What do successful traders have in common
- Author Giorgi Mikhelidze
- Published May 9, 2019
- Word count 805
When starting Forex trading every beginner trader has just one thing in mind - how to be successful and make as much profit as possible. But the reality shows that only a small percentage of traders are actually successful and continuously profitable. This leads unsuccessful traders to a thought that others have something in common, some sort of a skill or piece of a knowledge that is available only for them. Looking at the all-time successful traders such as George Soros who made one billion from shorting the British pound, it might look like that the trading is for superhumans and simple people cannot repeat the same.
This assumption is far from the truth. Every person who became successful in Forex was once a beginner who made his/her way to success. While their journey was different, they still had things in common that made them reach their favourable result. In this, I do not mean the secret formula of Forex success but the qualities that all of them shared. So what are the things that all successful traders have in common? Let’s take a look
Do you want to be the next most successful Forex trader? A good businessman, great sportsman? The list can go on and on. Whatever goal you have set for yourself you cannot reach it without determination. In order to succeed in Forex trading, you need to be determined that you will reach your desired result. The road to becoming a successful Forex trader is not a smooth one, you will have a lot of up and downs. If you are not determined enough to become successful you might just stop trying whenever you see a challenge.
Passion is very similar to determination. Having a passion for something means that no matter what the obstacles are, you will keep going towards your goal. You need to be passionate about
What you do, without this you will lose interest very quickly. According to a South African Forex traders list, many of the most successful Forex traders in South Africa started trading with a very small budget and only with mandatory knowledge. They, as many beginner traders have seen losses and disappointment in trading, however, their passion made them overcome all of those and succeed.
Will to learn
Most successful Forex traders that you might be hearing about are self-taught. Forex trading is an industry where there is always something new to learn. First, you need to learn about Forex, learn from your mistakes as well as from others and keep learning even when you are already profitable. The ability to teach new things to yourself is one of the most important qualities that unite successful Forex traders. If you are able to learn things and always keep yourself updated you have a good chance to be successful.
Discipline is one of the main qualities that can be found in all of the successful traders. It is especially important when you are just starting out. While trading Forex you are all alone at your laptop and it is so easy to get distracted. At the same time, you do not have a fixed schedule and timeline, and no one is checking your progress. Therefore it is easy to just put it aside for tomorrow. Hence, it is important to have strong self-discipline. If you have always struggled with it, do not worry. Discipline is something that is better learnt in childhood but you can still adopt this skill. There are a lot of proven methods to gain self-discipline. This will help you not just in Forex trading but in any other field.
Last but not least - Patience. There are no successful Forex traders without this quality. If you have ever tried FX trading you would know that success does not come in just one day, month, or even one year. While you might want to see the fruit of your labour as soon as possible, you will have to wait patiently. Many traders do not understand it, hence once the year passes and they still cannot see the six-figure profit on their account, they simply quit and start searching for some other opportunity that can make them reach. And they usually quit when success is just around the corner.
As you can see, there is no secret formula for being successful in Forex trading. But there definitely are some qualities that you need to have in order to succeed. If you lack any of those, do not worry, these are the traits that can be learnt and mastered over time if you have enough determination and passion. These, alongside the self-discipline, ability and will to never stop learning and enough patience are the five main traits that all of the successful Forex traders have in common.
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