Successful Forex Traders - And Habits

As it turns out those who are successful in Forex trading seem to have a number of traits in common. Wouldn’t it be nice to have the same habits as the most successful traders?

1 - Planning is a big part of a successful Forex traders profitability. As the saying goes “if you fail to plan, you plan to fail”. Too many Forex traders use the “fire, aim, ready” method. Let em tell you from personal experience that this is not the way to go.

2 - If you really are planning on making good money with Forex you will need to have sufficient working capital. Without adequate capital you won’t be able to stay in the game during challenging market periods.

3 - Have more realistic expectations of profits. A lot of people enter into Forex trading and immediately picture themselves buying their own private island in 2 months. Please keep in mind that successful trading is a
marathon, not a sprint.

4 - Those who are consistently profitable have discipline. Trading discipline requires that you simply follow your methods to the letter. Many traders make the mistake of not taking a trade that their trading system requires because “it doesn’t feel right”. Second guessing a successful system is a recipe for disaster.

5 - To trade profitably you must think in a big picture fashion with long-term wealth and prosperity in mind. You will have loses in all Forex trading. They are inevitable and part of doing business in Forex. You will profit as long as the sum total of your wins exceeds the sum total of your losses.

6 - Do you homework. Make sure you know what needs to be done each and every day. Once you have done your homework you will be better prepared for what the trading day will bring you.

7 - Ignore the urge to get rich quickly. Don’t get greedy or you will get sloppy. It is better to be satisfied with consistent, modest returns. Trying to make a year’s worth of profits in one huge trade is just a big financial mistake waiting to happen.
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