Copy The Successful Forex Traders
Why do some people fail miserably at Forex trading while others have great success? What separates the winners from the losers? You might be surprised to know that successful Forex traders share certain characteristics. There are also characteristic shared by losers, these include making trades based upon emotions instead of logic or holding onto losses because they are afraid to admit they made a bad trade. Winners don't make those mistakes. They go even further and take positive actions regularly so that they become success habits. Learning the things successful Forex traders do can help you become successful too.
Successful Forex traders are goal oriented. Setting a clear goal helps you to perform your best. There are three qualities to a clear goal. It must be realistic. You may want to double your money every day but it is hardly realistic. When you set an unrealistic goal it can undermine your confidence because you just set yourself up to fail. Your goal must also be attainable. Not only must your goal be realistic, it must also be within your abilities to achieve. The best way to set goals is to start with short term goals. Start with small ones that are fairly easy to achieve and continue to grow your goals as you gain confidence and greater abilities.
The third trait is measurability. Goals that aren`t precise and can`t be quantified or measured, aren`t goals at all. If your goal is to be wealthy, you need to specify what wealthy means. My guess is that your definition of wealth will change as your net worth increases. If you can`t define your goal, and measure your progress towards it, then you have no way of assessing your progress. It becomes impossible to make any changes to your techniques and strategies that may help you reach your goal. Successful Forex traders set goals, and they also are confident they can reach their goals. Confidence is the key to staying rational, logical, and disciplined while you are trading. Starting with small, realistic goals will help build your confidence in yourself and your abilities.
Successful Forex traders also use skill and logic when making trading decisions. They study Forex, learn all they can, and then apply that knowledge to make intelligent choices when it comes time to trade. They don't obsess over missing the next big thing. Instead, they focus on making good solid trades. A common mistake many beginner Forex traders make is jumping on trades because they feel like it is just too good to miss out on. Trading based upon emotion or hunches is more like gambling rather than investing. Everyone involved in trading is familiar with that feeling of elation when they make a trade based solely upon desire and hunches. However, the most successful Forex traders do not give in to these emotions. They approach investing in a logical manner and remain disciplined.
While these Forex traders know their market, it`s simply not possible to understand and stay in touch with everything that occurs in all the types of investment vehicles and markets across the world. While some Forex traders have developed systems that allow them to trade in multiple venues, for instance, in different stock markets around the world, most Forex traders specialize in a particular type of investment, and in a particular market. If you enjoy trading in commodities futures, that enjoyment will help you to focus and stay in touch with events in the commodities futures market.
If you aren`t interested in currency trading, don`t trade in it. Your lack of knowledge and motivation will cause you to lose focus and make mistakes. Successful Forex traders tend to specialize; they pick an area to study and they follow it closely, learning from past trends and patterns, and from their own trades. If you`re a beginning trader, I recommend focusing on one investment vehicle and it`s market. Learn all you can, about the market and about yourself, before you move into other investment types.
Whether you`re a beginning trader, a trader with some experience, or someone who makes his or her living strictly from trading, you can be successful. Many people think they have to have significant capital, or years of experience, to trade successfully. That`s not true. It`s also true that if you don`t stay disciplined, focused, and rational, you`ll end up as a losing trader, regardless of your level of expertise. All successful Forex traders started as small investors; they didn`t trade more than they could safely risk, they learned from their mistakes, and they developed systems that worked for them and that fit their personal styles. There aren`t different strategies for different levels of Forex traders because the principles are the same for everyone in the markets: logical, focused, disciplined trading creates success. - 23199
Successful Forex traders are goal oriented. Setting a clear goal helps you to perform your best. There are three qualities to a clear goal. It must be realistic. You may want to double your money every day but it is hardly realistic. When you set an unrealistic goal it can undermine your confidence because you just set yourself up to fail. Your goal must also be attainable. Not only must your goal be realistic, it must also be within your abilities to achieve. The best way to set goals is to start with short term goals. Start with small ones that are fairly easy to achieve and continue to grow your goals as you gain confidence and greater abilities.
The third trait is measurability. Goals that aren`t precise and can`t be quantified or measured, aren`t goals at all. If your goal is to be wealthy, you need to specify what wealthy means. My guess is that your definition of wealth will change as your net worth increases. If you can`t define your goal, and measure your progress towards it, then you have no way of assessing your progress. It becomes impossible to make any changes to your techniques and strategies that may help you reach your goal. Successful Forex traders set goals, and they also are confident they can reach their goals. Confidence is the key to staying rational, logical, and disciplined while you are trading. Starting with small, realistic goals will help build your confidence in yourself and your abilities.
Successful Forex traders also use skill and logic when making trading decisions. They study Forex, learn all they can, and then apply that knowledge to make intelligent choices when it comes time to trade. They don't obsess over missing the next big thing. Instead, they focus on making good solid trades. A common mistake many beginner Forex traders make is jumping on trades because they feel like it is just too good to miss out on. Trading based upon emotion or hunches is more like gambling rather than investing. Everyone involved in trading is familiar with that feeling of elation when they make a trade based solely upon desire and hunches. However, the most successful Forex traders do not give in to these emotions. They approach investing in a logical manner and remain disciplined.
While these Forex traders know their market, it`s simply not possible to understand and stay in touch with everything that occurs in all the types of investment vehicles and markets across the world. While some Forex traders have developed systems that allow them to trade in multiple venues, for instance, in different stock markets around the world, most Forex traders specialize in a particular type of investment, and in a particular market. If you enjoy trading in commodities futures, that enjoyment will help you to focus and stay in touch with events in the commodities futures market.
If you aren`t interested in currency trading, don`t trade in it. Your lack of knowledge and motivation will cause you to lose focus and make mistakes. Successful Forex traders tend to specialize; they pick an area to study and they follow it closely, learning from past trends and patterns, and from their own trades. If you`re a beginning trader, I recommend focusing on one investment vehicle and it`s market. Learn all you can, about the market and about yourself, before you move into other investment types.
Whether you`re a beginning trader, a trader with some experience, or someone who makes his or her living strictly from trading, you can be successful. Many people think they have to have significant capital, or years of experience, to trade successfully. That`s not true. It`s also true that if you don`t stay disciplined, focused, and rational, you`ll end up as a losing trader, regardless of your level of expertise. All successful Forex traders started as small investors; they didn`t trade more than they could safely risk, they learned from their mistakes, and they developed systems that worked for them and that fit their personal styles. There aren`t different strategies for different levels of Forex traders because the principles are the same for everyone in the markets: logical, focused, disciplined trading creates success. - 23199
posted by X - Men @ 6:23 AM
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