Characteristics Behind a Successful Forex Trader by Frederic Sealey
Do you ever think what is the reason behind a successful forex trader? What makes a typical trader differ from a winning trader? At Frederic Sealey, we show what 8 special characteristics are owned by a successful trader. Try to understand and further emulate them in order to be a more profitable trader.
We all understand that everyone fails at some point in time, but everyone doesn’t know how to get up from the failure. Most of the forex trader start their trading career by dropping off their complete bankroll. There are millions lured by the promises of forex’s easy money but unfortunately, many of the traders who make an attempt lose a very big deal. The question arises if losing your capital a pre-requisite in gaining forex success? The answer is No, definitely not.
There is majority who lose the money and will never get successful and often become really discouraged, depressed and give up on trading immediately. On the other extreme end, there are men and women who tend to borrow and are continuously on the losing streak.
Though beginners will always lose money at the beginning but failing to learn from the mistakes is the biggest blunder of all time. Always seek an opportunity. Can you switch based on your emotions? Were your trading techniques based on the suggestions? Does your trading strategy match the market trends? Can you invest and risk lots of money on single trading? Did you not read the graphs correctly? Were you little impatient? There are many questions that you need to ask yourself. However, the biggest of all is: Why did you fail?
If you can learn from this and are capable of answering this, you will surely be one step closer to becoming the most successful trader.
Anyone can make money in the trading market and get lucky but nonetheless only the most disciplined can gain money with time. Being disciplined can be a stepping stone to your overall success. Every forex professional trader knows that trading strategy and method does not confirm your success. It’s the way you follow the market strategy that is important.
Your marketing strategy will help you understand how to get to that level and where can you go. Don’t get lost in the maze and don’t invest in the trades just because you like some specific currency or because you like to think that there will be a strong run-up in a specific currency. You will end up getting lost and when you choose to start again and make decisions you will start losing your money.
Your personal system is the best option. You should have the certain discipline to be able to follow the strategy through the continuous losses.
Don’t Treat Trading As A Hobby But Treat It as the Business
Let’s face it that not everyone can quit their day jobs and start trading. Most of us cannot. Professional forex traders are better dealers than most of the people as they spend almost 40 hours almost every week through researching or trading forex the currency sector.
Forex trading business is meant for pros. In case they end up losing money they can lose their jobs. That’s a really good motivation. A positive attitude needs to be adopted even when the trading is not the full-time work for you. Treat your trading like a serious business, not just the pastime. Your favorite pastime is something you like to do when you have spare time but a business is like an enterprise.
As a matter of fact, hobbies can cost you money but trading should not cost you anything as it is going to make money for you.
“I’ve always believed that if you put in the work, the results will come. I don’t do things hаlf-hеаrtedly. Becausе І knоw if I do, then I can expect half-hearted results.” – Frederic Sealey
In case you ever like to play poker, you will be able to learn all the highs of going in it. The feeling of your heart racing with utmost excitement and you praying and hoping that all the cards will go in your favour. It’s the complete thrill of knowing the fact that you have all the opportunity of doubling up the money within few moments and also the understanding that it can also disappear in case things don’t go your way.
This type of excitement is not good for your trading and in case you seek thrill, you should go for skydiving. Visit some casino if you like the art of gambling. Open your saving account in case you are scared of losing money. Successful traders don’t let the emotions interfere with the business. They allow greed, pride, and fear together.
Fear helps you loose out various bigger opportunities and also prevent you to make further trades. Fear also stems from the lack of proper education and knowledge. You are afraid and the reason is you are not able to see because you don’t really know what makes the trade look like a trade. As soon as you get the knowledge for the training you can also begin trusting your decisions because they are very well based on different facts and emotions.
Another emotion that can really ruin things for you is Greed. Something that needs to be overcome in order to succeed. There are many people with beginners luck who come out to the top in their trading skills. The begin thinking of trading more cash to make more gains but during the next trade, they invest more money and eventually lose it all. In such cases logic dictates their investing efforts.
But unfortunately, we humans are really the logical creatures. Our greeds take over our logic and we believe that in case we will put more money we will make it up for the complete amount that has been missing so far and will come on the top. Sadly the cycle can only continue until the time you are completely out of all the money and all you have is your first trade.
Pride in forex business will never take you anywhere instead it will prevent you. If the pride sets in, you will start to lose money because you will think there is nothing left to learn anymore. Pride is one of the toughest blocks because it is deeply ingrained in the personality for some and can take really long to overcome. Whenever you choose to make decisions for your trade, the emotions should not perform the part and your choice should be based on facts and logic, not just the feelings.
Every trader needs to keep their goals on track. It really doesn’t matter what are the objectives but it is really important to jot them down. You will not know what all you have achieved so far if you do not make note of your work goals.
Everyone has different goals at the beginning of forex trading. Some people believe in making few dollars with the side trading to be able to quit their regular jobs. Some of the people are also tired of their average 10% return from the market exchange and wish to put the cash up for the work in the forex.
Make sure you write these goals and further look them further in order to know if you will be on track to reach your targets or how long would it take more?
The finest way to succeed at the forex trading is to follow the patterns of forex trading. Read, re-read and then comprehend all the above mentioned eight characteristics and then apply them. You will be able to find the most efficient in your work when you follow these eight important characteristics.