Many people often wonder why some Forex traders trade successfully, and others do not. They complain and say, “Oh, they’re lucky. That must be the reason.” It is true that luck can be a factor in the success or failure of some traders in the Forex market to a small degree and for a short period.
As some ‘experts’ would argue, trading in the Forex market is similar to gaming. Both involve a large amount of risk and uncertainty. Unlike the game, success or failure in the foreign exchange market depends not only on luck. It has a lot to do with two things: education and most importantly: attitude.
There is no doubt that education has a lot to do with the success or failure of the Forex business. Education transforms Forex trading into much more than just a guessing game. Analysis of trends, corrections and breakdowns can help the trader to make informed decisions; therefore, increase the chances of functioning successfully.
A significant contributor to the success of a Forex trader who is repeatedly overlooked is the inappropriate attitude that many traders show when trading. Very often, Forex traders are victims of their behaviour. This leads to wrong decisions, frustration and a huge loss of money and energy.
What are these attitudes, and how should they be treated?
1. Impatience
Unfortunately, many traders start operating and investing in the foreign exchange market because they believe they could get rich overnight as a result of a small number of operations. This is far from the truth. Successful portfolios are built over time.
If the grocer is not aware of this, the grocer may be discouraged and decide to take a greater risk of making the huge profits he had dreamed. This is a definitive path to disaster.
2. Refuses to be “wrong”
There is an indisputable fact for all best funded forex trader programs. We want ‘wrong’ many times. When we decide to become Forex traders, we have to accept this truth and realize that being “wrong” doesn’t necessarily mean losing money in the long run. All we have to do is accept our inevitable losses and keep them to a minimum.
Trading Forex does not work if you want perfection or need to be right at all times. As a trader, we must remember that losses are inevitable. It is the general long-term strategy that will produce profits over time.
3. Discipline is not optional.
Not all Forex traders can discipline themselves to follow their Forex trading system at a loss continuously. In my opinion, the main reason for this behaviour is because most people do not take the time to develop a Forex trading system properly or do not bother to try it.
To be able to follow your trading system, you must undoubtedly know that the system is profitable and will produce profits over time. The key here is: know. When a trader knows that his system can produce some losses at some point but that it is certainly profitable after it gets easy.
As you can see, trading successfully is not just a matter of luck. Becoming a successful Forex trader is a profession that requires some investment in effort, education and time. Of course, not all people have all the traits required to succeed in this profession; however, all necessary character traits can be learned.
I am an active and profitable Forex trader. I am also a personal Forex trainer. I have traded in the foreign exchange markets for over 6 years. The way to be ‘successful’ with what I do was not always easy, but who said that obstacles are ‘bad’? Today, I do what I’ve always wanted to do, and that’s what counts. In addition to acting for myself, I also act for others; However, what gives me the highest satisfaction is to train new operators and sometimes operators with some experience who want to improve. Being a commercial coach is a responsibility that I gladly accept when the students “understand” it is a pleasure and a challenge that I enjoy a lot.
