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.

February 22, 2012 by Fontaine Rassmussen  
Filed under Investment

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 – As with any business, being successful requires a plan. Forex trading is no different in this respect. To trade profitably requires planning and then reviewing, possibly revising, and definitely following that plan .

2 – Having enough trading capital is a must. It has be stated that many small businesses get off to a great start, but end up failing because of inadequate capitalization. According to the US small business administration a large percentage of small businesses fail based upon not having enough working capital. Capital is the life blood of your trading business as it is the lifeblood of any business.

3 – Successful Forex traders 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. Don’t get caught in paralysis by analysis. It is easy to see why beginning traders have unrealistic expectations based upon the many ridiculous claims of astronomical returns being offered in today’s Forex market.

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 – Successful Forex traders 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 – Do you homework. Make sure you know what needs to be done each and every day. Once you have done your homework you will be better prepared for what the trading day will bring you. Diving into Forex trading without proper preparation is a recipe for disaster. Yes, while it is true that there may be a few people who may have a natural, intrinsic feel for the markets, most of us simply have to pay our dues and learn what we are doing before we do it.

7 – Ignore the urge to get rich quickly. Don’t get greedy or you will get sloppy. It is better to be satisfied with consistent, modest returns. Trying to make a year’s worth of profits in one huge trade is just a big financial mistake waiting to happen.

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