Forex Trading Tips For Unlimited Success In The Market - Part 1
Why does one Forex traders succeed and another fail? What sets the winners apart from the losers? Well, you won`t be surprised to know that there are certain characteristics that all successful Forex traders share. While many investors take actions that aren`t in their best self interest, such as making trading based on emotions, rather than on logic, or holding on to a losing position so they won`t have to admit they made a bad trade, successful Forex traders don`t do these things. But there are some actions that they take regularly, so regularly that they become habits. Learning about these characteristics and habits will help make you into a successful trader as well.
Successful Forex traders are goal oriented. Setting a clear goal helps you to perform your best. There are three qualities to a clear goal. It must be realistic. You may want to double your money every day but it is hardly realistic. When you set an unrealistic goal it can undermine your confidence because you just set yourself up to fail. Your goal must also be attainable. Not only must your goal be realistic, it must also be within your abilities to achieve. The best way to set goals is to start with short term goals. Start with small ones that are fairly easy to achieve and continue to grow your goals as you gain confidence and greater abilities.
The third trait is measurability. Goals that aren`t precise and can`t be quantified or measured, aren`t goals at all. If your goal is to be wealthy, you need to specify what wealthy means. My guess is that your definition of wealth will change as your net worth increases. If you can`t define your goal, and measure your progress towards it, then you have no way of assessing your progress. It becomes impossible to make any changes to your techniques and strategies that may help you reach your goal. Successful Forex traders set goals, and they also are confident they can reach their goals. Confidence is the key to staying rational, logical, and disciplined while you are trading. Starting with small, realistic goals will help build your confidence in yourself and your abilities.
Successful forex traders rely on logic and skill to guide them when making trading decisions. They study the market and learn all they can about trading so when the time comes to place a trade, they back it with knowledge and intelligent choices. They don't fret over missing out on the next big thing to come along. Instead they focus on making one solid trade after the other. Many people who try Forex trading make the mistake of letting their emotions take over. They make trades because they can't pass up a trade that they have a hunch on. When you make trades based upon hunches or hopes, you are gambling and not trading. Even so, most investors are familiar with that rush they get when they make a trade based solely on a hunch and feel lucky they got in on a sure thing. Such trades are rarely a sure thing and successful Forex traders do not get drawn in to such thinking. They stay logical and disciplined when it comes to trading.
Successful Forex traders are very knowledgeable when it comes to the market but it is virtually impossible for one person to stay on top of everything that affects the market and impacts trading. Therefore they tend to focus on specific niches. That way they can stay abreast of market changes and anticipate how current events will affect their investments. For example, you may be drawn to commodities futures. Then you should focus all of your energy on understanding, following, and anticipating the movement of the commodities futures market.
If you are not passionate about currency trading, then choose another way to invest your money. If you do not have the drive to learn all you can you will lose focus, make mistakes, and lose money. Successful Forex traders pick an area of the market that interests them, learn all they can about it and study the trends and patterns of trading. They then use this knowledge to make logical well informed trading decisions rather than trading on hunches. If you are a Forex trader, you should pick a specific niche and learn all you can about it before you move onto another.
If you are a total beginner or a more seasoned trader, you can be successful with Forex trading. You don't need significant start up capital or years of investing experience. However, you do need discipline, focus, and rational thinking. If you do not possess those qualities, you will probably wind up being a Forex loser rather than a Forex winner. Successful Forex traders were beginners once too. They took a disciplined approach and learned from their mistakes and developed a personal style and system for making their trades. Successful traders don't have secret strategies because the strategy is the same for every investor - make logical, focused, and disciplined trades and you will achieve success. - 23212
Successful Forex traders are goal oriented. Setting a clear goal helps you to perform your best. There are three qualities to a clear goal. It must be realistic. You may want to double your money every day but it is hardly realistic. When you set an unrealistic goal it can undermine your confidence because you just set yourself up to fail. Your goal must also be attainable. Not only must your goal be realistic, it must also be within your abilities to achieve. The best way to set goals is to start with short term goals. Start with small ones that are fairly easy to achieve and continue to grow your goals as you gain confidence and greater abilities.
The third trait is measurability. Goals that aren`t precise and can`t be quantified or measured, aren`t goals at all. If your goal is to be wealthy, you need to specify what wealthy means. My guess is that your definition of wealth will change as your net worth increases. If you can`t define your goal, and measure your progress towards it, then you have no way of assessing your progress. It becomes impossible to make any changes to your techniques and strategies that may help you reach your goal. Successful Forex traders set goals, and they also are confident they can reach their goals. Confidence is the key to staying rational, logical, and disciplined while you are trading. Starting with small, realistic goals will help build your confidence in yourself and your abilities.
Successful forex traders rely on logic and skill to guide them when making trading decisions. They study the market and learn all they can about trading so when the time comes to place a trade, they back it with knowledge and intelligent choices. They don't fret over missing out on the next big thing to come along. Instead they focus on making one solid trade after the other. Many people who try Forex trading make the mistake of letting their emotions take over. They make trades because they can't pass up a trade that they have a hunch on. When you make trades based upon hunches or hopes, you are gambling and not trading. Even so, most investors are familiar with that rush they get when they make a trade based solely on a hunch and feel lucky they got in on a sure thing. Such trades are rarely a sure thing and successful Forex traders do not get drawn in to such thinking. They stay logical and disciplined when it comes to trading.
Successful Forex traders are very knowledgeable when it comes to the market but it is virtually impossible for one person to stay on top of everything that affects the market and impacts trading. Therefore they tend to focus on specific niches. That way they can stay abreast of market changes and anticipate how current events will affect their investments. For example, you may be drawn to commodities futures. Then you should focus all of your energy on understanding, following, and anticipating the movement of the commodities futures market.
If you are not passionate about currency trading, then choose another way to invest your money. If you do not have the drive to learn all you can you will lose focus, make mistakes, and lose money. Successful Forex traders pick an area of the market that interests them, learn all they can about it and study the trends and patterns of trading. They then use this knowledge to make logical well informed trading decisions rather than trading on hunches. If you are a Forex trader, you should pick a specific niche and learn all you can about it before you move onto another.
If you are a total beginner or a more seasoned trader, you can be successful with Forex trading. You don't need significant start up capital or years of investing experience. However, you do need discipline, focus, and rational thinking. If you do not possess those qualities, you will probably wind up being a Forex loser rather than a Forex winner. Successful Forex traders were beginners once too. They took a disciplined approach and learned from their mistakes and developed a personal style and system for making their trades. Successful traders don't have secret strategies because the strategy is the same for every investor - make logical, focused, and disciplined trades and you will achieve success. - 23212
posted by X - Men @ 4:55 AM
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