By Tony Hosea
As it turns out those who are successful in Forex trading seem to have a number of traits in common. Wouldn't it be nice to have the same habits as the most successful traders?
1 - Planning is a big part of a successful Forex traders profitability. As the saying goes "if you fail to plan, you plan to fail". Too many Forex traders use the "fire, aim, ready" method. Let em tell you from personal experience that this is not the way to go.
2 - If you really are planning on making good money with Forex you will need to have sufficient working capital. Without adequate capital you won't be able to stay in the game during challenging market periods.
3 - Have realistic expectations. You will not profit in Forex trading if you don't start to trade until you find a trading method that yields 1000% per month.
4 - All successful trades must have discipline. If you see a trader that has made a ton of money without having discipline then they were probably just lucky. Lucky traders who believe they are geniuses soon find out that being consistently profitable is what's important.
5 - To trade profitably you must think in a big picture fashion with long-term wealth and prosperity in mind. You will have loses in all Forex trading. They are inevitable and part of doing business in Forex. You will profit as long as the sum total of your wins exceeds the sum total of your losses.
6 - Study everything about your trading. By doing your homework you will be doing your trading account a big favor by being better prepared to make it grow.
7 - Resist the urge to get greedy. Getting greedy will erase your discipline and erasing your discipline will erase your profits. Keep the big picture of long-term capital growth in mind and plan to profit over the long haul.
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