Traits of Successful Forex Traders

If you want to become successful and survive in forex trading then there are some essential traits that you need to adopt. These traits are the characteristics of the most successful traders who have made millions in the forex market:

Discipline

Discipline is one of the top qualities that you will find in any successful forex trader. They always stick with their system and follow a plan. Discipline protects you from greed and fear by constantly keeping a proven trading strategy.

Acceptance

Acceptance of inevitable wins and losses is a valuable trait in forex trading. A successful trader develops a detachment from the market and remains calm no matter which way the market moves. He accepts losses as lessons and looks forward to future trading opportunities.

The successful trader realises that it is impossible to control the market and that losses will happen despite the best plan. Successful traders understand that a loss is not a market conspiracy, incompetence on behalf of the broker but is the reality of trading.

Mind control

A successful trader never gets driven by greed or fear but keeps his mind under control and follows the system that he has tested and proven to work. He avoids being impetuous and chasing market fluctuations, or giving up in the event of losses. The successful trader has developed detachment and treats trading as a game rather than an emotional matter.

Playfulness

To successful trader, trading forex is an intricate and challenging game. Money is not the goal, but only a way of keeping track of success.

The best traders revel in pitting their mind against the market. They apply their skills in a similar way to how a top ranked golfer tackles a new golf course. Top traders love trading, and they live, eat and breathe the market. This enthusiasm is what sustains their involvement in trading, even after they have attained massive financial rewards from the market.

Accountability

A successful trader accepts responsibility for his trading results. He never blames a third party for any losses. This means that he is open to learn lessons from the market. Refusal to accept responsibility and attempting to blame someone else would deny the trader the opportunity to fine tune his trading strategy and personal response to the market.

Follows long term trends

Following long term trends is the basic strategy for a successful trader. If you trade short term market movements then you will find it very difficult to survive in the market as these movements are very much random and can reverse any time. But the long term trends show much more consistency so they are the safest option to trade.


About the Author

Jubair Ahmed is a senior writer/analyst for My Forex Trading Help, an information site offering free tutorials on becoming a successful forex trader.

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