Forex Trading - 5 Traits of the Millionaire Traders
Anyone can learn forex trading but what separates the true pros the millionaire traders from the rest? This is what we are going to discuss in this article and it's nothing to do with their forex trading system, it's to do with their mindset.
Let's look at the 5 traits that the millionaire traders have and if you can acquire them to, you can enjoy spectacular currency trading success.
1. You are Responsible
This is an obvious one - no trader ever got rich following anyone else. If you think you can follow one of the numerous forex trading systems sold on the net with simulated track records then your wrong.
To enjoy currency trading success you need to learn skills, get the right forex education and that's all free on the net for you to learn. There are no secrets to successful currency trading, everyone has access to the knowledge - the key is in how you apply it.
You're on your own when it comes to changing your financial future but that's the best way and the only way.
2. Isolate Yourself
Your trades are your own so don't give or seek advice. In many instances your trades will be opposite to the losing majority and if you talk to them or seek advice, your emotions will get involved and you will lose.
It's natural to want to be with the majority and not be an outcast in life but in forex trading it's a recipe for disaster.
All the great traders are patient and only trade when the high odds trades present themselves. Most traders don't think this way they want to trade all the time and day trade and lose. The biggest myth of currency trading is you should always be trading and opportunities present themselves every day - they don't.
How many times have you heard that discipline is the most important trait for any trader to possess? It's true. Discipline is not easy and only comes from self education and confidence in what you are doing.
In effect you have to construct your own rules to live by in forex trading as the forex market has not set rules and is total anarchy.
Think it's easy?
Then you need to think again, it's anything but, following a currency trading system and executing it through periods of losses. Discipline comes from within - and remember that if you cannot execute your trading system with discipline, you don't have one!
5. Know your Edge
What is your trading edge? Why should you succeed when 95% fail? Ask most traders this question and you get a blank look and these traders are losers.
If you trade you must have an edge and you must know what it is and have confidence in it to lead you to currency trading success. Every successful trader's edge is different but they know what it is and you must too.
The really successful forex traders have the mindset to succeed and a winning mentality that includes the above traits.
They know what their doing and why their forex trading strategy works. They don't blame the markets, bad luck or the news if they lose. They know success rests on their understanding and their ability to apply a simple forex method with discipline.
If you can acquire the right mindset and that includes the character traits above, then you can enjoy currency trading success.