Here I am going to outlines some character traits which are admired in society as a whole but in forex trading will ensure you lose. Most traders simply cannot adapt from the traits needed in everyday life to succeed, to the unique traits you need in forex. If you don't want to join the 95% of losers read on...
1. Consulting an Expert
If your computer breaks down or your car, you consult an expert. After all, you cant do everything - but in the forex market this leads to disaster. There are many experts and forex robot vendors, telling you to follow them but they will all see you lose.
The reason is forex trading stress comes from within and is based on knowledge, which gives confidence which leads to discipline. All successful traders know they are on their own and only they can give themselves success - but for the effort they have to put in the rewards can be life changing.
2. Trying to Be to Clever
You get many people who are clever and think because they are they deserve success but being clever wont help you, as forex trading is essentially simple and you don't need to be.
This is proven by the fact that despite all the advances in news, forecasting, the power of software and PC's the ratio of winners to losers remains the same as 50 years ago.
If you try and be too clever your trading system will have too many elements to break. Keep it simple, is a phrase which is very apt in forex trading.
3. Hard Work is What's Needed
This is absolute rubbish.
There is no correlation between hard work and success in forex trading.
Sure in normal life you may get paid by the hour and the more hours you work, the more money you make but not in forex trading.
In trading you are judged on how good your marketing timing is with your trading signal and that's it. It can take you all day or 10 minutes, it's the end result in terms of profit on which you are judged.
You can put together a robust simple system in about two weeks and then spend less than 30 minutes a day on your trading and enjoy success.
In forex trading its all about working smart in the right areas rather than hard.
4. Being to Sociable
Since man first walked the earth he has sought the safety of groups and this has helped him survive and prosper over the centuries. Most people like to agree with the majority and not be on their own, it's our nature.
Of course in forex trading the bulk of traders lose (95%) so you need to isolate yourself and be on your own. Most people can't do this and fall victim to their emotions and want to agree with the news and other traders.
Most successful traders don't care about being on their own, as they know if they want to make money it's the best place to be.
A Different Mindset for Success
When you start trading forex you need a completely different mindset than you do in normal life and people fail to get to grips with the 4 points made above - but to win you must understand there significance.
If you understand the above, you will know what's needed to succeed and can enjoy currency trading success.
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