To become a successful Forex trader requires more than just having money, time and goal. The more you realize this matter, the better chances you have to make good profits. It’s already many years I trade Forex and here are several lessons I took from many successful Forex traders.
Actually, your psychological state of mind is more essential than your dollars.
Never try to pick absolute tops and bottoms. There are many traders who are addicted to this. They always look to pick the absolute bottom and ride the market on the reversal. They may have a success several times, but eventually have a great loss.
Successful Forex traders always remember what type of trader they are, and follow the specific rules of trading. For instance, if you are a day trader, it is better to ignore the fundamental picture. Besides, it will be great to analyze and trade with the appropriate time frames.
Learn to be patient with your profit targets and keep your emotions inside.
Do not try to outsmart the market, if you see that market is “strong”, buy and continue buying.
Note that Forex trading runs in cycles. There are good periods, as well as bad periods, so do not let a bad day put you down. Learn not to measure results in short terms. Many traders give up after having several bad days. Remember that its part of the business, so be persistent.
Do not think that the more indicators and patterns you use, the more profitable you will be. Your Forex trading strategies should be simple, but original.
Note that 95% of traders do not follow these rules. Be unique and use a good Forex web trading system or strategy. Your success will come faster than you think and quite soon you will be among the most Successful Forex traders.