By Kelly Price
If you want to win at forex trading there is a list enclosed of 10 Skills winning forex traders acquire and you must to some are method and some are mindset so let's look at them.
They are in no particular order of importance, they're all important!
1. Acceptance of Responsibility
Any winner accepts that they are responsible for their destiny and they get the right forex education and develop their own system. Forget all the junk systems you see online sold for 100 or so with simulated track records they don't work.
You are responsible for your destiny in forex markets just as you are in life and that means working smart and getting the right forex education.
2. Simple Odds Based System
Any forex trading system used (even by the best traders) tends to be simple and robust and NOT complicated and will be based around playing the odds. Forex is an odds on market and you need to trade high odds set ups and simple systems work best and always have.
3. Confidence and Discipline
You will never apply your system with discipline, unless you have confidence in it. You as a trader, in fact any trader are going to have to trade through losing periods when the market wrong foots you and hands you losses.
If you can't execute your trading system with discipline, you may as well not have a system!
4. They have Patience
You don't get paid for trading often - you get paid for being right.
Winners are not in the game of trading all the time; they wait for the right opportunities and hit them hard.
5. They Have Courage
When they have high odds trades they have the courage to hit these trades hard, hold and milk them for all their worth. Being a successful forex trader is all about having courage at the right time, this is not being rash, it's what separates the super traders from the mediocre ones.
6. They isolate themselves
They focus on their trading and never listen to others in terms of advice. They know if they listen to others emotions get involved so they stay away from the crowd.
7. They Have no Ego
If you think you should win because you're clever or get sore when you lose - your ego is involved. If you hate losing or looking stupid forex trading is not for you. Most of the great traders are humble and accept the market is always right and only they can be wrong. While their humble, they know they can win, if they use their trading rules and apply them with discipline.
8. The Play Defence First
Just like the good football team you keep it tight at the back and defend.
If you defend well your offence will always get opportunities and like the old poker saying goes - "If you want to win you need to bet and you can't bet without chips"
9. They Don't Chase their Tail
They tend to develop a forex trading strategy and stick with it and don't chop and change trading systems. They have a system they are confident in and apply it with discipline.
10. They Love what they Do
Many traders don't love what they do - but to be successful in anything in life, you need to be comfortable and confident in what you are doing and love doing it.
If you get nervous, frustrated or angry, at forex markets - you shouldn't be trading.
A unique Challenge
There are your 10 skills that you need to acquire to win at forex and you need to have the right mindset and apply a simple system with discipline - it sounds easy to do but its not and forex trading requires unique skills. Anyone can learn the skills - but few do.
If you want to become a winning forex trader, you need to work on your forex education and mindset until you have the skills above and currency trading success can then be yours.
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