Only two percent of 100 people manage to become a successful trader. And not because currency trading is too complicated a science. And because many lack discipline and proper aspiration.
Successful Forex Trader …
- has a well-developed and at the same time simple and practical system.
- conducts trades only when there is a strong and perfect trading setup. He may not trade for several days. He looks like a hunter. He doesn't waste his bullets when he knows the victim is not close enough.
- does not look for new trading systems every day, because he has long come to the conclusion that his own trading system is best suited for him, and he achieves the best results with it. He also knows that "the grass is not greener on the other side."
- sets the correct stop loss for each of its positions and never widens the stop loss when it might be triggered by the market.
- never tries to make huge profits by taking too many risks. He is always true to his rules of risk / reward ratio and money management.
- never regrets missing a strong move just because the trade setup that was formed before the move didn't look strong enough.
- Doesn't become overconfident when he succeeds over a few trades or even winning days, weeks, months, or years.
- does not lose his confidence when he has a losing position for a day or even a week or a month.
- does not take a position just because others have the same position, or if I have read or heard somewhere that the currency will go up / down against another.
- does not take any position based only on speculation. Trades based on signals that it sees on charts.
- is not greedy.
- does not give free rein to fear.
- do not exaggerate their success.
- is humble and helps novice traders find the right path easier. Never misleads other traders, especially beginners.
