Saturday, July 26, 2014

3 Essential Character Traits You Need to Win

Enclosed you will find 3 character traits that come together which will give you forex trading success. If you want to win and learn currency trading the right way, you need to have them so lets see what they are...
1. A Willingness to Take Responsibility
Think someone else can make you rich?
If you believe this then you are going to lose because only you can make yourself money and this comes from doing your homework.
Forget all the people selling simulated back tested track records with their robots and full proof systems and get down to doing your homework.
You need to learn forex trading yourself so you can acquire the next key trait.
2. Confidence
If you want to win you need to have confidence in what you are doing and that comes from getting the right education and you need confidence to overcome your emotions when you start to hit a losing period ( all traders have them and they last for weeks or months) so you need to keep executing your trading signals when these periods occur and stay on course and if you have confidence you will likely have the next trait.
3. Discipline
Most traders have heard the word but don't understand how important it is and lack it.
They can't follow their system, chop and change it and engage in behaviour that soon sees them wiped out.
Discipline sounds easy to achieve but is hard, as you have to battle against your gut instinct and carry on trading when the market takes your money and makes you look a fool! This is tough, even for seasoned veterans, let alone novices.
The Markets Don't Defeat the Trader he Defeats Himself
It's a fact anyone can learn to trade and this was proved in a famous experiment, when Richard Dennis taught a diverse group of people with no experience, to trade in just 14 days and they went on to make hundreds of millions of dollars!
Dennis taught them a system but more importantly the confidence in it to trade it with discipline and this story of the turtles is one any trader should read.
The market takes money off 95% of traders yet, a savvy 5% pile up big gains year after year.
They many not be the cleverest or have the most complex trading systems - but they do understand the key is - trading a logical method, with discipline. If you understand the link between the two, then you can enjoy forex trading success.