Forex Trading Training Characteristics Of Great Forex Traders Part 1

By Dragan Lukic

The stock market has been around for centuries, but interestingly, it is only over the last decade where Forex Trading Training has experienced growth. Due to a vast increase/upgrade of technology and internet promotion which has made more and more people aware of the possibilities and potential to make money in the financial markets, Forex Trading Courses have become hard to miss. However, with the plethora of online brokers, cunning salesmen, market gurus, ‘pay to use’ strategies and indicators; all lead new traders to believe they can all become expert traders. With this in mind, it’s no surprise that so many new Forex traders fail within their first few months of trading. This article draws upon the experience of retail and proprietary traders; it briefly discusses the top three of the many traits (lots more to follow) we believe makes a trader consistently profitable and aims to dispel some of the myths which have been conjured up by clever salesmen. We will briefly look into some of the traits which successful Forex traders have developed to reach the level where they are making consistent profits.

Firstly, all successful traders identify their objectives for wanting to get into trading. That is, they are 100% sure that trading is something they want to do, not as a hobby but as something they hope to excel at in the long-term through Forex Trading Training. Secondly, they create a method or a system which is suited to their personality type so that they have an advantage or an ‘edge’ in the markets in order to see consistent profits in the long term. As you probably already guessed, consistently profitable Forex traders put in the hard work when developing their system as well as making sure they adhere to it (it is only after much practice that this hard work is embedded as an unconscious skill).

Other defining traits of great Forex traders are their ability to manage their money effectively as well as control their risk. Their emotions have no place in the trading plan at all (note: all successful traders have a trading plan). Given all the traits stated so far, without having the discipline to adhere to your plan, you may fail. Discipline is what separates consistent winners from consistent losers. Finally, all successful traders have confidence, i.e. confidence in their system, in themselves and their ability. This confidence is not derived from trading based on emotion, their confidence comes from through testing and trading of their system or methodology and from seeing their system produce consistent profits. Contrast this to amateur Forex traders who make trading decisions based on emotions and as a result see consistent loses which then leads to a lack of confidence in themselves.

Although not an exhaustive list, those are some of the most important traits which separates winners from losers in the financial markets. Highly contrast to the popular belief that anyone can be a trader overnight by simply attending a weekend Forex seminar or class and understanding the basics of using one indicator or strategy.

The following articles will look into the other traits best traders display.

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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