This is an irony, as these individuals have succeeded in many aspects of their life and career. Some people view forex as simple and do not compare it to the profession they have, find useful source.
I have seen lawyers, doctors accountants, and other professionals fail in forex trading. Many professionals who are experts in their field thought they would replicate the success of other fields in the Forex market. They end up losing so much money and quickly that they quit.
This is because they do not possess the necessary characteristics to be successful traders.
Consider these eight common traits.
1. Forex is not taken for granted by everyone. For many people, forex trading seems to be more challenging than any specialized job. Trading takes effort and lots of time.
2. Foreign exchange traders know the risk associated with trading. Trading forex is risky. For protection of their investment they practice good money-management.
3. Beginners should learn about the basics before they jump into trading forex. To trade forex successfully, it is essential to learn the basics and techniques.
All of these traders are following the set rules. The traders are well-versed in how to use trends when trading.
4. The traders have great patience. Trading takes time. To them it’s important that they take things slowly. Initially, they used a modest amount of capital to move from demo trades to real trading.
5. They need a good teacher, just like in any career. Beginners, they seek the advice of more experienced traders.
6. Use only one strategy that has been proven and deals with just a single type of currency. Never change strategy. You should not change your strategy.
Companies are devoted to maximize their profits, minimizing and analyzing risks.
7. Set aside enough money to cover the losses. It takes pressure off them when they put aside enough money to cover any losses. In order to execute their trading strategy, traders follow their own strategies.
8. The traders keep track of all their transactions. Reviewing all trades, both wins and losers is a way to enhance their trading.
The game of trading forex is simple. All you need to do is trade or purchase. Why, then, do 95% of forex traders fail at making money? The successful forex traders need to possess certain qualities.