Making money in the Forex market is of the utmost importance!
If Forex trading were a religion, consistently making money would be a the highest virtue.
Surpassing all the Forex losers & Forex gambling addicts would help you ascend to the ranks of the true Forex genius traders.
How to Become a Winning Forex Trader?
The best way to become a Forex winner is to know how Forex winners act and behave.
By looking at the characteristics of a winning Forex trader you’ll know what to emulate for success.
There are seven reasons why Forex winners are successful:
- Forex Winners educate themselves on how the market works.
- Forex genius traders have a well-analyzed, well-thought trading plan that they stick to. By sticking to a pre-defined trading plan, successful traders allow themselves to remain reasonable and logical. Sticking to a trading plan helps keep emotions at bay.
- Successful Forex Winners quantify their potential loss before each trade. They don’t risk everything on one trade (in fact, they don’t risk more than 5% on one trade).
- Brilliant Forex traders create a trading plan and stick to that plan when they’re trading. If they deviate from their original plan, they do so only after creating a new trading plan.
- Forex Winners maintain their focus.
- Forex Winners do not marry their trades. They are quick to change direction if that’s what the charts and indicators are telling them. In other words, they are not emotionally tied to a particular trade. They do not take it personally if a trade does not go their way. Successful traders do not allow their emotions to overwhelm their intellect in a trade.
- When successful traders are unsure of the signals they are getting from their charts and/or indicators, they stay out of the market.
Traders who adopt those seven characteristics and attitudes as their own are the ones who will be successful winners, the ones who will net profit overall no matter how often their trades win or lose.
Successful traders, in addition, are disciplined, confident, self-reliant, motivated, optimistic, intuitive, honest, strategic, patient, focused, independent, risk-taking, hard-working, high-achieving, energetic, objective, proactive, organized, goal-oriented, self-confident, knowledgeable, open-minded, determined, ambitious, and committed.
Forex Losers Make Excuses – Winners Make Money
Forex winners enjoy trading, they manage their risk, they manage the stress that comes with trading, and they visualize their success.
If you are willing to develop those qualities and you educate yourself on how the market works, then you will no doubt be a successful trader, too.
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