What Do Successful Forex Traders Have In Common?

successful forex trader

by Giorgi Mikhelidze

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 think that successful traders have something in common, i.e. some sort of a skill, or a piece of knowledge that is available only to them.

Looking at the all-time successful traders such as George Soros who made $1Billion from shorting the British pound, it might look like Forex Trading is only for superhuman successful traders, and that simple everyday people cannot repeat the same success.

This assumption is far from the truth. Every person who eventually became successful in Forex was once a beginner who made his/her way to success. While their journey was different, they still had some things in common that helped them to reach their desired results. 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…

Determination

Do you want to be the next most successful Forex Trader? A good businessman, or a 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

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 your Forex Trading career.

Without real passion, 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 basic trader knowledge. They, as most beginner traders, have seen losses and disappointment in trading. However, their passion is what made them overcome all of those losses, and they soon succeeded.

The Will To Learn

Most successful Forex Traders that you might hear about are self-taught. Forex Trading is an industry where there is always something new to learn. First, you need to learn what Forex is all about. Next, learn from your mistakes and the mistakes of others. Then, keep learning even after 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 new things, and always keep yourself updated, you have a much better chance to be successful.

Discipline

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 or timeline, and no one is checking on 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 learned in childhood, but you can still adopt this skill. There are many proven methods that you can access online and offline to guide you to self-discipline. That will help you tremendously not just in Forex Trading, but in any other entrepreneurial or self-employment field.

Patience

Last but not least – Patience. There are no successful Forex Traders without this quality. If you have ever tried Forex Trading before, you would know that success does not come in just one day, month, or even one year. While you might want to see the fruits-of-your-labor as soon as possible, you will usually have to wait patiently.

Many traders do not understand that, so 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 rich. In other words, 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 traits that you need to have in order to succeed. If you lack any of those traits, do not worry, because those are traits that can be learned and mastered over time, if you have enough passion and determination.

Those trader traits, along with self-discipline, ability, the will to never stop learning, and enough patience, are the five main traits that all of the successful Forex Traders have in common.

These two articles may also prove to be helpful to you…
(1) https://topforexbrokers.co.za/guides/best-forex-traders-south-africa/
(2) https://www.forbes.com/sites/jennifercohen/2014/06/18/5-proven-methods-for-gaining-self-discipline/#7bed1e293c9f

Related Posts...

Leave A Comment

4 × 2 =