Forex trading can be learned by anyone yet few succeed so what separates winners from losers? While a method is important, so to is the right mindset and here we will look at 3 character traits all the top traders have.
1. Success Comes From Within
Top traders do their homework and devise a trading logic and forex trading strategy they know backwards in terms of how and why it works and why it will be successful.
Contrast this with the amount of losing traders who buy an e-book from a vendor and then blame them, when the few hundred bucks they spent, didn’t make them rich! – what did they expect?
Other traders blame anyone they can - from the market, to their broker and squeal like babies when they lose – They are forgetting that they are responsible for their destiny, no one else.
Winners accept this and rely on themselves and so must you.
2. Confidence
If you have done your homework you will have confidence in your forex trading strategy and confidence is essential, as you have to follow your method through losing periods and know in your own mind, that you can emerge from periods of losses and emerge a winner longer term.
All successful forex pro’s have this trait and you need it to, as it leads onto a trait that is absolutely vital to forex trading success:
3. Discipline
This trait is needed to execute a method rigidly and not deviate from it.
Keep in mind if you can’t follow your method with discipline, you don’t have one in the first place.
If you think it is easy, think again – it’s tough even for seasoned pros.
Many traders have great methods but fail due to lack of discipline.
Confronting the Beast
Trading forex is hard as only you can be wrong (it’s always right) it will make you look stupid (it does this to all traders) and it moves where and when it wants and there is nothing you can do about it!
However you can win you just need to obey its rules.
You are like a ships captain on the ocean. You need to obey its law and understand everything about it to travel on it safely.
For this you need to have knowledge, confidence in your ability and the discipline, to plot the right course – If you can do this - just like the ocean has unlimited riches so does the forex market.
If you respect it and confront it with the right mindset you can win if you don’t you will drown – it’s as simple as that.
By Kelly Price
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