There are many people who have the misconception that it is easy to make money from the currency markets. Nothing could be further from the truth, and as with any career, you are more likely to be successful if you have the aptitude for it. Here are some of the personality traits that most successful forex traders possess. How many of them do you have?
Self-discipline:- Obviously, this is a trait that is common to all successful individuals but is particularly important for forex traders. The reason for this is simple – you need discipline to be able to stick to your trading plan. Every successful trader knows that having the best trading strategy in the world is useless unless you are able to stick to it.
One of the biggest pitfalls that traders fall into is letting emotion dictate their trading decisions. Instead of sticking to their strategy they suddenly deviate from it because they are scared that a trade will go against them or they become greedy and start chasing profits even if the trade is risky. Having self-discipline can help you avoid these pitfalls and stick to your strategy even through a string of losing trades.
Professionalism: – Traders who possess this trait will treat their trading activities as if they were a business rather than a hobby. They will not treat forex trading as something that they do in their pajamas or in their spare time. Instead, they will set regular hours during which they will trade, as well as making a record of their trades, successful or not, that they can review later to see what they can learn from them.
Perseverance: – It takes time to become a successful trader, and not everybody has the patience to take the time to learn everything they need to know before starting to trade. They believe that they can just jump in and start making easy money trading forex. In addition, once they start trading seriously, they have to face the fact that they will lose most of their trades. Most people will not persevere and will simply give up. But the best traders will learn from their mistakes and correct their trading decisions. They will continue to trade regularly and eventually start making money consistently.
References: http://www.mtrading.ph/education/ , http://www.xe.com/currencytrading/
