love trading and enjoy every moment whether it is to trade or just sit back patiently for the correct opportunity and relax, and it is their way of life. It is very simple as this, “Just play. Have fun. Enjoy the game.” if you are not enjoying forex, then do something other what you enjoy while doing.

2. Simplicity – Have a Clean Game Plan.

Successful forex traders have a pre-defined neat and clean trading strategy, which includes trading plan, risk management and money management. Successful forex traders follow their plan to squeeze money from the forex market. They have all the answers before entering the trade, which includes some of the following questions and many more according to their own unique trading strategy.

• When to enter a trade?
• How much potential profit I will make from this trade?
• How much is my risk in this trade?
• Until what time I should be in this trade?
• If the market shows unfavorable signs, How to exit? Successful forex traders are very disciplined with their trading strategy; they believe in it and stick with it until they have made a couple of pre-defined trades like 100 or 500 trades to generate a report of their trading strategy.

3. Strong Mindset – Have a Mental and Emotional Toughness.

Successful forex traders have a strong mindset and also have ballz to take the necessary calculated risks. They have trained themselves to stay away from the harmful feelings such as Fear, Greed and Pride. Yes, even if they lose a couple of trades in a row while following their trading strategy, successful forex traders are not emotionally weak. They are strong and confident with their trading strategy and know what they are doing? They try to understand the situation and work according as it is required. Successful forex traders do not change their strategy after losing a couple of trades in a row, they might take a break n think with a fresh perspective but still follow the basic pre-defined rules. Successful forex traders believe and stick with their trading strategy because they know that the results are not calculated on a daily basis and/or on the basis of every trade. Results are calculated after a bunch of trades like after every 100 or 500 trades and/or after quarterly or yearly time frame.

4. Competitive yet Disciplined

Successful forex traders are very competitive like any other athletes. They are always keeping an open eye at the current market situations to get an edge as how they can benefit from the forex market and are ready to take advantage of the current market situation at the correct time. Successful forex traders are very aggressive in reaping the benefit from the current market situation, but at the same time they are disciplined by following their trading strategy, it is, in fact, their trading strategy which helps them to wait patiently for the correct time in finding the low risk opportunities for entering a trade to benefit from it.

5. Egoless – Have a Realistic Approach.

Successful forex traders are very practical; they train themselves to persevere at all costs. Successful forex traders do not hurt themselves by any of the negative feeling like ego or being sad if they lose a trade, or a couple of trades in a row, they are realistic and understand that losing a trade and/or small loses are a part of this forex trading business. Successful forex traders are a sport; they are happy to learn new things and gain experience from such small loses, they move on, adapt and analyze the correct market situations and perform even better the other day.

Conclusion –

Forex trading is an art. Anybody can be successful and master the skill of trading forex by properly understanding, following and practicing all the above mentioned characteristics. As in the famous saying “The harder I practice, the luckier I get.” by Gary Player.  

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