The reason so many traders
fail, is not they canít be successful (anyone can), they
simply cannot adopt the right mindset needed for trading.
If you can adopt the right
mindset and have desire to learn, you can enter the minority
of traders who achieve FOREX trading success Ė Letís look at
this in more detail.
1.Your On Your Own
If you want to make
it in FOREX Trading you are responsible for your success.
Today, more than ever before people donít like taking
responsibility for their actions - they want to consult an
Many people think that they can buy success in FX trading,
but you canít. If you think buying an e-book for $100.00 or so will make you
rich think again.
The only way you will be successful is to do it on your own.
With this attitude you will now be able to learn the right
knowledge for FOREX trading success.
2. Learning the RIGHT knowledge
This means leaving your ego behind and being humble.
This may seem a strange trait for trading success, but itís
Many traders think that learning lots of knowledge,
developing complicated trading systems and being clever
They think the fact they are smart, means they have ďa
rightĒ to be successful.
This is of course is not true you make money not for being
clever or working hard, but for getting market direction
The really successful traders know this, they learn what
they need to know, have essentially simple FOREX trading
systems and are humble, in terms of their attitude to the
Many traders who make millions have no formal
qualifications, yet they make money, thatís because they
learn the RIGHT knowledge and work smart rather than hard.
3. Confidence and discipline
If you develop your own trading methodology, you will know
how and why it works Ė this means you will be confident in
it and apply it with discipline in the market.
Discipline is a hard trait to acquire and itís hard to put
into words actually how hard it is. Staying for example with
a trading system through a string of losses can be
frustrating and this is where you need mental discipline to
stick with your system.
More traders fail due to lack of discipline than any other
character trait, but itís essential for FOREX Trading
success. It comes from learning your own trading methodology
and having confidence in it.
4. Trade In Isolation
If you want to be successful in currency trading, then you
need to trade in isolation.
The real pro traders understand this.
They donít discuss their trades with others, give or seek
opinions, they focus on what their doing in the currency
markets and ignore everyone else. If you donít trade in
isolation, you will find that your emotions get involved and
You canít hurry the currency markets, or profits so donít
try. Trading requires immense patience to ride out losing
periods and wait for good risk to reward opportunities to
Love what your doing
Trading should be fun and you should love what you do. If
you constantly are feeling nervous, donít like risk,
constantly checking quotes and willing the market to go your
way, then trading is not for you. If you can approach online
FOREX trading with the character traits above, you have the
opportunity to achieve FOREX Trading success and make some
great long term capital gains.
by Kelly Price